Market Research Blog – Page 2122 – New Product Development

Global Veterinary Rapid Test Market Poised for Significant Growth, Projected to Reach USD 2870 Million by 2034

According to a recent report by Future Market Insights (FMI), the global veterinary rapid test market is on track for substantial growth, with projections estimating it will reach USD 942.3 million in 2024 and soar to USD 2.87 billion by 2034. This represents an impressive compound annual growth rate (CAGR) of 11.8% over the next decade.

The surge in market value is largely driven by the rising prevalence of zoonotic diseases across both developed and developing regions, which has heightened the need for rapid and accurate disease diagnostics. Veterinary rapid test kits have become an essential tool in addressing these concerns, allowing for timely intervention and treatment.

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Intensified livestock farming is pushing the demand for veterinary rapid tests as densely packed environments heighten disease risks. These tests offer immediate results, enabling quick intervention to prevent disease spread, ensure animal welfare, and uphold food safety.

Technological advancements in biotechnology, nanotechnology, and digital health are set to fuel growth in the veterinary rapid test market. Furthermore, government incentives and environmental consciousness are projected to spur growth in terms of veterinary rapid test adoptions.

Key Takeaways from the Veterinary Rapid Test Market Report:

The veterinary rapid test market is set to reach a valuation of USD 2870 million by 2034.
The market is projected to surge at a CAGR of 11.8% by 2034.
China’s veterinary rapid test market is expected to grow at a CAGR of 12.6% by 2034.
The United States is projected to reach a valuation of USD 511.4 million in 2034.
Based on end-use, the veterinary hospital & clinic segment accounted for a market share of 65% in 2023.

“Regulatory requirements for veterinary diagnostics, including pregnancy test kits, are evolving, necessitating manufacturers to adhere to standards for product quality and safety. Digital solutions, such as smartphone apps and cloud-based platforms, are further enhancing data management and accessibility, augmenting growth.” opines Sabyasachi Ghosh Associate Vice President at Future Market Insights (FMI).

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Competitive Landscape:

Zoetis, IDEXX Laboratories, Inc., Virbac, Heska Corporation, Thermo Fisher Scientific, Inc., and Neogen Corporation are key veterinary rapid test manufacturers listed in the report. The market is dominated by global, regional, and local players offering diverse products for pet and livestock animal diagnosis.

Leading companies are investing in research and development and product innovation to remain competitive in the industry. Vendors are forming partnerships with pet care service providers and organizations to gain market traction and increase their presence.

For instance,

In 2023, Biostone Animal Health, a United States-based company, released AsurDxTM Leptospira Antibodies Kits.
In June 2023, Neogen Corporation, a United States-based company, launched My CatScan 2.0, an updated and improved version of the cat genetic screening test.

Leading Veterinary Rapid Test Brands:

Prometheus Bio Inc.
Fassisi GmbH
Biopanda Reagents Ltd.
Boster Biological Technology

Key Segments of Market Report:

By Product:

The industry includes two leading products, namely, rapid test kits and rapid test readers.

By Testing Category:

The leading testing categories are virology, parasitology, bacteriology, clinical chemistry, and others.

By Technology:

Prominent technologies in the industry include immunoassays and PCR.

By Animal Type:

In terms of animal type, the report is bifurcated into companion animals and production animals. To get a broad view of the sector, the companion animal category is further classified into dogs, cats, horses, and others, and production animals into cattle, poultry, swine, and others.

By End-user:

Key end-users in the industry are veterinary hospitals and clinics, home care settings, and others.

By Region:

Analysis of the target industry has been carried out in key countries of North America, Latin America, Western Europe, South Asia, East Asia, Eastern Europe, and the Middle East and Africa.

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About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

Contact Us:

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Christiana Corporate, 200 Continental Drive,
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T: +1-845-579-5705
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Automotive TCU Market to Hit USD 22.47 billion by 2033

The automotive TCU market is predicted to be worth USD 15,157.9 million in 2023 and rise to USD 22,437.4 million by 2033. Demand initially expanded at a market CAGR of 3.2% between 2018 and 2022.

Technological improvements significantly drive the demand for automotive TCUs. Incorporating cutting-edge technologies into TCUs and ongoing innovation in gearbox systems increase vehicle performance, fuel efficiency, and user experience.

Automakers and TCU producers are making significant investments in research and development to stay on the bleeding edge of technology and provide consumers with cutting-edge solutions.

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Using machine learning and artificial intelligence technology in TCUs creates new possibilities. Algorithms based on AI and ML assess data from various vehicle sensors and instantly improve the efficiency of the gearbox and gear changes. Implementing AI and ML in automotive TCUs opens up new possibilities for the market players.

