Market Research Blog – Page 3652 – New Product Development

Driveline Additive Market Set to Reach US$ 15.2 Billion by 2033 with a 5.1% CAGR

The driveline additive market is poised for significant expansion, with an estimated value of US$ 9.3 billion in 2023, projected to soar to US$ 15.2 billion by 2033, marking a steady growth rate of 5.1% over the decade. This growth is driven by the widespread adoption of driveline additives, which offer versatile benefits across both on-road and off-road applications, outpacing traditional lubricant additives in the market.

The increasing demand for driveline additives in off-road applications in agriculture, construction, mining, and forestry heavy machinery is likely to boost the market growth. OEM requirements for extended drain, fuel efficiency, and temperature stability will create a positive market growth environment for driveline additives during the forecast period.

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Engine oil additives are gaining traction in passenger cars. Motor oil additives for passenger cars can aid in reducing emissions, extending engine life, and improving performance and fuel economy, driving the market’s growth.

Environmental consciousness and regulations promoting environmentally friendly lubricants and additives can lead to developing and adopting eco-friendly driveline additives. The growth of urban populations and industrialization in emerging markets drive the demand for transportation and industrial machinery, creating opportunities for the driveline additive market.

Key Takeaways

From 2018 to 2022, the driveline additive market demand expanded at a CAGR of 4.0%
Based on product type, the transmission fluid additives segment is expected to account for a market share of 59% during the forecast period.
Global driveline additives demand in the United Kingdom is predicted to account for a CAGR of 4.9% from 2023 to 2033.
In the United States, the market is expected to account for a CAGR of 5.0% between 2023 and 2033.
China is projected to expand by a value CAGR of 4.8% between 2023 and 2033.
By 2033, the driveline additives market in India is anticipated to record a CAGR of 4.5% during the forecast period.

“The increasing application of driveline additives in industrial machinery and agricultural equipment is anticipated to drive the market growth during the forecast period.” Says an FMI Analyst.

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Competitive Landscape

Players have used product launches and business expansion to grow their market share, increase profitability, and stay competitive in the driveline additive market.

In recent years, prominent players have been involved in corporate tie-ups with automotive OEMs to retain their existing customers and deliver customized products. The leading players involved in the commercialization of their products to leverage immense potential in the market. Some of the recent developments in the market are discussed below.

Afton Chemical specializes in additives for fuels and lubricants, including driveline additives. They offer solutions to enhance performance, reduce friction, and improve fuel efficiency. Afton Chemical Corporation is working with OEMs to meet today’s OEM requirements for extended drain, fuel efficiency, and temperature stability.
Chevron Oronite, a subsidiary of Chevron Corporation, develops and manufactures specialty chemicals, including driveline additives, to enhance the performance and efficiency of lubricants.
Evonik is a global specialty chemical company with a focus on additives for various industries. They offer driveline additives that address friction reduction and protection of drivetrain components.

Key Companies Profiled

Lubrizol Corporation
Chevron Oronite Company, LLC
BRB International BV
Vanderbilt Chemicals, LLC
Infineum International Limited
Afton Chemical
Lubrilic Corporation
. BASF SE
Evonik Industries AG.
The Lubrizol Corporation.

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Valuable Insights Available

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

To understand opportunities in the driveline additives market, the market is segmented based on product Type (Transmission Fluid Additives, Gear Oil Additives), Application (Passenger Car, Commercial Vehicles, Off-Highway vehicles), and Region (North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, the 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 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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Growing Demand for Ammonium Sulphate: An Analysis of the Global Market

The global ammonium sulphate market is projected to experience robust growth, with a compound annual growth rate (CAGR) of 7.5% expected from 2022 to 2032, reaching a valuation of US$ 6.18 billion by the end of the forecast period. This growth is primarily driven by the rising demand for ammonium sulphate in the agricultural sector, alongside its expanding applications in biopharmaceuticals and the cake and confectionery industries. These factors collectively contribute to the positive trajectory of the market, indicating promising opportunities for stakeholders in the coming years.

From 2017 to 2021, the industry experienced noteworthy growth, registering a value CAGR of 5% and closing at US$ 2.79 Billion. The COVID-19 pandemic affected the demand for ammonium sulphate positively as the same is widely used in the production of disinfectants and surface cleaners. In addition, modification of ammonium sulphate for maximizing the use of the same is creating opportunities for the market.

The increasing use of ammonium sulphate in Europe for water retention purposes and for agriculture in Asia Pacific is further contributing to the market growth. Furthermore, the use of ammonium sulphate for wood preservation and soil retention is favoring the growth of the market. In the upcoming years, the dependency on ammonium sulphate is expected to increase by end user industries owing to its multi-purpose use.

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Key Takeaways from the Market Study

By production process, caprolactam is expected to hold 40% market share for ammonium sulphate in 2022.
North America is expected to hold 45% for ammonium sulphate market in 2022.
Asia Pacific is expected to possess 40% of market share for global ammonium sulphates market in the assessment period 2022-2032.
Europe is expected to procure 35% of market share for ammonium sulphates market in the forecast period 2022-2032.

