Market Research Blog

The global automotive piston system market is anticipated to propel at a phenomenal CAGR of 4.6% from 2022 to 2032. The global market was evaluated at US$ 4,080.95 Million in 2022 and is poised to reach US$ 6,415.14 Million by 2032. As per the historic analysis conducted by Future Market Insights, the global automotive piston system market was worth US$ 3,880.91 Million in 2021.

Over the course of the next ten years, the global market for automotive piston systems is anticipated to be driven by the escalating demand for automobiles, particularly in emerging countries. Since a piston is a crucial part of an internal combustion engine, the output of cars is inextricably linked to the demand for pistons.

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Due to current developments, the market for automotive piston systems is expected to grow due to the increasing demand for lightweight pistons in the automotive sector.

Key Takeaways

• The sales of cars in a variety of categories, including two-wheelers, four-wheelers, and other automobile segments, are expected to rise along with the global automotive piston system market.
• The demand for pistons is anticipated to increase even further due to the booming automobile market, particularly in the two-wheeler segment across emerging countries like India. This will favourably affect the global automotive piston system market.
• As opposed to conventional single-cylinder engines, double-cylinder engines are quickly becoming more popular in the two-wheeler business. Within the high-end cycling market, this is typical. Additionally, it only needs one piston because a double engine cylinder requires two pistons as opposed to one. The global automotive piston system market is anticipated to grow in tandem with the increased production of high-end motorcycles.
• In the upcoming years, it is anticipated that rising demand for passenger automobiles and heavy commercial vehicles will fuel the expansion of the global automotive piston system market.
• The automobile business is constantly conducting research and development to increase fuel efficiency because fuel prices are rising globally. As a consequence, there is an increase in demand for lightweight pistons on the global market for automotive piston systems.
• The growing use of electric vehicles is one of the biggest issues the global automotive piston industry is currently dealing with. Pistons are not typically used in these cars. Additionally, engine downsizing for lighter, more fuel-efficient engines is another restriction on the worldwide automotive piston market.
• Utilizing technologies like turbochargers, automakers are able to downsize engines by greatly reducing the number of cylinders while still keeping engine power. Over the course of the evaluation period, the aforementioned factors are anticipated to pose a serious threat to the market for automotive piston systems.

Competitive Landscape

Prominent players in the global automotive piston system market are focusing on adopting strategies of new product development in order to retain their leading position in the automotive piston market.

Some of the key participants present in the global Automotive piston system market include MAHLE GmbH (Germany), Aisin Seiki Co., Ltd. (Japan), Rheinmetall Automotive AG (Germany), Tenneco Inc. (US), and Art Metal Mfg. Co. Ltd. (Japan). MAHLE GmbH adopted the strategies of new product development to retain its leading position in the automotive piston market.

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Key Segments Covered in the Automotive Piston System Industry Report

Vehicle Type:

• Two Wheelers
• Passenger Cars
• LCV
• HCV

Piston Material:

• Aluminium
• Steel

Region:

• North America
• Latin America
• Western Europe
• Eastern Europe
• APEJ
• Japan
• Middle East & Africa

More Insights into the Automotive Piston System Market

Throughout the forecast period, Asia Pacific is expected to dominate the global automotive piston system market by accounting for the largest share of the market. Furthermore, the largest share on the basis of vehicle production is attributed to the Asia Pacific market. This segment is expected to be dominated by affordable vehicles. The majority of which are hatchbacks, compact sedans, and compact SUVs. Moreover, the majority of these vehicles are powered by a four-cylinder engine. Given these considerations, the passenger car segment is expected to have the highest demand for pistons in the coming years.

Europe is anticipated to create lucrative growth opportunities over the projection period as it is home to major automotive assembly and production plants. In Europe, there have been estimated 297 vehicle assembly plants. Furthermore, the need for lightweight pistons to improve performance is the primary factor driving the growth of the European automotive piston market.

The European automotive piston market is expected to augment over the assessment period at an impressive CAGR of 5.4% from 2022 to 2032. The market is propelling due to several technological advancements in ICEs, such as intelligent combustion management systems and fuel efficiency improvements to achieve power advantages and lower emission levels, which are emerging as new trends supporting the growth of the European automotive piston market.

