Document Outsourcing Services Market Soars: Projected to Hit US$ 11.74 Billion by 2030

Prominent market research company Future Market Insights infers that the global document outsourcing services market shall expand at a CAGR of 6.3% between 2022 and 2030.

The COVID-19 outbreak has compelled business organizations to institute remote working arrangements, requiring remote communication, preparation of paperless documents, tax filings and payroll processes. All these procedures have compelled companies to shift to virtual platforms, resulting in an uptake of document outsourcing services.

Besides the pandemic, a general requirement to streamline business operations has prompted small, medium and large scale corporations to invest a major chunk of their revenue in document outsourcing services. All these factors are acting as growth catalysts for the market during the forecast period.

The banking, financial services and insurance (BFSI) sector has effectively adopted document outsourcing services, owing to the voluminous nature of its operations. Looking at the nature of its operations, adoption of document outsourcing services has risen exponentially in the past, and will continue to do so across the forecast period.

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List of Key Players Covered in Document Outsourcing Services Market are:

  • Ricoh Co. Ltd.
  • Fuji Xerox Co. Ltd.
  • Iron Mountain Incorporated
  • Max BPO
  • Symcor
  • Hewlett-Packard Co.
  • Lexmark International Inc.
  • Invensis Technologies Pvt. Ltd.
  • Suma Soft Private Limited
  • Nimble Information Strategies Inc

Key Takeaways from FMI’s Document Outsourcing Services Market:

  • By service type, document processing shall gain traction by 1.5x until 2030.eed for greater regulatory compliance across key industries such as healthcare and insurance is leading to an uptick in demand for document processing.
  • BFSI segment shall dominate the global document outsourcing market. However, healthcare is witnessing a rapid surge in document outsourcing services adoption due to COVID-19.
  • Small and medium enterprises are effectively leveraging the document outsourcing services platform, given the need to enhance operational efficiencies.
  • North America will remain the market hegemon throughout the forecast period while East Asia and Europe shall generate lucrative growth opportunities.

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Document Outsourcing Services Market: Key Trends

  • Document outsourcing has resulted in guaranteed 10% cost savings on print production and 25% in translation and authoring costs.
  • Technological advancements such as dynamic localization of index fields and automated classification of records have helped reduce documentation anomalies across the banking sector.
  • The coronavirus pandemic has pushed vendors to enhance their service offerings through regular notifications to customers by virtue of SMS, online updates and phone calls.
  • Customer satisfaction is an important variable driving the design of integrated document outsourcing solutions.

Document Outsourcing Services Market: Region-wise Analysis

  • North America enjoys the lion’s share, with the United States accounting for more than 60% of the share. Mushrooming small and medium enterprises and startups is driving increased adoption of document outsourcing services in the region.
  • In January 2020, the Canadian government collaborated with Ricoh Canada, Inc. to provide enhanced delivery of printing technologies and services across business organizations.
  • India and China are key document outsourcing service providers, with more than 40% of it being utilized by American companies.
  • Indonesia is another important outsourcing provider to the American market, due to the absence of a language barrier. Over 70% of Indonesians are fluent in English.

Document Outsourcing Activities Market: Competitive Analysis

The document outsourcing activities market is composed of a handful of players, which include: Symcor, Hewlett-Packard Co., Max BPO, Lexmark International, Inc., Ricoh Co. Ltd., Fuji Xerox Co., Ltd. and Iron Mountain Incorporated.

The abovementioned market players concentrate on developing and launching new solutions. This is primarily driven by the BFSI industry. Besides, they are also forging partnerships with cloud service providers in the wake of the pandemic crisis to offer remote working solutions. For example, Indigenous Link and Symcor are jointly providing to monitor, track and calibrate document management process in real-time across Canada while collecting data of the indigenous population.

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Detailed Table of Content:

  • Executive Summary
    • Global Market Outlook
    • Demand Side Trends
    • Supply Side Trends
    • Analysis and Recommendations
  • Market Overview
    • Market Coverage / Taxonomy
    • Market Definition / Scope / Limitations
  • Key Market Trends
    • Key Trends Impacting the Market
    • Innovation / Development Trends
    • Key Success Factors
  • Global Document Outsourcing Services Market – Pricing Analysis
    • Pricing Analysis, By Types of Services/Service Contract
    • Global Average Pricing Analysis Benchmark
  • COVID-19 Pandemic Crisis Impact Analysis
    • Impact of COVID-19 Pandemic Crisis on Outsourcing Services Market in Global
    • Pre-COVID-19 Growth Analysis (2018-2021)
    • Post-COVID-19 Impact Analysis (2022 & beyond)
    • Expected Recovery Scenario (Short-term / Mid-term / Long-term)
    • Key Action Points for Outsourced Services Providers

Author:

Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.

He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.