“The increasing use of ammonium sulphate in end user industries especially in the agricultural sector by different geographical locations is increasing the demand for the same.” says an FMI analyst

Market Competition

Key players in the ammonium sulphate market are Koninklijke DSM N.V. (Fibrant), JSC KuibyshevAzot, UBE Industries Ltd, Toray Industries Inc., China Petrochemical Development Corporation, China Petroleum & Chemical Corporation (Sinopec Corp.), JSC “Grodno Azot”, Grupa Azoty, Domo Chemicals, Gujarat State Fertilizers & Chemicals Ltd, Sumitomo Chemical, Evonik Industries AG

In August 2022, JSC “Grodno Azot” announced that it will be partially limiting the production of nitrogen fertilizer due to the increase in prices of natural gas.
DOMO Chemicals, a key player in the ammonium sulphate market is focusing on producing the same sustainable and reducing their overall carbon footprint.

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More Insights Available

FMI, in its new offering, presents an unbiased analysis of the global ammonium sulphate market, presenting historical analysis from 2017 to 2021 and forecast statistics for the period of 2022-2032.

The study reveals essential insights on the basis of Production (Process Caprolactam, Coke Oven Gas, Gypsum, and Neutralization & Others) across five major regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).

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China Culinary Tourism Market Set for a US$ 24.65 Billion Feast, Predicts 14.8% CAGR by 2033 | FMI

The China culinary tourism market was valued at US$ 5.4 billion in 2022, and it is predicted that it would expand at a CAGR of 14.8% to reach US$ 24.65 billion by 2033. The growing popularity of these China culinary tourist markets among travelers and food bloggers may be contributing to the growth of the tourism industry.

Chinese food is renowned for its deliciousness, diversity of dishes, and unique flavors. Chinese food has undergone countless years of growth and nurturing to create its own culture. Given that Chinese philosophy is the foundation of Chinese culinary culture, Chinese food is a representation of the harmony and balance of nature. In addition to sating gourmet tastes, modern Chinese food, which takes its cues from Chinese philosophy, aims to keep people’s health as much as possible. Consumers from around the world have been drawn to the China culinary tourism business by the authenticity of Chinese food, thus bolstering the growth in this market.

The value of China’s food industry has grown. When traveling for gastronomic reasons, travelers pause at various locations to taste a variety of local fare and beverages. It is anticipated that as more food lovers travel to sample different food cuisines, cultures, and beverages, the culinary tourism industry in China will expand.

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The stunning natural surroundings of China contribute to the country’s thriving tourism sector. Today, tourists choose their holiday destinations depending on the local food. Visitors may choose from a wide variety of cuisines in China. Visitors may now freely discover China’s food thanks to the country’s tourism business. The tourist sector may be able to assist several locals who are jobless in finding employment as well as promote global knowledge of Chinese culinary traditions by boosting culinary tourism in China.

Key Takeaways from the Market Study

The scope of culinary tourism industry in China increased significantly between 2018 and 2022, experiencing a CAGR of 9.1%.
The sector for culinary lessons increased its market share to 43.8% in 2022.
Online bookings recorded a global market share of more than 32% in 2022.
With a market share of 27% in 2022, the group of visitors from other countries started to gain traction.
In 2022, 35.5% of the global market share was held by the Chinese culinary tourism industry.

Competitive Landscape

Leading companies in the China culinary tourism industry focus on improving their services by providing discounts, new destinations for excursions, and applications to provide foreign visitors an unforgettable experience. Travel firms are collaborating with regional pubs, restaurants, and chefs to create distinctive experiences since the food industry in China is seeing a lot of competition. They are providing taxi services, online booking tools, and destination-specific activities that let visitors have a complete gastronomic experience even in the most isolated places.

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Prominent players in the China culinary tourism market are:

Hello Hong Kong: Private & Small Group Tours
Lost Plate Beijing Food Tours
UnTour Shanghai Food Tours
Lost Plate Xian Food Tours
UnTour Beijing Food Tours
UnTour Shanghai Food Tours
Lost Plate Shanghai Food Tour
Discover Beijing Tours
Sunny Tours Shanghai
Withlocals
Dong Dong Tour
Catherine Lu Tours
Janvi Tours – Guangzhou Off the Beaten Path
Catherine Lu Tours Xi’an
Amazing Shanghai Trip
Lily’s Private Tours

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

Beijing saw the debut of UnTour’s Shanghai food tours, which provide culinary excursions. They greatly contributed to a rise in the number of travelers, notably domestic tourists, and were praised by Travel Leisure, The New York Times, and Monocle.
A US$ 12 million investment headed by Tencent in China and investments from Prometheus Capital were made in the online travel operator Zanadu, which specialized in luxury travel. In Shanghai, the business opened a new facility where tourists may utilize virtual reality equipment to enjoy safaris, luxurious adventure trips, and resort destinations.

