Electric Off-Highway Vehicles Market Predicted to Surge in Coming Years

Due to the implementation of strict emission norms by the governments of several countries, the demand for eco-friendly vehicles has increased massively. This is driving the expansion of the global electric off-highway vehicles market. As a result, the market generated a revenue of ~$7 Billion in 2020. Moreover, with the enactment of these regulations, many automotive manufacturing companies are shifting their focus from internal combustion engine-powered vehicles toward automobiles having alternative powertrains.

Additionally, the surging requirement for emission-free and low-noise construction machines, especially in residential areas, is also fueling the growth of the electric off-highway vehicles market. Due to these factors, the electrification of off-highway vehicles, including those used in the construction industry, is rising rapidly. This is because of the fact that the necessary technologies are rapidly becoming affordable and mature. For example, AB Volvo is providing a range of electric compact equipment such as L25 electric compact wheel loader and ECR25 electric compact excavator.

Across the globe, North America is predicted to hold the largest share in the electric off-highway vehicles market till 2030. This is attributed to the implementation of environmental protection initiatives for controlling the carbon footprint and reducing the emissions generated from the construction industry in the region. For example, 15 states and the District of Columbia have aimed to have 100% of all new heavy- and medium-duty vehicle sales to be of emission-free variants by 2050. Further, the rising demand for electric mining dump trucks, electric tractors, electric lawnmowers, electric loaders, electric excavators, and electric dozers is massively augmenting the sales of electric off-highway vehicles in the region.

Hence, it can be said without any hesitation that the demand for electric off-highway vehicles will explode in the coming years, primarily because of the growing adoption of electric vehicles, on account of the surging air pollution levels and enactment of favorable government initiatives, and increasing construction and infrastructural development activities in several countries.

How Are Technological Improvements Driving Automotive HVAC Controllers Demand?

Before plunging severely in 2020 due to the COVID-induced lockdowns and the ensuing financial distress, automotive sales had been increasing steadily across the globe. But, since the lifting of the lockdowns and resumption of manufacturing in the third quarter of 2020, as the first COVID wave waned, vehicle sales have started rising again. Though the 2021 sales might be nowhere near the 2019 numbers, automotive and associated components and parts manufacturers can expect good business.

As per P&S Intelligence, the slow but steady surge in vehicle sales will keep propelling the automotive heating, ventilation, and air conditioning (HVAC) controllers market across the world. This is because HVAC systems have become integral to all four-wheelers, be it cars, trucks or buses (mostly luxury ones). With people’s burgeoning disposable income, especially in emerging economies, they have been able to afford cars with added features, such as HVAC systems, power steering and windows, and entertainment units, for quite a while now.

P&S Intelligence- Automotive HVAC Controllers Market

Moreover, with the increasing competition in the auto world, vehicle manufacturers are targeting customers with the prospect of more comfort and convenience, with HVAC systems. In temperate regions, including much of North America and Europe, the cold winters create the necessity for heaters, heated windshields, and seats. Similarly, in tropical regions, including South Asia, much of Latin America (LATAM) and all of Africa and Australia, air conditioning inside the vehicle is vital. Thus, with the increasing automotive sales around the world, the demand for HVAC controllers is rising too.

Of the two types of such controllers — automatic and manual — the demand for automatic variants is rising fast. Because they are a newer technology, automakers are trying to distinguish themselves by offering advanced systems in their vehicles. Moreover, though these are more expensive compared to manual ones, the rising demand for luxury vehicles is propelling the integration rate of automatic variants. Many people in developing countries purchase luxury vehicles as a show of their social status, thereby driving the demand for automatic automotive HVAC controllers.

Such components are integrated in higher numbers in passenger cars than commercial vehicles because in any year, almost 70% of the automobiles produced are passenger cars. Moreover, in the coming years, almost 80% of the cars manufactured will have HVAC systems, which would create a high demand for their controllers. Similarly, the integration rate of such components is also increasing in commercial vehicles. With the growing logistics sector, the sales of trucks are surging. In developed countries, most of the trucks have HVAC systems, a trend that is now also emerging in emerging economies.

Similarly, with the growing demand for inter- and intra-city transport, luxury buses are being procured by transport agencies in developing and developed countries both. On long journeys, especially in unfavorable weather conditions, HVAC systems become important, which is why an increasing number of luxury buses have them. Even for urban transportation within cities, state and city transportation authorities are deploying air-conditioned buses. For instance, Delhi Transport Corporation will induct the first batch of 1,000 low-floor AC buses in June this year.

Thus, as a result of the growing auto sales, Asia-Pacific (APAC) is expected to be the most-lucrative automotive HVAC controllers market in the coming years. Already, APAC accounts for the highest automotive production and sales, which have been pushing the demand for various associated components up. As per the International Energy Agency (IEA), compared to 5 million in 2005, 25 million cars were sold in China in 2009. Similarly, car sales in India grew from 1 million to 4 million during the same period.

