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Electric Kick Scooter Market to Exceed USD 8,021.5 Million by 2033
The global Electric Kick Scooter Market is projected to grow at a CAGR of 11.7% during the forecast period. The sales of electric kick scooters are anticipated to surpass USD 2.7 Billion in 2023. The value of the electric kick scooter market is anticipated to reach a high of USD 8.2 Billion, by the year 2033.
A key aspect surging the sales of electric kick scooters is the growing carbon emissions from fuel-powered automobiles that have been a major source of concern for governments around the globe. Electric transportation choices such as electric scooters are likely to grow more popular as regulatory authorities focus on smart city development, but at a slower rate than passenger vehicles/buses. These scooters are ultra-quiet, which makes them a great alternative for towns looking for answers to the mounting issue of noise pollution.
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While customers in Latin America, the Middle East, Africa, and Asia Pacific regard electric kick scooters as a mode of short-distance transportation, consumers in North America and Europe see them as a lifestyle choice.
To keep consumers, vendors emphasize features such as longevity, low maintenance costs, and performance. As a result, suppliers concentrate on developing technologically superior cars that consider design/style, range, and speed parameters. OEMs are likely to be able to extend their income stream and geographical footprint as governments throughout the world invest in charging infrastructure and give customer incentives.
Owing to their compact size and simplicity of transportation, electric kick scooters are in high demand globally. As a result, rising traffic congestion throughout the world is increasing market demand for electric scooter-sharing services. As of February 2021, the Irish Minister of Transport, Eamon Ryan, has legalized the use of electric kick scooters on public roadways in Ireland without the requirement of a tax, insurance, or a driver's license.
Furthermore, governments throughout the world are offering tax breaks and incentives to encourage the use of electric kick scooters and ecologically friendly autos. For instance, the Indian government announced in June 2019 a plan to decrease the goods and services tax (GST) on electric cars from 12 to 5% to stimulate faster adoption.
However, one of the issues likely to hinder the growth of the electric scooter-sharing industry is the demand for batteries with extended range, rapid charging, and long lifespan. Improvements in riding range can be made feasible by introducing advancements in battery technology, which is anticipated to raise the production cost of electric motors, providing a hurdle to their acceptance.
Key Takeaways from the Electric Kick Scooter Market:
During the forecast period, the U.S. is estimated to account for a significant share of the global electric kick scooter market. This is attributed to the high demand for electric kick scooters amongst American consumers which are engineered to be the most durable and powerful form of mobility.
During the forecast period, the Asia Pacific electric kick scooter market is expected to have the highest share, led by China and Japan. This is owing to the regional players representing a culmination of continual product development and user experience and providing stylish, practical, and economical transportation. These scooters are therefore available in a range of body shapes, sizes, and colors to accommodate every rider.
Owing to its ability to minimize pollution and transportation congestion, along with its portability, the "two-wheeled" product type is expected to hold the greatest revenue, through the forecast period.
As it does not need to be serviced frequently and has a charging capability of up to 70W with a short charging time, the "lithium-ion” battery type, accounts for a significant share and is the most lucrative segment for key players.
Who is Winning?
Owing to the existence of both international and local players, the global electric Kick scooter market is fragmented. Many manufacturers hold a significant market share in their respective areas. Organic advances, such as product approvals and novel electric kick scooter services, are typically extensively embraced by large organizations. These factors are expected to increase the global electric kick scooter market size.
Key Players:
Micro Mobility Systems AG
Golabs Inc.
Bird Rides Inc.
Segway Inc.
IconBIT Limited
GOVECS AG
Razor LLC
Xiaomi Corporation
YADEA Technology Group Co. Ltd.
AKTIVO Scooter
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Automotive Lighting Market Growth at a CAGR of 6.4% by 2033
The global Automotive Lighting Market is anticipated to attain a valuation of USD 37.1 Billion in 2023 and is predicted to reach USD 69 Billion by 2033, trailing a CAGR of 6.4% during the forecast period.
Stringent lighting regulations have propelled developed countries to focus on the vehicle lighting industry in Europe and North America. Adequate vehicle lighting is crucial, particularly for travel on busy highways. Governments globally prioritize road safety, as highlighted by the World Health Organization (WHO), which reports 1.3 million annual fatalities from road traffic collisions. Many countries experience a 3% GDP loss due to road accidents. Therefore, enhancing driving conditions is essential, and improving the lighting system plays a significant role in achieving this goal.
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In 2011, the European Union has made it compulsory for all new motor vehicles to have daytime running lights (DRLs) in order to enhance road safety. DRLs are designed to improve the visibility of the vehicle for other road users rather than aiding the driver's vision. According to the U.S. Department of Transportation's National Highway Traffic Safety Administration (NHTSA), DRLs have resulted in a 13.8% reduction in fatal road accidents. Such regulatory measures are expected to significantly influence the growth of the global automotive lighting market.
The growing demand for automotive lighting is fuelled by the rising adoption of advanced lighting in vehicles. Leading original equipment manufacturers (OEMs) are prioritizing the development and integration of advanced lighting solutions to enhance both vehicle visibility and aesthetics. Notably, Hella GmbH is actively involved in the development and provision of cutting-edge automotive lighting systems. These lighting systems offer various functions, such as pedestrian communication, to ensure safety and meet customer expectations.
Key Takeaways
North America automotive lighting market is expected to grow with a CAGR of 6% during the forecast period.
The demand for automotive lighting in China is expected to grow with a CAGR of 6.3% during the forecast period.
By vehicle type, passengers vehicle segment is projected to grow with a CAGR of 6.8% during the forecast period.
Brazil is expected to grow with a significant CAGR of 5.8% throughout the forecast period.
Competitive Landscape
The market for automotive lighting is highly competitive, with numerous prominent industry players making substantial investments in increasing their manufacturing capabilities.
The key industry players Koito Manufacturing Co. Ltd., Hella KGaA Hueck & Co., Stanley Electric Co., Valeo SA, Osram Licht AG, Magnetti Marelli, Varroc Group.
Key Segments Profiled in the Automotive lighting Market Industry Survey
By Application:
Front Headlights
Fog Lights
Rear Lights
Side Lights
Interior Lights
By Vehicle Type:
Passenger Cars
Compact
Mid
Luxury
SUVs
Light Commercial Vehicles
Heavy Commercial Vehicles
Electric Vehicles
Battery Electric
Plug-in Hybrid Electric
Hybrid Electric
Two Wheelers
Motorcycles
Scooters
By Light Source:
Halogen
LED
Xenon
By Sales Channel:
OEM
Aftersales
By Region:
North America
Latin America
Europe
Asia Pacific
Middle East and Africa
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Steady Growth of 6.4% CAGR in Automotive Lighting Market to USD 69 Billion by 2033
The global Automotive Turbocharger Market is expected to be worth USD 16.6 Billion. The market is expected to reach USD 41.5 Billion by 2033. It is anticipated to expand at an 9.6% CAGR throughout the forecast period.
By compressing the intake air, turbochargers can potentially increase engine efficiency by improving combustion and power production. This can be particularly crucial if governments all over the world continue to enforce tough emission standards. They should encourage automakers to create more fuel-efficient cars.
In automotive turbochargers, a turbine is powered by exhaust gas. More fuel might burn thanks to the air compressor's rotating action and additional oxygen or air it forces into the cylinder. Auto turbochargers increase the air pressure that enters the engine to increase fuel economy.
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Variable geometry (VG) turbochargers maintain great supercharging efficiency at low to high engine rotation speeds in comparison to waste gate turbochargers. This is caused by the integration of variable mechanism stator vanes at the turbine rotor blade's input nozzle.
Combining mirror cycle direct injection gasoline engines with variable geometry turbochargers could increase a vehicle's fuel efficiency. A foundation is laid for the introduction of variable geometry turbochargers. This is caused by better knocking limit from direct injection and cooled exhaust gas recirculation.