More Valuable Insights Available

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

To understand opportunities in the China culinary tourism market, the market is segmented on the basis of activity type, booking channel, tourist type, tour type, age group, and consumer orientation.

Key Segments Profiled in the China Culinary Tourism Market

By Activity Type

Culinary Trials
Cooking Classes
Restaurants
Food Festivals
Others

By Booking Channel

Phone Booking
Online Booking
In-Person Booking

By Tourist Type

Domestic
International

By Tour Type

Independent Traveler
Package Traveler
Tour Group

By Consumer Orientation

Men
Women

By Age Group

15-25 Years
26-35 Years
36-45 Years
46-55 Years
66-75 Years

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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Non-Halogenated Flame Retardants Market to Achieve 6.2% CAGR by 2032: FMI Forecast

The global non-halogenated flame retardants market size is anticipated to create lucrative growth opportunities by exhibiting a robust CAGR of 6.2% over the projection period from 2022 to 2032. The market size is expected to be valued at around US$ 3,787.1 Million in 2022 and is projected at around US$ 6,911.1 Million by the end of 2032.

According to the historic period, the global demand for the non-halogenated flame retardants market grew at a phenomenal CAGR of 6.5% CAGR between 2015 and 2021. Consumption is predicted to surge at a total market value of US$ 6,911.1 Million in 2032. Non-halogenated flame retardants are compounds mixed with manufacturing materials to suppress flames. In addition to that, plastic components of vehicles ought to have strong frame retardant characteristics in order to lessen fire hazards that are majorly created by vehicle heat generation.

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Growth in the construction industry and surging urbanization are expected to bolster growth in the global non-halogenated flame retardants market. In addition to that, the surging use of plastics in the automotive & transportation, electrical equipment, and consumer electronics industries is expected to drive the non-halogenated flame retardants market.

Key Takeaways

On the global level, the electrical and electronics business is expected to bolster due to the rising demand for end users. On the basis of the electrical and electronics sector, plastics are widely applied to printed circuit boards, electronic housing & components, wire & cable, switches, and connections.
These days, flame retardants are considered to be essential components in their manufacturing, that protect such items from fire caused by resistive heating or joule heating. Electronic garbage and other hazardous products associated with it have extracted more attention during the last decade.
Surging investments in the electronics sector, particularly in India and East Asian regions are anticipated to augment growth in the non-halogenated flame retardants market. The electronics industry is immensely gaining traction all over the world since several companies in the field of flame retardants are targeting this sector owing to significant opportunities.
Government rules rotating around vehicle emission management, combined with favorable features of modern plastics are expected to drive original equipment manufacturers (OEMs) to utilize plastic materials in the production of automotive parts.
In the past few years, utilization of plastic components in the automotive industry has surged attributing to the use of plastic components in the automobile industry increased due to the material’s various features such as high durability, corrosion resistance, toughness, design flexibility, and resilience.
Widespread awareness about reducing carbon dioxide emissions is expected to surge fuel economy. It has been anticipated that an average car employing plastic composites accounts for around 10% to 15% of the car’s overall weight. Since plastics are considered lighter than their metal equivalents, they tend to increase fuel efficiency impeccably.
As per FMI projections, a 10% decrease in vehicle weight saves 5-7% on gasoline. Therefore, there is a possibility to cut carbon dioxide emissions by 20 kg for every kilogram of vehicle weight reduction.

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Competitive Landscape

Prominent players in the non-halogenated flame retardants market are concentrating on the widespread expansion of their production capacities owing to significantly rising demand for the product in medical applications and tire production. In addition to that, to improve their global presence, dominant market players are investing in acquisitions and collaboration activities to expand their market presence and consumer base, as well as strengthen their distribution networks.

More Insights into the Non-Halogenated Flame Retardants Market

The U.S. is anticipated to remain the dominant country over the projection period as it accounts for around US$ 6,911.1 Million by the end of the forecast period and exhibits growth at a CAGR of 6.2% during the assessment period.

California, Hawaii, Illinois, Maine, Maryland, Massachusetts, Michigan, Minnesota, New York, Oregon, Rhode Island, San Francisco (California), Vermont, Washington, and Washington, D.C. are just a few of the states in the U.S. that have put strict regulations in place to control the use of flame retardants in consumer products.

China is the second largest consumer and producer of synthetic rubber. The China non-halogenated flame retardants market is estimated to grow at a robust CAGR of 7.3% between 2022 and 2032. Growth in the Chinese market is driven by rapid advances in the Chinese healthcare industry over the projection period.

