Market Research Blog – Page 3289 – New Product Development

Powered by Innovation: Battery Tech Drives Electric Boat Market Forward (CAGR of 10.4%)

The global electric boats market is expected to grow at a CAGR of 10.4% during the forecast period. The market is estimated to secure a valuation of US$ 5.6 billion in 2023 and US$ 15.1 billion by 2033.

How do Manufacturer’s Innovations Drive the Global Market?

Manufacturers play a vital role in the global market through innovative ideas and advanced technologies. Here are a few of the ways the manufacturers drive the global market:

Research and Developments: Manufacturers invest huge amounts in research and development activities to expand the global market by capturing maximum share. These players focus on enhancing battery performance, lightweight materials, and better design boats. Their research activities help build reliable, safe, eco-friendly electric boats.
Battery Technology: Electric boats rely on batteries to store energy. The manufacturers develop long-last and high-capacity batteries that improve charging speed.

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Sustainable Materials: Manufacturers focus on sustainability by developing electric boats. They are offering lightweight, cost-effective, and high-performance boats to reduce costs. These manufacturers utilize recycled materials to reduce environmental impacts and improve efficiency.
Charging Infrastructure: Manufacturers focus on developing rapid charging infrastructure by collaborating with stakeholders. It includes smart charging implementation, installing charging stations, and innovation of wireless charging options.
Users’ Experiences and Connectivity: Manufacturers enhance their experiences through advanced technologies. These manufacturers integrate features such as mobile applications, GPS, and remote monitoring to offer better consumer experiences. These innovations improve safety with an enjoyable ride.
Partnerships and Collaborations: The manufacturers drive the global market by collaborating with research institutes, universities, and stakeholders. These manufacturers innovate better products by acquiring skills by working together.

These are a few steps on which manufacturers can drive the market rapidly.

Key Takeaways:

The electric boats market is estimated to capture a CAGR of 10.4% with a valuation of US$ 15.1 billion by 2033.
In the historical period, the market registered a CAGR of 6.4% with a valuation of US$ 5.2 billion in 2022.
The United States is anticipated to secure a share of 28.7% in the global market during the forecast period.
Japan is significantly driving the global market by capturing a share of 4.8% by 2033.
With a share of 6.3%, Germany is estimated to drive the global market during the forecast period.
During the forecast period, China is anticipated to capture a CAGR of 10.2% in the global market.

How Key Players Are Surging the Global Market by Various Strategies?

The market is highly competitive by the present prominent players globally. These players are expanding the global market by investing heavily in research and development activities. They focus on consumers’ requirements and offer improved products to meet their desires.

The key players adopting various marketing methodologies to fuel the global market are mergers, acquisitions, collaborations, acquisitions, and agreements. Key players reach more relevant consumers through distribution networks such as online and offline platforms. These players launch their brands at seminars, trade shows, and exhibitions to increase their sales volume.

Key Players in the Global Market are:

FRAUSCHER BOOTSWERFT GmbH & Co KG
Duffy Electric Boat Company
RAND Boats ApS
Echandia, Lillebror Marine
Vision Marine Technologies
Quadrofoil d.o.o.
NAVAL DC B.V.
LTSMARINE
Symphony Boat Company,
Ruban Bleu

Recent Developments in the Global Market are:

In 2021, Vision Marine Technologies and Limestone Boats formed partnerships to develop electric outboard motors. Behind the partnerships, their goal is to produce 510 powerboats.

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Electric Boats Market by Category

By Type:

Pure Electric
Hybrid

By Boat Type:

Small Size
Medium Size
Large Size

By Battery Type:

Lead Acid
Lithium Ion
Nickel based batteries

By Power Output:

Below 5KW
Between 5KE to 30KW
Above 30KW

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
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Germany Steers the Repair Wave: Global Automotive Maintenance Services Market Reaches US$ 1,850 Billion by 2033

According to Future Market Insights, the global automotive repair & maintenance services market is expected to be valued at US$ 915.88 billion in 2023. From 2023 to 2033, the market is projected to rise at a CAGR of 7.2% to reach US$ 1,850 billion.

Germany’s electric car sector is also expanding rapidly, and the German automotive repair and maintenance business is expected to rise by 5.4% year on year.

The repair and maintenance business in Germany is expanding rapidly in response to increased investment in research and development of automobile parts for other equipment manufacturers (OEMs) and aftermarkets. There are several car manufacturers and suppliers in Germany, which has produced a favourable atmosphere for expansion. However, the German market has faced hurdles as a result of strict European Union laws on CO2 emission standards.

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The market presents significant market opportunities for key players due to the growing trend of vehicle customization, higher disposable income levels, and increasing automotive safety regulations. Additionally, the demand for technologically advanced features further enhances the market potential for these players.

Increasing adoption of vehicle diagnostic tools and higher vehicle sales is expected to drive market growth. A rise in local shop owners and the prevalence of mergers and acquisitions among key players are anticipated to create opportunities for market growth during the forecast period.