Thus, as vehicle sales boom, so will the installation rate of automotive HVAC controllers.

Boom Predicted in Automotive Differential Market in Asia-Pacific in Future

A number of factors such as the rising adoption of all-wheel-drive (AWD) vehicles, surging need for enhanced fuel efficiency and road traction, and burgeoning demand for heavy-duty and commercial vehicles will support the automotive differential market growth during the forecast period (2021–2030). According to P&S Intelligence, the market revenue stood at ~$20 billion in 2020. At present, the increasing electrification of vehicles is becoming a prominent market trend, due to the mounting focus on mitigating vehicular pollution.

The burgeoning need for AWD vehicles, owing to the enhanced safety, drive control, and stability offered by them, will augment the demand for automotive differentials in the coming years. AWD systems were initially used in high-end vehicles, but due to the escalating consumer focus on vehicle safety, automakers are rapidly integrating such systems in passenger cars as well. Additionally, the surging installation of AWD systems in electric vehicles (EVs) will also facilitate the market growth in the foreseeable future.

Geographically, Asia-Pacific (APAC) is expected to account for the largest share in the automotive differential market throughout the forecast period. This can be attributed to the presence of the world’s largest automobile production hub—China—in the region, due to the easy availability of raw materials, the existence of a vast workforce, and huge demand for automobiles in the country. According to the OICA, China produced 5,231,161 commercial vehicles and 19,994,081 passenger cars in 2020.

Therefore, the burgeoning demand for AWD vehicles and increasing production of passenger cars and commercial vehicles will drive the demand for automotive differentials in the foreseeable future.

U.A.E E-Commerce Automotive Aftermarket Set for Prosperity in Future

In the recent years, the popularity of e-commerce automotive aftermarket companies such as Amazon Marketplace and eBay Motors has grown massively in the U.A.E., and this trend will continue in the coming years. This is because these companies provide a diverse range of products, fast transactions, and a hassle-free and smooth shopping experience to customers. Moreover, the online buying of automotive products from aftermarket companies allows customers to do extensive product research and comparison and also understand the product specifications. 

Apart from the aforementioned factor, the growing popularity of the do-it-yourself (DIY) culture and the emerging trend of vehicle customization are also fueling the online sales of automotive aftermarket products. While service centers and mechanics have been the traditional core customers of e-commerce automotive aftermarket companies in the U.A.E., nowadays, DIY aficionados are quickly becoming their major target pool. The rising prevalence of road accidents is also propelling the online sales of automotive aftermarket components in the country.

As per the World Health Organization (WHO), nearly two deaths are reported every day in the U.A.E. because of road accidents. Furthermore, as per the observations of the WHO, safe vehicles greatly reduce the chances of road accidents. This means that regular servicing and the replacement/upgradation of vehicle parts such as brake components, tires, suspension systems, lights, filters and fluids, and oil and transmission fluids is required for mitigating the incidence of road accidents. 

This is subsequently pushing up the demand for automotive aftermarket products in the country, as these parts are easily available and more affordable than the ones made by the original equipment manufacturers (OEMs). Hence, it is safe to say that these factors are driving the growth of the U.A.E. e-commerce automotive aftermarket. As a result, the market value is expected to surge from $318.2 million in 2020 to $634.4 million by 2025.

Hence, it can be safely said that the popularity of e-commerce automotive aftermarket companies will surge in the U.A.E. in the forthcoming years, primarily because of the rising public preference for online shopping over buying from the brick-and-mortar stores, increasing demand for vehicle customization, growing trend of the DIY culture, and the soaring penetration of the internet in the country.

India Interior Design Market Set for Prosperity in Future

A number of factors, such as the rising number of real estate activities, growing population, rapid urbanization, surging disposable income, and increasing government initiatives to boost the construction sector, are projected to propel the growth of the Indian interior design market during the foreseeable period (2021–2030). According to P&S Intelligence, the market generated revenue of $22 billion in 2020, and it is projected to witness significant growth in the coming years. Moreover, the market is witnessing a trend of the increasing demand for theme-based offices and home interior designing, in the country.

One of the prime factors propelling the market growth in India is the surging government support to boost the construction sector. For instance, the construction industry in the country grew at a CAGR of 5.6% during 2016–2020 and it attracted institutional investments of $5 billion in 2020. Moreover, the industry is projected to appear as the third-largest market in the world by 2025. Thus, it is essential for the central government, in association with state governments, to support the development in the real estate sector, which, in, turn, driving the need for interior designing services.

Geographically, North India held the largest share in the Indian interior design market in 2020, and it is projected to lead the market during the forecast period as well. This is ascribed to the growing urbanization rate, surging investments in the real estate sector, mounting number of national and international corporate offices in the Delhi-National Capital Region (NCR), and rising number of housing projects introduced by public organizations and private builders, in the region.

