Market Research Blog

The US$ 2.3 million foundation repair services market is likely to witness sluggish growth between 2018 and 2027, according to a recent market study by Future Market Insights (FMI). Ongoing activities in the construction industry to enhance the quality of construction materials and procedures to develop high-quality and strong infrastructure will negative impact adoption of foundation repair services, opines FMI.

The global foundation repair services market is expected to exhibit a sluggish CAGR of 2.1% during the forecast period, reaching nearly US$ 3 billion by 2027, according to the FMI study. It focuses on a variety of factors instrumental in shaping the foundation repair services market, and provides insights that can help market players to adopt appropriate business strategies based on emerging trends in the market.

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The study finds that the Asia Pacific excluding Japan (APEJ) accounted for more than 35% revenue share in foundation repair services market in 2018. The rapidly-growing population as well as ever-evolving construction industry in the region have been contributing to growth of the foundation repair services market in the APEJ region.

Rapidly developing in residential sector and civil infrastructural developments with increasing urbanization in the region is expected to create lucrative opportunities for stakeholders in the foundation repair services market in the region. Japan, North America and Europe are also estimated to capture a substantial share of the global foundation repair services market throughout the forecast period, of which the Japan foundation repair services market is expected to witness an increase in its share from 2018 to 2027.

Market Players Focus on Capitalizing on the Rapidly-developing Residential Sector

Foundation repair services are commonly used in both residential and commercial sectors. The FMI study finds that the market value of foundation repair services used in the residential sector remains much higher than those used for foundation repairs in commercial buildings.

Ongoing construction activities in the residential sector, coupled with increasing inclination of consumers towards renovating and home improvement is expected to create lucrative sales opportunities for market players. The FMI study predicts that the residential sector will continue to influence emerging trends and business strategies of stakeholders in the foundation repair services market in the foreseeable future.

Foundation Repair Services for Wall Repair Applications to Remain High in Demand

While foundation repair services find wide-ranging applications, including settlement repair, chimney repair, and floor slab repair, wall repair applications have the largest share in market growth, finds FMI study. Settlement repair services are known to be the most expensive services, which are priced at US$ 10,000 (pile foundation repair) and above. However, foundation repair services employed in wall repair applications are affordable and are likely to witness highest demand in the upcoming years.

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Foundation Repair Services Market will Remain Highly Fragmented

The FMI study finds that, among all the players of the foundation repair services market, only a limited number of manufacturers and other stakeholders have a global presence in the foundation repair services market. Complexities associated with introducing foundation repair services at the global level with growing foothold of local players in every region continue to remain a prominent barrier for market players.

Key Segments

By End User

• Residential
• Commercial

By Service Type

• Settlement Repair
• Wall Repair
• Chimney Repair
• Floor Slab Repair
• Others (retaining walls, slope stabilization, grouting, & soil nailing)

Key Regions covered:

• North America
  • U.S.
  • Canada
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Europe
  • Germany
  • U.K.
  • France
  • Spain
  • Italy
  • Rest of Europe
• APEJ
  • China
  • India
  • Malaysia
  • Singapore
  • Australia
  • Rest of APEJ
• Japan
• MEA
  • GCC Countries
  • Israel
  • South Africa
  • Rest of MEA

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According to FMI analysis, some of the market participants in the global foundation repair services market report include BASIC FOUNDATION REPAIR, Foundation Repair Services, Inc., Connecticut Basement Systems, Eric’s Concrete & Masonry Services Ltd., Dwyer Companies, Supportworks, Inc., SOS Foundation Repair, GROUNDWORK, MASTER SERVICE COMPANIES, RAM JACK SYSTEMS DISTRIBUTION, ADVANCED FOUNDATION REPAIR, BDRY, Maryland Building Industry Association, ARIZONA FOUNDATION SOLUTIONS, DFW FOUNDATION REPAIR SERVICES and ESOG.

About Future Market Insights (FMI)

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.

Contact:
Future Market Insights,
1602-6 Jumeirah Bay X2 Tower,
Plot No: JLT-PH2-X2A,
Jumeirah Lakes Towers, Dubai,
United Arab Emirates
For Sales Enquiries: sales@futuremarketinsights.com
For Media Enquiries: press@futuremarketinsights.com
Website: https://www.futuremarketinsights.com/

The automotive aftermarket in ASEAN is reeling from the COVID-19 impact, however, recovery is likely to be more immediate compared to European and American counterparts, according to a latest study.