To expand their customer base, automotive service companies are increasingly embracing artificial intelligence-based automated vehicle inspection technology for efficient vehicle inspections. A notable example is the collaboration between Scope Technology, a United States-based tech firm, and Microsoft’s Azure cloud computation in February 2022. This partnership aims to develop AI-automated vehicle inspection technology that enables visual inspections in under 5 minutes, resulting in a significant cost reduction of 50%.

Rising penetration of electric vehicles is further projected to drive market growth. This accelerated adoption of electric vehicles can be attributed to government initiatives and support aimed at improving environmental quality and reducing reliance on crude oil. Moreover, it is projected that battery electric vehicle repair and maintenance costs will be approximately 40% lower than those of internal combustion engine vehicles, further driving the market’s expansion.

Key Takeaways

United States automotive repair & maintenance services market is expected to grow with a CAGR of 6.8% during the forecast period.
The market in China is expected to grow with a CAGR of 7.1% during the forecast period.
By vehicle type, the passenger car segment is projected to grow with a significant CAGR of 7.4% during the forecast period.
The market in India is expected to grow with a CAGR of 7% throughout the forecast period.

“Increasing adoption of vehicle diagnostic tools and increasing automobile sales are expected to fuel market growth during the forecast period,” comments an FMI analyst.

Competitive Landscape

The automotive repair & maintenance services market is extremely competitive, with various key industry players investing heavily in providing these services.

The key industry players are Arnold Clark Automobile Ltd., Asbury Automotive Group Inc., Ashland Automotive Group Inc., Belron International Ltd, Driven Brands Inc., Goodyear Tire & Rubber Company, Carmax Autocare Center, Firestone Complete Autocare, Halfords Group PLC, Monro Inc.

Key industry players are utilizing organic growth strategies like acquisitions, mergers, tie-ups, and collaboration to bolster their product portfolio. This is expected to propel the global automotive repair & maintenance services market.

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Key Segments Profiled in the Automotive Repair & Maintenance Services Industry Survey

By Services & Parts

Engine Oil
Gear Oil
Brake Oil
Grease
Tires
Batteries
Wear & Tear Parts
Air Filter
Cabin Filter
Oil Filter
Wiper Blades
Others

By Service Providers

Automobile Dealerships
Franchise General Repairs
Specialty Shops
Locally Owned Repair Shops
Tire Shops
Others

By Vehicle Type

Passenger Cars
LCV
HCV

By Region

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

Author

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

Geosynthetics Industry Poised for Massive Growth: US$ 16,710.54 Million Projected by 2033

The geosynthetic industry is expected to reach US$ 15,177.60 million in 2023. The market is predicted to reach a value of US$ 16,710.54 million in 2033. Between 2023 and 2033, the market is expected to register a growth rate of 10.1%. Geosynthetics can create highly efficient barriers, reducing space requirements, and enhancing road access. As geosynthetics are increasingly used in mining operations, the market is expected to grow.

A new avenue in civil engineering to drive the market is geosynthetics, which is thought to offer innovative solutions for geotechnical, hydraulic, environmental, and transportation problems. As a result, infrastructure works can be built with more efficiency and sustainability, and with greater resilience and sustainability. Woven geosynthetics are becoming more popular due to their ability to distribute loads and strengthen soil.

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Climate change poses increasing challenges for infrastructure, so geosynthetics will be used to build a resilient system to resist hurricanes, floods, and sea level rise. Materials such as these can help protect coastal areas, control erosion, and manage storm water. With mass infrastructure projects that require resilient soil reinforcement and separation applications, these materials are a logical choice as they are highly tensile and dimensionally stable.

Real-time monitoring of infrastructure performance could be achieved by integrating sensors and technology into geosynthetics. Predictive maintenance can be conducted using this data, resulting in early detection of problems and extending the lifespan of a project. As technology advances and awareness programs become more popular, the market is expected to grow.

For instance, the Advanced Textile Association (ATA) held A Geosynthetics Conference in February 2023. Co-hosted with the International Erosion Control Association (IECA) Annual Conference and Expo, Kansas City, Mo., the conference brought together geotechnical, erosion control and stormwater experts. More than 1,800 attendees attended both conferences, and 186 exhibits took place, for a combined exhibition area of double that of the two associations.

Key Takeaways

According to FMI, through 2033, geotextiles will account for 37.2% of market revenue.
The polypropylene segment is expected to hold a market share of 50.2% during the forecast period.
By 2033, the United Kingdom is expected to experience an 8.2% CAGR until 2033.
Geosynthetic market demand in the United States is expected to increase by 10.3% CAGR throughout 2033.
A 13.2% CAGR is expected to be achieved by 2033 for the geosynthetics market in India.

“Innovations in manufacturing techniques and the adoption of eco-friendly materials will drive demand for geosynthetics. A combination of regulations and standards and increasing demand for smart geosynthetics will drive market growth in the next few years,” says FMI analyst.

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Competitive Landscape

As geotextile materials become increasingly popular and eco-friendly materials become available, several market players are establishing production facilities in emerging economies. With increasing investments, partnerships, and mergers, demand for geosynthetics is growing.