Key Takeaways

By 2033, the automotive TCU market in the United Kingdom is likely to expand, with a CAGR of 2.9%.
In 2023, the United States is expected to have a market share of 15.2% in the automotive TCU sector.
The automotive TCU market was significantly expanding, with a size of US$ 14,546.9 million in 2022.
By 2033, the automotive TCU market in China is likely to expand, with a CAGR of 4.5%.
In 2023, Germany is expected to expand significantly in the automotive TCU business, with an expected share of 7.1%.
By 2033, India is projected to expand significantly in the automotive TCU market, with a share of 5.1%.
In 2023, Australia is likely to develop significantly in the automotive TCU business, with an expected share of 0.3%.
Japan’s automotive TCU industry share is projected to develop significantly, with a 7.9% share in 2022.
In 2023, the passenger car segment is likely to expand in the market with a significant share of 77.9% and is expected to hold a top spot in the market regarding vehicle type.
Based on the application, the automotive transmission segment is likely to dominate the industry in 2023, with a share of 73.9%.

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Competitors Winning Strategies

The automotive TCU industry is also significantly influenced by partnerships and collaborations between industry members. Using their combined knowledge, automakers and TCU manufacturers work together.

Partnerships between industry players seek to jointly create cutting-edge solutions, exchange information, and promote market expansion. Strategic partnerships aid in speeding up technology progress, extending market penetration, and meeting changing customer requirements.

Key Companies Profiled

Robert Bosch GmbH
Continental AG
Aptiv PLC
LG Electronics Inc.
Denso Corporation
Harman International Industries Inc.
Visteon Corporation
Valeo SA
Panasonic Corporation
Magneti Marelli S.p.A

Recent Developments:

Phillips Connect made many announcements in March 2022 to assist fleets and drivers in utilizing many innovative trailers. These announcements included new intelligent nose box gateways, backup cameras, and a partnership with Utilities to introduce the Utility Connect trailer telematics solution.
A 5G compatible TCU was launched by Harman International in April 2019 as part of a new strategy to update the cutting-edge technology inside of vehicles made by current automakers. With 5G network infrastructure, 5G TCU aids in delivering scalable mobile network access for connected automobiles. This TCU’s foundational technology is based on a platform previously made available for mobile devices.

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Segmentation of the Global Automotive TCU Market

Application:

AT (Automatic Transmission)
CVT (Continuous Variable Transmission)
DCT (Dual Clutch Transmission)

Vehicle Type:

Passenger Car
LCV (Light Commercial Vehicle)
HCV (Heavy Commercial Vehicle)

Region:

North America
Latin America
Europe
South Asia
East Asia
Oceania
Middle East & Africa

Author

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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Automotive Suspension System Market Projected to Surpass USD 100,875.9 Million by 2033

The automotive suspension system market size is anticipated to exceed USD 64,956.8 million in 2023 and is likely to attain a valuation of USD 100,875.9 million by 2033. The automotive suspension system market share is expected to rise at a CAGR of 4.5% from 2023 to 2033.

With the development of multi-link systems, rear suspensions are evolving. Multi-link rear suspensions offer better handling, stability, and ride comfort in performance and luxury automobiles. Multi-link rear suspensions are becoming increasingly popular as manufacturers work to improve vehicle dynamics and cornering skills while retaining ride comfort.

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Artificial intelligence (AI) and machine learning are being used to improve the predictive and adaptive skills of suspension systems. Artificial intelligence (AI) systems can evaluate data from several sensors to forecast impending road conditions and adjust the suspension as necessary. As a result, the ride is safer and more comfortable. Further personalizing the driving experience, machine learning enables suspension systems to adjust to different driving preferences. Enhancing suspension technology is mostly accomplished via AI and machine learning integration.

Autonomous vehicles (AVs) and electric cars (EVs) have particular suspension needs. For example, hefty battery packs in EVs need specialist suspension tuning in order to distribute weight properly and preserve handling characteristics. With their emphasis on passenger comfort, AVs require suspension systems that can deliver a supple and steady ride without the need for driver assistance. As a result, the development of novel suspension technology is being driven by these new vehicle categories.

Key Takeaways from Automotive Suspension System Market Report:

In 2018, the global market size stood at US$ 53,135.5 million.
The market size expanded at a 4.0% CAGR from 2018 to 2022.
In 2022, the global market size stood at US$ 62,173.0 million.
In 2023, the automotive shock dampers segment holds 25.60% of the automotive suspension market shares
In 2023, two-wheeler segment holds 36.70% of the global automotive suspension market shares.
The automotive suspension system market in India will thrive at a 5.4% CAGR through 2033.
The automotive suspension system market in China will rise at a 5.2% CAGR through 2033.
The automotive suspension system market in the United Kingdom will rise at a 2.1% CAGR through 2033.

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Recent Developments Observed by FMI:

The DiSus Intelligent Body Control System, or DiSus, was presented by Chinese electric vehicle (EV) maker BYD in April 2023. The body control and suspension algorithms will enhance the driving experience of BYD’s electric cars.
In June 2021, Toyota launched the new Land Cruiser (300 Series) with its new Electronic Kinetic Dynamic Suspension System (E-KDSS).