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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Automotive Repair & Maintenance Services Market Growth to Surge to US$ 1,850 Billion by 2033

According to Future Market Insights, the global automotive repair & maintenance services market growth 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.

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.

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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.

  • On November 4, 2022, Belron International Ltd. confirmed its submission of a Commitment Letter to the Science Based Targets initiative (SBTi). This letter signifies their determination to establish science-based emissions reduction targets, aligning with the objectives of the Paris Agreement
  • In March 2021, Monro, Inc. entered into an agreement to acquire Mountain View Tire & Service, Inc. The acquisition not only strengthens Monro, Inc.’s foothold in the western region but also expands its overall presence to a total of 116 stores, further positioning the company in an attractive market.
  • In July 2022, FullSpeed Automotive® announced its accelerated growth plans through acquisitions to expand to 1,000 units by the end of 2023. As a leading franchisor and operator of automotive aftermarket repair facilities, FullSpeed Automotive® is known for its flagship brands Grease Monkey® and SpeeDee Oil Change & Auto Service®.

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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

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

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

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

About Future Market Insights (FMI)

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

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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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Mindfulness Meditation Application Market is Expected to Reach a CAGR of 9.5% from 2022-2030 | Future Market Insights, Inc.

The market for mindfulness meditation applications is anticipated to grow at a 9.5% compound annual growth rate (CAGR) to reach US$ 397.9 million by 2030 and US$ 192.7 million in valuation in 2022. The need for stress relief has increased interest in meditation techniques in recent years, which has made it profitable for mindfulness meditation software to enter the market.

With the promise of reducing anxiety, these applications have grown to be a significant industry worth billions of dollars today. An increase in wellness-focused lives has made investing lucrative. According to Future Market Insights, wellness experts will likely use technology to connect with younger people, making this movement more permanent than a fad.

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Key Takeaways of Mindfulness Meditation Application Market

  • North America to dominate global mindfulness meditation application market are it is poised to earn a valuation of US$ 45 Mn by the end of 2030
  • Android users will lead the market gaining a 47bps of current market value by 2030
  • 70% users are expected to belong to Generation Z as mental health awareness gains momentum on social media platforms
  • Japan to be a key spender on mindfulness meditation apps as well as the youth seeks Zen life through technology

COVID-19 Impact on Mindfulness Meditation Application Market

The downloads for mindfulness meditation have certainly seen a spike amidst the COVID-19 pandemic. According to a study, the top 10 wellness apps, operating in English language, witnessed 2 million downloads in April 2022.

The business has been growing for these ap ps as the pandemic has raised overall anxiety levels amongst users with layoffs, threat of diseases, death of loved ones, and in general uncertainty. Thus the need to manage stress can be felt with ferocity more than over amongst users and seekers.

Furthermore, strategies such as free access to frontline workers and increased number of days for free trial have also won the app makers a relatively wider clientele. While the ethics of using the pandemic to promote business can be contested, it is definite that the unprecedented times have led to unprecedented business for these apps.

Top Mindfulness Meditation Apps :

Constant diversification of offerings has been the winning marketing strategy of the key players operating in the global mindfulness meditation application market. Vision To build a valuable brand and product offering with insights from psychologists is expected to be marketing strategies of these companies.

  • Calm.com, Inc.
  • Headspace, Inc.
  • Deep Relax
  • Ten Percent Happier
  • Smiling Mind
  • The Mindfulness App
  • Inner Explorer, Inc.
  • Parachute for Parents (Committee for Children)

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More Valuable Insights on Mindfulness Meditation Application Market

In its latest report, Future Market Insights offers an unbiased analysis of the global mindfulness meditation application market, providing historical data for period of 2015-2021 and forecast statistics for the period of 2022-2030.

Key Segments of Mindfulness Meditation Application Industry Survey

Mindfulness Meditation Application Market by Operating System:

  • Mindfulness Meditation Apps for Android
  • Mindfulness Meditation Apps for iOS
  • Mindfulness Meditation Apps for Others

Mindfulness Meditation Application Market by Service:

  • Paid (In-app Purchases) Mindfulness Meditation Apps
  • Free Mindfulness Meditation Apps

Mindfulness Meditation Application Market by Region:

  • North America Mindfulness Meditation Application Market
  • Latin America Mindfulness Meditation Application Market
  • Europe Mindfulness Meditation Application Market
  • East Asia Mindfulness Meditation Application Market
  • South Asia & Pacific Mindfulness Meditation Application Market
  • Middle East & Africa (MEA) Mindfulness Meditation Application Market

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Author:

Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.

He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.

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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Teleprotection Market Soars to US$ 25 Billion in 2023, Anticipates Remarkable Growth to Exceed US$ 182.2 Million by 2033

The global teleprotection market is estimated to capture a valuation of US$ 25 billion in 2023 and is predicted to surpass a valuation of US$ 182.2 Billion by 2033. The market is estimated to rise at a CAGR of 22% from 2023 to 2033.