Market Developments Include

In June 2023, Marketentered into definitive documents, through its parent company Hella Infra Market Private Limited, in order to acquire a majority stake in Strata Geosystems (India) Pvt Ltd (“Strata”) with a market value of INR 9,100 Million from Glen Raven Technical Fabrics LLC (“Glen Raven”). Strata India also acquired Glen Raven’s geosynthetics business in the United States as part of the transaction.
In October 2022, Armando Alvarez Group and RedSea, a world leader in sustainable agriculture technology, entered into an exclusive agreement to supply hot-climate-compatible greenhouse covers. The new greenhouse cover is ideal for farming in hot and water-scarce regions. Results from the tests show exponential increases in harvest, reduced irrigation and fertigation costs and lower energy consumption.

Key Companies Profiled

AGRU Kunststofftechnik GmbH
Low & Bonar PLC
Tensar Corporation
Raven Industries, Inc.
Thrace Group
GSE Environmental Inc.
Officine Maccaferri S.p.A.
Koninklijke Ten Cate B.V.
HUESKER Synthetic GmbH
Solmax International Inc.
Geofabrics Australasia Pty. Ltd.
Garware-Wall Ropes Ltd.
Cooley Group

More Valuable Insights Available

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

To understand opportunities in the geosynthetic market, the market is segmented on the basis of Product Type (Geotextile, Geomembrane, Geogrid, Geonet, Geocomposite, Geosynthetic clay liner, Others), Material Type (Polyethylene (HDPE/LLDPE), Polypropylene (PP), Polyester, Natural Fibers, Others), Primary Application (Separation, Drainage & Filtration, Reinforcement, Containment), End Use (Roads (paved & unpaved), Railways, Retaining walls, Waterworks and waste treatments, Landfill & erosion control, Others) and Region (North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, Middle East, and Africa).

Segmentation Analysis of the Geosynthetics Market

By Product Type:

Geotextile
Geomembrane
Geogrid
Geonet
Geocomposite
Geosynthetics Clay Liner
Others

By Material Type:

Polyethylene (HDPE/LLDPE)
Polypropylene (PP)
Polyester
Natural fibers
Others

By Primary Application:

Separation
Drainage & Filtration
Reinforcement
Containment

By End Use:

Roads (paved & unpaved)
Railways
Retaining walls
Waterworks and waste treatments
Landfill & erosion control
Others

By Region:

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

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 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

North America Takes the Lead: Invest in the Growing Crawler Excavator Market worth US$ 65.7 Billion by 2033

The crawler excavator market is expected to cross US$ 50,307.3 million in 2023 and is anticipated to attain a valuation of US$ 65.7 Billion by 2033. The crawler excavator market share is predicted to thrive at a CAGR of 2.7% from 2023 to 2033.

Over the predicted research period, North American regions are expected to increase their market share significantly. According to FMI analysts, North America earned sales of $9.62 billion in the base year and is expected to expand significantly due to:

Rising demand for new housing units in North American nations
Increasing government initiatives and strategic permits are driving the building sector in this area, generating development potential in the infrastructure sector for crawler excavators.

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Beyond new building initiatives, aging infrastructure needs routine upkeep and sporadic repairs to maintain its operation. Over time, roads, bridges, pipelines, and other important infrastructure may deteriorate, necessitating repairs including repaving, reinforcing, or replacement of damaged parts. Crawler excavators are essential in these upkeep tasks.

In addition to handling heavy materials needed for maintenance work, excavators may be utilized for activities like removing old pavement layers and digging trenches for utility repairs. They are versatile machines that are capable of carrying out a variety of functions, which makes them essential for maintaining and modernizing existing infrastructure.

Crawler excavators are in perpetual demand even during times when new building projects may fluctuate because infrastructure maintenance projects frequently have a predictable and stable demand. The market for crawler excavators is continuing to expand amid the constant requirement for maintenance work. With features like GPS integration, telematics, and increased fuel efficiency, manufacturers have begun releasing more technologically advanced crawler excavators. Customers seeking to improve their equipment for increased productivity and lower operating costs are drawn to these developments.

Large-scale construction projects requiring heavy machinery like crawler excavators might result from foreign investments in infrastructure projects, particularly in developing nations. For instance, significant infrastructure projects in rising economies like the construction of roads, airports, or power plants may be funded by foreign governments, multinational firms, or international development banks. These construction projects are predicted to boost crawler excavator market growth.

Key Takeaways from Crawler Excavator Market Report:

In 2018, the global market size stood at US$ 44,464.3 million.
The market expanded at a CAGR of 2.5% from 2018 to 2022.
In 2022, the global market size stood at US$ 49,080.3 million.
The United States captured 13.5% of global market shares in 2022.
India captured 2.8% of global market shares in 2022.
China captured 3.0% of global market shares in 2022.
The United Kingdom captured 2.8% of global market shares in 2022.
The standard product type segment captured 51.3% of global market shares in 2022.
The medium (2.00 to 4.00) bucket capacity segment acquired 23.3% of global market shares in 2022.