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Non-Halogenated Flame Retardants Market Outlook By Category

By Product Type:

Metal Oxide Based
Phosphorous Based
Nitrogen Based
Others

By End-Use Industry:

Electrical and Electronics
Construction
Automotive & Transportation
Others

By Application:

PO
Epoxy
UPE
Rubber
PVC
PU
Styrenics
ETP
Others

By Region:

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

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The Growing Demand for Sustainable Solutions: Exploring the Biobased Biodegradable Plastic Market

The biobased biodegradable plastic market is expected to be valued at US$ 5.2 billion in 2023. The market is predicted to expand at a 10% CAGR from 2023 to 2033, reaching US$ 13.6 billion by 2033.

The global push towards sustainability and environmental responsibility has propelled the biobased biodegradable plastic market into the spotlight. As concerns about plastic pollution and the depletion of fossil fuels rise, industries and consumers alike are seeking alternatives that can mitigate these issues without compromising functionality or convenience. Biobased biodegradable plastics offer a promising solution by providing materials derived from renewable resources that can decompose naturally, reducing the burden on landfills and ecosystems.

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Key Drivers:

Environmental Concerns: Rising awareness about plastic pollution and its detrimental impact on ecosystems and human health is driving demand for biodegradable alternatives.
Regulatory Support: Governments worldwide are implementing policies and regulations to encourage the adoption of biobased biodegradable plastics and reduce reliance on fossil fuels.
Consumer Preference: Consumers are actively seeking products that align with their values of sustainability and environmental responsibility, driving demand for eco-friendly packaging and products.

Key Takeaways

The United States is estimated to be valued at US$ 1.2 billion by 2033.
The market in the United Kingdom is predicted to expand at a 9.6% CAGR from 2023 to 2033.
The biobased biodegradable plastic market in the United Kingdom is projected to reach US$ 400 million by 2033.
The biobased biodegradable plastic market in China is anticipated to be worth US$ 1.4 billion.
The market in China is expected to record a CAGR of 10.1% through 2033.

“Partnership between the public and business sectors is going to encourage research and provide a steady supply of novel biodegradable products. Market dominance in emerging nations, combined with increased awareness of ecological issues globally, is expected to fuel market growth,” says an FMI analyst.

Competitive Landscape

Competitiveness in the market fluctuates from minimal to considerable depending on area. Because of the enormous number of participants in Europe and North America, competition is moderate. On the other hand, due to limited market participants, competition in Asia Pacific is minimal.

Key market players are investing heavily in research and development to introduce revolutionary biodegradable plastic materials that are both sturdy and easily recyclable in the natural environment.

Futerro declared plans in December 2022 to build an initial vertically linked biorefinery in Europe in Normandy, France, for the manufacture and reusing of PLA.
NatureWorks held a ceremony in February 2023 to commemorate the completion of the organization’s Ingeo PLA production complex in Thailand.

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Biobased Biodegradable Plastic Market Segmentation

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

The study reveals essential insights by Product Type (polyester, starch blends, poly lactic acid (PLA), cellulose, polyhydroxyalkanoate), Application (packaging, fibers, healthcare, agriculture, others), and Region.

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Projected Surge: Gypsum-Free Lactic Acid Sales Set to Soar Across Diverse Industries by 2032

The global gypsum-free lactic acid market, valued at approximately US$ 1.2 billion in 2021, is projected to witness substantial growth, reaching close to US$ 2.4 billion by 2028. This surge is primarily attributed to increasing utilization of gypsum-free lactic acid across diverse sectors such as food & beverage, pharmaceuticals, chemicals, and personal care products. With an expected robust compound annual growth rate (CAGR) ranging from 9.5% to 11% during the forecast period spanning from 2022 to 2032, the market is poised for significant expansion, reflecting its growing importance and widespread applications across various industries.

Though lactic acid has been used for various purposes for a long time, the industrial manufacturing of lactic acid is energy sensitive and yields enormous amounts of by-products like gypsum which results in a greater carbon footprint of the process. Hence, lactic acid manufacturing enterprises have developed innovative gypsum-free production processes for lactic acid. At present, different sectors utilize lactic acid for its improved sustainability and low environmental impact. Furthermore, lactic acid finds application as a preservative, pH regulator, and anti-microbial agent in packaged food and beverage, chemicals, and personal care products.

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During the assessment period, the market for gypsum-free lactic acid is positively influenced by constant development in manufacturing processes of lactic acid that enable the recycling of all chemicals and elimination of by-products. An upsurge in consumer spending on packaged food products and beverages and heightened demand for a better shelf life of food products to deal with food insecurity are certain factors that aid the expansion of the gypsum-free lactic acid market size. Other factors like growing awareness of environmental conservation, favorable government policies, the prevailing trend of green packing, and increasing demand for gypsum-free products will stimulate the market growth for gypsum-free lactic acid.

Key Takeaways:

High equipment costs, availability of other alternatives, and fluctuation in raw material prices may hinder the growth of the gypsum-free lactic acid market.
North America will likely account for the largest portion of the global gypsum-free lactic acid market size as it will be driven by access to advanced manufacturing technologies.
Increasing consumer spending will propel the Asia Pacific gypsum-free lactic acid market to grow at a robust rate from 2022 to 2032.
Expansive usage of gypsum-free lactic acid in packaged food products like bread, desserts, and jams, among others will strengthen the market prospect.