Which Sector Drive the Global Market?

The power and energy sector significantly drives the market. Here are different sectors within the power and energy industry fueling the global market:

  • Power Transmission: The power transmission sector plays a significant role in driving the global market. The demand for teleprotection is growing due to secure and reliable electricity transmission. These systems can minimize disruptions, detect faults, apparent, and isolate to upgrade infrastructure.
  • Power Distribution: The distribution sector is another essential sector that plays a crucial role in the global market. Teleprotection helps to protect distribution networks, manage power quality, and enable remote control. It focuses on grid reliability, improves performance, and reduces outages.
  • Renewable Energy Integration: The growing integration of renewable energy, including wind and solar energy, drives the global market. Integration of renewable energy manages grid stability, monitors power flow, and ensures efficiency. Renewable energy continue to grow with the adoption of teleprotection in the coming period.
  • Oil & Gas Pipelines: The oil & gas pipeline is another sector that significantly drives the global Teleprotection market. The adoption of teleprotection in this sector is widely used for monitoring, control, and safety. These systems protect against accidents, monitor pressure, detect leaks, and integrate pipeline infrastructure.

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Key Takeaways:

  • The teleprotection market is estimated to register a CAGR of 22% with a valuation of US$ 182.2 billion during the forecast period.
  • In the historical period, the market secured a valuation of US$ 19.6 billion with a CAGR of 28.2% in 2022.
  • China is estimated to dominate the global market by capturing a valuation of US$ 46.1 billion during the forecast period.
  • Japan is estimated to register a valuation of US$ 28.4 billion with a CAGR of 22.3% by 2033.
  • With a CAGR of 20.7%, the United States is significantly driving the global market by 2033.
  • South Korea is estimated to collect a valuation of US$ 11.1 billion in the global market by 2033.

How are Key Players Adding Value in the Global Market?

The teleprotection industry is highly competitive with a number of prominent players globally. The key players are significantly driving the global market by innovating advanced and improved products. They invest their million-dollar amount in research and development activities to carry out new ideas to expand the market revenue.

Key players are adopting various marketing tactics to drive the global market mergers, acquisitions, collaborations, acquisitions, and product launches. These players are taking efforts to upsurge the market to another height by adopting these marketing strategies. Key players are focused on consumers’ requirements and provide them with advanced products to increase their sales volume.

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Key Players in the Global Market are:

  • Siemens AG
  • General Electric (GE)
  • Schneider Electric SE
  • SEL (Schweitzer Engineering Laboratories)
  • Nokia Corporation
  • Huawei Technologies Co., Ltd.
  • Cisco Systems, Inc.
  • GE Grid Solutions
  • Mitsubishi Electric Corporation
  • Schweitzer Engineering Laboratories (SEL)
  • Eaton Corporation
  • Toshiba Corporation
  • Alstom Grid
  • Schweitzer Engineering Laboratories (SEL)

Recent Developments in the Global Market are:

  • ABB Ltd announced its newly launched product FOX615 Core. This product is developed by cutting edge technology network utility including MPLS-TP network.

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Global Market by Categorization:

By Type:

  • Teleprotection Unit
  • Communication Network Technology
  • Teleprotection Software

By Components:

  • Intelligent Electronic Device
  • Interface Device

By Application:

  • Power
  • Telecom
  • Information Technology
  • Oil & Gas Pipelines
  • Transportation
  • Others

By Region:

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

Author:

Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.

He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.

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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Bicycle Tires Market Share to Reach US$ 14.6 Billion by 2033

According to the latest report by Future Market Insights, the bicycle tires market share is projected to witness substantial growth, with a Compound Annual Growth Rate (CAGR) of 6.4% from 2023 to 2033. The market is expected to achieve a valuation of US$ 7.8 billion in 2023, and by the year 2033, sales of bicycle tires are anticipated to soar to US$ 14.6 billion.

The bicycle tires market has grown considerably in the past decade, owing to increased bicycle ownership as a consequence of the discovery of sustainable alternatives to traditional fossil-fuel-driven automobiles, which is boosting bicycle sales. Bicycle tire businesses are introducing a number of creative offerings to broaden market penetration, ranging from tubeless tires to hybrid bikes.

Their efforts are bearing fruit, with the market registering a significant increase in the upcoming forecast period. The emphasis is on technological advancements that help to provide a more user-friendly experience by outfitting bikes with enhanced safety features.

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Future Market Insights (FMI), an ESOMAR-certified market study and consulting firm, offers enhanced forecasts for the bicycle tire market in its new report.

Key Takeaways:

  • The global market is expected to be worth $7.8 billion in 2023.
  • Over the historical period, the global market grew at a CAGR of 6%.
  • By the end of 2023, a valuation of nearly $150 million is expected.
  • South Asia and the Pacific are set to be the fastest-growing bicycle tire markets, with annual growth rates exceeding 5.6% through 2023.
  • The German bicycle tire market is expected to reach $175 million by the end of 2023.