Thus, the rising need for residential and commercial spaces and the increasing government support for the construction industry are projected to propel the market growth in India during the foreseeable period.

Electric Loader Rickshaw Demand Expected to Shoot Up in India in Coming Years

As per the India Brand Equity Foundation (IBEF), the e-commerce sector in the country is witnessing significant growth, and it is expected to surpass that of the U.S. to become the second-largest in the world by 2034. The prospering e-commerce sector, on account of the surging penetration of smartphones and the internet and changing consumption patterns, will augment the deployment of electric loader rickshaws for cargo delivery. Owing to this reason, the Indian electric loader rickshaw market will advance at a considerable rate during 2020–2030.

The presence of such vehicles on Indian roads has surged in the last two years owing to the rising environmental concerns and technological advancements in the automobile industry. To mitigate the rising air pollution levels, the central government and state governments are offering incentives and subsidies on electric three-wheelers, thereby fueling the production and adoption of electric loader rickshaw across India. These vehicles can carry cargo loads of up to 450 kg, thus making them ideal for light-to-medium-duty urban freight transport operations.

At present, electric loader rickshaws are used in logistics, e-commerce, municipality, and food and grocery applications in India. Among these, the e-commerce sector of the country is rapidly deploying such three-wheelers for delivery purposes. For example, in January 2020, Amazon.com Inc. publicized its plans to deploy 10,000 electric three- and four-wheeler cargo rickshaws in the country by 2025. Apart from e-commerce companies, the prospering logistics industry is also adopting a significant number of electric loader rickshaws for the transportation of goods across the country.

According to P&S Intelligence, the Indian electric loader rickshaw market has a strong presence in Ahmedabad. Around 70% of all the electric rickshaws in Ahmedabad are loader rickshaws, whereas in Gurugram, 15%–20% are loader rickshaws. Moreover, the percentage of electric loaders is rising in the  electric cargo three-wheeler fleet of Delhi. Apart from these, several cities of Uttar Pradesh, Madhya Pradesh, West Bengal, Bihar, Rajasthan, Punjab, Assam, and Jharkhand are adopting a significant number of electric loader rickshaws.

What is the Potential Demand for Automotive LiDAR?

More than 1.3 million people are killed in road accidents every year, according to the World Health Organization (WHO). Seeing this, many governments have started promoting the usage of vehicles with advanced driver assistance systems (ADAS). Such moves have picked pace especially since the realization that most of the road crashes are a result of human errors, such as driving at more than the mandated speed limit, talking on the phone or sleeping while driving, cutting tight corners, jumping red lights, and driving too close to the automobile in front.

This is why P&S Intelligence predicts that the automotive LiDAR market value will increase to $14,754.7 million by 2030 from $289.3 million in 2019, at a high 26.1% CAGR during 2020–2030. This is because the light detection and ranging (LiDAR) technology is used by numerous safety systems now being integrated into automobiles, such as adaptive cruise control (ACC), blind spot detection (BSD), automatic emergency braking (AEB), and lane keeping assistance system (LKAS). 

Among these, the usage of LiDAR sensors is increasing swiftly in AEB systems, as they help prevent accidents by warning drivers if they get too close to the vehicle in front. The electronic control module of the system measures the pressure on the throttle (accelerator) to ascertain whether it is pressed or not. If the vehicle comes too close to the one in front and if the driver hasn’t yet stepped off the gas, it applies the brakes automatically. Thus, even if the AEB system cannot prevent the accident, it considerably reduces the severity of the crash.

With time, such systems are not being integrated just for higher safety, but to help the vehicle drivewithout human involvement. Thus, another key growth driver for the automotive LiDAR market is the rising requirement for autonomous vehicles. Automobile autonomy is rated from level 0 to 5 depending on what degree of human control is required to drive them. Presently, level 1–3 autonomous vehicles are common on the roads, while level 4 and 5 variants are still under development and extensive testing, mostly in Europe and North America.

Therefore, as autonomous vehicles have many more such advanced systems compared to human-driven ones, their rising sales would definitely propel the procurement of LiDAR sensors by automakers. Additionally, to make vehicles even safer and advanced, auto component makers are raising heavy funding for research and development (R&D) and mass production. For instance, Luminar Technologies Inc. raised $100 million from Moore Strategic Ventures LLC, G2VP LLC, and The Westly Group in July 2019. With the funding, it developed Iris, a new LiDAR platform, for autonomous trucks.