Competitive Landscape

Nayurework, Henan Jindan Lactic Acid Technology, Jungbunzlauer, and Corbion, among others, are significant players in the gypsum-free lactic acid market profiled in the full version of the report.

Leading market players are focusing on expanding their production capacities to meet the rising demand of consumers. New product releases and establishing facilities in regions with high potential are a few other tactics these participants employ to strengthen their market footprints. These organizations also engage in strategic partnerships, collaborations, mergers, and acquisitions to gain a competitive edge.

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More Insights into Gypsum-Free Lactic Acid Market

FMI offers the latest, unbiased, and detailed analysis of the global gypsum-free lactic acid market, providing historical data from 2015 to 2020 and forecast statistics for 2022 to 2032. For a comprehensive understanding of the global market potential, growth, and scope, the market is segmented on the basis of source, application, function, and region.

According to the reports, based on region, the gypsum-free lactic acid market in North America will present the most significant growth. The target market in this region will dominate the global marketplace. A strong presence of market manufacturers, access to advanced technologies, greater investments in research and development efforts, and rising adoption of biodegradable polymers in varieties of applications will aid the growth of the gypsum-free lactic acid market in North America. Additionally, Asia Pacific will also present notable growth in the gypsum-free lactic acid market as consumer spending continues to increase and industries continue to expand in this region. Heightened demand for gypsum-free lactic acid across countries like China and Japan will fuel the growth of the gypsum-free lactic acid market in Asia Pacific. Thus, North America and Asia Pacific will contribute to the global growth of the gypsum-free lactic acid market.

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ASEAN Automotive Aftermarket Projected to Reach US$ 55.53 Billion by 2033

The ASEAN automotive aftermarket is expected to expand its roots at a steady CAGR of 8.5% during the forecast period. The market is likely to hold a revenue of US$ 24.56 billion in 2023, while it is anticipated to surpass US$ 55.53 billion by 2033.

Automotive aftermarket, as the name suggests, implies secondary market pertaining to the automotive vertical that does deal with production, re-production, distribution, retailing, and installing vehicle parts, accessories, and equipment. These functionalities come into picture post sales of automobiles by the OEMs. This automotive aftermarket actually deals with batteries, oil and lubricants, filters, tires, alternators and starters, paint consumables and coatings, spark plugs, exhaust components, crash parts, and likewise. Plus, there are exterior and interior accessories such as video/audio devices, parking brake handles, steering wheels, headlight covers, grills, shift boots, rear & front guards, mirrors, and likewise. These days, DIY segments are available to help with repairing the vehicles as well.

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Growing demand for vehicles along with rising urban population density is expected to bolster ASEAN automotive production output. Apart from First Car Scheme Policy implemented by government of Thailand (since 2012-13) providing tax rebate of US$ 3250 has resulted in ~30% increase in sales of vehicles in Thailand. Besides, as per Organisation Internationale des Constructeurs d’Automobiles (OICA), passenger cars’ sales in Singapore did increase four-fold in 2012-16 alone. In Philippines, these sales did increase three-fold in 2012-16.

The ongoing trend is that of self-inflating tires being increasingly adopted. Participants like Rubber Company and Goodyear Tire are at the forefront herein. This self-inflating tire system does work on the air maintenance technology, which makes use of peristaltic pump for maintaining the pressure. Unwanted maintenance costs could also be averted. Another trend is that of deployment of silicon anode batteries as they tend to have a higher energy density and provide an enhanced battery life.

At the same time, the fact that the end-users are inconsiderate toward maintenance and services may hinder ASEAN Automotive Aftermarket.

Future Market Insights has entailed these facets with future perspectives in its latest market study entitled ‘ASEAN Automotive Aftermarket’ through its dedicated team of analysts and consultants going for a 360-degree view in primary, secondary, and tertiary modes of research.

“ASEAN automotive aftermarket is expected to be swept by growing demand for warranty vehicles all across Thailand”, says an analyst from Future Market Insights.

Key Takeaways from ASEAN Automotive Aftermarket

Indonesia accounts for more than 30% of the market share. This could be credited to presence of huge number of key participants herein.
Thailand stands second with respect to contribution through revenue. This could be reasoned with the start of Car Scheme Policy starting 2012. Bangkok is known as a profitable market on the count of independent automobile aftermarket services.