“As technology advances in the electrification of two and three wheelers, cars, and buses, their market is expanding at an exponential rate. Ambitious announcements regarding policy have been extremely beneficial in stimulating the rollout of electric vehicles in lucrative markets.” says an FMI analyst.

Competitive Landscape

Some of the market’s strongest competitors are making investments in studies and research (R&D) in order to facilitate the provision of an extensive selection of leather manufactured in a variety of colors and substances for a variety of applications. Companies hope to keep up with the changing environment by doing so. For instance,

  • Vittoria presented the Corsa Pro, a tubeless-ready clincher tire for road bicycles that it illustrates as “the most advanced cotton road tire ever made” in May 2023. The tire was created with Vittoria’s most recent graphene and silica substance, which integrates the organization’s Graphene research-applied insight with silica to provide faster acceleration, puncture resistance, and grip on edges and on slippery terrain.
  • In May 2023, the P Zero Race 4S, Pirelli’s all-around race tire, is currently tubeless-ready and set for the ship. For those who are inexperienced the tire falls somewhere between the full-on race-focused P Zero TLR and the high-performance training-focused Cinturato Velo.

Top Key Companies in Bicycle Tires Market

  1. Cheng Shin Rubber Ind Co., Ltd.
  2. HUTCHINSON
  3. Trek Bicycle Corporation
  4. The Goodyear Tire & Rubber Company
  5. Specialized Bicycle Components
  6. MICHELIN
  7. Mitas
  8. Pirelli & C. S.p.A.
  9. Giant Bicycles
  10. Continental AG

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Bicycle Tires Market

By Bicycle Type

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

By Product Type

  • Tube Tire
  • Tubeless Tire
  • Solid Tire

By Tire Size

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

By Sales Channel

  • OEM
  • Aftermarket

About Future Market Insights (FMI) 

Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient 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:

Future Market Insights, Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
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Revolutionizing Business Efficiency: Intelligent Enterprise Data Capture Software Market Set to Surpass US$ 21.1 Billion by 2029

The global intelligent enterprise data capture software market is likely to record a total incremental opportunity of ~US$ 14 Bn during the forecast period of 2019 to 2029. In the global intelligent enterprise data capture software market report, FMI has segmented the global intelligent enterprise data capture software market by product type, deployment, line of business, industries, and region.

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Growth of Enterprise Application Realm Favoring Adoption

Digitisation of industries across the globe is increasing. Companies are moving from traditional manufacturing to digital manufacturing and adopting advanced technologies. Increase in investments in industrial IoT technology will bring about a significant change in the near future. Intelligent enterprise data capture software plays a crucial role in industrial automation. Manufacturing, construction, and other industries have witnessed the rapid adoption of advanced technologies. These factors are positively impacting the intelligent enterprise data capture software market. Due to the growth of industrialisation, the overall enterprise application market has witnessed significant growth in the past couple of years. This is expected to have a cascading effect on the intelligent enterprise data capture software market.

Intelligent enterprise data capture software uses different types of technologies such as optical character recognition, intelligent document recognition, and handwriting recognition. Optical character recognition technology is used to convert different types of machine-printed documents, such as image files, PDF files, or scanned paper documents, into searchable and editable data. Intelligent document recognition technology helps recognise and capture handwritten printed characters from image files. Handwriting recognition is the ability of a mobile device or a computer to take as input handwriting from sources such as printed physical documents, pictures and other devices, or to use handwriting as a direct input to a touchscreen and then interpret this as text.

SMEs Emerging as Lucrative Targets for Investors

Advancements in the retail industry have revolutionised the adoption of intelligent enterprise data capture software components in various developing as well as developed regions. To meet the growing demand for error reduction and improved accuracy in the East Asia and South Asia regions, several intelligent enterprise data capture software platform providers have started investing in these regions. The established as well as growing intelligent enterprise data capture software platform providers should focus on expanding their intelligent enterprise data capture software businesses across untapped developing country markets to enhance their global intelligent enterprise data capture software market share.

In addition, it has been observed that growing companies from various sectors are investing significantly on next generation data management solutions and business analytics platforms. Across the world, a growing number of small and medium enterprises are becoming prominent targets for the providers of intelligent enterprise data capture software. Hence, East Asian and South Asian markets are creating new business models for intelligent enterprise data capture software platform providers.

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Competition Insights

Key players are focusing on increasing their market shares in the intelligent enterprise data capture software market by entering into joint ventures and strategic partnerships with regional players. In addition, major intelligent enterprise data capture software market players are also expanding their global presence via strategic mergers and acquisitions. Some of the key players in the global intelligent enterprise data capture software market research report include Microsoft Corporation, SAP SE, IBM Corporation, OpenText Corporation, Oracle Corporation, Hyland Software, Inc., Box, Newgen Software Technologies Limited, M-Files, Oracle Corporation, and Nuxeo.