E-turbochargers, also known as electric turbochargers, are anticipated to be quite popular throughout the review era. During the forecast period, these are anticipated to have a favorable effect on the worldwide automotive turbocharger industry.
E-turbochargers, in contrast to typical automotive turbochargers, contain an electric motor that aids in spooling up the turbocharger and removing turbo lag. As a result, it has the ability to produce electricity for the vehicle network. This might enable the alternator to turn on with less effort from the engine of the car, conserving gasoline.
The primary driver of rising engine performance demand is the need for more power density and precise torque for downsizing and down-speeding. This could improve fuel efficiency while keeping the dynamic performance of the automobiles.
Key Takeaways from the Automotive Turbocharger Market Study:
In the historical period 2018 to 2022, the global automotive turbocharger industry expanded at a CAGR of 8.7%.
The United States automotive turbocharger industry is expected to reach a valuation of USD 1.8 Billion by 2033.
Germany automotive turbocharger industry is expected to top a value of USD 1.4 Billion by 2033.
By product type, the VGT segment is expected to dominate the automotive turbocharger industry with a CAGR of 9.8% from 2023 to 2033.
China automotive turbocharger industry is anticipated to cross a valuation of USD 3.1 Billion in 2033.
Competitive Landscape
The automotive turbocharger industry has a highly competitive landscape, with a significant number of players vying for high market shares. Several significant participants in this industry comprise Continental AG, Garett Motion Inc., Cummins Inc., Mitsubishi Heavy Industries Ltd., Toyota Industries Corporation, Eaton Corporation Plc, BorgWarner Inc., IHI Corporation, BMTS Technology GmbH & Co. KG, and Weifang FuYuan Turbochargers Co., Ltd. among others.
Several businesses would concentrate on increasing the range of products they offer to cater to demands of multiple vehicle segments. Offering turbochargers for a wider range of engine sizes and configurations is one way to do this. Additionally, turbochargers are being developed for alternative fuel vehicles such as electric and hydrogen-powered cars.
A select range of participants are making investments to create strategic alliances and partnerships with other businesses in the automobile sectors. Manufacturers, suppliers, and IT firms are a handful of these.
They want to create fresh and inventive products by utilizing their resources and experience. To increase their footprint, manufacturing organizations are putting even more of an emphasis on new product launches and acquisition tactics.
Automotive Turbocharger Market Outlook by Category
By Product Type:
Waste Gate
VGT
Twin Turbo
By Vehicle Type:
Passenger Cars
LCV
HCV
Agricultural Machinery
Construction Machinery
By Fuel Type:
Gasoline
Diesel
By Sales Channel:
OEM
Aftermarket
By Actuator:
Hydraulic
Electric
Pneumatic
By Region:
North America
Latin America
Asia Pacific
Middle East & Africa
Europe
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Electric Vehicle Battery Market to Reach USD 21,258.4M, Supported by 8.5% CAGR by 2033
The Electric Vehicle Battery Market is forecast to experience a growth of 8.5% CAGR over the estimated time, as per FMI's analysis. The industry's size is predicted to reach a market value of USD 9,402.3 million in 2023.
The increasing transition toward electric vehicles (EVs) is expected to propel accelerated battery demand in leading automobile markets like the United States and Europe. Battery and automotive manufacturers are facing challenges owing to uncertainty related to the battery supply chain. Several players are considering constructing gigafactory or joining joint ventures to combat shrunken supply.
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The shift toward EVs can be attributed to adverse climactic change and increasing carbon emissions, especially in urban cities. The EV30-30 Scenario targets a surging value share of EVs to 30% by 2030 (excluding two/three-wheelers).
Favorable government policies to encourage EV sales are predicted to offer opportunities for battery makers of EVs. Additionally, technological advancements have spiked the energy density of lithium-ion batteries while reducing the overall price of lithium-ion batteries. As a result, propelling its uptake in li-ion powered EVs.
Surging investments for the upgradation of public charging infrastructure in conjunction with the rising efficiency of EVs are expected to create lucrative opportunities for manufacturers.
The high cost of EVs is expected to affect the uptake of batteries negatively. Gaps in demand and supply of essential raw materials like cobalt and a dearth of charging infrastructure are expected to limit the market growth.
Top Highlights from the FMI’s Analysis of the Electric Vehicle Battery Market:
The United States electric vehicle battery industry is expected to attain a 28.7% market share in 2023. The dominant share of the country reflects the high establishment of the market and great prospects for future growth.
Germany is expected to hold a 15.1% market share in 2023. The country is expected to attract key players from across the globe to expand its sales and drive product innovation.
Japan contributes 5.3% to the global market. The regional market offers excellent potential for key participants’ growth.
Australia's share in the market is as low as 1.4%. However, the country is expected to offer growth prospects to businesses that venture out.
China is expected to expand robustly over the forecast period at a 9.6% CAGR.
The Indian market is anticipated to expand at a CAGR of 9% in the forecast period.
Under the battery type category, lead acid is expected to record a market share of 45.7% in 2023.
Passenger cars are expected to hold a 22.2% market share in 2023.
Key Developments in the Market
CATL collaborated with Ford in February 2023 to develop a battery plant for EVs in the United States Michigan city. As a part of the agreement, Ford is expected to own the new unit of CATL. CATL is also predicted to assist Ford in accelerating the development of batteries.
Clarios’ Optima introduced an all-new lithium-power sport battery line in November 2022. The line focuses on enhancing batteries for personal watercraft, motorcycles, utility task vehicles (UTV), snowmobiles, and all-terrain vehicles (ATVs).
Honda Motor Company declared the development of a lithium-ion battery plant for EVs in the United States with the LG Energy Solution Ltd. in August 2022. The total investment in the project has been USD 4.4 billion. The companies aim to develop about 40 GWh of batteries yearly to be exclusively used in North America’s Honda and Acura electric vehicles.
Key Segments
By Battery Capacity:
Less than 20 kWh
21 to 40 kWh
More than 41 kWh
By Vehicle Technology:
HEV
PHEV
BEV
By Vehicle Type:
Passenger Cars
Light Commercial Vehicles
Heavy Commercial Vehicles
Others
By Battery Type:
Lithium Ion
Lead Acid
Nickel Hydride
Others
By Region:
North America
Latin America
Asia Pacific
The Middle East and Africa
Europe
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Automotive Wiring Harness Market Set to Soar to USD 119.31 Billion by 2033 with 8% CAGR
The global Automotive Wiring Harness Market is expected to reach a staggering value of USD 119.31 Billion by 2033, according to Future Market Insight. This projection reflects a CAGR of 8%, highlighting substantial growth compared to the projected value of USD 55.26 billion in 2023.
The automotive industry is experiencing a remarkable trend towards vehicle electrification, driven by the urgent need for improved fuel efficiency and reduced emissions. As electric and hybrid vehicles become more prevalent, the demand for sophisticated wiring systems and harnesses increases. These wiring systems and harnesses connect various components such as batteries, motors, inverters, and charging infrastructure. The rising demand results from the need for efficient and reliable connections in these vehicles.
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The global automotive industry is undergoing a remarkable transformation with the increasing adoption of electric vehicles. As the demand for cleaner and greener transportation solutions rises, so does the need for high-voltage wiring harnesses. These harnesses efficiently transmit power between the battery, motor, and electronic components. The surge in electric vehicle adoption drives the automotive wiring harness market.
A growing concern for road safety has increased the demand for advanced vehicle safety features. Examples of these features include Advanced Driver Assistance Systems (ADAS), collision avoidance systems, lane departure warnings, and adaptive cruise control. To support these technologies, robust and intricate wiring harnesses are essential. Wiring harnesses facilitate the seamless integration of sensors, cameras, and control units.
The integration of advanced infotainment systems, telematics, and connectivity features in modern vehicles demands sophisticated wiring systems. These wiring harnesses enable the smooth transfer of data and seamless communication between diverse vehicle components. As consumer demand for connected cars continues to soar, the need for state-of-the-art wiring harnesses becomes increasingly pronounced.
