Automotive Business Point

The International Organization of Motor Vehicle Manufacturers (OICA) estimates that 77,621,582 vehicles were produced globally in 2020, of which 21,787,126 units were commercial vehicles and 55,834,456 units were cars. Thus, the burgeoning production and sales of vehicles, especially in the Asia-Pacific (APAC) and North American regions, is projected to fuel the integration of automotive transmission systems in vehicles in the near future. Moreover, the rapid technological advancements and the surging disposable income of people in developing countries will also help the automotive transmission market prosper in the forthcoming years. For instance, the Reserve Bank of India (RBI) data reveals that the gross national disposable income and net national disposable income of India grew from INR 1,92,62,652 crore in the financial year (FY) 2018–2019 to INR 2,06,30,319 crore in the FY 2019–2020 and INR 1,72,83,028 crore in the FY 2018–2019 to INR 1,85,11,719 crore in the FY 2019–2020, respec

The arrival of shared mobility companies, such as Uber, Ola, and Meru Cabs, has definitely made life easier for the urban resident. People no longer need to own a vehicle and spend ridiculous amounts on their maintenance every year; they can simply download the mobile app of the company and call a cab wherever they are, to go wherever they want. Travelers are usually charged on the type of vehicle rented and duration or distance of the trip. The convenience these services offer people is a key reason cited by P&S Intelligence for the growth of the ride-hailing market to $120.2 billion by 2024 from $50.4 billion in 2018, at a 13.0% CAGR between 2019 and 2024. Apart from buying a vehicle, even maintaining it is becoming costly with the increasing prices of fuel, insurance premiums, registration and licensing services, and parking services. Therefore, many people, especially the youth in cities, are shifting their focus from owning one to renting one. Now, despite the fact that ride-h

 Roads claim more than 1.3 million human lives each year, as per the World Health Organization (WHO). With more vehicles and pedestrians than the roads can handle, someone is bound to die every day, unless some concrete steps are taken. History and research have revealed that the cause of most of the accidents is not vehicle system failure, but human error, such as rash driving and overspeeding, talking on the phone while driving, crossing the road through the moving traffic, jumping a red light, and driving too close to the vehicle in front. Therefore, advanced driver assistance system (ADAS) and other safety features are being mandated for use in vehicles. P&S Intelligence says that due to this reason, the automotive camera sensor market size, which was $1,869.4 million in 2019, will witness an 11.0% during 2020–2030, to reach $5,847.3 million by 2030 . This is because a large number of vehicle safety systems, including lane departure warning (LDW), surround view, traffic sign re

The increasing number of electric vehicles (EVs) on the roads, owing to the presence of strict emission policies in many countries because of the increasing pollution levels caused from vehicular emissions, is one of the major factors fuelling the surging demand for second life electric vehicle batteries around the world. For instance, according to the Europe 2020 strategy, the European Union (EU) aims to reduce the carbon dioxide (CO2) emissions from vehicles by 20%, as compared to the emission levels in 1990, by 2020. Similarly, the U.S. targets to reduce the emission levels by 26–28% by 2025. The batteries adopted in the electric vehicles are replaced very frequently (usually in every four to five years), which is significantly lesser than the complete life span of the electric vehicle itself. Moreover, the older battery, even after replacement, has almost 60—80% of its original power supplying capacity, which makes the battery highly useful in various other applications. Due to the

The slump induced by the COVID-19 pandemic seems to be way in the past, as automotive sales around the world have risen to 35,603,479 units in the first half of 2021, compared to 27,799,942 units during the same period last year, says Organisation Internationale des Constructeurs d'Automobiles (OICA). This is driven by the strong desire of people to own a vehicle for practical purposes and to show off their social status. However, with the continuous rise in the number of vehicles on the roads, greenhouse gas (GHG) emissions are also rising. This is why P&S Intelligence has forecast huge growth for the automotive alloy market in the years to come. As per the International Energy Agency (IEA), the transport sector was responsible for 8.5 Gigatons of GHG emissions in 2019. Therefore, governments around the world are taking numerous measures to clean up the transport system, such as implementing stringent emission regulations, including the U.S. Environmental Protection Agency (EP