Key Players in the Global Market

Tata Hitachi Construction Machinery (THCM)
Bharat Earth Movers Limited (BEML)
Komatsu
JCB
Doosan Excavator
Caterpillar
SANY
Volvo Construction Equipment
Kobelco Construction Equipment India
Hyundai Construction Equipment

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Crawler Excavator Market Segmentation

By Product Types:

Standard
Hybrid
Short Tail
Super Long Front

By Bucket Capacity:

Small (0.30 to 2.00)
Medium (2.00 to 4.00)
Large (Above 4.00)

By Operating Weight:

12,500 to 22,100 Kg
22,650 to 30,200 Kg
34,300 to 45,750 Kg
51,000 to 70,650 Kg
78,500 to 93,300 Kg
Above 95,900 Kg

By End Use Vertical:

Construction
Mining
Forestry & Agriculture
Others

By Region:

North America
Latin America
Europe
Asia Pacific
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

Smoke Alarm Market Anticipated to Expand at a Remarkable CAGR of 7.1% by the Year 2033

In 2023, the global smoke alarm market is anticipated to generate revenues of US$ 1,956.9 million. By 2033, demand for smoke alarms is expected to expand at a CAGR of 7.1%, reaching US$ 3,885.7 million..

In the event of false alarms, customers deactivate the alarm using IoT-enabled devices. Also, the IoT-enabled system alerts the user when batteries and other wearables need to be changed or replaced. Moreover, the smoke alarms sector is driven throughout the projection period by smartphones combined.

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The need for fire safety equipment is increasing due to the expansion of the commercial real estate sector and the IT industry to protect high-value assets, which includes:

Data centers
Manufacturing facilities
Powerhouses
Buildings
IT Infrastructure

The industry is being driven by the implementation of home safety requirements. The USFA (United States Fire Administration) has established standards as a result of growing concern over fire safety.

Key Takeaways

By 2033, the smoke alarm market in the United Kingdom is likely to expand, with a CAGR of 5.6%.
In 2023, the United States is expected to dominate the smoke alarm sector, with a share of 29.6%.
The smoke alarm market was significantly expanding, with a size of US$ 1,867.3 million in 2022.
By 2033, the smoke alarm market in China is likely to expand, with a CAGR of 8%.
In 2023, Germany is likely to expand significantly in the smoke alarm business, with an expected share of 7.1%.
By 2033, India is projected to expand significantly in the smoke alarm market, with a share of 7.6%.
Japan’s smoke alarm industry share is likely to expand significantly, with a 6% share in 2023.
In 2023, the ionization smoke alarm is likely to hold a top spot in the market with a share of 48.5%, in terms of type.
Based on the application, the commercial segment is expected to dominate the market with a share of 56.6% in 2023.

Adapting the Changing Competitive Landscape

Large corporations are expanding their geographic reach, particularly in emerging nations, to achieve maximum technological penetration. The key to success is the establishment of research and development centers together with strategic alliances.

Investments are made to provide new creative technology in response to customer demand. To capture the sizable possible proportion of the market, businesses are likely to concentrate on innovation that specifically serves emerging nations and undeveloped markets.

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Key Players

Honeywell International
Nittan Co., Ltd.
Siemens AG
Hochiki Corporation
ABB Group
Robert Bosch GmbH
TycoFIS (Tyco International Ltd)
Johnson Controls International PLC
Mircom Group
Kidde Fire Safety (United Technologies Corporation)

Recent Developments

Kidde introduced the Smoke + Carbon Monoxide Alarm in January 2022. It contains several smart features, a Wi-Fi connection, and control via a new mobile app. One of the first smart systems that could be utilized to convert old Kidde hardwired linked alarms into smart ones with a comprehensive and simple integration solution. This gives whole-home protection as the company’s new smoke alarm.
April 2021 saw the release of Cerberus FIT, a new version of the fire protection system, expanding Siemens AG’s Smart Infrastructure business’s offering for the small- to medium-sized property market.
In August 2022, Honeywell debuted Fire-Lite, a line of small- to medium-sized building fire protection tools. The easily installed equipment provides affordable, cutting-edge fire detection.

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Key Segments
By Type:

Ionization
Photoelectric
Beam

By Application:

Commercial
Residential
Others

By Region:

North America
Latin America
Europe
East Asia
South Asia
Oceania
Middle East & Africa (MEA)

Author

Sneha Varghese (Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry. She has worked on 200+ research assignments pertaining to Consumer Retail Goods.

Her work is primarily focused on facilitating strategic decisions, planning and managing cross-functional business operations, technology projects, and driving successful implementations. She has helped create insightful, relevant analysis of Food & Beverage market reports and studies that include consumer market, retail, and manufacturer research perspective. She has also been involved in several bulletins in food magazines and journals.

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 ~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

Gear Up for the Driverless Future: The Autonomous Vehicle Market zooms to US$ 70.3 Billion (CAGR 8.7%)

In 2023, the autonomous vehicles market is expected to be worth US$ 30,539.0 million. The revenue from sales of autonomous vehicles is anticipated to reach around US$ 70,331.5 million by 2033, growing at a CAGR of 8.7% between 2023 and 2033.