Note from the Analysts:

“The automobile suspension system industry is undergoing a considerable change, driven by the continued trend towards electrification, connectivity, and sustainability. The future of the industry is being shaped by developments in electric and autonomous vehicles, sustainability, connected suspensions, and customization. These dynamics place suspension systems as essential elements in defining the next generation of automobiles, paving the way for a promising and innovative future,” says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.)

Key Players in the Global Automotive Suspension System Market

The Benteler Group
Continental AG
KYB Co. Ltd.
Magneti Marelli S.p.A.
Mando Corporation
Schaeffler AG
Tenneco Inc.
TRW Automobile Holdings Coporation
WABCO Holdings Inc.
ZF Friedrichshafen AG

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Automotive Suspension System Market Segmentation

By Components:

Spring
Automotive Shock Dampener
Struts
Control Arms
Ball Joint
Air Compressor
Leaf Spring

By Vehicle Type:

Two-wheeler
Passenger Cars
Commercial Vehicle

By Region:

North America
Latin America
Western Europe
Eastern Europe
Asia Pacific (APAC)
Middle East & Africa (MEA)
Japan

Authored by:

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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Nandini Singh Sawlani

IQF Vegetables Market Demand Projected to Reach USD 2.81 Billion by 2033: Key Drivers and Trends

The global IQF vegetable market was worth close to USD 1.68 billion globally. The rise of numerous large retail chains, changes in eating habits, and lifestyle changes are all contributing to the rapid growth of the IQF vegetable business. As a result, it is projected to have produced USD 2.81 billion by 2033 and to grow at a 4.8% annual rate from 2023 to 2033.

The market for IQF vegetables is increasing as a result of evolving technological developments, attractive packaging, simple storage, and general availability. Market sales have increased dramatically as a result of the availability of balanced refrigeration solutions and linked retail locations. Local mid- and small-sized farms provide the majority of the product portfolios in this market.

Younger people are increasingly searching for foods that can be kept, consumed right away, and also have a longer shelf life since they are actively involved in numerous professional responsibilities across the world, especially in emerging nations like China and India. In order to save time on a daily basis chopping and buying vegetables, working millennials opt to purchase IQF vegetables. The increase in demand for IQF vegetables appears to be more beneficial for goods that are easy to prepare and consume. Imports of frozen sweet potatoes, mainly from the United States, have risen in the European Union over the past four years, indicating a degree of consumer partiality.

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Key Takeaways from the Market Study

From 2018 and 2022, the worldwide IQF vegetable market grew at a CAGR of 3.1%.
In the IQF industry, potato is the most popular vegetable type, with a controlling share of more than 26.2% in 2023.
Food items containing IQF veggies are predicted to account for more than 76.4% of the market in 2033.
In 2022, the US market for IQF vegetables will be worth $479.5 million.
With an estimated volume of roughly 878 MT in 2022, the United Kingdom is one of Europe’s top markets for IQF vegetables.

Competitive Landscape

Technologies are being developed by businesses to enable the introduction of before undiscovered fruits and vegetables that can maintain their nutritional content while lowering manufacturing costs. A growing number of businesses, including Capricorn Food Products India Ltd., Dole Food Co., and J.R. Simplot Co., are making investments in developing innovative IQF vegetable products.

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Prominent players in the IQF vegetables market are:

B&G Foods Holdings Corp.
Capricorn Food Products India Ltd
ConAgra Foods Inc.
Dole Food Co.
Greenyard NV
R. Simplot Co.
Kerry Group Plc.
Pinnacle Foods, Inc.
SunOpta Inc.
Uren Food Group Limited

Some key developments of the leading companies in this market are:

In 2022, TOMRA, a supplier of technology-driven solutions for sophisticated collecting and sorting technologies and food processing with headquarters in Norway, introduced TOMRA 5C, a high-end produce sorting machine using BSI technology. Precision frozen vegetable sorting is made possible by the machine’s innovative design, which features one-of-a-kind high-resolution lasers combined with biometric signature identification (BSI) technology. The system compares good and poor materials using BSI technology and even detects minor flaws.
In May 2022, Growers Express, LLC’s frozen vegetable production activities were purchased by B&G Foods, Inc., a US-based manufacturer of premium, branded easily stored and frozen foods, for an undisclosed sum. B&G Foods and Growers’ combined resources should improve innovation initiatives and speed to market through this transaction. Revolutionary frozen vegetable product maker, producer, and retailer Growers Express, LLC is situated in the United States.

More Valuable Insights Available

Future Market Insights offers an unbiased analysis of the global IQF vegetable market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.

To understand opportunities in the IQF vegetables market, the market is segmented on the basis of IQF vegetables by type (potato, onion, tomato, carrot), application (food, beverage, concentrate) and across five major regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).

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Boat Trailers Market Expected to reach USD 1,590 Million by 2033

The boat trailers market worldwide reached a consensus value of US$ 978.7 million in 2022. The estimated market value in 2023 will probably be close to US$ 1,023.9 million. A sluggish 4.5% CAGR between 2023 and 2033 seems likely to push the market to US$ 1,590 million in 2033.