Competitive Aftermarket

Aisin Seiki Co. Ltd., in December 2019, did announce setting up Kyushu Development Center Hakata Laboratory for AI technologies at Fukuoka City (Japan) with the objective of strengthening the AI infrastructure.
Continental AG, in October 2019, completed acquisition of automotive aftermarket business of CRP Industries.
Bridgestone Corporation, in August 2022, did announce expanding and modernizing Morrison-based Warren County, Tennessee Truck and Bus Radial (TBR) Tire Plant. The company has invested US$ 550 Million for expanding the existing footprint by 850K sq. ft. for accelerating usage of advanced technologies supporting safer, cleaner, and more efficient commercial bus and truck fleets and also for supporting increasing capacity.
ACDelco, in July 2021, did transfer the non-automotive products as well as aftermarket services to Denso Solution Corporation. This transfer was inclusive of product planning, development, and aftersales service functions that were undertaken by Denso’s Automotive & Life Solutions Division.

Key Companies Profiled

NGK Spark Plug, ZF Friedrichshafen AG, Continental AG, Robert Bosch GmbH, HELLA GmbH & Co. KGaA, Denso Corporation, AC Delco, AISIN CORPORATION, Marelli Corporation, Bridgestone Corporation, Faurecia SA, Hitachi Astemo Ltd, Valeo SA, Michelin, Mahle GmbH, KYB Corporation, BorgWarner Inc., SAMMITR GREEN POWER CO., LTD., Bangkok Diecasting and Injection Co., Ltd., Aisin Takaoka Asia Co.,Ltd., S.P.Metal Part co.,Ltd., Tan Chong Motor Holdings Berhad,

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Key Market Segments Covered

Category Type:

Parts
- Tires
- Batteries
- Filters
- Starters and Alternators
- Lighting
- Exhaust Components
- Lubricants
- Collision Body (Coating & Paint Consumables)
- Suspension
- Brakes
- Engine & Transmission
- Spark Plugs
- Steering
Accessories
- Interior
- Exterior
Services
- General Automotive Repair
- Automotive Transmission and Others

Vehicle Type:

Passenger Car
Light Commercial Vehicle
Heavy Commercial Vehicle

Country:

Malaysia
Indonesia
Philippines
Vietnam
Singapore
Thailand
Rest of ASEAN

What does the Report assess?

The research study is based on type (parts (tires, batteries, filters, starters and alternators, lighting, exhaust components, lubricants, collision body (coating & painting consumables), suspension, brakes, engine & transmission, spark plugs, and steering), accessories (exterior and interior), and services (automotive transmission and general automotive repair)), by vehicle type (passenger car, light commercial vehicle, and heavy commercial vehicle), and by country (Malaysia, Indonesia, Philippines, Vietnam, Singapore, Thailand, and Rest of ASEAN).
With expansion of mobility technology in ASEAN, automotive aftermarket is expected to go great guns in the ASEAN Automotive Aftermarket going forward.

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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Autonomous Crane Market Projected to Reach US$ 21,585.7 Million by 2032

The global autonomous crane market net worth is estimated to be around US$ 3,028.7 Million in 2022 and is anticipated to register at a CAGR of 21.7% from 2022 to 2032. As per the report, the overall valuation of the autonomous crane market is expected to reach up to US$ 21,585.7 Million by the year 2032.

Deployment of the autonomous crane at the line of work is found to significantly decrease human errors along with workplace-related injuries. The need for autonomous crane machines is expanding as they assist reduce costs, speed up production, and ultimately increase efficiency. However, it is projected that the surging need for smart and intelligent cranes in the real estate, geology & excavation, maritime transport, and manufacturing industries would support the market’s growth globally.

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Since cranes are widely employed in the construction business, sales of automated cranes on the global market are anticipated to rise as well. Additionally, the need for autonomous mobile cranes is anticipated to increase as a result of evolving infrastructure sector requirements, such as increased safety and pleasant experience for the workers.

Moreover, to operate autonomous cranes effectively, skilled personnel are needed which poses a major challenge to the autonomous crane market opportunities. Contrarily, committing to long-term business agreements through contracts and pacts is anticipated to present the autonomous crane market participants with fruitful expansion opportunities.

Key Takeaways from the Autonomous Crane Market Study

As per the autonomous crane market report of 2022, the total revenue share occupied by the static crane sector was nearly 30.5%.
Due to the rising demand for autonomous crane services in the building and construction sector as well as the mining and excavation industry, the mobile crane segment is anticipated to develop at the quickest rate during the forecast years.
Over the forecast years, the autonomous crane market segment dedicated to mining and excavation end-user verticals is anticipated to post a strong CAGR of 25%.
Asia Pacific autonomous crane market is expected to register a CAGR of 24.7% due to its constantly expanding industrial sector in all emerging economies.

Competitive Landscape for the Autonomous Crane Market

AIDrivers Ltd., Cargotec Corporation, Columbus McKinnon, INTSITE Ltd., Komatsu Ltd., Konecranes Plc, Schneider Electric, SMIE, Syracuse, and VOCA are a few of the major companies profiled in this research report.