Presently, Europe is generating the highest demand for LiDAR sensors and LiDAR-based systems because of the strict mandates of the European Union (EU) regarding road safety. The EU has made the integration of AEB, intelligent speed assistance, and emergency stop signal systems a mandate in all commercial and passenger vehicles in member countries. Moreover, regional automakers, including Volkswagen and BMW, are undertaking extensive R&D on autonomous driving systems. In addition, several European countries have allowed the testing of fully autonomous vehicles in controlled environments.

Hence, with the rising demand for autonomous vehicles, the requirement for autonomous LiDAR sensors is increasing.

Germany Autonomous Vehicle Market Set for Prosperity in Future

The growing requirement for greater vehicle safety, owing to the increasing prevalence of road accidents, is driving the demand for autonomous vehicles in Germany. According to the World Health Organization (WHO), 1.3 million lives are lost every year because of road accidents. Furthermore, road accidents cost several countries 3% of their gross domestic product and they are the leading cause of death for young individuals in the age bracket–5 to 29 years and children.

Owing to the aforementioned factors, Germany became the first country in the world to authorize fully and semi-autonomous driving systems. The government announced in December 2016 that it aims to develop autonomous driving infrastructure in the country. Subsequently, the German Road Traffic Act was amended in June 2017, which enabled drivers to pass of driving control to autonomous vehicles. Nowadays, semi-autonomous vehicles (level 1 to level 3) are running on roads in which steering and acceleration/deacceleration can be easily controlled by the vehicle itself. 

For example, Charité – Universitätsmedizin Berlin and Berliner Verkehrsbetriebe (BVG) in collaboration with Navya SAS and EasyMile SAS launched a pilot project in March 2018 for testing autonomous shuttles on Charité’s campus in Berlin. Due to these factors, the value of the German autonomous vehicle market is predicted to rise to $28.0 billion by 2030, while the market will demonstrate a CAGR of 20.2% from 2023 to 2030, as per the estimates of the market research company, P&S Intelligence. 

Hence, it can be safely said that the demand for autonomous vehicles will surge sharply in Germany in the coming years, primarily because of the growing requirement for greater vehicle safety in the country. 

What are the opportunities and trends in the Electric Vehicle Communication Controller Market?

 The escalating air pollution levels and the rapid environmental degradation all over the world are the major factors fueling the popularity of electric vehicles. Moreover, with the surge in electric vehicle deployment in several countries, the demand for proper electric vehicle charging infrastructure, including charging stations, is growing rapidly, which is, in turn, propelling the requirement for electric vehicle communication controllers. Electric vehicle manufacturing companies and charging component developers are making huge investments in efficient and smart battery charging systems.

Electric Vehicle Communication Controller Market Trend 

Because of the above-mentioned factors, the demand for electric vehicle communication controllers is surging sharply, which is, in turn, driving the advancement of the global electric vehicle communication controller market. According to the estimates of P&S Intelligence, a market research company based in India, the value of the market will grow from $97.0 million in 2018 to $553.4 million by 2024. Furthermore, the market is predicted to advance at a CAGR of 34.8% between 2019 and 2024.

Geographically, the sales of electric vehicle communication controllers are predicted to boom in Europe in the forthcoming years. This will be due to the surging deployment of electric vehicles and electric vehicle charging stations in the region. Moreover, the ballooning sales of electric cars in the region are also fueling the rapid expansion of the electric vehicle communication controller market in Europe. As per reports, the sales of electric cars grew by around 33% in Europe from 2017 to 2018.

Therefore, it can be said without any hesitation that the demand for electric vehicle communication controllers will skyrocket all over the world in the upcoming years, mainly because of the growing requirement for electric vehicle charging facilities and stations, on account of the rising deployment of electric vehicles in various countries.

Massive Growth of Essential Oils Market By 2030

A number of factors such as the booming demand for aromatherapy, surging customer preference for natural products, and increasing consumption of essential oils in the cosmetics and food and beverage industries are expected to drive the essential oils market growth during the forecast period (2021–2030).  According to P&S Intelligence, the market generated a revenue of ~$11 billion in 2020. In recent years, the escalating use of essential oils at spas has become a prominent market trend, owing to the rising public awareness of skincare treatments.

The burgeoning demand for aromatherapy is one of the primary growth drivers for the market. Aromatherapy refers to an alternative treatment process that utilizes naturally harvested essences to support, harmonize, and balance the mental and physical health of patients. This treatment process uses essential oils as they activate the smell receptors in the nose, which convey information to the brain through the nervous system. The oil is also used to treat anxiety or chronic stress, fatigue, skin problems, depression, and respiratory infections.

Whereas, the Asia-Pacific (APAC) essential oils market is expected to showcase the fastest growth during the forecast period. This will be due to the surging availability and rising affordability of essential oils in the region. Additionally, the improving lifestyles of people and mounting awareness about such oils will facilitate the market growth in the region in the foreseeable future. Besides, the escalating awareness about the outcomes of aromatherapy and the booming number of patients suffering from chronic diseases will also augment the demand for essential oils in the region in the coming years. 