About Future Market Insights (FMI) 

Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

Contact:

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Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
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The global automotive sensors market is projected to attain a valuation of US$ 19.2 billion in 2023 and is estimated to reach US$ 44 billion by 2033, expected to incline at a CAGR of 8.6% during the forecast period.

In recent times, the global automotive sensors market has experienced significant growth. The increased adoption of alternative fuels and vehicles plays a crucial role in reducing consumer fuel costs and enhancing the energy security of nations, thereby driving market development. Moreover, the growing prevalence of alternative fuel vehicles is expected to further boost market growth throughout the assessment period. Additionally, the increasing integration of new systems and technologies in automobiles is anticipated to have a positive impact on the market’s advancement in the coming years.

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Modern vehicle restraint systems employ side airbag pressure sensors for passenger car safety. Integrated into the side doors, these sensors transmit digital crash signals to the central airbag unit. Moreover, the air pressure sensor enhances engine efficiency by precisely controlling spark advances in gasoline and diesel engines. Consequently, the market is poised for development as pressure sensors find increasing use in both engine and vehicle safety systems.

In the next few years, the autonomous capabilities of commercially available vehicles are expected to advance rapidly. This progress is driven by stricter regulations and safety tests, particularly for emergency brake assist, as well as a growing emphasis on vehicle safety. Developed countries already mandate functions such as cruise control and lane-keep assist on all vehicles, while regulations for blind-spot monitoring, especially in Europe, are gaining traction.

To enable features like adaptive cruise control, these vehicles rely on long-range radar sensors, along with approximately two medium-range backward-facing radar sensors for blind spot detection. Additionally, up to 12 ultrasonic sensors are necessary for functionalities such as parking assistance. As the demand for autonomous driving features continues to grow, the utilization of high-precision sensors is expected to rise accordingly.

Key Takeaways

• The United States automotive sensors market is expected to grow with a CAGR of 8.2% during the forecast period.
• The demand for automotive sensors in India is expected to grow with a CAGR of 8.6% during the forecast period.
• By vehicle type, passenger vehicles are projected to grow with a CAGR of 9.4% during the forecast period.
• The market in China is expected to grow with a significant CAGR of 8.4% throughout the forecast period.

“Increasing use of pressure sensors in the engine and vehicle safety systems is expected to drive market growth during the forecast period,” comments an FMI analyst.

Competitive Landscape

The market for automotive sensors is highly competitive, with numerous prominent industry players making substantial investments in increasing their manufacturing capabilities.

The key industry players are NXP Semiconductors N.V., TE Connectivity, Continental AG, Denso Corporation, Robert Bosch GmbH, Infineon Technologies AG, STMicroelectronics, Texas Instruments Incorporated, Allegro Microsystems, LLC, CTS Corporation, Elmos Semiconductor, Sensata Technologies.

Some recent developments in the automotive sensors market are:

• In December 2022, Continental AG revealed its exclusive modules and sensors designed specifically for electromobility. The company showcased its Advanced Driver Assistance Systems (ADAS) integrated into the “CV3” SoC (System on Chip) family, which incorporates artificial intelligence (AI) technology from semiconductor startup Ambarella.
• In November 2022, Infineon Technologies AG launched the XENSIV TLE4971 family as the newest addition to their current sensor series designed for automotive applications. These devices provide accurate magnetic current sensing by utilizing proprietary temperature and stress compensation techniques, eliminating the negative impacts of magnetic cores such as hysteresis or saturation effects.
• In March 2022, CTS Corporation acquired TEWA Temperature Sensors SP. Zo.o. and its subsidiaries. This acquisition strengthens CTS’s temperature sensing platform and enhances its market presence in Europe.

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Key Segments Profiled in the Automotive Sensors Market Industry Survey.

Sensor Type:

• Position Sensors
  • Clutch Position Sensors
  • Gear Position Sensors
  • Throttle Position Sensors
  • Crankshaft Position Sensors
  • Steering Angle Position Sensors
  • Camshaft Position Sensors
• Safety Sensors
  • Seat Belt Sensors
  • Brake Switch Sensors
  • Door Switch Sensors
  • Blind Spot Detection
  • Night Vision Sensors
  • Light Sensors
  • Parking Sensors
  • Cruise Control
  • Impact Sensors
  • Anti-theft Sensors
• Level Sensors
  • Fuel Level Sensors
  • Coolant Level Sensors
  • Oil Level Sensors
• Oxygen Sensors
• Pressure Sensors
  • Tire Pressure Sensors
  • EGR Pressure Sensors
  • Airflow Rate Sensors
• Temperature Sensors
  • Engine Coolant Temperature Sensors
  • Rain/humidity Sensors
  • Oil/Fuel Temperature Sensors
  • Battery Temperature Sensors
  • Air Temperature Sensors
• Speed Sensors
  • Wheel Speed Sensors
  • Speedometer