Boat trailers have a number of unique selling points (USPs), including customizing choices, a variety of load capacities, and separate low-speed and high-speed trailers. Increasing marine tourism and expanding boat fleets are two major factors propelling the boat trailer market’s rise.

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The market for boat trailers is expanding quickly due to the growth of marine tourism and recreational water activities. Rising boat trailer sales are also a result of an increase in maritime tourism activities including boating, yachting, kiteboarding, water skiing, and so forth.

Additionally, tourism is growing in countries having access to rivers. As a result, both emerging and developed nations are seeing an increase in demand for boats and other water-related equipment for recreational purposes.

Increasing Boat Sales for Recreational Activities

The boat trailers market growth is directly correlated with increasing fleet of boat and new sales of boats. With the increase in the growth of marine tourism and water activities, the demand for new boats is expected to rise, which in turn, fuels the sale of boat trailers.

The main advantage offered by the boat trailer is to provide the flexibility for transport boats to various places such as inlets, rivers, lakes, bays, & the sea. There are two types of boat trailers, bunk and roller type trailers, which are used by end users. With the increase in boat parc, the demand for boat trailers also increased as boat trailers provide safety to boats and increases the life of a boat.

Boat trailers also prevent salt water boats from rust formation due to coatings and change of materials. Such features have led to the growth of the global boat trailer market.

Moreover, increasing average life of the boat and growing maintenance and services of boats, increases the sales of boat trailers for old boats. In 2017, more than 10 million boats were registered in the U.S. and this number is estimated to grow with ~ 1% growth rate in the nearby future. With the increase in the U.S. boat fleet, the sales of boat trailers also increases as the U.S. holds ~43% share in the global boat trailer market.

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Market Attractiveness of the South Asia-East Asia-ASEAN Cluster Surging

In the global boat trailers market, South Asia and East Asia are estimated to grow with high growth rate over the forecast period due to the increasing number of marine tourists and also, increases the sales of boats and boat parc across regions. In East Asia, China is one of the prominent countries and holds a significant share in the market due to the presence of several manufacturers in the country.

China is expected to drive the growth of the East Asia boat trailer market. In South Asia, India and ASEAN countries are estimated to boost the growth of the market due to the increasing disposable income of the middle class population. The North America market is projected to be a prominent market in the global boat trailers market, owing to the high demand and use of boat trailers for personal and commercial applications.

Moreover, Latin America and Middle East & Africa markets are also estimated to grow with healthy CAGR throughout the forecast period. We have also considered the Caribbean region in Latin America. All prominent macroeconomic and forecast factors are included while calculating the boat trailers market size.

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Global Boat Trailers Market by Category

By Product Type:

Bunk Trailers
Roller Trailers
Hybrid Trailers

By Material Type:

Aluminium
- Single Axel Type
- Triple Axel Type
- Tandem Type
Galvanized Steel
- Single Axel Type
- Triple Axel Type
- Tandem Type

By Load Capacity:

Up to 1,500 kg
1,500 kg- 3,000 kg
3,000 kg- 4,500 kg
More than 4,500 kg

By Region:

North America
Latin America
Europe
East Asia
South Asia
Oceania
Middle East & Africa

Author

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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Nandini Singh Sawlani

Automotive Steering System Market to reach USD 38.0 Billion by 2033

The global automotive steering system market is expected to grow at an average CAGR of 4.6% from 2023 to 2033. The target market will accrue a revenue of USD 38.0 billion by 2033 as opposed to USD 24.1 billion in 2023. Historically, the market for automotive steering systems registered a CAGR of 2.3% from 2015 to 2021.

Factors like surging sales of passenger vehicles, rising demand for fuel-efficient vehicles, the development of advanced steering systems, and the shifting dynamics of the automobile industry are responsible for the restored growth of the automotive steering market during the forecast period.

With the growing demand for electric vehicles, the emergence of autonomous driving controls, and advanced braking systems, the market for automotive steering systems is expected to witness bright prospects over the upcoming years. Increasing production of electric cars acts as a main growth inducer for the market. The transforming dynamics of the automobile industry also influence the automotive steering systems market. In addition to this, strict regulations regarding fuel efficiency and pollution control have resulted in manufacturers increasingly adopting electronically assisted steering systems.

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The growing demand for emission control opens up avenues of growth for the automotive steering system market. New product innovations and developments, expansion activities, and increasing investments in the market will underpin the automotive steering systems market growth. The rising investments in research and development activities for product development will also result in new growth opportunities for the market. These research programs deliver a smooth automatic steering system with fuel-efficient functions.

As the advent of power steering enables autonomous vehicle control, the market for automotive steering systems will undergo greater demand. Power-assisted steering further provides ideal power and torque delivery; ensuring an improved response to the driver. Hydraulic power steering, electric power hydraulic steering, and fully electric power steering are creating new steering solutions and contributing to the market growth as they offer enhanced engine performance and fuel efficiency. All of these considerations further fuel the growth of the automotive steering systems market.

