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The electric scooter market is estimated to be worth US$ 10.4 billion in 2023 and is projected to be valued at US$ 24.8 billion by 2033. Between 2023 and 2033, the market is expected to register a CAGR of 9.1%. The electric scooter market is expected to grow due to the implementation of government regulations to promote the adoption of electric bikes and consumer preference for using e-bikes as an eco-friendly.
The increasing adoption of electric scooters with lighter weight and more excellent battery life is expected to generate profitable revenue during the forecast period friendly & efficient commute solutions. The increased consumer awareness and rising demand for environmentally friendly forms of transportation are expected to boost the market growth during the forecast period.
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Growing environmental awareness and concerns about air pollution and carbon emissions have led to the adoption electric vehicles. Electric scooters produce zero emissions, making them an eco-friendly alternative to gasoline-powered vehicles. Advances in battery technology have increased the range and performance of electric scooters. Lithium-ion batteries have become more affordable and efficient, leading to longer-lasting and faster-charging scooters.
Key Takeaways
“The increasing awareness of environmental issues, urbanization, and the need for affordable and efficient mobility solutions is anticipated to drive the market growth during the forecast period," - says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.)
For more info: https://www.futuremarketinsights.com/reports/electric-scooters-market
Competitive Landscape
Leading electric scooter manufacturers increasingly focus on expanding their product offerings to strengthen their customer base. They are adopting growth strategies such as new product launches, partnerships, acquisitions, mergers, collaborations, etc. They expand their global footprint and gain a competitive edge in the market by following these strategies.
Several industry participants in the global electric scooter market also concentrate on providing their customers with interchangeable battery technologies for a more extended range.
The size of the worldwide EV powertrain market which is estimated at US$ 10,470.6 million in 2022, is anticipated to register a CAGR of 24% from 2023 to 2033. By following this impressive growth rate the total valuation is anticipated to reach US$ 112,036 million by the end of 2033.
Market Drivers:
Environmental Concerns: Growing concerns over air pollution and greenhouse gas emissions are driving governments and consumers to transition towards cleaner transportation alternatives, such as electric vehicles.
Regulatory Policies: Stringent emissions regulations and mandates for zero-emission vehicles in many regions are incentivizing automakers to invest in electric powertrain technology to comply with regulatory standards.
Technological Advancements: Advances in battery technology, electric motor design, power electronics, and charging infrastructure are making electric vehicles more practical, affordable, and appealing to consumers.
Cost Reduction: Declining costs of battery manufacturing, economies of scale, and innovations in production processes are driving down the overall cost of EV powertrains, making electric vehicles more competitive with internal combustion engine vehicles.
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Market Trends:
Increased Range and Performance: Ongoing advancements in battery technology are leading to improvements in energy density, allowing for longer range and higher performance electric vehicles.
Integration of Electric Components: Automakers are increasingly integrating electric powertrain components into vehicle platforms designed specifically for electric propulsion, rather than retrofitting existing internal combustion engine platforms.
Charging Infrastructure Expansion: Growth in public and private charging infrastructure networks is improving access to charging facilities, reducing range anxiety, and supporting the adoption of electric vehicles.
Read more: https://www.futuremarketinsights.com/reports/ev-powertrain-market
Competitive Landscape for the Market
Robert Bosch GmbH, Continental AG, Magna International Inc., Mitsubishi Electric Corporation, ZF Friedrichshafen AG, BorgWarner Inc., Valeo SE, Hitachi Automotive Systems, NXP Semiconductors, and Dana Incorporated among others are some of the prominent players in the global EV powertrain market.
The top EV powertrain companies are taking part in M&A activity to solidify their position in the industry that is expanding quickly. For instance, in December 2019, Weichai Power Corporation bought Aradex AG. Dana Inc. followed by acquiring Nordesa Inc.
The global railway rolling stock market is anticipated to flourish at an opulent CAGR of 4.1% throughout the forecast period. The market size is estimated to be around US$ 61,504.8 million for the current year 2023. By the end of the projection period, the total supply of these products would reach around US$ 91,921.3 million in the international market.