Key Segments of Intelligent Enterprise Data Capture Software Industry Survey

By Product Type:

  • Intelligent Enterprise Data Capture Software
    • Handwriting Recognition
    • Optical Character Recognition
    • Intelligent Document Recognition
  • Intelligent Enterprise Data Capture Services
    • Consulting
    • Training
    • Implementation & Support

By Deployment

  • On-premise Intelligent Enterprise Data Capture Software
  • SaaS & PaaS Intelligent Enterprise Data Capture Software
  • Hybrid Intelligent Enterprise Data Capture Software

By Line of Business:

  • Intelligent Enterprise Data Capture Software for Finance
  • Intelligent Enterprise Data Capture Software for Sales
  • Intelligent Enterprise Data Capture Software for Human Resource
  • Intelligent Enterprise Data Capture Software for Marketing
  • Intelligent Enterprise Data Capture Software for Legal Sector

By Industry:

  • BFSI
  • Healthcare
  • Media & Entertainment
  • Education
  • Professional Services
  • Construction
  • Retail
  • Government
  • Manufacturing
  • Others

By Region:

  • North America Intelligent Enterprise Data Capture Software Market
  • Latin America Intelligent Enterprise Data Capture Software Market
  • Europe Intelligent Enterprise Data Capture Software Market
  • East Asia Intelligent Enterprise Data Capture Software Market
  • South Asia & Pacific Intelligent Enterprise Data Capture Software Market
  • Middle East & Africa (MEA) Intelligent Enterprise Data Capture Software Market

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Author:

Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.

He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.

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
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Microwave Monolithic Integrated Circuits Market to Soar, Expected to Reach US$ 33,090.3 Million by 2033

With a compound annual growth rate (CAGR) of 12.2% from 2023 to 2033, the microwave monolithic integrated circuits market is projected to reach US$ 10,434.9 million in 2023 and US$ 33,090.3 million by 2033.

Because microwave monolithic integrated circuits are predominantly used to carry out government-sponsored operations connected to military applications, demand is predicted to increase between 2023 and 2033. Furthermore, advancements in semiconductor technology had an impact on and made it possible for military systems to construct better microwave circuits. Consequently, a rise in the market share of microwave monolithic integrated circuits is anticipated.

There are likely to be more uses for microwave monolithic integrated circuits in the consumer and commercial sectors, which will increase their global sales.

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Microwave monolithic integrated circuits enable effective satellite communication, airborne radar infrastructure, and other applications, broadening their application spectrum in communications, homeland security scanners, imaging, and sensors. As a result, these variables are expected to boost the size of the microwave monolithic integrated circuits market. 

Microwave monolithic integrated circuits are expected to gain popularity due to their low-noise amplification and high-frequency switching capabilities. Moreover, they also offer reproducible performance, which is expected to improve microwave monolithic integrated circuits industry data in the forecast term. 

In the microwave monolithic integrated circuits market analysis, Europe came in second behind North America, with a high share of 22% expected to be acquired during the projected period from 2023 to 2033. 

Europe microwave in the progress of 5G technologies is expected to raise demand for Mave monolithic integrated circuits market trends due to MIC and growing data transfer rates. 

Key Takeaways 

  • The market grew at a CAGR of 10.1% during the last five years. 
  • The microwave monolithic integrated circuits market in the United Kingdom is predicted to expand at a CAGR of 12.3% by 2033. 
  • In 2022, North America held a 28.8% market share. 
  • In 2022, Europe recorded a market share of 21.1%. 
  • India’s market is expected to develop at a CAGR of 16.6% in the forthcoming years. 

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Competitive Landscape 

The leading players in the microwave monolithic integrated circuits market are likely to expand the market to its peak in the future years to maximize revenue. For example,  

  • In November 2022, Infineon Technologies AG revealed the CTRX8181 RASIC CMOS transceiver MMIC, which could be used in vehicle radar systems to improve consistency, adaptability, and performance. 
  • The US Department of Defense (US) awarded MACOM Technology Solutions Holdings, Inc. a contract in April 2022 to create a high-power transmitter. The deal requires MACOM to develop a 45-Kilowatt Radio Frequency (RF) transmitter using novel Gallium Nitride (GaN) semiconductor and antenna beamforming methods.  

Valuable Insights 

Future Market Insights, in its new offering, presents an unbiased analysis of the global microwave monolithic integrated circuits market presenting a historical analysis from 2018 to 2022 and forecast statistics between 2023 and 2033. 