Key Takeaways:

Increasing sales of electronic vehicles and favorable government support strengthen the growth prospects of the market.
Expanding automobile sector and rising demand for fuel-efficient vehicles drives the market growth in the Asia Pacific region.
China will be the fastest-growing automotive steering system market with a 6.0% CAGR and a value of US$ 12 billion by 2033.
The U.K automotive steering system market will record a CAGR of 4.9% and will be driven forward due to the strong presence of key market manufacturers.
By vehicle type, passenger cars will account for a sizable portion of the market share because of the segment’s affordability and maneuverability.

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Competitive Landscape

among others are some of the key players in the automotive steering system market profiled in the full version of the report.

Prominent market players are concentrating on new product innovations, product releases, and upgrades. These enterprises also employ various organic and inorganic strategies like product development, capacity expansion, partnerships, mergers, acquisitions, and collaborations to gain a competitive edge.

Major Contributors to the Automotive Steering System Market are

JTEKT Corporation, Nexteer Automotive Group Ltd., Showa Corp., ThyssenKrupp AG, Hitachi Automotive System Ltd., Robert Bosch GmbH, NSK Steering System Co. Ltd., Mando Corp., ZF Friedrichshafen AG, ATS Automation Tooling System Inc., Hyundai Mobis, Mitsubishi Electric Corporation, China Automotive Systems, Inc.,

More Insights into Automotive Steering System Market

FMI offers the latest, unbiased, and detailed analysis of the global automotive steering system market, providing historical data from 2015 to 2021 and forecast statistics for 2023 to 2033. To understand the global market potential, growth, and scope, the market is segmented on the basis of technology, vehicle type, and region.

According to the latest FMI reports, based on segmentation, the electronic steering category will expand at a CAGR of 4.8%. The high fuel efficiency and easy transmission of the electronic steering system promote growth in the segment. Passenger vehicles will also contribute to the market growth owing to a greater preference by consumers.

Based on region, the automotive steering system market in the U.K, the US, China, and India will perform remarkably well. China’s automotive steering system market will witness rapid growth with a 6.0% CAGR and reach a value of US$ 12 billion by 2033 due to the massive production of passenger and commercial vehicles in the country. Where the strong presence of key manufacturers drives the market growth in the U.K; the US automotive steering system market is driven by technological developments in the automobile sector. Thus, China, the U.K, and the US aid the growth of the global automotive steering system market during the projection period.

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Key Segments

By Vehicle Type:

Passenger Cars
- Compact
- Mid-size
- Premium
- SUVs
Light Commercial Vehicles
Heavy Commercial Vehicles

By Technology:

Electronic Steering
- H-EPS
- C-EPS
- P-EPS
- R-EPS
Hydraulic Steering
Manual Steering
Electro-hydraulic Steering

By Region:

North America
Latin America
Europe
Asia Pacific
The Middle East & Africa (MEA)

Author

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

Contact Us:

Nandini Singh Sawlani

Global Automotive Stamping Market to Reach USD 18.46 Billion by 2033 at a 5.3% CAGR

According to forecasts, the automotive stamping market is expected to be US$ 11,014.5 million in 2023 and US$ 18,460.7 million by 2033.

Due to a rise in vehicle production throughout the area, Asia-Pacific is now leading the automotive metal stamping industry. The market is projected to experience significant development due to the region’s rapidly growing small- and medium-scale manufacturing sectors.

Nevertheless, the expanding usage of plastics and composites as metal substitutes is a significant factor likely to slow market expansion and provide a fresh challenge to the automotive metal stamping business over the projection period.

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Regulatory agencies aim to improve working conditions, safety regulations, waste management, and the materials employed, which is predicted to fuel market expansion during the projection period. One of the key things impeding the market’s growth is the expensive maintenance of the machinery used in the metal stamping process.

Key Takeaways

By 2033, the automotive stamping market in the United Kingdom is likely to expand, with a CAGR of 4.7%.
In 2023, the United States is expected to develop the automotive stamping business with a share of 14.7%.
The automotive stamping market grew considerably to US$ 10,490 million in 2022.
The automotive stamping sector expanded at a CAGR of 5% from 2018 to 2022.
By 2033, China’s automotive stamping market is projected to develop with a CAGR of 5.7%.
By 2033, India’s automotive stamping industry is projected to develop with a CAGR of 6.2%.
Japan’s automotive stamping industry is expected to expand significantly, with an 8.7% share in 2023.
Australia’s automotive stamping sector is expected to expand, with a share of 4.5% in 2023.
Germany’s automotive stamping sector is expected to expand, with a share of 13.8% in 2023.
In 2023, the cold stamping segment is likely to dominate the market, with a share of 59.2%, based on foaming temperature.

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Competitors Winning Strategies

As the dies are used repeatedly to produce components with constant shapes and sizes that need close tolerances and requirements, automotive manufacturers typically use metal stamping to manufacture parts like hubcaps and fenders.

The market is anticipated to increase for certain reasons, including manufacturers’ ability to machine products and lean manufacturing techniques to eliminate waste during operations.