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Recent developments in the Autonomous Crane Industry

A rising number of AEC firms have begun to adopt high-end technologies such as automation and ML for optimizing their processes and creating autonomous engine cranes, like INTSITE Ltd., a Tel Aviv-based firm. To illustrate, INTSITE Ltd. revealed in 2018 that it received a US$ 1.35 Mn pre-seed investment from Terra Venture Partners as well as the Israel Innovation Authority to finance their autonomous small crane technology. To increase the security and efficiency at the construction sites, INTSITE has also planned to utilize the funding to further improve its platform, which employs image processing techniques to analyze real-time feeds from camera sensors.

Additionally, at the Aker Solutions Unmanned Demo Day in the year 2019, an autonomous engine crane guidance system created by Aker BP and Optilift AS was exhibited to businesses and the public. The technology is made so that a truck crane may handle freight logistics entirely on its own. This autonomous crane controlling system aims to let a crane dump and reload cargo from delivery cruise lines to stations without any assistance from the crew on deck.

Key Segments

By Vehicle Type:

Static
Mobile

By Business Type:

OEM
Aftermarket
Others

By End User Verticals:

Building & Construction
Marine & Offshore
Mining & Excavation
Others

Author

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

About Future Market Insights (FMI)

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

Contact Us:

Nandini Singh Sawlani

Cargo Bike Market Expected to Reach US$ 4.2 Billion by 2033

The global cargo bike market is estimated to attain a valuation of US$ 1.4 billion in 2023 and is expected to accumulate US$ 4.2 billion by 2033, rising at a CAGR of 11.6% during the forecast period.

Cargo bikes have evolved beyond their traditional role in goods delivery and transportation. They now serve as platforms for various mobile services like bike repair, mobile libraries, pet grooming, and healthcare services. These bike-based businesses bring convenience and eco-friendly options to customers, especially in areas with limited accessibility. This trend is expected to drive substantial growth in the cargo bike market in the forecast period.

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Cargo bikes have expanded their utility to include mobile pop-up shops and food trucks. Entrepreneurs are transforming these bikes into cafes, shops, and food trucks, capitalizing on their flexibility and ability to cater to different events, markets, or neighbourhood’s. These mobile ventures stand out with their unique and eco-friendly approach, attracting customers. Consequently, the growing number of mobile pop-up shops and food trucks is driving the development of the cargo bike market.

Government financial assistance plays a vital role in boosting the value of the cargo bike market. Governments worldwide are taking steps to promote sustainable transportation by offering support and incentives for the adoption of cargo bikes.

Governments provide subsidies and grants to reduce upfront costs of cargo bikes, promoting their affordability and accessibility. This encourages individuals, businesses, and organizations to embrace cargo bikes as a practical alternative for urban logistics and transportation. Governments provide tax incentives to encourage the use of cargo bikes, lowering the overall ownership costs and making them appealing to individuals and businesses alike.

Governments are investing in cycling infrastructure, including dedicated bike lanes, parking facilities, and safety measures, to drive progress in the cargo bike market. Additionally, they are conducting awareness and education campaigns to inform the public about the environmental, cost-saving, and health benefits of cargo bikes.

Key Takeaways

United States cargo bike market is expected to grow with a CAGR of 11.2% during the forecast period.
The demand for cargo bikes in Australia is expected to grow with a CAGR of 11.8% during the forecast period.
By propulsion type, electric segment is projected to grow with an impressive CAGR of 12% during the forecast period.
The market in Germany is expected to grow with a significant CAGR of 11.5% throughout the forecast period.

“The expansion of the e-commerce sector and increased demand for last-mile delivery services is expected to drive market growth during the forecast period,” comments an FMI analyst.

Competitive Landscape

The market for Cargo Bike is highly competitive, with numerous prominent industry players making substantial investments in their production.

The key industry players are Jinhua Jobo Technology Co., Ltd., CERO ELECTRIC CARGO BIKES, Worksman Cycles, DOUZE Factory SAS, Carqon (Accell Group N.V.), XCYC (Gemeinnützige Werkstätten und Wohnstätten GmbH ), Riese & Müller GmbH, XYZ CARGO, Butchers & Bicycles ApS, NIHOLA, Babboe, Yuba Electric Cargo Bikes, BODO Vehicle Group Co., Ltd. (LUXMEA), Chongqing Mobimax Technology Co., Ltd., Urban Arrow, Rad Power Bikes Inc., Tern Bicycles (Mobility Holdings, Ltd.), Pedego Electric Bikes, Xtracycle Inc., Amsterdam Bicycle Company, Triobike, Pashley Cycles, Nijland Cycling.

Some recent developments in the cargo bike market are:

In October 2022, Douze Cycles, a French company, introduced a new line of cargo bikes comprising four models, with three of them featuring electric assistance. These bikes offer an impressive hauling capacity of up to 205 kg, making them ideal for heavy-duty transportation needs.
In June 2022, Tern introduced the NBD, a low-step e-bike designed for convenience. With a maximum gross vehicle weight of 140 kg, it boasts a rear rack capable of carrying up to 27 kg and a front rack with a capacity of up to 20 kg.
In March 2023, MYBYK introduced Electric Cargo, a solution aimed at addressing first and last-mile connectivity challenges for both citizens and tourists.
In December 2022, ONOMOTION launched the ONO e-cargo bike, revolutionizing urban mobility. With a primary focus on urban logistics and eco-conscious transportation of goods, the company emphasizes environmental sustainability and affordability.