Future Market Insights (FMI), an ESOMAR-certified market research firm, in an updated edition of its report, revised the forecast to 8.7% CAGR. This revised forecast takes into account sluggishness induced by the global pandemic.

Key Takeaways of ASEAN Automotive Aftermarket Market Study

• The ASEAN automotive aftermarket market is expected to grow at 8.7% CAGR over the following decade
• Demand for automotive aftermarket services to surge from low commercial vehicles (LCV) segment
• Tires and batteries leading categories in terms of total sales

“Automotive manufacturers are increasingly relying on silicon anode batteries to power electric vehicles (EV), given their greater energy density and better battery life. As such, these batteries are gaining huge traction among OEMs,” says FMI analyst

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COVID-19 Impact on ASEAN Automotive Aftermarket Market

The growth of ASEAN automotive aftermarket market is linearly associated with the regional automotive industry. While the shockwaves of the COVID-19 pandemic are certainly felt across every sector, the automotive industry in ASEAN is potentially facing a significant grunt of it.

While the regional industry was already under pressure, especially in Indonesia and Thailand, acute supply chain disruptions due to COVID-19 outbreak in China is further worsening the situation.

Recent estimates reveal that the ASEAN automotive industry recorded a steep 42% decline in sales during January-May period in 2020. While Philippines topped the chart with 51.1% drop in sales, Malaysia and Indonesia registered 48.9% and 41.2% sales drop respectively. The ASEAN automotive aftermarket market, in turn, is stumbling from these reverberations.

Self-inflating Tires for Better Efficacy in Existing and Futuristic Cars

Over or under-inflated tires diminish fuel efficiency and range for conventional and electric vehicles (EV). As such, companies such as Continental AG have developed self-inflating tire concept that maintains pressure at preferred levels. The technology – C.A.R.E (Connected Autonomous Reliable Electrified) – is closely aligned with the requirements of e-mobility and autonomous driving.

The tires feature in-built pumps attached in the wheels that ensure the tire pressure remains in optimal range for efficiency. This technology is expected to help reduce CO2 emissions as well as slight improvement in average fuel economy. Majority of vehicle owners are focusing on leveraging self-inflating tires concept in a bid to avoid unnecessary maintenance expenses.

ASEAN Automotive Aftermarket Market – Competitive Intelligence

The ASEAN automotive aftermarket market is fairly competitive with, leading players capturing around 30% of the overall market value.

Most of the automotive aftermarket repair service providers in ASEAN countries fail to facilitate customers with a wide range of maintenance and repair services. Consequently, shop owners are focusing on offering specific services, or expanding their service radar. Moreover, small-scale players are forming partnerships with fleet operators and leasing firms to provide optimum maintenance and replacement services at cost-effective prices.

Find More Valuable Insights on ASEAN Automotive Aftermarket Market:

FMI, in its new market research study, delivers an unbiased analysis of the ASEAN automotive aftermarket market which comprises global industry analysis for 2015–2019 and opportunity assessment for the 2020–2030. The report provides complete analysis on ASEAN automotive aftermarket market through three different categories – by category, by vehicle type, and region. The global ASEAN automotive aftermarket market study offers insights of pricing by different life cycle analysis, product life cycle, key market trends and technologies that are being implemented in the development of the ASEAN automotive aftermarket and product adoption in various end-use industries.

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ASEAN Automotive Aftermarket Segmentation

To understand and assess opportunities in the ASEAN automotive aftermarket, we have divided the report into three sections based on market segmentation as under:

By Category

• Parts
  • Tires
  • Batteries
  • Filters
  • StartersandAlternators
  • Lighting
  • Exhaustcomponents
  • Sparkplugs
  • Lubricants
  • Collisionbody
  • Wear and Tear Parts
• Accessories
  • Interior
  • Exterior
• Services
  • General automotive repair
  • Automotive transmission and others

By Vehicle Type

• Passenger cars
• Commercial Vehicle

By Country

• Malaysia
• Indonesia
• Philippines
• Vietnam
• Singapore
• Thailand
• Rest of ASEAN

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ASEAN Automotive Aftermarket Market Outlook & Key Findings

• The ASEAN automotive aftermarket market is expected to click US$ 19.4 Bn in 2020
• Manufacturers to reap substantial revenues from automotive aftermarket parts through 2030
• Passenger cars continues to account for greater demand for automotive aftermarket services over the decade ahead
• Malaysia, Indonesia, and Thailand to collectively capture over 80% of overall market value

Top Reports Related To Automotive Market Insights

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Automotive Interior Leather Market : Globalization of the automobile industry and rising demand for automotive interior customization are expected to remain chief driving factors of the global automotive interior leather market. According to Future Market Insights (FMI), the global automotive interior leather market is estimated to be valued at ~US$ 29.9 Bn in 2021.

