Automotive Business Point

With the surging number of vehicles such as buses, motorcycles/scooters, auto-rickshaws, and private cars on roads, road congestion is increasing rapidly in India. Moreover, due to the increasing number of vehicles, many urban cities such as Mumbai, Bengaluru, Chennai, and Delhi NCR are facing heavy traffic. This massively increases the commuting time of travelers, which, in turn, leads to huge financial losses for businesses. As a result, people are increasingly preferring two-wheeler sharing services for commuting. These services are not only highly convenient for those wanting to travel short distances, but also reduce road congestion and improve the flow of traffic. Moreover, the surge in ridership over the last two years proves that these services are being increasingly used by daily travelers for reducing their travel time. In addition to providing greater convenience, these services eliminate the requirement for personal vehicles, which usually increase a person’s monthly expend

The Japanese micromobility market reached a value of $39.4 million in 2020, and it is predicted to demonstrate a CAGR of 78.7% from 2021 to 2030 (forecast period). According to the estimates of P&S Intelligence, a market research organization based in India, the market will generate a revenue of $11,663.0 million by 2030. The market is being driven by the soaring concerns being raised over the rising air pollution levels and transportation costs, surging need for efficient transportation systems for commuting short distances, and increasing demand for lesser road congestion. In Japan, the popularity of micromobility services has increased massively over the last few years. This has been mainly because of factors, such as their greater ease of functioning, low pricing, and high availability. Moreover, these services are highly convenient for daily commuters, as these services not only reduce the overall cost of travel, but also reduce the travel time, owing to their swift and compa

Factors such as the burgeoning demand for efficient transportation systems and increasing availability of cost-effective micromobility services are expected to drive the Thailand micromobility market at a robust CAGR, of 98.7%, during the forecast period (2021–2030). According to P&S Intelligence, the market was valued at $11.8 million in 2020 and it is expected to generate $15,102.1 million revenue by 2030. Moreover, the soaring air pollution levels and rising traffic congestion will also augment the demand for micromobility services in the country. At present, the demand for micromobility services in Thailand is driven by the escalating demand for efficient transportation systems to bridge the first- and last-mile connectivity. First- and last-mile refers to the distance that commuters have to cover between a transportation hub to their point of origin or destination. Over the years, this distance has been covered by personal vehicles or walking because shared or public transpor

Automotive turbochargers are used to improve the power output and efficiency of an internal combustion engine (ICE) because it compresses exhaust air from the engine and dispense it to the combustion chamber. At present, turbocharging has become the standard for most diesel engines and some gasoline engines. Researchers across the world are still exploring new ways to improve the designs of turbochargers for reducing the manufacturing cost and enhancing the performance of this automobile component. As turbochargers help in increasing the fuel efficiency of vehicles, the rising implementation of stringent emission norms by governments across the world will augment the automotive turbocharger market growth during 2020–2030. For instance, Japan, the United States, and countries outside of Europe have drafted their emission policies on the pattern of Euro 6/ Euro VI norms and the associated mandates for low-sulfur and clean fuels. By adopting this emission standard, such countries can hel

The U.S. automotive tire market revenue reached $57.9 billion in 2018 and it is predicted to rise to $75.4 billion by 2024, owing to the booming automotive industry and surging requirement for tire replacement, because of the growing average lifespan of automobiles, in the country. According to the estimates of P&S Intelligence, a market research company based in India, the market will demonstrate a CAGR of 5.4% from 2019 to 2024.  The U.S. is home to several leading automobile and automotive component manufacturing companies across the world. Out of the country’s total gross domestic product (GDP), around 3.0% was contributed by the automobile industry in 2018. Moreover, with the fall in tariff, emergence of technologically advanced automobiles, such as electric and autonomous vehicles, changing preferences of consumers, and growing compliance in manufacturing processes, the industry is set to prosper even more in the coming years. This will subsequently push up the demand for au

The global autonomous commercial vehicle market is predicted to progress at a CAGR of 8.2% between 2020 and 2030. Moreover, the market will witness a revenue growth of $606.3 billion from 2020 to 2030. The market is being driven by the rapid advancements in automobile technologies, the rising requirement for a safe and efficient driving option, and the surging implementation of favorable government policies regarding the usage of autonomous commercial vehicles.  The emergence of connected vehicle technologies is one of the major factors fueling the progress of the market. This is because autonomous technologies are heavily required in connected vehicles and their integration in these automobiles is much easier than in conventional vehicles. Furthermore, the soaring popularity of connected vehicles, on account of the existence of advanced features such as traffic and collision warnings, real-time traffic monitoring, and roadside assistance in these vehicles, is massively propelling the