According to the historical analysis conducted by Future Market Insights, the global railway rolling stock market calculated a CAGR of 2.3% during the time span of 2018 to 2022. Furthermore, the overall valuation of the market reached US$ 58,800 million by the end of 2022.
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Recent developments in the railway industry, like the use of high-end railcars, have greatly changed the market's orientation. To increase their profits, major market players are also concentrating on the sale and manufacture of specialized railway rolling stock. Additionally, the spread of online trade channels following the pandemic effect has sped up the development rate of the global railway rolling stock market in recent years.
The net worth of the global market for railway rolling stock was estimated to be around US$ 53,687.7 million in 2018 based on previous records of the survey report. The industry continued to expand favorably in the years that followed. Global acceptance of metro and subway trains will happen over the following years. The growth of the global railway rolling stock market will be significantly fueled by all the main cities. Similar to how many prominent players have been compelled to alter their business models due to the increasing demand for high-speed trains globally.
Key Takeaways
The need for railroad rolling stock has decreased as transmission pipelines are being used more frequently to move raw materials in the logistics industry. Further reducing rivalry in this market is the adoption of regenerative braking technology across the board for all rolling stock.
Read more: https://www.futuremarketinsights.com/reports/railway-rolling-stock-market
Competitive Landscape
Market players with excessive capital and hands-on technology know how to outcompete their rivals. One of the leading factors that influence the studied market expansion is the encouragement of regional players by their respective governments.
Increasing focus on public transport systems is anticipated to provide immense opportunities for newly entering market players. Moreover, federal assistance in many emerging economies to strengthen the domestic railway asset supply has also motivated several industries to enter the market.
Governments all over the globe are spending excessively on infrastructure development for the overall growth of their economy. Furthermore, this trend has specifically intensified over recent years. This trend indirectly benefitted the transportation sector including railway rolling stock industries. Further emphasis upgradation of the existing railway sector is anticipated to allow businesses to research and adopt new business models.
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 US$ 2.7 Billion in 2023. The value of the electric kick scooter market is anticipated to reach a high of US$ 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.
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.
Read more: https://www.futuremarketinsights.com/reports/electric-kick-scooter-market
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, VOI Technology, Spin, SWAGTRON, Niu International
By 2024, the size of the worldwide diesel power engine market is projected to be valued at US$ 9 billion. By 2034, it is anticipated to reach a valuation of about US$ 18.8 billion. Between 2024 and 2034, the market is anticipated to rise at a compound annual growth rate (CAGR) of 7.6%.
Growth is set to be fueled by diesel engines' superior fuel economy over gasoline-based engines, which is particularly useful in trucks, buses, and construction equipment. In order to reduce emissions and improve efficiency in off-road machinery & commercial vehicles, renowned automakers are integrating diesel engines into electric and hybrid powertrains. This trend is expected to increase as governments in several countries implement stricter regulations.
In order to lessen their dependency on fossil fuels and cut greenhouse gas emissions, companies are concentrating their research & development efforts on the discovery of new alternative fuels, such as biodiesel, renewable diesel, and synthetic diesel. In order to provide real-time monitoring, predictive maintenance, and engine optimization, diesel engine manufacturers are incorporating digital technology and connection solutions into their engines.
Owing to its great torque and dependability, diesel-powered machinery is predicted to be in high demand as a result of the continued growth of a number of industries, including mining, construction, and agriculture. With the increasing requirement for backup systems and generators to power remote construction sites, telecommunications towers, and power plants, there will likely be a boom in demand for diesel engine technology.
The military and defense sector is expected to use small diesel engines in aircraft, ships, and vehicles to obtain high durability and fuel efficiency. The marine propulsion industry is expected to be one of the leading end-users of diesel engines as these can provide robust performance, long range, and high efficiency in maritime transport & commercial shipping applications.
Read more: https://www.futuremarketinsights.com/reports/diesel-power-engine-market
Key Takeaways from the Diesel Power Engine Market Report:
“As they can lower carbon emissions, the quick development of novel biofuels and renewable diesel is anticipated to open up new business prospects for providers to the diesel engine industry. The cutting-edge fuels are projected to be utilized in diesel engines with zero to very little modification, offering a means of decarbonizing the transportation and industrial sectors,” says a lead analyst at Future Market Insights (FMI).