Key Players

Schuler Group
AIDA Global
Orchid International
Eagle Press & Equipment Co. Ltd.
Hyundai Rotem
MacRodyne Hydraulic Presses & Automation
Santec Group
Jier North America
Ridgeview Industries
Bliss-Bret Industries

Recent Development:

In July 2022, Schuler unveiled Visual Quality Inspection, a newly developed camera-based technology that automatically identifies defective components, corrects manufacturing problems immediately, prevents lengthy delays, and enhances customer relationships over time.
In November 2021, Magna International and Ford teamed up to provide battery enclosures made of aluminum extrusions and stampings for Ford’s F-150 Lightning.
Autoneum declared its expansion of aluminum sheet forming technology in October 2021. The company’s stamped aluminum components cover batteries effectively and cheaply while preventing electromagnetic interface in electric cars.
Challenge Manufacturing, a Walker, Michigan-based provider of automotive structures, announced in July 2020 that it acquired the Cusseta, Alabama, Great Lakes Metal Stamping facility.

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Key Segments

By Foaming Temperature:

Hot Stamping
Cold Stamping

By Stamping Process:

Mechanical Process
Hydraulic Process
Pneumatic Process

By Number of Stations Required:

Single Tool Station
Progressive Stations

By Region:

North America
Latin America
Europe
East Asia
South Asia & Oceania
Middle East & Africa

Author

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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Nandini Singh Sawlani

Automotive Green Tires Market Eyes 4.5% CAGR Growth, Targeting USD 25 Billion by 2034

The automotive green tires market is set for significant growth in the coming years, eyeing a commendable 4.5% CAGR. With an ambitious target of reaching USD 25 Billion by the year 2034, the market is poised for expansion driven by increasing environmental awareness and stringent regulations. Green tires, known for their eco-friendly materials and reduced carbon footprint, are gaining traction among consumers and manufacturers alike.

This surge in demand is not only fueled by environmental concerns but also by the performance benefits these tires offer, including enhanced fuel efficiency and longer lifespan. As sustainability becomes a key focus in the automotive industry, the Automotive Green Tires Market stands as a promising sector for innovation and investment.

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Growing market share in developing nations, where environmental issues are becoming more pressing combined with increased car ownership, presents a chance for growth. Companies may create strong footholds, capitalize on rising demand, and promote long-term success in the automotive green tire market. This can be done by providing inexpensive and eco-friendly tire solutions customized to the demands of these markets.

Key Takeaways from the Automotive Green Tires Market Report:

The global demand for automotive green tires reached USD 8.2 billion in 2019.
The passenger vehicle segment is anticipated to develop at a 7% CAGR during the projection period.
It is expected that the OEM sector would reach a 51.2% global market share by 2024.
It is projected that automotive green tires in the United States will advance at a CAGR of 7.5% by 2034.
The market in the United Kingdom is anticipated to rise through 2034 at a 8.3% CAGR.
It is projected that China’s automotive green tires ecosystem will evolve at a 7.8% CAGR between 2024 and 2034.

Competitive Landscape:
Companies in the global market for automotive green tires are utilizing innovative methods including bio-based materials, silica-based compounds, and creative tread patterns to improve tire performance and lessen their impact on the environment.

By reducing rolling resistance, these innovations increase fuel economy and tire life. In order to meet strict environmental standards and satisfy consumer expectations for sustainable mobility solutions, companies are investigating the use of renewable resources and environmentally friendly manufacturing processes, like low-rolling-resistance tire construction as well as eco-friendly tire labeling systems.

Startups in the automotive green tire market are pioneering new approaches to sustainability, concentrating on breakthrough materials, improved production processes, and disruptive business models. They want to challenge established competitors in the tire market by providing new solutions that promote environmental stewardship, efficiency, and performance.

Leading Key Players:

In the automotive green tires market, several key players dominate with their innovative technologies and sustainable practices. Leading the pack are renowned names such as Bridgestone Corporation, Continental AG, and Michelin Group, known for their commitment to environmental responsibility and tire performance. Joining them are Apollo Tyres Limited, Yokohama Tire Corporation, and the Goodyear Tire & Rubber Company, each contributing unique advancements in eco-friendly tire manufacturing. Pirelli & C. Spa, Toyo Tire Corporation, MRF Limited, and CEAT Limited round out the list, bringing their expertise and contributions to the sustainable tire sector. Together, these key players drive the automotive industry towards a greener and more sustainable future with their tire innovations and environmental initiatives.

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Key Developments:

In 2023, Bridgestone will invest in AI control technologies to boost efficiency and use knowledge and data in a digital production environment. The corporation will move more quickly toward its sustainability objectives with the use of these technologies, which include becoming carbon neutral by 2050.
In 2023, JK Tyre and Industries created a new tyre using sustainable and recyclable materials. This is the consequence of the dedication of the company to sustainable development. The ‘UX Green’ tire provides performance that is on par with a typical radial tire. To verify the performance, the JK Tyre UX Green tire has undergone thorough testing on test tracks, on highways, and both indoors and outdoors. It is the result of internal design and development of JK Tyre.