The study reveals essential insights By Component (Power Amplifiers, Low Noise Amplifiers, Attenuators, Switches, Phase Shifters, Mixers, Voltage-controlled Oscillators, Frequency Multipliers), By Technology (MESFET, HEMT, pHEMT, mHEMT, HBT, MOS), By Material Type (Gallium Arsenide, Indium Phosphide, Indium Gallium Phosphide, Silicon Germanium, Gallium Nitride), & region. 

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Market Segmentation

By Component:

  • Power Amplifiers
  • Low Noise Amplifiers
  • Attenuators
  • Switches
  • Phase Shifters
  • Mixers
  • Voltage-controlled Oscillators
  • Frequency Multipliers

By Technology:

  • MESFET
  • HEMT
  • pHEMT
  • mHEMT
  • HBT
  • MOS

By Material Type:

  • Gallium Arsenide
  • Indium Phosphide
  • Indium Gallium Phosphide
  • Silicon-Germanium
  • Gallium Nitride

By Region:

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

Author:

Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.

He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.

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
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EV Thermal System Market Demand to Reach US$ 15,600.9 Million by 2033

According to FMI’s market analysis report, the EV Thermal System Market for electric vehicles would grow at an annual rate of 21.4% from 2023 to 2033. During this period, the report further predicts the overall valuation is likely to reach US$ 15,600.9 million by 2033, growing from an expected value of US$ 2,243.7 million in 2023.

The EV Thermal System Market is a segment within the electric vehicle (EV) industry that focuses on the development, production, and integration of thermal management systems for electric vehicles. Thermal management systems are essential components in EVs to regulate the temperature of the vehicle’s battery, power electronics, motor, and other critical components to ensure optimal performance, efficiency, and longevity. Here’s an overview of the EV Thermal System Market:

Market Overview: The EV Thermal System Market caters to automotive manufacturers, EV component suppliers, and thermal management system providers. The market encompasses a wide range of thermal management solutions designed to address the unique thermal challenges associated with electric vehicles, including battery cooling/heating, power electronics cooling, motor cooling, and cabin climate control.

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Key Components of EV Thermal Systems:

Battery Thermal Management: Battery thermal management systems (BTMS) maintain the operating temperature of the EV battery pack within a predefined temperature range to optimize battery performance, efficiency, and longevity. BTMS may include liquid cooling systems, air cooling systems, phase change materials (PCMs), and active/passive thermal management strategies.

Power Electronics Cooling: Power electronics, including inverters, converters, and onboard chargers, generate heat during operation and require efficient cooling solutions to dissipate heat and maintain component reliability and performance. Power electronics cooling systems may employ liquid cooling, air cooling, or hybrid cooling methods to manage heat dissipation.

Motor Cooling: Electric motors used in EVs generate heat during operation and require cooling systems to maintain optimal operating temperatures and prevent overheating. Motor cooling solutions may include liquid cooling jackets, coolant circulation systems, and integrated cooling channels within the motor housing to dissipate heat efficiently.

Cabin Climate Control: Cabin thermal management systems provide heating, ventilation, and air conditioning (HVAC) functions to maintain passenger comfort and interior climate control in electric vehicles. Cabin HVAC systems may incorporate electric resistance heating, heat pumps, refrigerant-based cooling systems, and energy-efficient climate control strategies to optimize cabin temperature and energy consumption.

Market Drivers:

Battery Performance and Longevity: Effective thermal management is critical for preserving battery performance, efficiency, and longevity in electric vehicles, driving demand for advanced BTMS solutions capable of maintaining stable battery temperatures under varying operating conditions, including extreme temperatures, fast charging, and high-power discharge.

Range Optimization: Optimizing vehicle range and efficiency is a key priority for electric vehicle manufacturers, requiring efficient thermal management systems to minimize energy consumption, reduce parasitic losses, and optimize component efficiency by maintaining optimal operating temperatures for the battery, powertrain, and auxiliary systems.

Fast Charging Capabilities: The proliferation of fast charging infrastructure and consumer demand for rapid charging options necessitate robust thermal management systems capable of managing heat dissipation during fast charging cycles, minimizing charging time, and preserving battery health and safety during high-power charging sessions.

Key Players:

Automotive OEMs: Vehicle manufacturers, including companies such as Tesla, Nissan, Chevrolet, BMW, and Volkswagen, develop and integrate thermal management systems into their electric vehicle platforms, collaborating with thermal system suppliers and component manufacturers to optimize system performance, reliability, and efficiency.

Thermal System Suppliers: Tier-1 automotive suppliers specializing in thermal management systems, such as Mahle, BorgWarner, Valeo, Denso, and Hanon Systems, provide EV-specific thermal solutions, including BTMS, power electronics cooling modules, motor cooling systems, and cabin HVAC systems tailored to electric vehicle requirements.

Component Suppliers: Suppliers of thermal management components, such as pumps, radiators, heat exchangers, fans, valves, sensors, and control systems, play a critical role in the EV Thermal System Market by supplying key components and subsystems used in EV thermal management systems.