Thus, the increasing public awareness of aromatherapy and surging demand for natural products will fuel the market growth in the years to come.

What are Key Factors Driving the Growth of Automotive Data Logger Market?

Factors such as the rising integration of intelligent, compact, lightweight electrical and electronic systems in passenger vehicles and the surging need to monitor and analyze real-time automobile data to optimize passenger and vehicle safety will boost the automotive data logger market growth during the forecast period (2021–2030). According to P&S Intelligence, the market revenue reached ~$3 billion in 2020. Nowadays, the mounting investments being made by market players in the advancement of automotive data logger systems have become a prominent market trend.

Automotive Data Logger Industry Trend

One of the key growth drivers for the market is the booming demand for in-vehicle connectivity features worldwide. To meet this demand, automakers are increasingly integrating in-vehicle connectivity solutions in their offerings, through partnerships with consumer electronics and software vendors. The installation of advanced features such as automotive data logger solutions enables automobile manufacturers to collect data and then provide information about the functions of systems such as lane assist and automatic brake.

Whereas, Asia-Pacific (APAC) is expected to exhibit the fastest growth in the automotive data logger market throughout the forecast years, due to the existence of a vast automobile manufacturing base in the region. Moreover, the accelerating industrialization rate and flourishing infrastructure sector in APAC nations will also propel the market growth in the region in the upcoming years. Besides, the surging adoption of advanced electronic components in automobile architecture will also augment the market growth in the immediate future.

Therefore, the rising demand for in-vehicle connectivity features and accelerating technological advancements in the automotive sector will drive the market growth in the forecast years.

What is the Potential Demand for Automotive Aftermarket?

With the rise in the average age of automobiles, the demand for automotive parts and components manufactured by aftermarket companies is growing rapidly across the world. This is fueling the sales of these components, especially in the Latin America, Middle East, and Africa (LAMEA) and Asia-Pacific countries. For example, the average age of automobiles in China grew from 4 years in 2010 to 6 years by the end of 2020.

This increment was primarily because of the provision of stretched car loans for around 4¬–5 years and the rapid improvements and advancements being made in the manufacturing processes of automobiles in the country. Moreover, the adoption of technologically advanced and innovative products in vehicles has also contributed toward the increased lifespan of vehicles in the country. Apart from China, the average age of automobiles is also rising in Brazil and India.

This is, in turn, driving the expansion of the automotive aftermarket. Additionally, the growing deployment of electric vehicles in several countries is also propelling the sales of these parts and components across the world. Due to the escalating air pollution levels and the rising consumer preference for environment-friendly modes of transportation, the sales of electric vehicles are surging sharply, which is subsequently creating lucrative growth opportunities for aftermarket companies around the world.

Due to the above-mentioned factors, the global automotive aftermarket is registering huge growth. As a result, the value of the market is predicted to grow from $803.22 billion in 2019 to $1,370.17 billion by 2030. Furthermore, the market is predicted to advance at a CAGR of 5.07% between 2020 and 2030. Drive transmission and steering parts, engine parts, suspension and braking parts, electrical parts, and equipment are the major aftermarket components sold across the world.

Hence, it can be said with full surety that the demand for vehicular parts and components manufactured by aftermarket companies will shoot up all over the world in the forthcoming years, mainly because of the increasing average age of automobiles and the growing deployment of electric vehicles in various countries around the world.

Facial Care Market Set to Exhibit Tremendous Growth in Coming Years

Facial care products, such as face wash, face creams, face masks, moisturizers, cleansers, scrubs, serums, and toners are gaining prominence among the working class, as they alleviate stress and signs of aging and revitalize the skin, which, in turn, helps people look fresh even after long working hours. For instance, Tata Harper aromatic stress treatment, Estée Lauder stress relief eye mask, and Vitruvi facial spray help in increasing facial glow and alleviating the stress of end-users.

Moreover, the booming geriatric population will also support the facial care market growth in the foreseeable future. As aging leads to skin loosening, old people across the world are increasingly opting for anti-aging creams, owing to the rising consciousness among this age pool to look younger. The United Nations Department of Economic and Social Affairs (UNDESA) estimates that the population of people aged 65 years or above will surge from 727 million in 2020 to more than 1.5 billion by 2050.

According to P&S Intelligence, Asia-Pacific (APAC) will dominate the facial care market in the forthcoming years. This will be due to the mounting disposable income of people, escalating appearance consciousness among people, and surging public awareness about the benefits of facial care products in the region. For instance, the Reserve Bank of India reveals that the net disposable income of people in India increased from INR 15,534,214 in the financial year 2017–18 to Rs.17,258,624 in the financial year 2018–19.

Thus, the soaring work stress level and burgeoning population of geriatric people will augment the use of facial care products in the upcoming years.