According to Future Market Insights’ most recent study, Europe has the greatest revenue share in the autonomous vehicle sector, accounting for over 38% of the total. European countries are expected to have significant prospects as a result of technical improvements and increased investment in the R&D sector.

Another significant driver of the regional market is the increasing inclination of consumers for technologically improved items. Furthermore, supportive government programmes and incentives offered to new producers are expected to drive market expansion.

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Key Takeaways from the Autonomous Vehicles Market:

With a market share of 28.1% in 2033, the United States dominates the autonomous vehicles industry, owing to technological innovation and a favorable regulatory framework.
Germany occupies a considerable market share of 8.0% in the autonomous vehicles industry, owing to its famous automotive manufacturing base and emphasis on research & development.
Japan has a significant market share of 9.3% in the autonomous vehicles industry, thanks to its safety-first attitude and cooperation between automakers and technology businesses.
Australia presently holds a 0.2% market share in the autonomous vehicles industry, with distinct trends centered on autonomous mining operations and urban mobility projects.
China’s autonomous vehicles industry has a high growth potential, with a value compound annual growth rate (CAGR) of 9.4% in the most recent year.
With a value CAGR of 8.1% in the most recent period, India shows potential growth in the autonomous vehicles market.
The United Kingdom has consistently succeeded in the autonomous vehicles industry, with a value CAGR of 6.9% during the period.

What are Key Players Doing to Thrive in the Autonomous Vehicles Market?

The competitive landscape of the autonomous vehicles industry is characterized by intense competition and a diverse range of players vying for market share and technological supremacy. This industry attracts established automotive manufacturers, technology companies, startups and emerging players focused on autonomous driving technologies. Some key players in the autonomous vehicles industry include:

Tesla: Known for its electric vehicles and advanced autonomous driving features, Tesla has been a pioneer in the industry. Its Autopilot system, combined with a vast network of vehicles collecting data, gives Tesla a competitive advantage in developing self-driving technology.
NVIDIA: As a leading provider of graphics processing units (GPUs), NVIDIA plays a crucial role in enabling the computational power required for autonomous vehicles. Its AI-focused hardware and software solutions are integral to the development of autonomous driving systems.
Intel: Intel’s acquisition of Mobileye, a leader in vision-based advanced driver-assistance systems, has bolstered its presence in the autonomous vehicles market. Intel provides essential hardware and software solutions for autonomous driving, positioning itself as a key technology provider.
Baidu: Known as the “Google of China,” Baidu has made significant investments in autonomous driving technology. Its Apollo platform offers an open-source software and hardware ecosystem, enabling collaboration among developers, automakers, and technology companies.

With ongoing advancements in technology, collaborations, and strategic partnerships, the industry is poised for rapid growth and further competition as companies strive to lead the way in the future of transportation.

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Key Segments Covered in the Autonomous Vehicles Industry Analysis

By Level of Automation:

Driver Assistance
Partial Automation
Conditional Automation
High Automation
Full Automation

By Application:

Autonomous Passenger Cars
Autonomous Public Transportation
Autonomous Industrial Fleet
Autonomous Construction
Autonomous Agricultural Applications

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.

Explore Wide-ranging Coverage of Future Market Insights Automotive Landscape:

Electric Scooters Market:
https://www.futuremarketinsights.com/reports/electric-scooters-market

Automotive Interior Ambient Lighting System Market:

https://www.futuremarketinsights.com/reports/automotive-interior-ambient-lighting-systems-market

Bicycle Components Aftermarket:

https://www.futuremarketinsights.com/reports/bicycle-components-market

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

United States & Canada Cat Litter Box Market Expected to Exhibit a 7.9% CAGR by 2033

According to data released by Future Market Insights (FMI), the United States & Canada cat litter box market is estimated to reach US$ 787.6 million in 2023, with sales expected to reach US$ 1,683.8 million in 2033. It is likely to exhibit a 7.9% CAGR during the forecast period from 2023 to 2033.

Rapid Expansion of the North America Cat Litter Box Industry: The industry is poised for rapid growth during the forecast period.
Growing Awareness of Health Benefits: As people recognize the health advantages of keeping their cats indoors, there is a significant demand for indoor litter boxes.
Demand for Aesthetically Pleasing Litter Boxes: There is an increasing need for litter boxes that are aesthetically pleasing and blend well with home decor.
Increasing Pet Cat Ownership in the United States: The United States has witnessed a steady increase in pet cat ownership, driving the demand for cat litter boxes.
Statistics from the American Pet Products Association (APPA): According to the APPA, there were approximately 86.9 million pet cats in the United States in the period from 2023 to 2024.

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Key Factors Driving Demand in the Market:

Increasing Demand for Odor Control and Hygiene: Pet owners’ growing concern for odor control and hygiene will drive sales during the forecast period.
Popularity of Self-Cleaning Cat Litter Boxes: Self-cleaning cat litter boxes are expected to become more popular due to their convenience and time-saving features.
Demand for Eco-Friendly Cat Litter Boxes: Growing environmental consciousness has led to increased demand for eco-friendly cat litter boxes made from sustainable materials, offering biodegradability and disposability.
Need for Versatile Litter Box Solutions: Cat owners are seeking versatile litter box solutions that can be customized to their specific needs and fit within constrained spaces.
Demand for Aesthetic Cat Litter Boxes: There is an astonishing demand for aesthetically pleasing cat litter boxes among cat owners that complement their home decor.