Vehicle Type:

• Passenger Cars
  • Compact
  • Midsize
  • Luxury
  • SUVs
• Light Commercial Vehicles
• Heavy Commercial Vehicles

Sales Channel:

• Original Equipment Manufacturers
• Original Equipment Supplier Spare Parts
• Independent Aftermarket

Region:

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East and 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 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   

Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
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The Bicycle Components Aftermarket in 2022 was US$ 14 Billion and is estimated to be US$ 14.62 Billion in 2023. According to FMI analysis, the bicycle components aftermarket is projected to expand at a CAGR of 6.9% between 2023 and 2033, totaling around US$ 28.3 Billion by 2033.

The surge in demand for bicycle components aftermarket has been seen amid the worsening conditions of automobile traffic, leading to high gasoline prices, and disturbing pollution concerns. Further, the global bicycle components aftermarket has been characterized by the corresponding concentration of production in a few countries leading to the correspondence of dispersion in the global demand.

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Growth in fitness consciousness among people directly raises energy and oil prices, with the rise in vehicles cited acts a key factor favoring the growth of the bicycle components aftermarket.

Rapid growth in the development of cycling and e-bike infrastructures with the implementation of bike-sharing programs in metropolitan and mid-sized cities creates a favorable environment for the development of the bicycle components aftermarket, as per FMI’s analysis.

Key Takeaways from this study are:

• The Anticipated value of the global bicycle components aftermarket reached a valuation of US$ 13.5 billion in 2021.
• Sales in the bicycle components aftermarket are anticipated to expand by 8.7 X times from 2023 to 2033.
• The United States holds a market share of 35.6% in the global bicycle components aftermarket.
• North America’s bicycle components aftermarket has a market value of 40.2%.
• China is one of the significantly growing markets for bicycle components, holding around 2/3rd of East Asia bicycle components aftermarket.
• Based on component type, demand for road groupsets is expanding at a 7.2% CAGR over the assessment period.
• Based on bicycle type, the electric bicycle segment is expected to capture a market share of 62%.

“Increase in the demand for bicycles are the key opportunity for bicycle components aftermarket manufacturers,” – comments an analyst at Future Market Insights (FMI).

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Competition Landscape:

The global bicycle components aftermarket players are attempting to carve out a niche for a particular demographic. Also, some leading and middle-scale manufacturers are focusing on product innovation and high-end technology development in the market to gain a competitive edge.

Some of the prominent players profiled in the Bicycle Components Aftermarket market are:

1. Dorel Industries, Inc.
2. Accell Group N.V.
3. Shimano Inc.
4. SRAM LLC
5. Hero Cycles Limited
6. Campagnolo S.R.L.
7. Merida Industry Co. Ltd.
8. Specialized Bicycle Components
9. Rohloff AG
10. Giant Manufacturing Co. Ltd.
11. Avon Cycles Ltd.

Key developments in the Bicycle Components Aftermarket:

• In January 2023, Shimano Announces New Fishing Reels for 2023. Shimano North America Fishing, a legendary innovator in the fishing tackle industry, has announced new additions to its deep lineup of quality reels. These three new offerings will provide extensive value to a wide spectrum of anglers from saltwater bottom fishermen, tournament-savvy bass enthusiasts, and devoted swimbait experts.
• In May 2023, Kinaxis® Inc., the authority in driving agility for fast, confident decision-making in an unpredictable world, announced that Accell Group has deployed Kinaxis’ RapidResponse® platform, digitally transforming its supply chain, providing solutions to supply chain complexities.

Key Segments Covered are:

By Component Type:

• Derailleurs
• Road Groupsets
• Suspensions
• Wheel Sets
• Brakes
  • Hydraulic
  • Mechanical

• Caliper Type
• Gears
• Others (Bottom Brackets etc.)