Used Car Demand Expected to Shoot Up in India in Coming Years

The burgeoning demand for used luxury cars and the increasing shift of buyers toward organized dealers will drive the Indian used car market at a healthy CAGR of 14.8% during the forecast period (2021–2030). The market was valued at $18.3 billion in 2020 and it is projected to generate $70.8 billion revenue by 2030. At present, India is witnessing a low penetration of luxury cars. To accelerate the adoption of these vehicles, leading luxury car manufacturers and used car dealers are expanding their operations in the country.

India Used Car Market Outlook

Moreover, the accelerating digitization rate in India will also propel the adoption of used cars in the upcoming years. The digital revolution in the country has led to the rapid penetration of online retailing, which assists buyers in conveniently searching for pricing and vehicle details on such platforms. Additionally, used car dealers are making hefty investments to expand their presence and have an online retailing and classifieds presence. For example, in August 2020, OLX Group launched OLX Autos, a new franchisee-led pre-owned car retail offering in India.  

According to P&S Intelligence, Maharashtra accounted for the largest share in the Indian used car market in 2020, due to the swift urbanization, high depreciation value of luxury vehicles, presence of favorable business environment, strong growth opportunities and rapid surge in the state’s young population. Additionally, the soaring disposable income of customers and increasing internet penetration are also augmenting the demand for used cars in the state. Moreover, the easy availability and lower prices of used cars also contribute toward the expansion of the market in the state.

Whereas, Delhi is expected to adopt used cars at the highest rate in the forthcoming years, due to the decreasing average ownership duration rate of new cars in the state. Delhi offers a wide range of old cars at the lowest price in the country. The used car retailers of the state often resell the vehicles at affordable prices after performing minor repairs, such as denting and painting. Besides, the mounting disposable income of people and burgeoning population of young people will also fuel the adoption of used cars in the state in the near future.  

Therefore, the soaring demand for luxury cars and the accelerating digitalization rate will fuel the adoption of used cars in India in the forthcoming years.  

Adaptive Cruise Control Market: What are the Key Growth Factors?

The rising prevalence of road accidents is one of the major factors fueling the demand for adaptive cruise control across the world. Road accidents are one of the biggest causes of deaths in various countries and regions. Africa and Asia-Pacific (APAC) record the highest and the second-highest occurrence of road crashes in the world respectively. Due to the growing incidence of road accidents, the demand for advanced safety features and systems such as adaptive cruise control is rising rapidly.

Adaptive Cruise Control Market Outlook

As a result, automakers all over the globe are increasingly adopting these systems in their vehicles. Furthermore, the governments and regulatory bodies in various countries and regions such as those in North America and Europe are implementing strict vehicle safety policies and regulations that mandate the installation of safety systems such as adaptive cruise control in vehicles. In addition to this, various trade unions and associations are encouraging the integration of adaptive cruise control systems in automobiles.

Due to the above-mentioned factors, the sales of these systems are climbing around the world. This is, in turn, propelling the boom of the global adaptive cruise control market. According to the forecast of P&S Intelligence, a market research firm based in India, the market value would grow from $4.8 billion to $15.3 billion from 2016 to 2023. The market is also predicted to exhibit a CAGR of 18.3% between 2017 and 2023.

Geographically, the adaptive cruise control market is predicted to exhibit the fastest growth in North America in the forthcoming years. This is credited to the rising enactment of strict safety regulations and norms regarding vehicular safety in the regional countries. For instance, theUnited States New Car Assessment Program (USNCAP) launched by the National Highway Traffic Safety Administration (NHTSA) has massively raised the public awareness about vehicle safety systems in the country.

Thus, it is safe to say that the demand for adaptive cruise control systems would shoot-up all over the world in the upcoming years, primarily because of the increasing incidence of road accidents and the growing implementation of strict vehicle safety regulations and policies in various countries around the world.

Non-Sugar Sweeteners Market Set to Exhibit Tremendous Growth in Coming Years

Non-sugar sweeteners are substitutes for sugar, and they have different properties than organically produced sugar. This condiment is often advised by doctors to patients suffering from diabetes and reactive hyperglycemia. As the consumption of sugar-based food products harms the health of diabetic patients, food and beverage companies are focusing on the production of sweet dishes and bakery items made from non-sugar sweeteners. In recent years, the consumption of non-sugar-sweetener-based products has significantly surged in low- and middle-income countries (LMICs) due to the rising number of diabetes patients.

Thus, the increasing cases of diabetes, especially in LMICs, will support the progress of the non-sugar sweeteners market in the foreseeable future. The International Diabetes Federation (IDF) says that around 463 million individuals within the age group of 20–79 years had diabetes in 2019, globally. Furthermore, the federation forecasts that 578 million and 700 million people within the same age group will be affected by this common disorder of the endocrine system by 2030 and 2045, respectively.