Key Players:

IRIS USA Inc.
Petmate
Van Ness
Spectrum Brands Holdings, Inc.
Rolf C. Hagen Inc.
Modkat
Pet Fusion
CatGenie
Purina
Whisker
Others

For instance:

In January 2022, TABPS’s FiloMilo range of cat litter comes in both scented and unscented varieties, making it one of the several pet industry brands with the steady pace of growth. The kitty litter has a delicious flowery scent to it. Both variants, according to the manufacturer, are scoopable and made completely of bentonite clay.
In March 2022, Pettex introduced its recently launched Naturecat tofu cat litter & stated that it is designed for fast absorption, super clumping, and low tracking,. Besides to being kind on paws and easy to handle.

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USA & Canada Cat Litter Box Market by Category

By Product Type:

Open Top
Enclosed
Self-cleaning
Modern
Others

By Sales Channel:

Modern Trade
Convenience Stores
Pet Stores
Multi-brand Stores
Online Retailers
Other Sales Channel

By Region:

United States
Canada

Author

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 ~400 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

Riding the Growth Wave: Opportunities in the Diesel Power Engine Market (CAGR 4.8%)

According to Future Market Insights (FMI), the size of the worldwide diesel power engine market is projected to be valued at US$ 9 billion in 2024. By 2034, it is anticipated to reach a valuation of about US$ 18.8 billion. Between 2024 and 2034, the market is anticipated to rise at a compound annual growth rate (CAGR) of 7.6%.

Growth is set to be fueled by diesel engines’ superior fuel economy over gasoline-based engines, which is particularly useful in trucks, buses, and construction equipment. In order to reduce emissions and improve efficiency in off-road machinery & commercial vehicles, renowned automakers are integrating diesel engines into electric and hybrid powertrains. This trend is expected to increase as governments in several countries implement stricter regulations.

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In order to lessen their dependency on fossil fuels and cut greenhouse gas emissions, companies are concentrating their research & development efforts on the discovery of new alternative fuels, such as biodiesel, renewable diesel, and synthetic diesel. In order to provide real-time monitoring, predictive maintenance, and engine optimization, diesel engine manufacturers are incorporating digital technology and connection solutions into their engines.

Owing to its great torque and dependability, diesel-powered machinery is predicted to be in high demand as a result of the continued growth of a number of industries, including mining, construction, and agriculture. With the increasing requirement for backup systems and generators to power remote construction sites, telecommunications towers, and power plants, there will likely be a boom in demand for diesel engine technology.

The military and defense sector is expected to use small diesel engines in aircraft, ships, and vehicles to obtain high durability and fuel efficiency. The marine propulsion industry is expected to be one of the leading end-users of diesel engines as these can provide robust performance, long range, and high efficiency in maritime transport & commercial shipping applications.

Key Takeaways from the Diesel Power Engine Market Report:

The global diesel power engine market expanded at a CAGR of about 9.2% in the historical period 2019 to 2023.
The United States diesel power engine industry is projected to attain a valuation of US$ 3.3 billion by 2034.
China is anticipated to expand at a CAGR of 6.8% from 2024 to 2034.
Japan’s diesel power engine market is anticipated to witness a CAGR of 9.0% through 2034.
In terms of operation, the standby segment is projected to witness a CAGR of 7.4% from 2024 to 2034.
Based on rated power, the up to 0.5 MW category is estimated to exhibit a CAGR of around 7.1% through 2034.

“As they can lower carbon emissions, the quick development of novel biofuels and renewable diesel is anticipated to open up new business prospects for providers to the diesel engine industry. The cutting-edge fuels are projected to be utilized in diesel engines with zero to very little modification, offering a means of decarbonizing the transportation and industrial sectors,” – Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.)

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Competitive Landscape

There are a number of significant players in the highly fragmented global diesel power engine industry. Their primary goal is to collaborate with well-known automakers to supply their internal heavy-duty diesel engines.

To obtain a competitive advantage, a number of automakers across the globe are working to boost sales of their diesel-powered cars. They are always adding new features and diesel engines to their outdated automobile models.

Key Companies Profiled in the Diesel Power Engine Market Report

Caterpillar Inc.
Cummins, Inc.
MAN SE
Rolls-Royce Holdings plc.
Wärtsilä Corp.
Mitsubishi Heavy Industries, Ltd.
Volvo Penta
Hyundai Heavy Industries Co., Ltd.
Doosan

For instance,

Tata Motors unveiled the new Turbotronn 2.0 engine in January 2024. In the truck business, the new engine is expected to provide excellent efficiency and dependability. It was designed to fit trucks weighing between 19 and 42 tons. Long-haul and inter-city transportation are two trucking applications where the engine excels.
Tata Motors stated in January 2024 that it intended to introduce the diesel form of the Tata Curvv in addition to the gasoline and all-electric models. The corporation wants to encourage the use of diesel powertrains as there is less of a market in India for SUVs with diesel engines.