Nowadays, vehicles are equipped with electronic systems, infotainment features, navigation systems, and connectivity options. The demand for seamless integration and functionality increases the need for efficient and reliable wiring harnesses. Wiring harnesses are critical in transmitting data and power effectively throughout the vehicle. As in-car connectivity and advanced infotainment systems continue to evolve, the demand for advanced wiring harnesses is expected to rise further.
Governments worldwide implement stringent regulations for vehicle safety, fuel efficiency, and emission standards. These regulations require specific safety features and technologies in vehicles, leading to the need for additional wiring harnesses. Automotive manufacturers strive to comply with these regulations. Safety features like airbags, anti-lock braking systems (ABS), and electronic stability control (ESC) rely heavily on robust wiring harnesses for their optimal functionality. As a result, the demand for automotive wiring harnesses intensifies.
The aftermarket segment presents substantial growth prospects for the automotive wiring harness market. As vehicles age, the need for wiring harness replacement and repair becomes increasingly prevalent. This creates significant opportunities for manufacturers and suppliers operating in the market. Moreover, the proliferation of electric vehicle charging stations necessitates the usage of wiring harnesses to support power transmission and facilitate seamless connectivity.
Key Takeaways from the Automotive Wiring Harness Market
The automotive wiring harness industry in the United Kingdom is anticipated to rise sizably, exhibiting a CAGR of 7.6% through 2033.
The United States held a 17.8% share of the global automotive wiring harness industry in 2022.
With a CAGR of 7.8% over the forecast period, India is predicted to develop rapidly in the automotive wiring harness industry.
In 2022, Japan had a 5.2% share of the automotive wiring harness industry globally.
The automotive wiring harness industry in China is expected to flourish speedily, registering a CAGR of 8.2% over the forecast period.
Germany accounted for 4.7% of the global automotive wiring harness industry in 2022.
Competitive Landscape in the Automotive Wiring Harness Market
Key players are actively engaged in various strategies to maintain their market position and meet the evolving demands of the automotive industry. These strategies include product innovation, research and development, partnerships and collaborations, mergers and acquisitions, and geographic expansion. Companies are focusing on developing advanced wiring harness solutions that offer higher efficiency, increased durability, and improved performance. Additionally, they are investing in technologies such as electrification and autonomous driving to cater to the growing demand for electric vehicles and advanced driver-assistance systems.
Key Companies Profiled In The Automotive Wiring Harness Market
LEONI Group
Samvardhana Motherson Group
Sumitomo Electric
Yazaki Group
Fujikura Ltd.
Lear Corporation
Furukawa Electric Co. Ltd
YURA Tech Corporation
Nexans
Key Segments Profiled In The Automotive Wiring Harness Market
By Product Type:
Chassis & Safety
Conventional Chassis
Semi-Forward Chassis
Full Forward Chassis
Body
Roof
Door & Window
Facia
Seat
Interior
HVAC
Engine
Sensors
By Vehicle Type:
Passenger Cars
Compact
Mid-Sized
SUV
Luxury
Light Commercial Vehicles
Heavy Commercial Vehicles
Electric Vehicles
BEV
PHEV
By Sales Channel:
First Fit
Replacement
By Region:
North America
Latin America
Europe
Asia Pacific
Middle East and Africa (MEA)
Recent Developments by Key Players
In July 2022, Sumitomo Wiring Systems Ltd celebrated the opening of a state-of-the-art manufacturing plant dedicated to producing automotive wiring harness products. The facility is located within the Royal Group Phnom Penh Special Economic Zone in Cambodia.
In May 2022, Marelli introduced its new Wireless Distributed Battery Management System. It enables a significant reduction in wiring harness by 90%. This innovative system enhances the flexibility, efficiency, and reliability of electric vehicles while also offering cost savings.
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By 2032 Automotive Backing Plate Market forecast to hit USD 994 Million at 4.9% CAGR
The global Automotive Backing Plate Market is expected to reach a value of USD 994 Million by 2032, with sales growing at an average CAGR of 4.9% from 2022 to 2032. Valued at USD 590.6 Million in 2021, the target market will acquire a value of USD 613.4 Million in 2022. The constant progress in regenerative braking systems and escalating demand for automobiles fosters an environment of growth for the automotive backing plate market during the forecast period.
In general, all braking systems depend on backing plates to function correctly. The main role of backing plates is to hold the other brake system components together. In the absence of backing plates, brakes would have nothing to rely on and cannot function properly. For instance, drum brakes are supported by backing plates. Brake shoes are then installed over the backing plate's wheel cylinder, providing the necessary grip to stop the vehicle from using friction. This wouldn’t have been possible without backing plates.
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Again, out of the two brake types, Disc brakes and Drum brakes, the Disc ones are typically preferred over the Drum ones in the automobile backing plate market. This is because Disc brakes are lighter than drum brakes and has a greater cooling effect owing to their placement where they are directly exposed to air.
Most passenger automobiles use Disc brakes because of their consistent performance at higher speeds and resistance to brake fade. Moreover, these brakes are gradually making their way into the commercial vehicle category, a space formerly dominated by drum brakes, due to their longer service life. As many consumers are increasingly opting for longer service life and higher quality, Disc brake is finding greater application. Thus, expanding the commercial and passenger vehicles industry coupled with rising demand for disc brakes also contributes to the growth of the automotive backing plate market during the forecast period.
Key Takeaways:
By brake type, the disc brake category will register high preference and grow at a CAGR of 4.6%.
On the basis of material type, aluminum or titanium-backed plates will generate greater demand.
The aluminum-backed plates will record a CAGR of 4.8% and account for a significant revenue portion.
The automotive backing plate market in China will create a growth opportunity of USD 21.5 Million during the forecast period.
The U.S. automotive backing plate market will expand at a CAGR of 4.2% and reach a value of USD 337.4 Million by 2032.
Competitive Landscape
Super Circle, NUCAP Industries Inc, MAT Foundry Group Ltd., INDUS Marmara Auto, Components Pvt Ltd., Dorman Products, Ridex GmbH, Ortlinghaus-Werke GmbH, Sparex, RSB Tech Solution, and ACDelco among others are some of the major players in the automotive backing plate market profiled in the full version of the report.
In a competitive environment, leading market players are focusing on expanding their business across the globe. Market participants are keen on increasing their product portfolio, taking part in new development projects, and collaborating in joint ventures. New product releases, strategic partnerships, and agreements are also employed by these organizations.
Key Segments Covered in Automotive Backing Plate Industry Survey
Automotive Backing Plate Market Brake types:
Disc Brake
Drum Brake
Automotive Backing Plate Market by Brake Material type:
Aluminium
Iron
Others
Automotive Backing Plate Market by Vehicle type:
Passenger Cars
Light Commercial Vehicle
Heavy Commercial Vehicle
Automotive Backing Plate Market by Region:
North America Automotive Backing Plate Market
Latin America Automotive Backing Plate Market
Europe Automotive Backing Plate Market
South Asia Automotive Backing Plate Market
East Asia Automotive Backing Plate Market
Oceania Automotive Backing Plate Market
Middle East & Africa Automotive Backing Plate Market
More Insights into Automotive Backing Plate Market Report
In its latest report, FMI offers an unbiased analysis of the global automotive backing plate market, providing historical data from 2017 to 2021 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented on the basis of brake type, material type, vehicle type, and region.
According to the latest FMI reports, based on segmentation, the aluminum material type will contribute considerably to the overall market growth. This segment will grow from a CAGR of 3.5% registered in 2021 to a CAGR of 4.8% during 2022-2032. Corrosion-resistant, lightweight, and compact properties as well as easy replacement propel the growth of this segment.