By Sales Channel:

• Specialty Bicycle Retailers
• Discount Stores
• Department Stores
• Full-line Sporting Goods Stores
• Outdoor Specialty Stores
• Other Sales Channel

By Bicycle Type:

• Mountain Bike
• Hybrid/Cross
• Road
• Comfort
• Youth
• Cruiser
• Recumbent/Tandem
• Electric
• Folding

By Region:

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

Contact Us:        

Nandini Singh Sawlani   

Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube

The global low rolling resistance tire market is estimated to attain a valuation of US$ 18.4 billion in 2023 and is expected to reach US$ 54 billion by 2033, expected to incline at a CAGR of 11.3% during the forecast period.

The automotive sector’s rapid growth has resulted in a surge in the number of vehicles on the road, causing concerns over rising emission levels. As a result, governments are enforcing stringent emission control policies, driving market growth. Automotive companies are adopting innovative technologies to reduce emissions, further fuelling this trend.

Market players are actively incorporating nanomaterials in tire manufacturing to harness their potential in reducing rolling resistance and offering additional benefits, including improved wear resistance and enhanced safety levels. The growing demand for fuel-efficient vehicles is expected to drive market growth, as low rolling resistance tires require less energy from the vehicle’s engine to initiate movement. This not only improves vehicle performance but also contributes to increased sales.

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The rising popularity of electric and hybrid vehicles, which rely on low-rolling resistance tires to optimize battery range, is fuelling the demand for such tires. Additionally, the tire market is benefiting from the growing utilization of advanced technologies and materials, including silica compounds, in tire manufacturing. In pursuit of product innovation, numerous manufacturers are forming collaborations with prominent research institutes.

For instance, Sumitomo Rubber Industries Ltd. announced its partnership with Kansai University in March 2021 for joint research. This collaboration aims to develop new technology that can generate electric power from the tire’s rotation. The research involves installing a power-generating device within the tire to capture static electricity generated during rotation. Such efforts towards product innovation are expected to unlock significant market growth opportunities in the forecast period.

Key Takeaways

• The United States low rolling resistance tire market is expected to grow with a CAGR of 11%.
• The market in China is expected to grow with a CAGR of 11.4% during the forecast period.
• By sales channel, aftermarket segment is projected to grow with an impressive CAGR of 14.4% during the forecast period.
• The market in India is expected to grow with a CAGR of 11.5% throughout the forecast period.

Rising popularity and demand for electric and hybrid vehicles is expected to drive the demand for low rolling resistance tires during the forecast period,” comments an FMI Analyst

Competitive Landscape

The low rolling resistance tire market is intensely competitive, with several key industry players investing heavily in providing these services.

The key industry players are Bridgestone Corporation, The Goodyear Tire & Rubber Company, Sumitomo Rubber Industries Ltd., Pirelli & C S.p.A, Hankook Tire, MICHELIN, Continental AG, Trelleborg AB, The Yokohama Rubber Co. Ltd, Apollo Tyres Ltd., Maxxis International (Cheng Shin Rubber), Marangoni S.p.A, MRF Tyres.

Some recent developments in the market are:

• In 2021, Goodyear Tire & Rubber Company began the acquisition of Cooper Tire & Rubber Company for approximately US$ 2.5 billion. This move expands Goodyear’s product range, strengthens its position as a US-based manufacturer, and boosts its presence in retail and distribution channels for LUV product and light trucks segments.
• In February 2022, Yokohama Tire Corporation launched sustainable tires for Supercars, utilizing biomass-derived synthetic rubber and recyclable thermo-reversible rubber.
• Bridgestone Corporation, in 2021, announced a $9.3 billion investment in launching revolutionary equipment at the Shimonoseki Plant. This facility manufactures tires for construction and mining vehicles. The installation process, scheduled to begin in 2022 and conclude by 2025, aims to enhance the company’s production system in terms of eco-friendliness, disaster preparedness, safety, quality, and productivity.

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Key Segments Profiled in the Low Rolling Resistance Tire Industry Survey

Vehicle Type:

• Passenger Vehicle
• Light Commercial Vehicle
• Heavy Commercial Vehicle

Width Type:

• Dual Type
• Wide Band Type

Sales Channel:

• OEM
• Aftermarket

Region:

• North America
• Latin America
• Europe
• Asia Pacific
• 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.