About FMI

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.

Contact

Mr. Debashish Roy
Unit No: AU-01-H Gold Tower (AU), Plot No: JLT-PH1-I3A,
Jumeirah Lakes Towers, Dubai,
United Arab Emirates
MARKET ACCESS DMCC Initiative
For Sales Enquiries: sales@futuremarketinsights.com
For Media Enquiries: press@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
Report: https://www.futuremarketinsights.com/reports/asean-automotive-aftermarket
Press Release Source: https://www.futuremarketinsights.com/press-release/asean-automotive-aftermarket

Ship repair and maintenance services market is set to be valued at US$ 44.3 Bn, expanding at 6.5% CAGR through 2031, according to latest research conducted by Future Market Insights (FMI).

As per Future Market Insight (FMI), the ship repair and maintenance services market is expected register year-on-year (YoY) growth of 5.9%, reaching US$ 23.6 Bn in 2021.

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Continuous rise in shipbuilding activities and increasing spending in research activities for the expansion of wireless seaborne trade is expected to create growth opportunities during the forecast period.

Demand for ship repair and maintenance services is surging owing to the growing usage of ships for diverse purposes. Governments in many countries are taking initiatives to strengthen the maritime industry.

Based on these factors, the market is anticipated to create incremental opportunities for the ship repair and maintenance services market players during the forecast period (2021-2031).

Sales are expected to surge due to increasing import-export activity and implementation of favorable regulations encouraging seaborne trade. Ship repair and maintenance play a supporting role in the marine industry. Because of the significant advantages of maritime transportation, ships transport approximately 90% of the world’s imported and exported goods.

The outbreak of COVID-19 however dampened the sales prospects owing to supply chain and market disruption. Nevertheless, with recovery of trade activities and relaxations in international trade, the market is expected to regain its pre-pandemic status.

Key Takeaways from Market Study

• In the vessel type segment, bulk carrier is anticipated to grow at an impressive CAGR close to 8%.
• In the service type segment, hull part holds nearly 30% of the global market share in 2031.
• Demand for passenger ships and ferries are expected to increase at a high pace, encouraging the sales of ship repair and maintenance services.
• The market in South Asia & Pacific is projected to create incremental $ opportunity worth US$ 9.6 Bn between 2021 and 2031.
• India and Singapore are expected to emerge as the most lucrative market across South Asia & Pacific during the forecast period.

“Digital innovations, coupled with the inclination for seaborne trade activities, are expected to propel the growth of the market. In order to capitalize on this existing opportunities, key players are investing in research and development activities. Some are spending on the integration of wireless technology in ship repair. These developments will help the market gain momentum in the coming years,” says a Future Market Insights analyst.

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Key Market Segments Covered

 By Vessel Type:

• Oil and Chemical Tankers
• Bulk Carriers
• General Cargo
• Container Ships
• Gas Carriers
• Offshore Vessels
• Passenger Ships and Ferries
• Mega Yachts and Other Vessels

By Service Type:

• General Services
• Dockage
• Hull Part
• Engine Parts
• Electric Works
• Auxiliary Services

By Region:

• North America
• Latin America
• Europe
• East Asia
• South Asia & Pacific
• Middle East and Africa (MEA)

Table Of Content

1. Executive Summary

1.1. Global Market Outlook

1.2. Demand Side Trends

1.3. Supply Side Trends

1.4. Analysis and Recommendations

2. Market Overview

2.1. Market Coverage / Taxonomy

2.2. Market Definition / Scope

3. Key Market Trends

3.1. Key Trends Impacting the Market

4. Key Success Factors

4.1. Product Adoption / Usage Analysis

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Competitive Landscape

The leading companies are implementing various strategies such as mergers and acquisitions and new product launches to venture into new markets. Some of the key players in this market are Damen Shipyards Group, Sembcorp Industries Ltd., Cochin Shipyard Limited, China Shipbuilding Industry Corporation, Fincantieri S.p.A., Dae Sun Shipbuilding & Engineering Co. Ltd., Hyundai Mipo Dockyards Co. Ltd., Arab Shipbuilding and Repair Yard Company, Keppel Corporation Limited, United Shipbuilding Corporation, Alexandria Shipyard, Dormac Ship repairs, Astican, HOSEI CO. LTD, TSUNEISHI SHIPBUILDING Co. Ltd and Dundee Marine & Industrial Services Pte Ltd.