Based on region, the automotive backing plate market in Europe will perform quite well with a 3.6% CAGR and a value of USD 11.9 Million by 2032. In terms of country, the United States and China will demonstrate notable growth during 2022-2032. The U.S. automotive backing plate market will exhibit a CAGR of 4.2% owing to a strong presence of e-commerce while China’s automotive backing plate market will grow at a CAGR of 4%. Overall, a surge in demand for automobiles, vehicular safety, and growing advancements in brake technology is driving the growth of the automotive backing plate market during the assessment period.
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Hydrogen Trucks Market to achieve 41% CAGR growth surpassing USD 119.18 Billion by 2033
The global Hydrogen Truck Market is expected to grow by nearly USD 3.84 Billion by 2023. This is with a substantial and impressive CAGR of 41% expected over the forecast period, which is projected to reach over USD 119.18 Billion by the year 2033.
It is expected that, in the forecast period, each of these factors is expected to have a significant impact on the hydrogen trucks market. This is because hydrogen trucks are capable of removing all carbon dioxide and harmful pollutants from the atmosphere, which assists in saving the environment.
In addition to environmental concerns, government initiatives for hydrogen fuel cell infrastructure, a high initial investment in infrastructure, technological advancements, and future potential, the global market is impacted by several factors.
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As awareness increases the effects of air pollution and traffic levels as well as greenhouse gas emissions, hydrogen trucks may become more popular because they are more eco-friendly than other conventional vehicles.
Key Takeaways from the Hydrogen Trucks Market Study
North America dominates the market for hydrogen trucks.
The hydrogen trucks are expected to increase at a notable CAGR of 41%.
Asia Pacific region is expected to grow at the fastest rate with an increased revenue share.
Hydrogen fuel cell forklifts have become more popular as people increase awareness regarding environmental issues, government initiatives, and increasing concern about cost-effectiveness.
Competitive Landscape for the Hydrogen Trucks Market
Various producers and service providers occupy considerable shares of the global market, including Anglo American Platinum Ltd. and Ares Motor Works. The companies have been successful in acquiring new and long-term contracts from different countries over the years.
Key players operating the global hydrogen trucks market include
Cellcentric GmbH & Co. KG
Dongfeng Motor Corporation
Esoro AG
Anglo American Platinum Ltd.
Ares Motor Works
Beiqi Foton Motor
Cummins Inc.
H2X Global
Hyundai Motor Company
Hyzon Motors
Jaguar Land Rover Automotive
Kenworth Trucks
Paccar
Nikola Corporation
Renault
Great Wall Motor Company Ltd.
Grove Hydrogen Automotive
Stellantis N.V.
Toyota
Transpower
UPS
US Hybrid Inc.
Volkswagen/Scania
Hydrogen Trucks Market by Category
By Product
Heavy Duty trucks
Medium Duty Trucks
Small Duty Trucks
By Application
Logistics
Municipal
By Range
Above 400 Km
Below 400 Km
By Region
North America
Latin America
Europe
The Middle East and Africa
East Asia
Recent Developments in the Hydrogen Trucks Market
Together, Hyzon and ORTEN's complementary product lines, as well as ORTEN's body and powertrain kits, offer customers a complete solution for making their fleets zero-emission. Moreover, ORTEN's management maintains extensive and permanent contact with customers throughout Germany.
An investment of USD 2.3 million will be made in the Alberta Zero-Emissions Truck Electrification Collaboration (AZTEC) project by the Jr. Minister of natural resources, Seamus O Regan. A consortium of project partners, including the Hydrogen Technology and Energy Corporation, Bison Transport, and Canadian Energy Systems Analysis Research, led this project.
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Railway System Market driven by 4.8% CAGR to reach USD 45,192.2 Million by 2033
The Railway System Market is valued at USD 28,278.1 Million as of 2023. The market is expected to advance at a CAGR of 4.8% during the forecast period. By 2033, the market is expected to cross an estimate of USD 45,192.2 Million.
Surging urbanisation worldwide has resulted in rising disposable income. Owing to this a lot of people have started buying their own vehicles which has led to surge in road congestion. Thus, working professionals in particular have started adopting services from metro rails, electric trains, etc. This might increase the demand for railway system during the forecast period.
Furthermore, government authorities worldwide are investing mammoth amounts on railway infrastructure upgradation. This is mainly owing to surge in the freight transportation. Moreover, the usage of railways also stands in line with the adoption of renewable source of energy. There are a lot of economies which are laying emphasis on ‘Green Transportation’. This would ultimately lead to an increase in the adoption of railways, as the investors would focus on electrification of railway transportations. This would result in the reduction of greenhouse gases.
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Apart from that, even if the railways make use of fuel, the fuel consumption is way less as compared to airlines. In addition to that, the load capacity associated with railways is way higher than the airlines. Thus, the market might witness surge in the number of investors.
However, the railway system market is expected to witness renaissance in its truest sense with the application of internet of trains. Be it reliability, safety, maintenance, the internet of trains offers everything on the platter. Apart from that, it also has the ability to work in sync with AI, which would further revolutionise the market going ahead. All these factors are expected to surge the sales of railway system during the forecast period.
However, massive investment, and long time to recover the invested amount are expected to challenge the market growth.
Key Takeaways:
The railway system market is holding a valuation of USD 28,278.1 Million in 2023.
The market is expected to surge at a CAGR of 4.8% during the forecast period.
By 2033, the market might reach a valuation of USD 45,192.2 Million.
Based on the regional analysis, North America is expected to be the largest market during the forecast period.
USA market has a share of 21.8%.
Germany market has a share of 4.4%.
Japan market has a share of 5.7%.
Australia market has a share of 1.3%.
China market is expected to grow at a CAGR of 5.7%.
India Market is expected to grow at a CAGR of 7.1%.
UK market is expected to grow at a CAGR of 4.1%.
Based on the application, the passenger transportation currently has the largest market share of 64.8%.
Competitive Landscape:
The key players operating in the railway system market are investing on profitable mergers and acquisitions. Apart from that, there are also massive investments being made on the R&D. Furthermore, the key players are also appointing some of the veterans who have not only served this niche, but related niches as well. Moreover, the manufacturers are also taking important steps to work on the sustainability goals.
In December 2022, Alstom had announced that it would be supplying an additional 49 Coradia Stream trains to Renfe in Spain.
Railway System Market Segmentation
By Transit Type:
Conventional (Diesel Locomotive, Electric Locomotive, Electro-diesel Locomotive, Coaches),
Rapid (Diesel Multiple Unit, Electric Multiple Unit, Light Rail/Tram)
By Application:
Passenger Transportation,
Freight Transportation
By System Type:
Auxiliary Power System
Train Information System
Propulsion System
Train Safety System
HVAC System
On-board Vehicle Control
By Region:
North America
Latin America
Europe
South Asia
East Asia
Oceania
Middle East and Africa (MEA)
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Locomotive Traction Transformer Market to Achieve USD 737.7 Million by 2033 with 4.4% CAGR
The Locomotive Traction Transformer Market is expected to grow at a CAGR of 4.4% from 2023 to 2033. The market is projected to reach a valuation of USD 737.7 Million by 2033, from the current valuation of USD 479.6 Million in 2023.
During the current forecast period, several factors positively influence the growth of the locomotive tractions market. Factors include rising investment in public transportation, the upgradation of railway infrastructure with new-age electrical systems, and the popularity of modern metro systems. The recent rise in sustainability concerns also pushes many to rely on public transportation systems and warrant their expansion.
Government Endeavors to Drive Market Expansion
Governments are striving to expand the railway systems propelling the market growth. Much recently, Public-Private Partnerships (PPP), have been aiding in the expansion of public transport infrastructure. As a result of government policies bolstering private ventures into transport infrastructure expansion, the market shows a positive growth outlook.
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The demand for highly sophisticated, advanced railway transformers is driving market growth. Hence, key players are working towards meeting the demand for highly efficient and affordable railway transformers that enhance rail safety.