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Market Trends:

Integration of Thermal Systems: Integration of multiple thermal management functions, including battery cooling, power electronics cooling, motor cooling, and cabin climate control, into a unified thermal system architecture enables optimized system performance, efficiency, and packaging in electric vehicles.

Advanced Cooling Technologies: Adoption of advanced cooling technologies, such as microchannel heat exchangers, multi-phase cooling systems, two-phase cooling systems, and advanced thermal interface materials (TIMs), enhances heat transfer efficiency, thermal conductivity, and reliability in EV thermal management systems.

Predictive Thermal Management: Integration of predictive analytics, machine learning algorithms, and thermal modeling tools into EV thermal management systems enables predictive control strategies, temperature forecasting, and adaptive thermal management algorithms that optimize system operation and energy consumption based on real-time data and predictive analytics.

Challenges:

Thermal System Integration: Integrating multiple thermal management functions and components within the vehicle architecture poses challenges related to system complexity, packaging constraints, component compatibility, and thermal system optimization, requiring advanced engineering and system integration expertise.

Thermal Performance in Extreme Conditions: Maintaining thermal performance and reliability in extreme environmental conditions, including high temperatures, low temperatures, and rapid temperature fluctuations, presents challenges for EV thermal management systems, requiring robust design, materials selection, and validation testing to ensure system durability and performance.

Energy Efficiency and Range Trade-offs: Balancing the energy consumption of thermal management systems with vehicle range and efficiency goals poses challenges for electric vehicle manufacturers, requiring optimization of thermal system design, control strategies, and energy management algorithms to minimize parasitic losses and maximize vehicle range without compromising thermal performance or passenger comfort.

Regulatory Landscape:

Safety Standards and Regulations: Compliance with automotive safety standards, vehicle emissions regulations, and battery safety regulations governs the design, testing, and validation of EV thermal management systems to ensure compliance with regulatory requirements for vehicle safety, emissions control, and consumer protection.

Energy Efficiency Standards: Energy efficiency standards and fuel economy regulations drive the adoption of energy-efficient thermal management technologies, heat recovery systems, and climate control strategies that minimize energy consumption and reduce greenhouse gas emissions in electric vehicles.

Future Outlook:

The EV Thermal System Market is expected to grow significantly driven by increasing electric vehicle adoption, advancements in thermal management technology, and regulatory mandates for vehicle efficiency and emissions reduction.

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
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EV Coolants Market Set to Soar to US$ 3,704.9 Million by 2033

The global EV coolants market to reach US$ 297.2 million in 2023 and is expected to grow at a rate of 28.7% in the coming decade. A report on the EV coolants market predicts the overall valuation to reach up to US$ 3,704.9 million by the year 2033.

The EV sector had substantial growth in the preceding years, which is regarded to have raised the sales of EV coolants in recent times. Since pollution has become a major concern for the urban centers, FMI predicts an upsurge in EV sales further strengthening the market. Furthermore, throughout the medium-term market predictions, tax incentives and phasing out of IC cars would drive the global EV coolants market further.

Compared to any conventional fuel car, a battery electric vehicle or hybrid electric vehicle, for instance, require 2 to 3 times less coolant. An EV uses approximately 10-20 liters of coolants throughout its lifespan even though the demand for EV coolants for drivelines is comparable. However, water-glycol EV coolants are used in the majority of EVs currently on the road and give good enough functionality making it the better-performing segment than others.

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Key Takeaways from the EV Coolants Market Study Report

  • Germany is the leading producer of coolants for EVs in the world and captured a market share of 11.2% in the year 2022.
  • The United States follows Germany in the production and consumption of EV coolants and is figured out to have contributed 9.3% of the overall market.
  • In Europe, the United Kingdom is witnessing an upsurge in demand for EV coolants over the years. FMI predicts the annual growth rate for this country at 20.5% during the forecast period.
  • In Asia Pacific, China is the leading producer of EV coolants and is also developing at a robust growth rate of 21.9% through 2033.
  • Meanwhile, India is projected to show a higher growth trend in demand for EV Coolants. As per the analysis report, this regional market is anticipated to register a CAGR of 29.6% over the forecast years.
  • Based on the coolant type, glycol-based coolants are the dominating product in the market. As per the market report, it captures a market share of 73.2% of the total market size.

Competitive Landscape for the EV Coolants Market

BASF SE, Dober Chemical Corporation, Shell plc, TotalEnergies SE, Valeo SA, Chevron Corp., Exxon Mobil Corp., Lukoil Petronas, Ashland Corporation, Sinclair Oil Corporation, Blue Star Lubrication Technology are some of the major players in the global EV coolants market.

Due to the entry of the automotive coolants market players in this sector, the global EV coolants market can be considered fairly fragmented. The development of region-specific coolant products has been a major strategy for most EV coolant companies to penetrate the market. For instance, the Shell Group introduced a new coolant for an electric motor in August 2022 that is appropriate for the EV coolant requirements on Indian roads

Recent Developments in the EV Coolants Industry

  • In November 2022, Glysantin, which is a subsidiary of BASF SE, introduced a newly created EV battery coolant first into the Chinese car marketplace. This EV coolant was created particularly for indirect cooling systems and offers increased dependability and stability. This ready-to-use coolant, sold under the trade name ® G22 E+TM, has a low conductivity and generates low and steady currents being exposed to a current source.
  • Valvoline Cummins Company unveiled Valvoline Advanced Coolant in August 2022, which is a glycol-based full-antifreeze coolant with OAT Technology. The use of this new technology extends the useful life of EV coolants and is expected to strengthen the market position of the enterprise.

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Key Segments

By Vehicle Type:

  • Battery Electric Vehicle (BEV)
  • Hybrid Electric Vehicle (HEV)
  • Plug-in Hybrid Electric Vehicle (PHEV)
  • Fuel Cell Electric Vehicle (FCEV)

By Category:

  • Coolants for Electric Passenger Cars
  • Coolants for Electric Commercial Vehicles
  • Coolants for Electric Two Wheelers
  • Others

By Coolant Type:

  • Ethylene Glycol
  • Polypropylene Glycol
  • Others

By Region:

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

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
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Railway Traction Motor Market Expected to Reach US$ 54,554 Million by 2033

The railway traction motor market is predicted to grow at a CAGR of 4.5% over the forecast period, according to FMI’s analysis. The industry’s value is anticipated to increase from US$ 35,128 Million in 2023 to US$ 54,554 Million by 2033 end.

The market for railway traction motors is being driven by the increasing efforts of governments and key players to facilitate the shift towards eco-friendly modes of transportation. The emerging technology “Hydrail” or hydrogen rail, which is run on hydrogen fuel cells, is a more sustainable and efficient alternative for rail transportation. In October 2022, H2 OEL, or hydrogen zero-emissions locomotive, which powers its electric traction motors with hydrogen fuel cells, made its first run. The successful run of this locomotive marks a substantial step towards potentially substituting diesel-electric locomotives with the technology.

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Further, the Canadian Pacific is partnering with the Alberta government to construct two more locomotives, apart from H2 OEL, and expects them to start functioning in Vancouver, Edmonton, and Calgary by the year-end of 2033. Additionally, investments in railway infrastructure are continuously increasing, especially in developing economies of Asia Pacific. Urbanization, economic growth, and a huge population are the key factors that are propelling investments in railways.

For instance, the Central Government of India permitted the execution of a 235 km semi-high speed rail corridor in Maharashtra between Pune and Nashik in 2021. The rising investments in railways are driving the demand for railway traction motors as these models promote fuel and energy efficiency. The aforementioned market propellants are catalyzing market growth.

Key Takeaways from the Railway Traction Motor Market: 

  • The United States is projected to hold the largest market share of the railway traction motor. The market is expected to hold 18.4% of the overall market. The regional market is forecast to grow on account of surging investments in the railway sector to boost mobility.
  • The European market is being propelled by research studies conducted by key players and governments to help improve railway traction motor models. The UK market is anticipated to grow at a CAGR of 3.5% over the forecast period.
  • Increasing population, urbanization, and receptivity to novel technology in China are anticipated to propel the installation of the railway traction motor. The Chinese market is predicted to expand at a CAGR of 3.8% over the projected period.
  • Japan is predicted to hold a 5.8% share of the global market. The growing efforts by the Japanese government to curb pollution levels in the country are projected to boost the adoption of traction motors in railway network.

News Featuring Market Developments by Companies Providing Railway Traction Motor Solutions:

  • In June 2022, Škoda Group received additional orders for traction motors for 26 locomotives from Wabtec. Both organizations have a constant relationship, as the former has supplied motor sets to the company for more than 50 locomotives in the past few years. The recent order is worth over 12 million EUR.
  • In February 2022, Mitsubishi Electric Corporation announced the first-ever delivery of railway traction motors for 28 AMLD long-distance electric trains. These trains are run by SNCF Voyageurs, a French national train operator.

List encompassing key players operating in railway traction motor market

  • ABB Group
  • ALSTOM
  • BHEL
  • Bombardier
  • Hyundai Rotem Company
  • Mitsubishi Electric Corporation
  • Saini Group
  • Siemens
  • Sulzer Ltd.
  • VEM Group

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Market Segments Covered in Railway Traction Motor Market Analysis

By Type:

  • DC Traction Motor
  • AC Traction Motor
  • Synchronous AC Traction Motor

By Application:

  • Diesel Locomotive
  • Electric Multiple Units
  • Electric Locomotives
  • Diesel-electric Locomotives

By Region:

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

Author

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

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

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

About Future Market Insights (FMI)

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

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