Competitive Landscape
There are a number of significant players in the highly fragmented global diesel power engine industry. Their primary goal is to collaborate with well-known automakers to supply their internal heavy-duty diesel engines.
To obtain a competitive advantage, a number of automakers across the globe are working to boost sales of their diesel-powered cars. They are always adding new features and diesel engines to their outdated automobile models.
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The hub motor market value in 2024 is estimated to be US$ 11.3 billion, increasing from US$ 7.7 billion in 2019. Sales of hub motors are expected to rise at a 6.4% CAGR from 2024 to 2034. By following this promising growth rate, industry value is expected to reach US$ 21 billion by the end of the forecast period.
The higher cost of electric vehicles and two-wheelers has resulted in a profound growth of e-bike hub motors as an affordable alternative. Hub motor technology for electric wheel drive has also emerged as a sustainable urban mobility solution. Ongoing investments in developing charging infrastructure and supportive policies are expected to further drive the demand for vehicles equipped with hub motors.
“Automotive manufacturers are expected to take advantage of their access to the global supply chain for electric vehicles to sell their hub motors in the consumer market. Meanwhile, industrial equipment and electronic manufacturers entering the hub motor sector are adopting the strategy of collaborating with electric vehicle manufacturers,” says an analyst at FMI.
Key Takeaways from the Hub Motor Market Study Report
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Competitive Landscape in the Hub Motor Market
The competitive landscape for electric hub motors intensified in the last decade with the rise in e-bike and scooter sales. Owing to economical production techniques, leading market players provide competitive pricing that appeals to a wider variety of customers.
Recent Developments in the Hub Motor Industry Players
According to ESOMAR-certified Future Market Insights’ (FMI), The Automotive Battery Management System Market is anticipated to register a CAGR of 25.6%. It is predicted that the market for car battery management systems will grow from US$ 3.8 billion in 2023 to US$ 37.4 billion by 2033.
In the near future, electric vehicles will dominate the clean vehicle market, and necessitate demand for revolutionary battery management systems. Steadily growing demand for battery management systems in e-bikes as well as electric cars will squarely surge market growth.
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In order to manage lithium-ion batteries, which have higher energy densities and longer operating lives than conventional batteries, EVs, HEVs, and electric motorcycles employ battery management systems. Throughout the projection period, the expansion of the electric vehicle industry is also predicted to offer significant opportunity for EV component producers of automotive battery management systems.
“In the foreseeable future, advancements in battery management systems will contribute towards extending vehicle range, while simultaneously improving battery life and safety. All major OEMs are ambitiously planning to boost electric vehicle production, which is projected to create significant opportunities for the global automotive battery management system market.”
Key Takeaways of Automotive Battery Management System Market Study
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Automotive Battery Management System Market: Competition Overview
The global automotive battery management system market is moderately consolidated, with a number of global as well as regional players operating in it.
Key Players Operating in Automotive Battery Management System Market Include:
Continental Ag, Dana Limited, Gentherm, Hanon Systems, Mahle Gmbh, Nxp Semiconductors, Renesas Electronics Corporation, Robert Bosch Gmbh, Valeo, Marelli Holdings Co., Ltd.
The global automotive garage equipment market in 2022 was US$ 24.4 billion and is estimated to be US$ 26.8 billion in 2023. Future Market Insights has mentioned in its reports that the Automotive Garage Equipment Market is predicted to expand at a CAGR of 8.94% between 2023 and 2033, totalling around US$ 63.1 billion by 2033.
The automotive garage equipment market encompasses a wide range of tools, machinery, and devices used in automotive repair and maintenance facilities, commonly known as garages or auto repair shops. Here's an overview of key aspects of this market:
Definition and Functionality: Automotive garage equipment includes various tools and machinery used for vehicle diagnosis, repair, and maintenance tasks. This equipment can range from basic hand tools like wrenches and screwdrivers to specialized machinery such as vehicle lifts, tire changers, wheel balancers, diagnostic scanners, and alignment systems.
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Market Size and Growth: The market size for automotive garage equipment is influenced by factors such as vehicle parc size, vehicle age, aftermarket demand for repair and maintenance services, technological advancements in equipment functionality, and regulatory requirements for vehicle safety and emissions testing.