High Cost of Railways Electrification to Impede Market Growth
The mass-scale electrification of railways has emerged as a significant growth driver for the market. However, the high costs of railways electrification processes have emerged as a market growth deterrent. This is true for developing markets where public transport infrastructure lacks the necessary investment.
Key Takeaways from the Report:
Between 2023 and 2033, the locomotive traction transformers market is expected to grow at a CAGR of 4.4%.
The market is worth around USD 479.6 Million in 2023.
By 2033, the locomotive traction transformer market is expected to reach a valuation of USD 737.7 Million.
The United States market is expected to grow at the largest CAGR of 18.2% during the forecast period.
The Australian market is expected to grow at a CAGR of 1.6% between 2023 and 2033.
Technological Innovation Key to Market Growth
Key players are investing heavily in research and development to manufacture efficient new-age variants. It is only through the introduction of new and innovative products that key players can fuel the demand rising from the rapidly evolving railway sector.
Recent Market Developments:
Recently, Hitachi ABB Power Grids Ltd launched oil-free and plug-and-play traction transformers. The RESIBLOC® Rail dry-type traction transformer comes with an integrated cooling system that reduces CO2 emissions, as well as operating costs. The product is in demand due to its high energy efficiency attributes.
In 2019, Siemens AG developed propulsion systems for public transport systems. This included the 9,000 HP electric locomotive, an indigenously developed integrated propulsion system equipped with a steel tank transformer. Recently, Alstom SA started the production of onboard transformers. It finds application in the electric locomotive as a part of an EKZ joint venture. Currently, the expected production capacity is about 300 transformers/per year.
Key Players:
ABB
Mitsubishi Electric Corporation
Emco Ltd
International Electric Co. Ltd.
JST Transformateurs
Hind Rectifiers Ltd
Setrans Holding AS
Wilson Transformer Company
Wolong Electric
Tianwei Group
Sunten Electric
TBEA
China XD Group
Sunlight Electric
Dachi Electric
Luneng Mount.
Tai Electric
Locomotive Traction Transformer Market by Category
Type:
Tap Changing
Rectifier
Overhead Line Voltage:
AC System
DC System
Mounting Position:
Underfloor
Machine Room
Over the Floor
Rolling Stock:
Electric Locomotives
High-speed Trains
Metros
Region:
North America
Latin America
Europe
Asia Pacific
Oceania
Japan
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Automotive Engineering Services Market Poised to Expand at 7.17% CAGR Reaching USD 3.2 Billion by 2033
The global Automotive Engineering Services Market in 2022 was USD 1.46 billion and is estimated to be USD 1.6 billion in 2023. According to FMI, reports mentioned that the automotive engineering services market will expand at a CAGR of 7.17% between 2023 and 2033, totaling around USD 3.2 billion by 2033.
An increase in awareness and demand for technological solutions including connectivity, and collision avoidance sensors among others in automotive is driving the growth of the market. Rise in requirements for lightweight vehicles as governments and manufacturers are mainly focusing on the designs and development of lightweight vehicles for making more fuel-efficient vehicles.
The increase in the requirements for safety-related systems because of government regulations is the major factor driving the automotive engineering services market. The growth in adoption of electric and hybrid vehicles is raising the production of these vehicles which is henceforth anticipated to propel the growth of the market over the forecast period.
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Key Takeaways from the Market Study
The global automotive engineering services market expanded at a CAGR of 6.42% between 2018 and 2022.
India is forecasted to develop a 6.8% CAGR from 2023 to 2033.
China is anticipated to expand at a CAGR of 7.2% from 2023 to 2033.
North America has captured a market share of 43.2% in 2022.
European market bolstered at a market share of 48.2% in 2022.
Under the service segment, prototypes were registered at a market share of 56.2% in 2022.
“Demand for advanced and autonomous connectivity features is influencing innovation intensely and is one of the major key drivers of the automotive engineering services market”, commented a Future Market Insights analyst.
Market Competition
Companies aim to develop cutting-edge solutions during the entire life cycle of a product, from the design and inception phase to the end of its service life. They also strategically locate their main factories in emerging markets to make it ideal to service the developing markets.
Some of the new developments in the automotive engineering services market are:
In May 2023, Tech Mahindra inaugurated Technology Development Center in Oman.
In August 2023, Temasek is planning to invest 12 billion rupees (D145 million) in Mahindra & Mahindra Ltd.'s electric vehicle unit, valuing it at USD 9.8 billion.
Key Segments Profiled in Automotive Engineering Services Market
By Service Type:
Testing & Diagnostic
System Integration
Designing
Prototyping
Research
By Applications:
ADAS & Safety
Body & Chassis
Powertrain & Exhaust
Interior, Exterior & Body Engineering
Electrical, Electronics & Body Controls
Connectivity Services
Simulation
By Location:
Outsourced Services
In-house Services
By Vehicle Type:
Passenger Cars
Light Commercial Vehicles
Heavy Commercial Vehicles
By Region:
North America
Latin America
Europe
East Asia
South Asia & Pacific
Middle East & Africa
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EV Charging Station Market projected to grow at 18.3% CAGR hitting USD 122.8 billion by 2033
The global EV Charging Station Market is projected to have a high-paced CAGR of 26.6% during the forecast period. The current valuation of the EV charging station market is USD 10,768.2 Million in 2023. The value of the EV charging station market is anticipated to reach a high of USD 113,889.1 Million by the year 2033.
Restrictive pollution and fuel economy rules, government incentives, and an increase in the number of electric car sales are all factors driving the demand for EV charging stations. Advancements in technology and software for electric vehicle charging are predicted to change how EV owners use and benefit from these services.
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Smart car API and charging networks, for instance, accurately determine an electric vehicle's charge time before the driver plugs the car into a station. Green energy is also projected to play an important role in both public and household electric vehicle charging locations. For owners of EVs, carbon emissions are a major concern.
To address these problems, businesses are rapidly improving the charging technology of their electric vehicle charging stations. When opposed to residential areas, commercial spaces have a much higher market penetration of EV charging equipment. The number of corporate charging stations is expected to expand in tandem with the increasing popularity of electric vehicles. Efforts to improve charging infrastructure in commercial areas would be critical in increasing EV adoption, as overnight charging at residential complexes or individual residences would not be adequate for long-distance travel.
Furthermore, public charging infrastructure would permit the ultra-fast charging capabilities required for long-distance travel. EV chargers for home areas, on the other hand, have substantial development potential since they provide a cheaper and more convenient means of charging electric vehicles than commercial charging stations.
Electric vehicle manufacturers are partnering with car rental companies to integrate chargers into current infrastructure. For example, one market player recently announced a collaboration with Green Motion, a vehicle rental service provider, to supply integrated chargers inside buildings with energy storage.
Various automakers are investing in the development of Car2X technology for charging infrastructure, which is fueling expansion even further. Several initiatives have been launched in France, India, the Netherlands, and Canada to increase the adoption of EV charging stations.
EVs are anticipated to attract major attention as governments around the world focus on emerging from the epidemic with a stronger and more resilient economy. In the United States, for example, California is emerging with aggressive electric car objectives, which are projected to have a favourable influence post-pandemic and enhance the global EV charging station market growth.
However, the high initial cost of Level 3 fast chargers and ultra-fast chargers, on the other hand, is the biggest impediment to the growth of the EV charging station market. People prefer to drive fossil-fuel vehicles for 5-7 minutes, but level 1 and level 2 chargers might take anything from 6 to 16 hours to charge completely. As a result, there is a market need for faster chargers that can charge EVs in less than 30 minutes.
Key Takeaways:
During the forecast period, the U.K. is estimated to account for a significant share of the global EV charging station market. This is attributed to the government adopting the Automated and Electric Vehicles (AEV) Act. It gives the government enormous power to hasten the installation of EVCI in gas stations and on roads.