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Diesel Power Engine Market Outlook by Category

By Operation:

Standby
Prime
Peak Shaving

By Rated Power:

Up to 0.5 MW
0.5 to 1 MW
1 to 2 MW
2 to 5 MW
Above 5 MW

By End-user:

Industrial
Commercial
Residential

By Region:

North America
Latin America
Europe
East Asia
South Asia
Oceania
Middle East and 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 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

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Synthetic Leather Industry Booming: Set to Reach US$ 50.01 Billion by 2033

As per Future Market Insight, the global synthetic leather industry is anticipated to attain a value of US$ 50.01 billion by 2033, demonstrating a CAGR of 6%. This substantial growth marks a notable surge from its estimated worth of US$ 29.24 billion in 2023.

Increasing awareness of environmental issues and the negative impact of animal leather production has led to a rise in demand for sustainable and cruelty-free alternatives. Synthetic leather, also known as faux leather, offers a more eco-friendly option. Artificial leather is typically more economical than authentic leather. This makes it an attractive choice for consumers seeking a similar look and feels without the higher price tag. Advances in material science and manufacturing technologies have led to the development of high-quality synthetic leather that closely mimics the appearance and texture of genuine leather. These innovations have expanded the synthetic leather market appeal.

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The fashion and apparel sectors are significant consumers of synthetic leather. The material is commonly used in the production of shoes, bags, clothing, and accessories, driving demand from fashion-conscious consumers. Increasing demand from the global footwear sector is anticipated to be a pivotal factor driving the overall market expansion. The exorbitant expense of organic leather is another element that has spurred the necessity for substitutes derived from natural materials.

PVC leather is an additional crucial form of artificial leather that has surged in popularity owing to its wide range of applications, encompassing tote bags, beauty pouches, wallets, suitcases, handbags, and travel bags. It is utilized in diverse fields, including textiles, shoes, garments, upholstery, and others where a leather-like texture is desired. The substance is impracticable, inappropriate, and cost-prohibitive. The production procedure has progressed in recent years to incorporate a surface coating atop the synthetic polymer blend.

The surge in the vegan population is propelling the inclination towards faux leather due to its source of materials. Many corporations are now refraining from utilizing animal-derived sources in the production of leather. In general, artificial leather is created through either wet coagulation or dry coagulation processes, along with the transfer coating technique. Hence, the rise of veganism and ethical consumerism has prompted more people to choose animal-free alternatives, driving the demand for synthetic leather products.

Synthetic leather proves to be more environmentally friendly than traditional or genuine leather. It can become even more eco-friendly and widely accepted by implementing certain modifications to its composition. Several companies are now prioritizing recycled materials for producing synthetic leather, aiming to promote sustainable development.

Companies are adopting the use of recycled polyester ultra-fine microfibers as the primary raw materials. This approach not only prevents microfiber pollution but also significantly reduces the demand for crude oil and petroleum-based products. Additionally, it helps in minimizing the level of carbon dioxide emissions associated with the processing and manufacture of virgin polyester fibers. Such discoveries play a crucial role in fostering the growth of the synthetic leather market.

The automotive industry is another key end user of synthetic leather. The rapid population growth and disposable income have driven the demand for passenger and commercial vehicles. As a result, the automotive industry has experienced an increase in vehicle sales, along with continuous shifts in consumer preferences, particularly in terms of automotive interior aesthetics and designs. This has led to a surge in demand for premium-grade synthetic leather in recent years. It is extensively used in car interiors due to its durability, easy maintenance, and cost-effectiveness.

Key Takeaways from the Synthetic Leather Market

The synthetic leather industry in the United Kingdom is anticipated to rise sizably, exhibiting a CAGR of 5.9% through 2033, driven in part by the growing demand for eco-friendly and sustainable materials in the country’s fashion and consumer goods sectors.
In 2022, the United States accounted for a significant 12.1% share of the global synthetic leather industry, driven by its robust demand from key sectors such as automotive, fashion, and upholstery, along with its advanced manufacturing capabilities and strong distribution networks.
With a CAGR of 5.3% over the forecast period, India is predicted to develop rapidly in the synthetic leather market, primarily fueled by the country’s burgeoning fashion and automotive sectors’ increasing adoption of synthetic leather materials for their products.
In 2022, Japan held a 4.7% share of the global synthetic leather industry, driven in part by the country’s strong reputation for technological expertise and high-quality manufacturing processes in the synthetic leather sector.
The synthetic leather industry in China is expected to flourish speedily, registering a CAGR of 4.8% over the forecast period, primarily driven by the country’s massive population and increasing disposable incomes, leading to greater demand for synthetic leather products in various applications.
In 2022, Germany accounted for 7.4% of the global synthetic leather industry, bolstered by the country’s strong emphasis on sustainable manufacturing practices and its reputation for producing high-quality synthetic leather materials.