According to P&S Intelligence, the European non-sugar sweeteners market will exhibit the fastest growth in the forthcoming years due to the surging incidence of diabetes and rising awareness about healthy eating, which involves reducing the sugar intake. According to the Organisation for Economic Co-operation and Development (OECD), around 32.3 million adults in the European Union (EU) were diagnosed with diabetes in 2019. As per the IDF, 465,916,400 diabetes-related deaths were recorded in 2019. Furthermore, the IDF forecasts that 65,993,300 people within the age group of 20–79 years in Europe will be diagnosed with diabetes by 2030.

Thus, the soaring prevalence of diabetes and escalating urbanization rate will fuel the use of non-sugar sweeteners.

Drive By Wire Market to Witness Growth Acceleration During 20120-2030

Due to the increasing enactment of stringent vehicular emission norms by the governments of several countries, advent of autonomous vehicles, and the development of connected infrastructure, the global drive by wire market revenue surged to ~$23 billion in 2020 and it is predicted to rise even more in the coming years. The development of autonomous vehicles is a major market growth driver. These vehicles offer various advantages such as improved vehicular safety, less fuel consumption, and low emissions. 

As these vehicles are equipped with several sensors and consist of electrical terminals and connections, their increasing deployment is driving the demand for drive by wires across the world. Besides, the implementation of strict vehicle emission norms by several governments, on account of the escalating pollution levels, is also propelling the demand for drive by wires. Because of the enactment of these regulations, automobile manufacturers are incorporating lightweight materials in automobiles as these materials increase the fuel efficiency. This is fueling the requirement for drive by wire controls, which is, in turn, causing the growth of the drive by wire market. 

Geographically, Asia-Pacific dominated the drive by wire market between 2015 and 2020, as per the observations of the market research company, P&S Intelligence. This was credited to the high disposable income of the middle-class populace and the various cost advantages experienced by automakers and original equipment manufacturers (OEMs), on account of the low costs of labor and raw materials, in the region. Further, the implementation of stringent emission norms and soaring popularity of luxury and premium vehicles are also contributing to the market growth in the region.

Hence, it is clear that the demand for drive by wires will surge in the coming years, primarily because of the enactment of strict vehicle emission norms in several countries, rapid deployment of autonomous vehicles, burgeoning requirement for lightweight and fuel-efficient vehicles, and increasing adoption of off-highway vehicles, due to soaring construction activities across the world.

Automatic Self-Piercing Rivets Market Set for Prosperity in Future

Self-piercing rivets (SPR) offer better fastening solutions in instances where spot welding is not practical. It is the process of forming a mechanical interlock between multiple pieces of similar or different materials. The interlocking is done by forcing a rivet through the top sheet through the piercing and then fortifying the top one with the one on the bottom, without piercing it. The process of applying automatic SPRs incorporates four steps— clamping, piercing, flaring, and compression. It is used to interlock pre-painted metals (white goods), zinc-coated steel (heating, ventilation, and air conditioning [HVAC] industry, construction sector, and automobile sector), and aluminum (signs).

Automatic Self-Piercing Rivets Market Outlook

The demand for such fasteners is expected to grow from 8.1 billion units in 2015 to 45.0 billion units by 2022, with the automatic self-piercing rivets market growing at a CAGR of 26.2% during 2016–2022. This projected increase would be the result of the growing popularity of lightweight premium vehicles. Luxury marques, such as Porsche, Daimler AG, and Audi AG, are developing aluminum-intensive vehicles by making use of automatic SPRs. Other automobile giants, such as BMW, Ford, Land Rover, and Renault, are also focused on lightweight hatchbacks and sedans. All these manufacturers are using automatic SPRs in the trunk lids, hoods, boot lids, doors, and window regulators.

The emission and fuel efficiency norms laid down by governments, especially those in North America and Europe, are the major reasons behind the increasing production of lightweight vehicles. The reduced weight of automobiles leads to the consumption of lesser fuel and lower carbon dioxide emissions. As per the Aluminum Transportation Group (ATG), 5–7% fuel can be conserved by curtailing the weight of vehicles by 10%. This can be done by replacing heavy metals with aluminum, by increasing the usage of automatic SPRs.

According to P&S Intelligence, the European automatic self-piercing rivets market generated the maximum demand for these fasteners in the recent past. Among the European countries, Germany demanded the maximum number of such rivets, as it is the home of major luxury carmakers. As for the Asia-Pacific region, China consumed the maximum number of automatic rivets. In North America, the U.S. showcased the higher demand for automatic SPRs. Other countries that are witnessing an increase in the requirement for these fasteners are Brazil, Iran, and South Africa.