The EV charging station market in Asia Pacific is predicted to hold the largest share, particularly in China and India, during the projected period. This is owing to key companies offering full end-to-end services ranging from captive charger installation to maintenance. Collaboration between various OEMs, automotive manufacturers, and charging infrastructure providers is also propelling the market growth.
As they are more cost-effective to the providers, the "public charging” application type, accounts for a significant share and is the most innovative area for key players.
Competitive Landscape:
Industry participants participate in a flood of focused product launches and global expansion to boost the brand and money. In order to expand their consumer base and strengthen their position, they are also expanding their reach across several continents and entering new markets, particularly in emerging economies. Industry participants are offering new creative products to the market as a result of increased carbon emissions and the development of electric and hybrid vehicle technology. These factors are projected to drive the global EV charging station market growth.
Key Players:
ABB Ltd
ChargePoint Inc.
EVgo Services LLC
Scheinder Electric
Blink Charging Co.
Toshiba Corporation
Mojo Mobility Inc.
General Electric
Robert Bosch GmbH
Chargemaster plc
Siemens AG
Denso Corporation
Tesla Inc.
Infineon Technologies AG
Qualcomm Technologies Inc.
EV Charging Station Market Outlook by Category
By Charging Station:
AC Charging Station
1 kw to 11 kw
11 kw to 43 kw
DC Charging Station
20 kw to 50 kw
50 kw to 150 kw
150 kw to 250 kw
>250 kw
By Ownership Model:
Highway Charging
Destination Charging
Workplace Charging
Parking Lots
Fleet Charging Station
Residential Charging Station
By Supplier Type:
OE Charging Station
Private Charging Station
By Installation:
Portable
Fixed
By Region:
North America
Latin America
Western Europe
Eastern Europe
Central Asia
Russia & Belarus
Balkan & Baltics
East Asia
South Asia & Pacific
Middle East & Africa
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Automotive DC-DC Converter Market global sales projected to soar at 30.1% CAGR from 2023 to 2033 total market size forecast to reach USD 289,542 Million
The global Automotive DC-DC Converter Market is estimated to reach a valuation of USD 21,996 Million in 2023. From 2023 to 2033, global sales of automotive DC-DC converters are projected to soar at 30.1% CAGR. By 2033, total market size is forecast to reach USD 289,542 Million.
The isolated DC-DC converters segment dominates the global market with a share of around 86.1% in 2023. By vehicle type, BEV segment accounts for a prominent share of the global automotive DC-DC converter industry.
The global market for automotive DC-DC converters is projected to expand rapidly as a result of the fast-growing electric vehicle market.
Electric vehicles are rising to fame due to growing environmental concerns and increasing fuel costs. Similarly, governments worldwide are putting efforts towards promoting adoption of electric vehicles. This in turn is expected to elevate automotive DC-DC converter demand.
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Almost all electric vehicles require a DC-DC converter to control their electrical systems. These converters are essential for proper functioning of various vehicle components and systems.
Manufacturers are strongly improving their material and built qualities of automotive DC-DC converters. They are concentrating on meeting rising demand for more efficient automotive DC-DC converters in different types of electric vehicles.
Key manufacturers worldwide are actively engaged in developing their direct presence in the local markets through joint ventures and acquisitions with domestic businesses. They are concentrating on expanding their customer base by developing & providing solutions with different power ranges and voltage requirements within electric vehicles.
Key Takeaways
The global automotive DC-DC converter industry is anticipated to reach a valuation of US$ 289,5432 Million by 2033. Based on power output, the >1000W segment holds around 45.0% share of the global market. By product type, insulated DC-DC converter segment accounts for about 86.1% share of the market. China automotive DC-DC converter industry is likely to reach a valuation of USD 26,972.8 Million by 2033. Demand for automotive DC-DC converters in Japan is likely to rise at 29.7% CAGR over the next ten years. The United States automotive DC-DC converter industry is forecast to expand at 30.8% CAGR through 2033.
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Who is Winning?
Tier-1 Players account for around 40% to 45% of the overall market. These tier I players include Texas Instruments Inc., TDK Corporation, Murata Manufacturing Co. Ltd., STMicroelectronics, and Others.
Tier II and other players include manufacturers with a total annual revenue of less than US$ 250 million from the sales of automotive DC-DC converters. The manufacturers such as Infineon Technologies AG, Toshiba, Silver Atena, Fujitsu, Analog Devices (Maxim Integrated), Vicor Power, Semtech Corporation, Bel Fuse Corporation, and other regional and local players are expected to hold 55% to 60% of the market share.
Leading automotive DC-DC converter manufacturers are employing various strategies to increase their sales and expand their global footprints. This includes new product launches, acquisitions, partnerships, collaborations, mergers, facility expansions, and agreements. For instance, In March 2022, TDK Corporation introduced new ultra-low profile DC-DC converters for various applications.
Find More Valuable Insights:
The research report analyzes the market demand trends of the global automotive DC-DC converter market. The market estimation and growth projection are based on factors such as end-use industries development, COVID-19 crisis impact, replacement ratio, and rate of urbanization.
As per Future Market Insights’ (FMI) research scope, the automotive DC-DC converter market has been studied and segmented based on vehicle type, voltage, output power, sales channel, product type, form factor, and region. The report provides qualitative and quantitative information on various players in this market. This report also tracks the supply and demand sides of the market.
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Automotive Electronics Market Worth USD 249.653 Billion in 2023 Grows at 4.6% CAGR
The Automotive Electronics Market is anticipated to reach USD 249.653 Billion in 2023 and then increase at a CAGR of 4.6% to USD 391.43 Billion between 2023 and 2033. The automotive electronics demand to increase due to the increased integration and implementation of modern safety systems, including automated airbags, parking assistance systems, emergency braking, and lane departure warning to reduce traffic accidents.
In-vehicle passenger safety features such as alcohol ignition interlocks, emergency call systems, and accident data recorder systems are being quickly implemented, and they are anticipated to propel market expansion for automotive electronics over the projection period.
The Role of IoT and AI in the Evolution of Automobile
The growth of IoT and AI has changed how car functionalities operate, according to market trends for automotive electronics. It has improved the ride assistance systems and boosted driver communication with the vehicle during the last year. The rise of the automotive electronics business is fueled by the inclusion of cameras and sensors in automobiles, which aid drivers in parking their cars or using other nearby features.
The Increasing Need for In-Vehicle Safety Technology
Automobile electronic components are necessary because car safety regulations are becoming more stringent in different parts of the world, and consumers are becoming more aware of car safety features.
Airbags are standard equipment on all but the most affordable models of vehicles. In contrast, the most expensive models have cutting-edge safety technologies like autonomous emergency braking and sleep recognition. This should present a profitable automotive electronics market opportunity.
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A Sharp Rise in Vehicles Embracing Automated Driving
Artificial intelligence has improved autos thanks to its development. These self-driving cars recognize danger and gauge the tension of the driver. Radars and other sensors are used by self-driving autonomous vehicles to sense their environment. Advanced control systems use sensory data to determine the best routes to take, obstacles, and pertinent signage.
Insights into Regional Developments
The automotive electronics market in Europe is witnessing significant growth. Europe is experiencing a market boom due to the increasing concern for safety and security in the automotive industry. This region benefits from reputable automakers like Volkswagen, Skoda, Audi, BMW, and Daimler.
The ADAS industry has thrived due to regulations implemented by the European Union to reduce traffic accidents and promote vehicle safety equipment. These factors are collectively surging the market growth of automotive electronics.
The automotive electronics business in Asia-Pacific is experiencing substantial growth. Through their robust electronic component manufacturing activity, nations like Taiwan, South Korea, Malaysia, and Thailand have made a substantial contribution to the automotive electronics industry. China and Japan are the primary automotive electronics suppliers in the Asia-Pacific region.
With few automotive electronics manufacturers, local providers have a great opportunity to meet domestic demand and attract investors. India has shown impressive growth in the automotive electronics industry, while China has the leading market share.