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Key Segments Profiled in the Cargo Bike Market Industry Survey

By Product Type:

Two Wheeled
Three Wheeled
Four Wheeled

By Propulsion:

Conventional
Electric

By Price:

Below US$ 1,500
US$ 1,500-3,500
US$ 3,501-6000
Above US$ 6,000

By Wheel Size:

Below 20
20-24
26
27.5
Others

By End Use:

Courier & Parcel Service Provider
Large Retail Supplier
Personal Transportation
Service Delivery
Waste, Municipal Services

By Region:

North America
Latin America
Europe
Asia Pacific
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 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

Hydrogen Buses Market Forecasted to Reach US$ 1426.68 Billion by 2033

The Hydrogen Buses Market is predicted to grow at an astronomical CAGR of 67% over the forecast period, according to research by Future Market Insights. The industry’s estimated value is expected to increase from US$ 8.45 Billion in 2023 to US$ 1426.68 Billion by 2033.

The market for hydrogen buses is primarily being boosted by surging concerns over depleting natural resources and degrading environmental conditions. This has propelled the introduction of technologies that encourage the concept of eco-friendly transportation means to sustain the ecosystem.

Additionally, the increase in the number of people perturbed by the harmful effects of air pollution, rising levels of traffic as well as GHG emissions are accelerating the adoption of hydrogen fuel cell buses. These buses, unlike conventional modes of transportation like gasoline and diesel-powered vehicles, are eco-friendly in nature and offer a sustainable transport option.

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The market is witnessing significant impacts of technological upgrades taking place in hydrogen-powered vehicles, which is widening the scope of hydrogen-powered buses for the forecast period. The hydrogen-backed buses market is predicted to enjoy several opportunities to realize its potential over the anticipated time period. Further, the increasing investments in the infrastructure for hydrogen fuel cell buses and their related charging stations are projected to incite market development in the coming years.

In the U.S., California provided funds for the production of 100 refuelling stations for hydrogen-powered vehicles to achieve its goal of 1.5 Mn zero-emission Automotives by 2025 end. Similar policies deployed by several governments across the globe to encourage environmental health and safety is expected to facilitate the adoption of hydrogen buses over the forecast period.

Key Takeaways from the Hydrogen Buses Industry

German hydrogen buses market is projected to substantially contribute towards Europe’s leading position on a global scale. The rising influx of hydrogen fuel cell buses in the country is accelerating the transition towards the green economy.
The North American hydrogen buses market holds a significant market share. Rising initiatives by private companies and government bodies to foster the growth of emission-free vehicles in the region are propelling the market development of hydrogen-powered buses.
In emerging countries like India, the escalating pollution levels and growing concerns related to health issues caused by the inhalation of polluted air are driving the demand for hydrogen buses.
In China, the Beijing Winter Olympics 2022 witnessed the circulation of 800+ hydrogen fuel cell buses. The rising production and sales of hydrogen buses in the country are predicted to catalyze market growth.
The increasing operation of eco-friendly hydrogen-powered buses in South Korea is stimulating market growth in the country. Additionally, the rising government initiatives to promote the adoption of hydrogen buses are also enhancing the market scope of these buses.

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Growing Significance of Eco-friendly Mobility Presents Opportunities for Hydrogen Buses Operators

Companies operating in the hydrogen buses market are launching new models of hydrogen buses, keeping in mind their practicality and relevancy. Additionally, active measures to develop infrastructure for hydrogen fuel cell busare is projected to create favourable market conditions for the industry players in the near future. The increasing efforts to commercialize hydrogen fuel cell buses, especially in Europe, is expected to raise the operation of hydrogen buses.

Following companies provide hydrogen buses in the market, as identified by FMI:

Tata Motors Limited
Thor Industries
Hyundai
Ballard Power Systems
NovaBus Corporation
New Flyer Industries Ltd
EvoBus
New Flyer
Hino Motors Ltd.
SunLine Transit Agency

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Hydrogen Buses Industry Segmentation by Category

By Technology:

Proton Exchange Membrane Fuel Cells
Direct Methanol Fuel Cells
Phosphoric Acid Fuel Cells
Zinc-Air Fuel Cells
Solid Oxide Fuel Cells

By Power Output:

<150 kW
150–250 kW
>250 kW

By Transit Bus Models:

30-Foot Transit Buses
40-Foot Transit Buses
60-Foot Transit Buses

By Region:

North America
Latin America
Asia Pacific
Eastern Europe
Western Europe
Japan

Author

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

About Future Market Insights (FMI)

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

Contact Us:

Nandini Singh Sawlani