Contact Us:        

Nandini Singh Sawlani   

Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube

The global automotive lighting market is anticipated to attain a valuation of US$ 37.1 billion in 2023 and is predicted to reach US$ 69 billion by 2033, trailing a CAGR of 6.4% during the forecast period.

Stringent lighting regulations have propelled developed countries to focus on the vehicle lighting industry in Europe and North America. Adequate vehicle lighting is crucial, particularly for travel on busy highways. Governments globally prioritize road safety, as highlighted by the World Health Organization (WHO), which reports 1.3 million annual fatalities from road traffic collisions. Many countries experience a 3% GDP loss due to road accidents. Therefore, enhancing driving conditions is essential, and improving the lighting system plays a significant role in achieving this goal.

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In 2011, the European Union has made it compulsory for all new motor vehicles to have daytime running lights (DRLs) in order to enhance road safety. DRLs are designed to improve the visibility of the vehicle for other road users rather than aiding the driver’s vision. According to the U.S. Department of Transportation’s National Highway Traffic Safety Administration (NHTSA), DRLs have resulted in a 13.8% reduction in fatal road accidents. Such regulatory measures are expected to significantly influence the growth of the global automotive lighting market.

The growing demand for automotive lighting is fuelled by the rising adoption of advanced lighting in vehicles. Leading original equipment manufacturers (OEMs) are prioritizing the development and integration of advanced lighting solutions to enhance both vehicle visibility and aesthetics. Notably, Hella GmbH is actively involved in the development and provision of cutting-edge automotive lighting systems. These lighting systems offer various functions, such as pedestrian communication, to ensure safety and meet customer expectations.

Key Takeaways

• North America automotive lighting market is expected to grow with a CAGR of 6% during the forecast period.
• The demand for automotive lighting in China is expected to grow with a CAGR of 6.3% during the forecast period.
• By vehicle type, passengers vehicle segment is projected to grow with a CAGR of 6.8% during the forecast period.
• Brazil is expected to grow with a significant CAGR of 5.8% throughout the forecast period.

“Rising adoption of advanced lightings in vehicles and development of cutting edge lighting by key players is expected to drive market growth during the forecast period,” comments an FMI analyst.

Competitive Landscape

The market for automotive lighting is highly competitive, with numerous prominent industry players making substantial investments in increasing their manufacturing capabilities.

The key industry players Koito Manufacturing Co. Ltd., Hella KGaA Hueck & Co., Stanley Electric Co., Valeo SA, Osram Licht AG, Magnetti Marelli, Varroc Group.

Some key developments in the automotive lighting market are:

• In May 2021, OSRAM Continental and REHAU formed a development partnership to integrate lighting into exterior components, offering automotive manufacturers creative lighting solutions with enhanced design flexibility and functionality.
• In January 2020, Hella introduced Hella FlatLight technologies, a ground-breaking lighting innovation for rear combination lamps.
• In July 2021, Samvardhana Motherson Automotive Systems Group BV (SMRPBV), a subsidiary of Motherson Group, entered into an MoU with Marelli Automotive Lighting to explore a technological partnership centered around smart illuminated exterior body parts.
• Valeo revealed their ground-breaking 360° lighting solution at the April 2021 Shanghai Auto Show. This technology envelops the vehicle in a light band, projecting clear and immediate signals that can be easily observed by nearby road users, particularly vulnerable individuals like cyclists, scooter riders, and pedestrians.

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Key Segments Profiled in the Automotive Lighting Market Industry Survey

By Application:

• Front Headlights
• Fog Lights
• Rear Lights
• Side Lights
• Interior Lights

By Vehicle Type:

• Passenger Cars
• Compact
• Mid
• Luxury
• SUVs
• Light Commercial Vehicles
• Heavy Commercial Vehicles
• Electric Vehicles
• Battery Electric
• Plug-in Hybrid Electric
• Hybrid Electric
• Two Wheelers
• Motorcycles
• Scooters

By Light Source:

• Halogen
• LED
• Xenon

By Sales Channel:

• OEM
• Aftersales

By Region:

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East and 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.

Contact Us:        

Nandini Singh Sawlani   

Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube

According to FMI’s analysis, the railway bearing market may grow at a CAGR of 9.00% from 2023 to 2033, from a value of US$ 1.32 billion in 2023 to US$ 3.12 billion by 2033.