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Key Takeaways
During the forecast period, Chinese automotive electronics business to expand at a CAGR of 5.5%. From 2023 to 2033, the United Kingdom automotive electronics industry to register at a 3.3% CAGR. Through 2033, the Indian automotive electronics market to record a CAGR of 6%. Between 2023 and 2033, the United States might increase its market share by 21.8%. Germany may control 7.6% of the automotive electronics industry between 2023 and 2033. Between 2023 and 2033, Japan's share of the automotive electronics industry might reach 8.3%. From 2023 to 2033, Australia to hold a 0.2% share of the automotive electronics industry. The body electronics segment to acquire a substantial market share of 22.4% in the type category between 2023 and 2033. The passenger cars sector to grab a significant market share of 68.9% in the vehicle type category between 2023 and 2033.
Competitive Landscape
Major automotive electronics manufacturers spend much on research and development to diversify their product lines, propelling the automotive electronics market even higher.
The automotive electronics manufacturers are engaging in various strategic measures to extend their worldwide footprint. These measures include important industry changes such as new product releases, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations.
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Automotive torque rod market recorded sales of USD 7,778.0 million in 2018 with 1.8% year-on-year growth in 2022 and anticipated revenue of USD 8,256 million in 2023
The Automotive Torque Rod Market is anticipated to reach a valuation of USD 8,256.0 million. With a projected CAGR of 3.0% throughout the forecast period, the market is expected to reach USD 11,095.4 million by 2033. The growth of the Automotive Torque Rod market is propelled by various factors, including the rapid growth of emerging economies and the escalating demand for enhanced vehicle dynamics and performance.
The automotive torque rod market is experiencing a significant upswing in demand driven by the prioritization of vehicle safety and improved driving experiences. With the automotive market expanding rapidly, the need for dependable torque rod solutions has grown exponentially. Moreover, the increasing environmental and health consciousness regarding vehicle emissions is propelling the demand for torque rods that enhance fuel efficiency and minimize vibrations. The automotive torque rod market is adept at addressing these evolving demands, ensuring it meets the dynamic needs of the automotive sector effectively.
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The automotive torque rod market faces hurdles such as high manufacturing costs, limited alternatives, and maintenance concerns. New entrants grapple with substantial initial investments. Yet, ongoing Research and development aims to innovate cost-effective solutions and improve performance, addressing challenges and boosting acceptance of torque rods.
This integration of torque rods with advanced driver assistance systems (ADAS) represents a significant advancement in vehicle safety and stability control. By collaborating with traction control systems, electronic stability control, and other safety-enhancing functionalities, torque rods play a crucial role in optimizing torque distribution and improving stability control in diverse driving conditions. Through the seamless interaction between torque rods and ADAS, the vehicle's torque distribution can be dynamically adjusted based on real-time data from sensors and other vehicle systems.
The development of active torque rod systems equipped with sensors and actuators enables real-time monitoring and adjustment of torque distribution. This enhances traction control, stability, and handling, providing a more dynamic driving experience.
Additive manufacturing, or 3D printing, is revolutionizing torque rod production by enabling intricate designs that were previously unattainable. This technology allows for complex shapes and internal structures, enhancing performance, reducing weight, and lowering costs in the automotive market.
Key Takeaways:
The Automotive torque rod market in the United States is predicted to reach USD 2,715.1 million by 2033, increasing at a 3.2% CAGR. The Automotive torque rod market in the Germany is estimated to reach a market share of USD 2,611.6 million, expanding at a CAGR of 2.8 % by 2033. During the forecast period, the automotive torque rod market in China is expected to reach a market share of USD 2,822.1 million, securing an 3.6% CAGR. With a 78% of market share 2022 to 2033, the passenger car segment is expected to dominate the automotive torque rod market.
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How Does the Competition Look in the Automotive Torque Rod Market?
The Automotive Torque Rod market is characterized by intense competition, with numerous players striving to secure their market share. Key market participants, including ZF Friedrichshafen AG, Astronics Corp, Harsons Ventures, SOGEFI, and Magneti Marelli, among others, contribute to the dynamic and competitive landscape of this sector.
Prominent players are making substantial investments in research and development to introduce innovative products that deliver enhanced efficiency, reliability, and affordability. Moreover, they are focused on expanding their product portfolios and strengthening distribution networks to cater to evolving customer demands. These strategic efforts highlight their commitment to meeting the unique requirements.
Strategic collaborations and partnerships are becoming increasingly common in the market, empowering market participants to leverage each other's strengths and expand their market presence. These alliances enable companies to enhance their capabilities, tap into new opportunities, and foster innovation, ultimately driving growth and competitiveness in the dynamic automotive torque rod market.
The cost of developing new torque rod technologies is rising, which is putting pressure on smaller companies to merge with larger companies that have the resources to fund research and development. Which is forcing smaller companies to merge with larger companies that have the capacity to scale up production. Leading players in the automotive torque rod market are merging with and acquiring smaller companies to gain access to new markets, such as India and China.
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Windscreen Adhesives market size projected at USD 2.8 billion in 2023 likely to surpass USD 5.5 billion by 2033 at a CAGR of 7.8% during the forecast period
The Windscreen Adhesives market is expected to be worth USD 2.8 billion. The market is expected to reach USD 5.5 billion by 2033, expanding at an 7.8% CAGR throughout the forecast period. The Windscreen Adhesives industry is driven by several factors, including the quick development of emerging nations and the increasing need for lightweight and durable vehicle.
Windscreen Adhesives are becoming necessary to give the car's windscreen enough support in a collision or accident to keep passengers safe. For you to be as safe as possible, your automobile windscreen must have a high-quality adhesive. The increased demand for these adhesives is also being fueled by growing awareness of lightweight vehicle.
The Windscreen Adhesives industry faces several obstacles, including high initial costs and a lack of suitable alternatives. For new companies in the industry, the high initial cost of Windscreen Adhesivess represents a considerable barrier. Additionally, these devices can have high operational and maintenance costs, which end users find concerning.
The market is flooded with opportunities that provide comparable advantages at a cheap price, which is a serious threat to the Windscreen Adhesives sector. The necessity for durability and strength of adhesives might help the Windscreen Adhesives sector expand.
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The Windscreen Adhesives business has a lot to gain from the OEM industry. As it is OEM-recommended adhesive type In the case of a rollover, polyurethane stops your car's windscreen from separating from the frame or folding inward on you. Additionally, it is exceptionally robust and abrasion-resistant, has superior elongation and exceptional flexibility.
Over the past century, heavy equipment and speciality vehicles' windscreen bonding and sealing have changed. Although older style tractors and vehicles still use conventional rubber mounted gaskets and sticky butyl tapes in the field, original equipment manufacturers (OEMs) and repair and maintenance specialists now prefer to use liquid adhesives to secure stationary windows and windscreens to vehicle cabs.
Key Takeaways
The Windscreen Adhesives industry in the United States is predicted to reach USD 0.8 billion by 2033, increasing at a 6.9% CAGR. The Windscreen Adhesives industry in the United Kingdom is estimated to reach a market share of USD 0.71 billion, expanding at a CAGR of 7.2% by 2033. During the forecast period, the Windscreen Adhesives industry in China is expected to reach a market share of USD 1.1 billion, securing an 7.1% CAGR. The Windscreen Adhesives industry in Japan is predicted to reach USD 0.93 billion by 2033, increasing at a 7.1% CAGR. South Korea's Windscreen Adhesives industry is predicted to achieve a market share of USD 0.88 billion, rising at an 7% CAGR during the forecast period. With a CAGR of 7.9% from 2022 to 2033, the Polyurathane segment is expected to dominate the Windscreen Adhesives industry. With a CAGR of 7.8% from 2022 to 2033, the Automobile industry is expected to dominate the Windscreen Adhesives industry.
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How Does the Competition Look in the Windscreen Adhesives Market?