Automotive Green Tires Market Segmentation:

By Vehicle Type:

Passenger Vehicles
Commercial Vehicles

By End User:

OEM
Aftermarket

By Region:

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

Have a Look at the Related Reports of the Automotive Domain:

Bicycle Tires Market Scope: The market is expected to expand at a CAGR of 6.4% from 2023 to 2033, as per the report it is poised to reach USD 14.6 billion.

EV Tires Market Size: The global market is projected to grow by 26.6% from 2023 to 2033 to rise up to USD 99,884.7 million by 2033.

Green Tire Market Demand: The overall market size will expand at a CAGR of 9.8% through 2033 to reach USD 85.79 billion.

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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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Health Trends Propel Dietary Fiber Market Size to USD 33,098.0 Million by 2034

The global dietary fiber market is projected to increase from USD 12,343.6 million in 2024 to USD 33,098.0 million by 2034. Global sales of dietary fiber are anticipated to increase at a CAGR of 10.3% over the forecast period.

Europe will have the largest market for dietary fibres in 2021. However, the region with the biggest market growth is East Asia. The market for dietary fibres is now dominated by soluble dietary fibre from various dietary fibres.

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Future Market Insights (FMI) provides a perspective on the market growth trajectory for dietary fibres for the years 2022 to 2029 in a recent study. According to the report, 1.8 metric tonnes of dietary fibres were consumed globally in 2021, generating $7 billion in sales. Gains will continue to be driven by rising consumer awareness of the advantages of dietary fibres and the creation of fibrous new products by food companies.

Dietary fibres can be found in a variety of meals. However, they are mostly found in plant foods, including fruits, vegetables, and legumes. Based on the type, the two most common forms of dietary fibres on the market are soluble and insoluble. Plants provide the majority of these fibres, which are made up of cellulose and non-cellulosic polysaccharides. Dietary fibres are used in a variety of industries, including pharmaceuticals, food and beverage, and animal feed.

As healthcare professionals continue to encourage fibre intake as a key to improving long-term health, market players are significantly paying attention to value-added offerings. Big brand companies as well as small high-tech startups are rigorously exploring the potential of dietary fibres in their products, which is likely to promise new beginnings for the market stakeholders.

Consumers, leading fast-paced lives, have started to keep an eye on dietary recommendations, resulting in a move towards proactive healthcare and lifestyles. As consumers are becoming food explorers and newer trends are emerging at rapid pace, FMI’s analysis infers that the dietary fibres industry players are placing betting on R&D investments and new product launches.

Fibre intake has been alarmingly low in various regions, resulting into population-wide deficiency – known as ‘fibre gap’. As science behind dietary fibres expands, this ingredient has been witnessing renewed interest from young consumers for weight management benefits, while aging consumers tend to seek digestive health benefits.

Stakeholders Leverage White Spaces to Drive Sales Opportunities
According to the FMI study, the dietary fibres industry is likely to grow at CAGR of ~10% during the predefined timeframe. Obesity, diabetes, and other lifestyle diseases are on the rise, especially in developed regions, and as a result consumers are increasingly becoming health conscious and spending on high nutritional products. The study opines that a rise in consumer preference for maintaining a healthy diet and regulating body weight will provide a strong business outlook for the market players.

Use of soluble dietary fibres has been confined in functional F&B industry as a highly nutritive ingredient, while stakeholders are focused on identifying and leveraging the white spaces in their application, which range from pet food to cosmetics. Capabilities of corn fibre as an effective fibre source for pets, lignin as an emulsifier and efficient substitute for whole eggs in bakery products, pectin in food processing, and beta-glucan in cosmetic production are increasingly being explored. As the market continues to benefit from consumer shift towards plant-based ingredients and sugar substitutes, stakeholders are further exploring new sources of dietary fibres, apart from cereals & grains and fruits & vegetables.

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As per the study, dietary fibres industry players continue to witness growth opportunities in developed markets – Europe and North America, which collectively account for ~60% revenue share. In addition to increasing consumer spending on products with high nutritional value, government agencies in the regions are undertaking awareness campaigns to bring due attention towards the need for maintaining a balanced diet, thereby creating a high demand for dietary fibres. Market stakeholders are further eyeing on newer opportunities in Asia Pacific, particularly in countries such as China, Japan and South Korea, on the back of a notable trend for healthier eating.

FMI’s study identifies restraints that could possibly represent a threat to the lucrative stride of dietary fibres industry Research studies have found that excessive consumption of dietary fibres and their addition in processed foods can have adverse effects on human health, which may add to reluctance of consumers to adopt such ingredients.

The study opines that dietary fibres industry is on an upward swing with increasing number of small players entering into the space with new product offerings that align with consumers’ trends. Leading players continue to put emphasis on filling the fibre gap through R&D activities and product innovations.

Competitive Landscape
Dietary fibre manufacturers are pursuing strategic alliances and strategic partnerships with other manufacturers in order to enhance productivity and meet the demands of an ever-growing patient pool.