Thus, the increasing demand for lightweight vehicles will lead to the rising usage of automatic self-piercing rivets. A shift toward the adoption of environment-friendly and energy-conserving vehicles will pave the way for the increasing usage of automatic SPRs around the globe in the foreseeable future.

Automotive Tire Market Set for Prosperity in Future

The increasing lifespan of automobiles is pushing up the demand for automotive tires across the world. In recent years, because of various technological innovations and advancements, the average lifespan of automobiles has increased significantly, that is, from 10.5 years to 12 years from 2010 to 2018. Moreover, with the increasing implementation of various government regulations and the rising competition between automobile manufacturers, the reliability and durability of vehicles would rise even more in the coming years.

The rising lifespan of vehicles is boosting the demand for automotive tires, as the increasing mileages of vehicles significantly augment the chances of wear and tear of tires and thus, fuel the need for the frequent replacement of tires. Besides this, the rising propensity of customers for buying additional units of small crossover cars is also propelling the sales of automotive tires across the globe. Furthermore, private labeling is providing numerous growth opportunities to the tire manufacturing companies.

Private labeling basically refers to the manufacturing of tires by one organization and their sale under another’s brand name. Private labeling is quickly becoming very popular all over the world as tire manufacturing companies are preferring this method over the conventionally used ones for meeting the burgeoning demand for automotive tires and optimizing their bottom-line profits. Some original equipment manufacturers (OEMs) are maximizing their manufacturing capacities by adopting private labeling, which is usually done under the supervision of skilled professionals. 

The flourishing automotive industry is another major factor fueling the sales of automotive tires all over the globe. This is subsequently driving the rapid advancement of the global automotive tire market. As a result, the valuation of the market is predicted to rise from 155.3 billion to 237.2 billion from 2018 to 2024. According to the estimates of P&S Intelligence, a market research firm based in India, the market would exhibit a CAGR of 7.7% between 2019 and 2024. 

Out of passenger cars, two-wheelers, light commercial vehicles, and medium and heavy commercial vehicles, the demand for automotive tires was observed to be the highest from passenger cars in the past years and this trend is likely to continue in the forthcoming years as well. This would be a result of the burgeoning sales of these vehicles in developing countries and the rising spending power of people around the world. 

Geographically, the automotive tire market will demonstrate the highest growth in Asia-Pacific (APAC) in the coming years. This is credited to the soaring automobile manufacturing, the increasing gross domestic product (GDP), and the soaring disposable income of the people residing in the developing countries such as India and China. The sales of automotive tires are also predicted to climb in North America in the future, primarily because of the huge investments being made by various manufacturers in the region. 

Thus, it is quite clear that the demand for automotive tires would surge across the world in the upcoming years, mainly because of the rising average lifespan of automobiles and the soaring manufacturing of vehicles in various countries around the world. 

Automotive Li-Ion Battery Market Set for Prosperity in Future

 In 2019, 2.1 million electric cars were sold around the world, which increased the total number of those operational to 7.2 million, according to the International Energy Agency (IEA). This was because of the increasing emission of toxic gases from vehicles, which is playing a key role in disrupting normal weather patterns. Though the overall emissions have decreased significantly in recent years, those from the transport sector haven’t decreased fast enough. According to the Environmental Protection Agency (EPA), the share of the sector in the total GHG emissions in the U.S. increased from 14% in 2010 to 29% in 2019.

This is a major reason P&S Intelligence expects the automotive lithium-ion battery market size to rise to $74.3 billion by 2024 from $24.2 billion in 2018, at a healthy 15.9% CAGR between 2019 and 2024. Even though, initially, all electric vehicles (EVs) had sealed lead–acid (SLA) batteries, the demand for lithium-ion (Li-ion) variants is rising fast. This is because these batteries have a higher energy density, which means that they can store more charge per unit volume, which makes the battery smaller and the vehicle lighter.

Automotive Lithium-Ion Battery Market Set for Prosperity in Future

They also offer a longer driving range, which is one of the key requirements of people. Since the number of EV charging stations is grossly low compared to the number of EVs in operation, the vehicle range has become important. Most charging stations are installed at people’s homes, which, additionally, are slow variants that take up to 8 hours to complete the battery charging process. Hence, the longer driving range that Li-ion batteries offer to EVs is a key reason behind their increasing adoption.

Because of government initiatives such as this, the automotive lithium-ion battery market is dominated by Asia-Pacific (APAC). India, China, Japan, and South Korea are already the world’s largest automotive producers and buyers, which is why emission concerns are really strong here. Additionally, China is the largest automotive battery producer in the world, with many companies from India and South Korea entering the fray now. Further, India has banned the sale of conventional three- and two-wheelers from 2023 and 2025 onward, respectively, which will propel the demand for automotive Li-ion batteries.

Therefore, the automotive Li-ion battery demand will grow with the strengthening focus on EVs.