The Windscreen Adhesives industry has a highly competitive landscape, with a significant number of players vying for market share. Several significant participants in this industry comprise Henkel Adhesive Technologies, DOW Inc, 3M, H.B. Fuller, WEICON, Panacol, Marston-Domsel, Master BondInc, Krafft, Permatex among other companies.
The main players are notably investing in research and development endeavors to create novel and inventive goods that provide improved effectiveness, dependability, and affordability. They are additionally concentrating on broadening their range of products and reinforcing their distribution channels to meet the changing demands of clients.
Tactical alliances and associations with other corporations are progressively prevalent in the sector, enabling participants to utilize one another's capabilities and broaden their influence in the marketplace.
Consolidation and mergers are being utilized by leading players to fortify their market standing and acquire entry to fresh markets. The sector is experiencing notable expansion in developing economies, especially in nations such as India and China.
Key players are expanding their presence in these markets by establishing local manufacturing facilities and strengthening their distribution networks. They are also focusing on offering cost-effective solutions to customers in these markets to gain a competitive edge.
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The thin insulation market is anticipated to thrive at a 5.5% CAGR from 2023 to 2033 reaching USD 2.3 billion by 2023 and expected to be worth USD 4 billion by 2033
The thin insulation market size is anticipated to increase at a CAGR of 5.5% from 2023 to 2033, reaching US$ 2.3 billion by 2023. The thin insulation industry is to hit US$ 4 billion by 2033. Excellent thermal resistance and UV protection are provided by thin insulation. The thin insulation market is expanding as a result of the building and construction industry's explosive need for thin insulated films for use in window panels.
The pharmaceutical industry's expanding usage of thin insulation to shield drugs from heat and moisture while in transit is another factor accelerating the market expansion. Moreover, the expanding use of thin, lightweight thermal insulation films in automobiles for soundproofing and heat reduction contributes to the market expansion for thin insulation. The thin insulation industry is constrained by the negative environmental effects of insulation film made of plastic.
Increasing Use of Thin Insulation
The thin insulation industry may expand as a result of the growing use of plastic foams in the automotive industry, improved infrastructure, rising demand for strong, portable goods, and increased use in thermal and industrial operations. Additionally, rapid urbanization and expansion have increased construction activities for infrastructure, commercial buildings, homes, and other structures, which may result in high thin insulation demand.
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Spending on Improvements and Construction
It is predicted that between 2023 and 2033, the building and construction industry’s strong global spending may present significant prospects to thin insulation industry participants. Also, the market’s numerous developments and improvements may boost the thin insulation market’s potential future expansion.
Market Restraints for Thin Insulation
The thin insulation industry may face challenges as a result of the high capital expenses. Further, the market may suffer from the expanding environmental side effects. The market growth rate for thin insulation may be hampered by this factor.
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North America Takes the Lead
North America is anticipated to have a significant thin insulation market due to the existence of many important enterprises in the region. The main reasons impacting the need for thin insulation in the region are the increased emphasis on energy-efficient buildings, strict insulation regulations, and new building rules.
China is the swifts-growing country in the region, making the Asia Pacific region with quick market growth for thin insulation. Further, the number of people moving from rural to urban regions is rising in the area, which is boosting the demand for new homes and expanding the market. The thin insulation industry in the Asia Pacific is primarily driven by the expanding construction industry and improvements in process manufacturing.
Key Takeaways
The foams segment in the type category to expand at a CAGR of 5.4% from 2023 to 2033. In the end-use category, the automotive segment is estimated to develop at a CAGR of 5.2% between 2023 and 2033. The United States thin insulation business reached US$ 734.4 million, expanding at a CAGR of 5.5% through 2033. The United Kingdom thin insulation market is to reach US$ 156.8 million, evolving at a CAGR of 5.3% through 2033. China’s thin insulation business is predicted to hit US$ 869.8 million, expanding at a CAGR of 5.4% through 2033. South Korea’s thin insulation industry is anticipated to secure US$ 207.6 million, thriving at a CAGR of 5.0% through 2033. Japan’s thin insulation business is to reach US$ 770.2 million, capturing a CAGR of 5.4% through 2033.
Competitive Landscape
There is market consolidation in the thin insulation sector. Companies like Dow, BASF SE, Cabot Corporation, Armacell, and Johns Manville are among those involved in the thin insulation market. Further, key players in the market follow a few key strategies such as partnerships, acquisitions, and collaborations to strengthen their position in the market.
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The global battery technology market is anticipated to capture a valuation of USD 113.5 billion in 2024 with a CAGR of 8.2% during the forecast period reaching USD 250 billion by 2034.
The global battery technology market is likely to secure a valuation of USD 113.5 billion in 2024, with a CAGR of 8.2% during the forecast period. The global market is expected to surpass USD 250 billion by 2034.
Focus on consumer requirements and minimizing the necessity of critical minerals is gaining traction among the manufacturers. Moreover, developing an intelligent solution to reduce carbon footprint drives its adoption globally. For instance, Stellantis, an Amsterdam-based provider of innovative mobility solutions, signed an agreement with CATL in 2023. Under the agreement, CATL will source LPA battery cells and modules for its electric vehicles
Advancements in medical instruments and wearable devices to monitor patients' health have increased the demand for battery technology. Similarly, electronic toys and consumer goods like smartbands are widely expanding the adoption of battery technology.
Manufacturers integrate advanced technologies to enhance work efficiency with better charging solutions, driving market growth. Focus on green solutions, eco-friendly devices, and recyclable approaches are gaining vast market revenue to reduce carbon footprints. Strategic plans for developing intelligent wearable technologies that can convert solar energy into power create opportunities for market players.
Key manufacturers are bringing new technologies to increase global market revenue through their improved product portfolio. Increasing consumer demand for reliable, fast, and energy-efficient devices is raising the adoption of battery technology. Manufacturers are making crucial and valuable products integrating primary and secondary battery technologies, which are booming market revenue.
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Key Takeaways:
The battery technology market is registering a CAGR of 8.2% between 2024 and 2034. The United States is expected to register a CAGR of 8.3% by dominating the global market by 2034. Japan is anticipated to capture a CAGR of 3.1% of the global market during the forecast period.
South Korea is anticipated to register a CAGR of 8.4% in the global market by 2034. China significantly drives the global market with a CAGR of 8.5%. With a CAGR of 8.7%, the United Kingdom is rapidly advancing globally. The automotive category is estimated to lead the global market during the forecast period.
Key Market Highlights
Significant Surge in Consumer Electronics Industry
Increasing demand for consumer electronic goods such as watches, toys, remote systems, and others is driving the adoption of battery technology. Moreover, the rise in electric and hybrid vehicle buyers globally is increasing the adoption of battery technology among automotive manufacturers. These manufacturers are keeping a close eye on meeting digital consumers' demand and on the shifting trends to develop convenient and safe batteries.
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Modern Wearable Devices are Shaping the Future
Rising adoption of smart devices in healthcare settings, consumer goods, and electric or semi-electric motors are increasing the demand for battery technology. These technologies are adopted among manufacturers to reduce workload, enhance efficiency, and better connectivity.
Growing trend of wearable devices such as smartwatches and wearable motherboards that can also be worn as an accessory are the next big technological innovation. For instance, Smart Shirts are health-monitoring wearable accessories that record real-time information.
Competitive Landscape
Due to growing consumer demand, key players are adopting various marketing methodologies to bring new product launches. These key players are creating realistic touch sensations that can monitor vibration and motions. Moreover, manufacturers offer a wide range of products integrating innovative battery technology with non-invasive sensors. They are developing sustainable and recyclable products to reduce carbon emissions.
Key Players in the Battery Technology Market
Exide Corp, Hitachi Limited, SAMSUNG SDI CO. LTD, Sony Corp, Google Inc, General Electric Co, Honda Inc, Honeywell Batteries, China Bak Battery, Inc, Fujitsu Ltd, American Battery Charging Inc
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