The e-commerce industry in India is witnessing substantial growth due to the rising internet penetration, the surging use of smartphones, laptops, and tablets, and the increasing number of online shopping platforms in the country. The rising popularity of online platforms is creating a notable requirement for logistics services, owing to which e-commerce companies in India are increasingly opting for digital freight matching services. Adoption of these services reduces operational costs of such companies and offers convenient delivery options. Additionally, mounting investments being made in the development of improved logistics services will also contribute to the Indian digital freight matching market prosperity during 2020–2030. Nowadays, e-commerce giants, logistics firms, and venture capitalists are heavily investing in start-ups offering digital freight matching services to cater to the rising demand for advanced logistics solutions. For example, in December 2019, Walmart, an em

A compressed natural gas (CNG) vehicle is equipped with a spark-ignited internal combustion engine, which operates as a gasoline engine. Natural gas in CNG vehicles is stored in a fuel tank or cylinder, which is usually placed at the back. The exhaust system of such vehicles channels the exhaust gases from the engine to the air through the tailpipe. This system has a three-way catalyst that reduces engine-out emissions. In liquified petroleum gas (LPG) vehicles, the size of the fuel tank is smaller than that of a diesel or petrol-based automobile.  Globally, alternative fuel vehicles such as CNG and LPG vehicles are being increasingly preferred over petrol and diesel-based automobiles, owing to the surging air pollution levels caused due to combustion of these  petroleum products. Thus, the increasing shift toward clean energy, primarily on account of the surging environmental concerns and toughening emission laws, will help the CNG and LPG vehicle market is to advance at 5.9% CAGR dur

According to the International Organization of Motor Vehicle Manufacturers (OICA), 53,598,846 passenger cars were sold and 55,834,456 were manufactured in 2020. The surging sales and production of vehicles are creating a huge requirement for security systems, such as immobilizers, central locking systems, alarms, and remote keyless entry (RKE) systems. The installation of these systems ensures the safety of passengers and vehicles, owing to which automakers are inking contracts with auto component companies, such as ALPS ELECTRIC CO. LTD., HELLA KGaA Hueck & Co., Delphi Automotive LLP, Robert Bosch GmbH, Mitsubishi Electric Corporation, and Tokai Rika Co. Ltd., for them. Additionally, the toughening government regulations on vehicle security will steer the car security systems market toward prosperity. For instance, the Central Motor Vehicle Rules (CMVR) of the Indian government mandate the installation of door locks in cars manufactured in the country. Furthermore, the National Hi

The electric truck market is expanding on account of the low maintenance and operational costs of these automobiles, reducing prices of batteries, and support by governments. These factors would drive the industry at an 18.5% CAGR between 2018 and 2025, at which rate the sales volume in the industry will rise to 1,508.1 thousand units by 2025. Instead of, or in combination with an internal combustion engine (ICE), which is majorly fueled by diesel, these vehicles have an electric motor and battery. Based on propulsion, the electric truck market divisions are hybrid electric vehicle (HEV), battery electric vehicle (BEV), plug-in hybrid electric vehicle (PHEV), and fuel cell electric vehicle (FCEV). Among these, the highest CAGR during the forecast period will be witnessed by the BEV category, as governments around the world are offering strong manufacturing and purchase support for pure-electric vehicles (EV). This is because BEVs only have a battery and motor, which makes them operati

The Malaysian micromobility market revenue stood at $2.4 million in 2020, and it is predicted to rise to $4,549.8 million by 2030. Furthermore, the market will demonstrate a CAGR of 99.9% from 2021 to 2030 (forecast period), as per the estimates of the market research company, P&S Intelligence. The major market growth drivers are the surging requirement for micromobility services for first- and last-mile commute and convenient and cost-effective mobility options and the burgeoning demand for mitigating road congestion in urban areas.  Micromobility services are being increasingly adopted in Malaysia for first- and last-mile commute, owing to their affordable rates and ability to provide greater convenience than conventional mobility services. These services are generally provided via the station-less or dock-less model, which enables customers to drop off their vehicles at any location as per their convenience. For instance, the popularity of bike sharing services has grown consid

The major drivers for the Vietnamese micromobility market are the worsening issues of traffic congestion and urban parking and favorable economics of these commuting services. Boosted by these factors, the providers of such services in the country can hope to make a combined $10,227.2 million in 2030, compared to $89.9 million in 2020. This increase in the market revenue will likely be at a CAGR of 66.0% between 2021 and 2030 (forecast period). Micromobility exclusively involves two-wheelers, mostly those driven by electricity. The vehicle type segment of the Vietnamese micromobility market is categorized into e-scooters, e-mopeds, e-bikes, e-pods, scooters, and bikes. Among these, the e-mopeds category is predicted to generate the highest revenue for the industry players all through the forecast period. This would be on account of the large tech-savvy and young population of the country, which finds this means of commute extremely fun. Further, the growing tourist inflow to Vietnam,