Governmental Authorities Have Made Substantial Expenditures in the Construction of Rail Infrastructure

Governments both in developing and wealthy nations are making significant investments in railway infrastructure, which is jacking up for the components, used in freight and passenger trains. The bearings used in rails utilization is to rise together with the planned growth in railway system output.

Via the CRISI Program, the United States provided US$ 248.5 million in grants in March 2020 to finance a number of municipal and state railroad infrastructure projects.

The purpose of the grant is to increase the safety of railway networks and systems. Since roller bearings have an indirect impact on the safety of railway networks, the money is aimed at encouraging the railway bearing market.

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Industry Participants are Concentrating on Developing Bearings To Capitalise on Demand

As railway carriers are continuously in motion and frequently exposed to harsh physical conditions such as rain, freezing temperatures, and extreme heat, mechanical components utilized in them must be resistant to such extreme physical conditions. As a result, long-lasting roller bearings are in high demand.

To capitalize on the increased rail bearing demand, market participants are focused on producing bearings that can resist such harsh climatic conditions. Bearings are coated with ceramics or polymers to improve insulation and safety.

The availability of a diversified range of roller bearing and ball bearings, including cylindrical, tapered, angular contact, four-point contact, electrically insulated, deep groove, and so on, makes them suitable for use in a wide range of sites and applications, hence boosting market revenue.

Opportunities for Growth

The demand for plain bearings in energy-efficient cars increased usage of high-capacity bearings in wind turbines, and rail bearing demand in the railway and other industries are some of the key factors driving the railway bearing market. The market may see new growth potential as electro-mechanical features are incorporated into ball bearings for medical purposes.

Regional Evaluation

Throughout the projected period, the Asia-Pacific region is anticipated to be a strong and swift railway bearing market. The presence of large-to-small-scale railway operators, builders, and suppliers has made China and Japan the top two marketplaces in the area.

India is to experience significant growth during the projected period, largely as a result of the nation’s expanding transportation infrastructure, quick urbanization, and massive population expansion.

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Freight Train Segment Occupies a Significant Market Share

According to train type, freight train adoption is predicted to channel the bulk of revenue, accounting for more than two-fifths of global market value. The segment’s dominance can be ascribed to private operators’ substantial spending to assure the smooth running of the systems, which necessitates timely component upgrades.

Growth of rail network infrastructure, increasing urbanization and environmental sustainability, technological advances in locomotive design and structure targeted at increased pulling capacity and lower fuel consumption are some of the main determinants propelling rail bearing demand.

Railway Bearings Competitive Environment

Market competitors are concentrating on creating products with novel features including improved durability, greater lightness, minimal maintenance requirements, and cost-effectiveness.

Several of the top contributors, including NSK Ltd., The Timken Company, JTEKT Corporation, National Engineering Industries Limited, Amsted Rail Company, NTN Corporation, Schaeffler Group, and SKF AB among others, control the railway sliding bearing market, which is very concentrated. Among these, SKF, Schaeffler, and NTN hold a sizeable market share of the railway bearing market.

To stay ahead of their competitors, businesses are forming new strategic alliances, making significant investments in research and development projects, and introducing new products to the market.

Product Advancements Pivotal for Railway Bearings Manufacturers

• NSK Ltd. created high-reliability, low-maintenance gearbox bearings in March 2020 that can be applied to both large and small gears. Similarly, NSK Ltd. declared in September 2020 that Japan’s Shinkansen fast train was using its bearings.
• Players in the market are collaborating with one another to raise their profiles and strengthen their distribution capabilities.
• Important advancements in this theory include AB SKF’s relationship with Siemens to distribute its wireless bearing products in 2018.

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)

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.

Contact Us:        

Nandini Singh Sawlani   

Future Market Insights Inc.
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T: +1-845-579-5705
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The global plug-in hybrid electric vehicles (PHEV) market is poised for robust growth, with a projected Compound Annual Growth Rate (CAGR) of 18.5% during the forecast period spanning from 2022 to 2032. In 2022, the market’s estimated value stood at US$ 69,720.5 Million, and it is expected to surge significantly, potentially reaching an impressive US$ 3,80,665.9 Million by the year 2032. This anticipated growth represents a substantial increase in market value compared to historical trends, as the market previously recorded a CAGR of 14.4% according to an analysis conducted by Future Market Insights.