About Future Market Insights (FMI)

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.

Contact:
Future Market Insights,
1602-6 Jumeirah Bay X2 Tower,
Plot No: JLT-PH2-X2A,
Jumeirah Lakes Towers, Dubai,
United Arab Emirates
For Sales Enquiries: sales@futuremarketinsights.com
For Media Enquiries: press@futuremarketinsights.com
Website: https://www.futuremarketinsights.com/

Future Market Insights (FMI) projects that the global railway bearings market will grow in value at a CAGR of 5.7% between 2020 and 2030.

According to the study, as governments invest significantly to improve railway infrastructure, demand for locomotive components, including railway bearings is likely to grow. Moreover, the availability of a wide range of railway bearings – such as cylindrical, tapered, angular contact, etc. – enables adoption based on diverse application-specific requirements.

Owing to the expansion of railway networks, there is a high demand for high-reliability and low-maintenance bearings that can withstand harsh physical conditions. According to the study, market players are directing their focus towards the innovation of advanced bearings. Manufacturers are coating bearings with ceramic or polymers to give insulation properties and are opting for other innovations.

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The report opines that the growth of the market will behold fluctuations during the COVID-19 pandemic owing to hindered operations in the railway sector. However, governments and private railway network operators are introducing policies and investments to cover lost revenue opportunities, and this is likely to alleviate the impact to an extent.

Key Takeaways

• The global railway bearings market is poised to surpass a valuation of US$ 4.5 Bn by 2030.
• Roller bearings will remain top-selling category, accounting for over 3/5th of market value through the assessment period.
• Based on application, the wheels segment will capture nearly half of global market value.
• By type of train, freight trains will account for over 40% of global value, ascribed to high spending by private freight rail network operators on timely maintenance and upgrades.
• The aftermarket segment will channel nearly 65% of revenue to the market owing to increased spending on aftermarket servicing.
• Europe will reign supremacy over the regional landscape, capturing around 2/5th of market share.
• East Asia, South Asia, and Pacific will cumulatively account for nearly 40% of global value, backed by soaring investments to develop railway networks.

“Market players are focusing on developing advanced yet cost-effective railway bearings that require minimal maintenance in order to build a loyal consumer base,” remarks FMI analyst.

COVID-19 Impact

COVID-19 pandemic is expected to adversely impact the growth of the market as operations in the railway sector, including maintenance and production, come to a screeching halt. Moreover, hampered productions and travel restrictions are decelerating the demand for railway bearings during the pandemic and the downtrend is likely to prevail through 2020.

However, governments are investing in the railway sector to lower the long-term impact. For instance, China’s Zhejiang provincial government increased its spending on railways in the first half of 2020 to cope up with the losses caused by COVID-19. Such initiatives will alleviate the impact to an extent.

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Key Segments

Product Type:

• Roller Bearing
• Ball Bearing
• Plain Bearing

Train Type:

• Very High-Speed Train
• Mainline Train
• Metro Train
• Freight Train
• Special Train

Application:

• Engine
• Wheel
• Interior
• Exterior

Sales Channel:

• OEM
• Aftermarket

Region:

• North America
• Latin America
• Europe
• South Asia & Pacific
• East Asia
• Middle East and Africa

Who is Winning?

Railway bearings manufacturers are focusing on developing innovative and cost-effective products and are entering strategic partnerships to achieve the same. On these lines:

• In March 2020, NSK Ltd. developed low maintenance, high-reliability gearbox bearings which can be used for large and small gears
• In September 2020, NSK Ltd. announced that its bearings found adoption in Japan’s Shinkansen bullet train.
• In November 2018, Russia based AB SKF, announced its partnership with Siemens, to improve railway reliability.

FMI’s report includes profiles of some of the most prominent names in the market including NSK Ltd., The Timken Company, JTEKT Corporation, National Engineering Industries Limited, Amsted Rail Company, NTN Corporation, Schaeffler Group, SKF AB among others.