Key Players: Major players in the automotive garage equipment market include companies such as Snap-on Incorporated, Hunter Engineering Company, Continental AG, Robert Bosch GmbH, and MAHA Maschinenbau Haldenwang GmbH & Co. KG. These companies offer a wide range of garage equipment and services catering to the needs of automotive repair facilities worldwide.
Product Portfolio: Automotive garage equipment manufacturers offer a diverse portfolio of products, including vehicle lifts (2-post lifts, 4-post lifts, scissor lifts), diagnostic equipment (scan tools, diagnostic scanners, emissions testers), tire and wheel service equipment (tire changers, wheel balancers, alignment systems), and general workshop tools (air compressors, lubrication equipment, brake service tools).
Technological Trends: Technological advancements in automotive garage equipment focus on improving efficiency, accuracy, and ease of use through innovations such as wireless connectivity for data sharing and remote diagnostics, integrated diagnostic software for comprehensive vehicle analysis, touch-screen interfaces for user-friendly operation, and automated features for faster and more precise repairs.
Market Drivers: Factors driving the automotive garage equipment market include the increasing complexity of vehicle systems requiring advanced diagnostic and repair tools, the aging vehicle parc necessitating more frequent maintenance and repair services, consumer demand for convenient and reliable automotive services, and regulatory requirements for vehicle safety and emissions compliance.
Market Challenges: Challenges facing the automotive garage equipment market include cost pressures from garage owners and operators, competition from low-cost imports and aftermarket suppliers, technician training and skill shortages, compatibility issues with vehicle makes and models, and the need for continuous innovation to keep pace with evolving vehicle technologies.
Opportunities: Despite challenges, there are opportunities for growth in the automotive garage equipment market, particularly in segments such as diagnostic equipment for electric and hybrid vehicles, tire and wheel service equipment for larger diameter and low-profile tires, aftermarket upgrades and accessories catering to specialized repair services, and emerging markets with increasing vehicle ownership rates and demand for professional automotive services.
For more info: https://www.futuremarketinsights.com/reports/automotive-garage-equipment-market
Overall, the automotive garage equipment market plays a crucial role in supporting the repair and maintenance needs of vehicles worldwide, with ongoing innovation and investment driving improvements in equipment performance, efficiency, and user experience. Continued collaboration between equipment manufacturers, garage operators, technicians, and regulatory authorities will drive further growth and advancement in this dynamic market.
The global fire trucks market is expected to expand at a CAGR of 3.7% in year 2023 to 2033. The overall market value is projected to reach US$ 8,549.6 million by 2033. The demand for fire trucks was around US$ 5,741.6 million in 2022.
The rising need for dependable equipment on the vehicle and cutting-edge firefighting technology have substantially transformed the fire truck industry in the last few years. Increased fire and safety awareness to prevent fire-related fatalities has also surged the demand to establish fire truck stations in rural areas.
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Besides high-rise buildings and industrial complexes, bustling streets in metropolitan cities have necessitated specialized firefighting trucks and equipment. So, modern and advanced fire vehicles better suited to tackle all kinds of situations are garnering higher traction in the market.
“As natural disasters are getting more common, the establishment of rescue fire truck manufacturing facilities is expanding with federal support in several countries. Manufacturers and suppliers in the municipal fire department trucks are adopting new, creative strategies to get the most out of the intense competition. - says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.)
Key Takeaways from the Fire Truck Market Study Report
Read more: https://www.futuremarketinsights.com/reports/fire-trucks-market
Competitive Landscape for the Fire Truck Market
Considering there are so many well-established suppliers and manufacturers, the worldwide market is quite competitive for emergency response trucks. New industry participants are imitating leading players like Rosenbauer and Oshkosh, who have strengthened their worldwide positions via advanced product developments and strategic collaborations.
Key Players
Recent developments in the Fire Truck Industry
The automotive electronics market is anticipated to reach US$ 249.653 billion in 2023 and then increase at a CAGR of 4.6% to US$ 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.
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.
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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.
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.
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.
For more info: https://www.futuremarketinsights.com/reports/automotive-electronics-market
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.