Competitive Landscape in the Synthetic Leather Market

Key players are continuously investing in research and development to improve product quality and sustainability. Additionally, they are broadening their international footprint by engaging in strategic partnerships and acquisitions. The objective is to meet the rising demand for eco-friendly and cost-effective synthetic leather alternatives. These alternatives are sought after in industries such as automotive, fashion, and furniture.

FMI has identified Asahi Kasei, Nan Ya Plastics Corporation, Toray Industries, Teijin Limited, Kuraray Co., Ltd., Daewon Chemical Co Ltd., Kolon Industries Inc., Achilles Corp, and Mayur Uniquoters as leading players in the synthetic leather market. They collectively account for more than 30% of global market share as of 2022.

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Recent Developments by Key Players

In December 2021, Dow unveiled LUXSENSE™ Silicone Synthetic Leather, a pioneering high-end synthetic leather material. It establishes fresh benchmarks for transportation seating and interiors, furniture, fashion, wearable devices, and consumer electronics within the industry. This groundbreaking material represents a leap in material science, presenting an unparalleled alternative in the synthetic leather market.

In September 2021, Teijin Cordley Limited achieved a significant breakthrough by developing a cutting-edge artificial leather with antiviral and antibacterial properties, incorporating a long-lasting antibacterial agent. Starting from October of the same year, Teijin Cordley commenced the sale of this latest antiviral synthetic leather.

Key Segments Profiled In The Synthetic Leather Market Industry Survey

Synthetic Leather by Material Type:

Polyvinyl Chloride
Polyurethane
Bio Based

Synthetic Leather by Application:

Synthetic Leather for Footwear
Synthetic Leather for Furnishing
Synthetic Leather for Automotive
Synthetic Leather for Clothing
Synthetic Leather for Bags
Synthetic Leather for Sports
Synthetic Leather for Electronics

Synthetic Leather by Region:

North America
Latin America
Asia Pacific Excluding Japan
Western Europe
Eastern Europe
Middle East & Africa
Japan

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 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

Pet-calming Products Market Set to Reach a Valuation of US$ 28.83 Billion by 2033

According to the research report published by Future Market Insights, the global pet-calming products market size is projected to gain remarkable growth from 2023 to 2033. The market is projected to surpass a valuation of US$ 16.41 billion in 2023 and is likely to hit a valuation of US$ 28.83 billion by 2033. Exhibiting a modest CAGR of 5.8% from 2023 to 2033.

The rise in urbanization is prompting individuals to reside in smaller homes, leading to an uptick in the adoption of smaller pets like fish, hamsters, dogs, and cats. Moreover, the growing prevalence of work-from-home arrangements has allowed pet owners to dedicate more time to their furry companions.

Pet calming products such as pheromone sprays, treats, supplements, and others are becoming more widely available. The rising social media platforms and online communities focused on pet care contribute to the market’s development.

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The ever-increasing global population and urbanization are forcing people to reside in smaller settings. This is increasing the awareness of pets’ behaviour among their owners, which is creating a demand for pet calming products. Millennials and Gen Z populations are contributing incredibly to the rising pet ownership, which in return is increasing the growth prospects for the pet-calming products market.

The market’s expansion is projected to be supported by the rising demand for products containing CBD (Cannabidiol). Pet CBD products have grown in popularity over the past few years. Animals and humans have both been shown to experience calming benefits from CBD. They are available in several different forms, including snacks, chews, and oils. The demand for CBD-based products is projected to increase as a result of the growing research on the benefits of CBD-based goods.

Fueling this growth are several key factors:

Rising stress levels in pets: Factors like loud noises, travel, separation anxiety, and fireworks can cause anxiety in pets, driving demand for calming solutions.
Growing pet ownership: As more people welcome pets into their homes, the need for their well-being becomes a priority.
Humanization of pets: Pet owners are increasingly treating their animals like family, seeking products that improve their quality of life.
Increasing awareness of pet anxiety: Greater understanding of pet mental health encourages owners to explore calming solutions.
E-commerce boom: The convenience and wider product availability online fuel market growth.

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Key Players in the Market

Nestle Purina Petcare
Virbac
NOW Foods
Zoetis Inc.
PetHonesty
Zesty Paws
THUNDERWORKS
PetlQ LLC
Ceva Animal Health (Adaptil)
Garmon Corp. (NaturVet)

Market Segmentation

by Pet Type:

Dogs
Cats
Others

by Product:

Food & Supplements
Snacks & Treats
Gel & Ointment
Spray & Mist
Others

by Distribution Channel:

Online
Offline

by Region:

North America
Europe
Asia Pacific
Latin America
Middle East & Africa

Recent Developments Observed by FMI:

In March 2023, Virbac announced an expansion of its production facility to cater to the increasing pet population. The firm plans to invest nearly US$ 42 million in opening a new factory in Saint-Gilles, Belgium.
In February 2023, Comfort Zone began selling its products in the United Kingdom. It has become the first business to provide a calming solution in the United Kingdom with the introduction of a drug-free Pheromone Collar.
In March 2022, Ceva Animal Health (Adaptil) introduced Adaptil Chew, extending its veterinary behavior spectrum. The brand-new product is a chew that calms dogs down quickly.

Author

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 ~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