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Top Reports Related To Automotive Market Insights

Aircraft Cabin Interior Market : According to Future Market Insight’s (FMI), the global aircraft cabin interior market is forecast to grow at 2.70% in 2021, overcoming the uncertainty about market recovery and performance during a global pandemic. FMI also predicts that the aircraft cabin interior market will exceed the overall market valuation of US$ 14.5 Bn by the end of 2021.

Electric Scooters Market : Growing environmental concerns, coupled with demand for reduced costs of commute, easy commutation, and emission control are primary factors encouraging the adoption of electronic vehicles across the world. These factors also will enable the electric scooters sales to total US$ 8.8 Bn in 2021.

About Future Market Insights (FMI)

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.

Contact

Future Market Insights
Unit No: AU-01-H Gold Tower (AU), Plot No: JLT-PH1-I3A,
Jumeirah Lakes Towers, Dubai,
United Arab Emirates
MARKET ACCESS DMCC Initiative
For Sales Enquiries: sales@futuremarketinsights.com
For Media Enquiries: press@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
Report: https://www.futuremarketinsights.com/reports/railway-bearing-market
Press Release Source: https://www.futuremarketinsights.com/press-release/railway-bearing-market

According to a new study by Future Market Insights (FMI), the global bicycle tire market is expected to be valued at ~US$ 6.4 Bn in 2021. Rising demand on environment-friendly modes of commuting is expected to help the market gain impetus in the coming years.

The electric vehicle (EV) revolution has dramatically altered the global automotive landscape. As environmental sustainability concerns mount, governments are calling for a swift transition towards alternative fuel sources to reduce carbon footprint. Hence, the market for electric vehicles is proliferating immensely. The 2020 Global EV Outlook published by the International Energy Agency (IEA) concluded that electric vehicle sales reached 2.1 million units in 2019, registering a 40% yearly increase.

This has spelt favorable conditions for the expansion of electric two-wheelers as well. Electric bikes are gaining momentum, providing tire manufacturers fertile ground for expansion. Furthermore, aggrandizing trends surrounding recreational biking is expected to stimulate cruiser bike sales, with Future Market Insights predicting its growth to be valued at 5% by 2021-end. Convenience is also becoming the need of the hour, with preference for foldable e-bikes acquiring major prominence.

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Key Takeaways of Bicycle Tire Market Study

• Bicycle tire market is set to expand at 7.7% CAGR between 2021 and 2031
• The U.S. will exhibit high demand, accounting for nearly 90% of bicycle tires sold in North America
• The U.K. market is forecast to exhibiting impressive year-on-year growth at nearly 8% in 2021
• Germany and France too are expected to register positive growth in sales of bicycle tires
• Within East Asia, China will continue accounting for maximum sales, although the demand from Japan and South Korea too is expected to rise at a steady rate

“Increasing concerns pertaining to traffic congestion and implementation of stringent carbon emission norms are creating lucrative opportunities for bicycle tire sales. Cycling-to-Work initiatives are gaining more traction than ever before. Various government programs encouraging the use of bicycle for commute is expected to push the global bicycle tire market growth” says FMI analyst.

Bicycle tire market is projected to be a fast growing market especially since sales are poised to surge considerably in the coming years. There is increasing focus on research and development activities within the market to customize design as per consumer preference. Also with leading manufacturers aiming at sustainability, FMI predicts positive outlook for the market between 2021 and 2031.

Bicycle Tire Market Competitive Landscape

The bicycle tire market is highly competitive. Some of the key players in the market are Cheng Shin Rubber Ind Co., Ltd., The Goodyear Tire & Rubber Company, and Giant Bicycles among others. These players are expected to contribute prominent share in the global Bicycle Tire market, and have admired relationships with governments and bicycle manufacturing companies and other customers

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Bicycle tire Market

By Bicycle Type

• Mountain
• Hybrid
• Electric
• Comfort
• Youth
• Cruiser
• Road

By Product Type

• Tube Tire
• Tubeless Tire
• Solid Tire

By Tire Size

• Upto 12 inch
• 12 to 22 inch
• Above 22 inch

By Sales Channel

• OEM
• Aftermarket

By Region

• North America
• Latin America
• Europe
• East Asia
• South Asia & Pacific
• Middle East & Africa

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Top Reports Related To Automotive Market Insights

Automotive Pump Market : The automotive pump market is expected to witness a significant growth in 2021, thanks to the implementation of various carbon emission norms across various countries. A study by Future Market Insights (FMI) on automotive pump market has forecast it to reach US$ 106.0 Mn by the end of 2031, growing at a CAGR of 6.1% over the forecast years (2021-2031).

Aircraft Cabin Interior Market : According to Future Market Insight’s (FMI), the global aircraft cabin interior market is forecast to grow at 2.70% in 2021, overcoming the uncertainty about market recovery and performance during a global pandemic. FMI also predicts that the aircraft cabin interior market will exceed the overall market valuation of US$ 14.5 Bn by the end of 2021.

About FMI

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.

Contact

Mr. Debashish Roy
Unit No: AU-01-H Gold Tower (AU), Plot No: JLT-PH1-I3A,
Jumeirah Lakes Towers, Dubai,
United Arab Emirates
MARKET ACCESS DMCC Initiative
For Sales Enquiries: sales@futuremarketinsights.com
For Media Enquiries: press@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
Report: https://www.futuremarketinsights.com/reports/bicycle-tires-market
Press Release Source: https://www.futuremarketinsights.com/press-release/bicycle-tires-market

Global compact utility vehicle sales are set to be valued at US$ 3.65 Bn in 2021, with a stable long-term projection, according to latest insights from Future Market Insights, an ESOMAR-certified research and consulting firm. The report estimates global compact utility vehicle market to grow at nearly 2.4% during 2021-2031. The report offers analysis in 20+ high-growth markets, providing detailed insights on compact utility vehicle growth will evolve in the next decade.

Demand for compact utility vehicles waned in 2020, and due to the COVID-19 economic impact, the automotive industry is in recovery mode. However, considering the possibility of a stimulus in many countries, the long-term outlook on the market remains positive.

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Key Takeaways

1. In addition to sales generated through ‘owning’, rentals will continue to be a substantial avenue for compact utility vehicle manufacturers
2. Tracked compact utility vehicles are witnessing higher sales vis-à-vis other platforms
3. Stringent environment regulations are influencing manufacturers to accelerate electric variant launch
4. Consistent increase in constriction activities through infrastructure development will be key to demand during 2021-2031

 “Upsurge in demand for off-road vehicles in recent years is expected to provide an impetus to compact utility vehicle sales. Compact size, low fuel consumption and high performance of compact utility vehicles is expected to create substantial growth prospects.” says FMI analyst.

Competitive Landscape

The market is moderately consolidated, with key players accounting for significant market share. Some of the key players in the market are Doosan Bobcat, Kubota Corporation, and Komatsu Ltd, and Hitachi Construction Machinery Co. Ltd. among others. These players are likely to invest in new technologies, especially electric variants, to maintain their market share

Compact Utility Vehicle Market Projection

Compact utility vehicle market is likely to grow at a moderate pace during 2021-2031. However, as it is a matured market, companies are expected to concentrate further on research and development activities to develop customized vehicles that meet personalized requirements of consumers. Collaboration with regional construction contractors or construction companies as a prime strategy expected magnify in the forecast period.

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Key Segments

By Vehicle Type

• Skid Steer Loaders
• Excavators
• Detachable Accessory Based Vehicles
  • Power Auger
  • Hydraulic Breaker
  • Diggers
  • Dumpers
  • Others

By Platform

• Tracked
  • Wide
  • Narrow
• Wheeled

By Operation Type

• Diesel
• Electric

By Rated Power

• 20 to 25 HP
• 25 to 50 HP

By Applications

• Construction
• Gardening & Landscaping
• Civic Utilities
• Industrial

By Sales Channel

• Direct End User
• Rental

By Region

• North America
• Latin America
• Europe
• East Asia
• South Asia & Pacific

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Top Reports Related To Automotive Market Insights

Automotive Pump Market : The automotive pump market is expected to witness a significant growth in 2021, thanks to the implementation of various carbon emission norms across various countries. A study by Future Market Insights (FMI) on automotive pump market has forecast it to reach US$ 106.0 Mn by the end of 2031, growing at a CAGR of 6.1% over the forecast years (2021-2031).

Aircraft Cabin Interior Market : According to Future Market Insight’s (FMI), the global aircraft cabin interior market is forecast to grow at 2.70% in 2021, overcoming the uncertainty about market recovery and performance during a global pandemic. FMI also predicts that the aircraft cabin interior market will exceed the overall market valuation of US$ 14.5 Bn by the end of 2021.

About FMI

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.

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Mr. Debashish Roy
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Report: https://www.futuremarketinsights.com/reports/compact-utility-vehicles-market
Press Release Source: https://www.futuremarketinsights.com/press-release/compact-utility-vehicles-market