The industry is defined by a high level of capital expenditure and a complicated manufacturing process. Cost-effective manufacturing procedures can help establish global market sustainability. The (FDA) in the United States and the European Food Safety Authority (EFSA) in Europe are expected to stymie the entry of new businesses. Furthermore, the existence of a large number of producers is likely to raise entrance barriers.

Cargill, Inc. invested about USD 35 million in Europe in October 2019 to expand its current product line of sweeteners, starches, and texturizers to include soluble dietary fibres. This strategic project is the company’s first foray into soluble dietary fibres in Europe, and it was launched to give on-trend solutions to makers of high-quality products such as bakery & confectionery goods, cereals, and dairy products.

The key players in the market are BENEO, ADM, Cargill, Incorporated, DuPont, Ingredion Incorporated, Roquette Frères, Emsland Group, Kerry Inc., The Green Labs LLC, Nexira, Tate & Lyle, Farbest Brands, Taiyo International, AGT Food and Ingredients, Batory Foods.

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Demand and Trends Analysis of Stevia in Western Europe Set to Reaching USD 324.5 Million by 2033| Future Market Insights, Inc.

The stevia market in Western Europe is experiencing significant growth, with a projected CAGR of 7.5% from 2023 to 2033. The market value is expected to increase from US$ 157.4 million in 2023 to around US$ 324.5 million by 2033. This growth is driven by factors such as the growing awareness of health and wellness, rising prevalence of diabetes and obesity concerns, and the demand for natural, zero-calorie sugar substitutes.

The demand for stevia in Western Europe is fueled by:

Health and Wellness Awareness: Consumers in Western Europe are increasingly prioritizing health and wellness, leading to a growing demand for natural, low-calorie sugar substitutes like stevia.
Diabetes and Obesity Concerns: The rising prevalence of diabetes and obesity concerns in the region has prompted consumers to seek healthier alternatives to traditional sugars. Stevia, with its zero-calorie profile and natural origin, is perceived as a healthier option.

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Key factors driving the growth of the stevia industry in Western Europe include:

Health-Conscious Consumer Base: With an increasing number of health-conscious consumers seeking alternatives to traditional sweeteners, the demand for stevia is on the rise. Stevia’s natural origin and low-calorie profile make it an attractive option for individuals looking to manage their weight and blood sugar levels.
Clean-Label Trends: Clean-label trends are driving the preference for natural and minimally processed ingredients in food and beverage products. Stevia, being a plant-derived sweetener, aligns with these trends and is perceived as a wholesome and transparent ingredient.
Key Takeaway:
With a projected CAGR of 7.5% and a valuation of US$ 324.5 million by 2033, the stevia market in Western Europe presents an attractive investment opportunity for investors seeking growth in the health and wellness sector.
Changing consumer preferences towards natural, low-calorie sweeteners, coupled with rising health concerns, are driving the demand for stevia in Western Europe. Investors can capitalize on these trends by investing in companies that are innovating and expanding their presence in the stevia market.
Countries like the Netherlands, France, and Italy are witnessing significant growth in the stevia industry. Investors can explore opportunities in these markets by investing in companies that are strategically positioned to meet the growing demand for stevia products.

Competitive Landscape

The competitive landscape for stevia in Western Europe is filled with numerous players, and their consumer base is spread across the continent. There are still some concerns regarding the aftertaste and texture of stevia compared to traditional sugars. Despite these challenges, key players in the industry have been successful in promoting their products to a wider consumer base. Small-sized companies also exist in this ecosystem, catering to the demands of local consumers and businesses.

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Recent Developments in the Stevia Industry in Western Europe

In October 2023, Carlsberg announced that it is going to be using steviol glycosides as a sweetener in its new zero-sugar beer. The company is the first key brewer to use stevia in its products.
In April 2023, Nestlé also announced that it is aiming to use steviol glycosides as a sweetener in its new Nescafé Gold Stevia instant coffee.
In January 2023, Danone partnered with Ingredion to develop a new stevia-based sweetener blend. The new blend is going to be used in a variety of Danone’s products.

Some of the Key Players Offering Stevia in Western Europe

Cargill
Ingredion
Tate & Lyle
Archer Daniels Midland (ADM)
Südzucker
Givaudan
PureCircle
Evolva
Stevia Natura (France)
OVIATIS (France)
Biostevera (Spain)

Key Segments in the Western Europe Stevia Industry

By Nature:

Organic Stevia
Conventional Stevia

By Type:

Liquid Extract
- Clear
- Dark
Powder Extract
- Stevia Blends
- Glycoside (40%-79%)
- Glycoside (80% and above)
Stevia Leaves

By Application:

Dairy Food Products
Bakery Products
Beverages
Packaged Food Products
Dietary Supplements
Confectionery Products
Snacks
Table Top Sweeteners
Others (Electrolyte Mixes and Medicinal Formulations)

By Country:

United Kingdom
Germany
France
BENELUX
Sweden
Norway
Denmark
Italy
Spain

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