Over the past few years, the market for plug-in hybrid electric vehicles (PHEV) has experienced phenomenal development. The industry is expanding as a result of the public’s increased focus on using environmentally friendly vehicles. promoting the population’s welfare and keeping in mind the current climatic conditions.

The market is anticipated to continue expanding at a rapid rate as plug-in hybrid vehicles continue to gain popularity around the world, which will help PHEV sales rise overall in the future years.

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Due to increasing public awareness of the fuel efficiency of hybrid electric vehicles, the PHEV industry is expected to offer opportunities for sustainable growth. Additionally, major PHEV producers are focusing on employing the current electrical infrastructure. Additionally, they are concentrating on greening the grid rather than building a completely new infrastructure to refuel cars with cleaner liquid fuels. Consequently, promoting the practicality of plug-in hybrid electric cars and assisting in boosting sales.

Key Takeaways

• The global plug-in hybrid electric vehicles application is on the rise as it helps in minimizing fuel usage and promotes the vehicle’s cost-efficiency. The automobiles are configured to charge the internal combustion engine with the help of an electric motor and other fuel like diesel or gasoline.
• Since the transportation sector is known for being a primary source of heightened GHGs. i.e., greenhouse gas emissions. Various policymakers are incorporating favorable regulations that will encourage the usage of electric vehicles (EVs), such as plug-in hybrid vehicles (PHEVs) in order to motivate the public to use alternative fuels, such as electricity, etc.
• The market is actively being supported by federal and state policymakers working rigorously towards the rapid expansion of charging station infrastructure. Furthermore, the demand to decrease dependence on fossil fuels is one of the key factors contributing to the adoption of PHEVs across the globe.
• The ongoing research and development activities are helping in bringing down the prices of electric vehicles by adopting new technologies and bringing a new type of plug-in hybrid vehicles every year are predicted to spur market growth in the forecast period of 2022-2032.

Competitive Landscape

Various companies in the market are focusing on extending their portfolio of electrified automobiles to efficiently cater to the changing needs of the customers while simultaneously retaining their competitiveness globally.

Some of the major companies have developed new products which offer the benefits of two cars in one. These products are anticipated to offer the benefits and flexibility of both longer trips and everyday driving. The automotive functions as a hybrid car and can be charged just like other electric vehicles.

At present, the Asian continent is poised to create robust opportunities over the assessment period. In countries like India, the emergence of hybrid vehicles is attracting cost-conscious buyers. These hybrid automobiles meet stricter emission norms, while the current prices of motor fuel are soaring in the country. Hybrid vehicles may be costly in comparison to traditional petrol cars but may offer significant fuel efficiency in comparison to petrol-run cars.

The market players pay keen attention to maintaining superior quality of the products and innovation. Furthermore, they are also trying to diversify their range of manufacturing, indulging in mergers and acquisitions, and adopting organic growth strategies for a strong foothold in the global market.

Some of the key companies in the market are

•  Renault SA
• Nissan Motor Corporation Limited
• Volkswagen AG
• Honda Motor Company Limited
• General Motors
• Ford Motor Company
• Daimler AG
• Mitsubishi Heavy Industries Ltd.
• Toyota Motor Corporation
• BMW AG

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More Insights into the Plug-in Hybrid Electric Vehicles (PHEV) Market

The European market is anticipated to dominate the global plug-in hybrid electric vehicles (PHEV) market. The growth of the region is attributed to the rising implementation of favorable policies that are actively promoting the usage of automobiles that lower greenhouse gas emissions, thus contributing towards a greener planet. Furthermore, the European population is embracing technologically advanced HEVs. They are known for their cost and fuel efficiency, therefore facilitating the market growth of PHEVs in the region.

The rapid expansion of charging station infrastructure combined with the support of private industry and federal and state policymakers are strengthening the market size in this region. Another key driver for the regional growth includes the rising R&D activities to develop newer versions/types of plug-in hybrid electric vehicles.

Plug-in Hybrid Electric Vehicles Market by Category

By Vehicle Type, Plug-in Hybrid Electric Vehicles Market is segmented as:

• Passenger car
• Light Commercial Vehicle

By Technology, Plug-in Hybrid Electric Vehicles Market is segmented as:

• Series
• Parallel
• Series-parallel

By Region, Plug-in Hybrid Electric Vehicles Market is segmented as:

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

Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube