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

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

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

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

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

 Key Takeaways:

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

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Competitive Landscape 

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

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

Major Contributors to the Automotive Steering System Market are

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

More Insights into Automotive Steering System Market 

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

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

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

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Key Segments

By Vehicle Type:

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

By Technology:

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

By Region:

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

Author

Nikhil 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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The lightweight automotive body panels market is projected to be valued at US$ 122,054.9 million in 2023 and is expected to rise to US$ 191,369.2 million by 2033. The sales of lightweight automotive body panels market are predicted to thrive at a significant CAGR of 4.6% during the forecast period.

The lightweight automotive body panels market is experiencing significant growth, primarily driven by the rising production of commercial vehicles and increasing demand from the logistics sector. Additionally, there is a growing market demand for economic and fuel-efficient vehicles, further bolstering the expansion of this market segment.

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The automotive industry is witnessing a shift toward lightweight construction to address the challenges posed by stringent emission regulations and the need for sustainability. Lightweight body panels play a crucial role in achieving these goals, as they contribute to overall weight reduction, resulting in improved fuel economy and reduced environmental impact.

The rising demand for commercial vehicles, driven by the growing logistics sector, is a key factor propelling the market growth. With the expansion of e-commerce and last-mile delivery services, there is a surging need for efficient transportation solutions. Also, lightweight automotive body panels enable commercial vehicles to carry larger payloads while maintaining optimal fuel efficiency, offering cost savings for logistics companies.

The market is benefiting from the increasing consumer preference for economic and fuel-efficient vehicles. As fuel prices continue to rise and environmental consciousness grows, consumers are seeking vehicles that offer better fuel economy without compromising performance. Moreover, lightweight body panels contribute to reducing vehicle weight, leading to improved fuel efficiency and lower operating costs.

Advancements in material science and manufacturing technologies are likely to further enhance the performance and cost-effectiveness of lightweight automotive body panels, opening new opportunities for market players.

Material Type: Metals, specifically aluminum alloy and high-strength steel, are the most commonly used materials for manufacturing lightweight automotive body panels. Metals hold more than 31.4% share on a value basis in the global market due to their durability and lightweight properties.

 

Component Type: Door panels are expected to contribute significantly to the lightweight automotive body panels market, surpassing other component types. Further, the adoption of lightweight materials for door panels has gained traction as manufacturers aim to reduce vehicle weight and improve overall efficiency.

 

USA Market: The USA holds a significant share (more than 24.3%) in the global lightweight automotive body panels market. The market growth in the USA is propelled by the demand for fuel-efficient vehicles, the implementation of stringent carbon emission regulations, and the presence of key market players.

 

China Market: China’s lightweight automotive body panels market experienced notable growth with a CAGR of 5.2% in 2022. The market expansion is driven by the booming automotive industry, ongoing research and development efforts to develop innovative lightweight materials, the emphasis on reducing vehicle weight for improved efficiency, and favorable government support.

Key Companies Profiled

1. GORDON AUTO BODY PARTS CO. LTD
2. AUSTEM COMPANY LTD.
3. Gestamp
4. Plastic Omnium
5. Magna International Inc.
6. Stick Industry Co. Ltd.
7. Changshu Huiyi Mechanical & Electrical Co. Ltd.
8. KUANTE AUTO PARTS MANUFACTURE CO. LIMITED
9. Hwashin
10. FLEX-N-GATE CORPORATION
11. ABC Group, Inc.

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Recent Developments

• May 2021: LyondellBasell (NYSE: LYB) said today that it has made another step toward realizing its objective of expanding the circular economy by creating virgin-grade polymers from raw materials recovered from plastic rubbish at its facility in Wesseling, Germany. This raw material, produced through the thermal conversion of plastic waste, is processed into ethylene and propylene at LyondellBasell manufacturing facilities before being converted into polypropylene (PP) and polyethylene (PE) in downstream plastics production units.
• May 2019: BASF SE intends to establish a Thermoplastic Polyurethane (TPU) factory as well as a compounding facility for engineering plastics at its proposed integrated chemical production (“Verbund”) location in Zhanjiang, China.

Key Segments Covered in Lightweight Automotive Body Panels Market Analysis

By Material Type:

• Metals
  • High-strength Steel
  • Magnesium
  • Aluminum
• Polymers & Composites
  • Carbon Fiber Reinforced Plastics
  • Glass Fiber Reinforced plastics
  • Other Polymer & Composite Materials

By Component Type:

• Bumpers
• Hood
• Door Panels
• Trunk Lids
• Roof
• Others

By Vehicle Type:

• Light Commercial Vehicle
• Heavy Commercial Vehicle

By Region:

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

Author

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

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

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

About Future Market Insights (FMI)

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

Contact Us:        

Nandini Singh Sawlani   

Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
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According to Future Market Insights (FMI), the global automotive DC-DC converter market is estimated to reach a valuation of US$ 21,996 million in 2023. From 2023 to 2033, global sales of automotive DC-DC converters are projected to soar at 30.1% CAGR. By 2033, total market size is forecast to reach US$ 289,542 million.

The isolated DC-DC converters segment dominates the global market with a share of around 86.1% in 2023. By vehicle type, BEV segment accounts for a prominent share of the global automotive DC-DC converter industry.

The global market for automotive DC-DC converters is projected to expand rapidly as a result of the fast-growing electric vehicle market.

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Electric vehicles are rising to fame due to growing environmental concerns and increasing fuel costs. Similarly, governments worldwide are putting efforts towards promoting adoption of electric vehicles. This in turn is expected to elevate automotive DC-DC converter demand.

Almost all electric vehicles require a DC-DC converter to control their electrical systems. These converters are essential for proper functioning of various vehicle components and systems.

Manufacturers are strongly improving their material and built qualities of automotive DC-DC converters. They are concentrating on meeting rising demand for more efficient automotive DC-DC converters in different types of electric vehicles.

Key manufacturers worldwide are actively engaged in developing their direct presence in the local markets through joint ventures and acquisitions with domestic businesses. They are concentrating on expanding their customer base by developing & providing solutions with different power ranges and voltage requirements within electric vehicles.

Key Takeaways from this Market Study:

• The global automotive DC-DC converter industry is anticipated to reach a valuation of US$ 289,5432 million by 2033.
• Based on power output, the >1000W segment holds around 0% share of the global market.
• By product type, insulated DC-DC converter segment accounts for about 1% share of the market.
• China automotive DC-DC converter industry is likely to reach a valuation of US$ 26,972.8 million by 2033.
• Demand for automotive DC-DC converters in Japan is likely to rise at 7% CAGR over the next ten years.
• The United States automotive DC-DC converter industry is forecast to expand at 8% CAGR through 2033.

“’Range Anxiety’ represents a significant apprehension among electric vehicle owners, stemming from the fear of batteries depleting power before reaching their intended destinations or charging facilities. This concern is widely acknowledged within the electric vehicle community and is effectively addressed by the implementation of highly efficient DC-DC converters. As such, the perception of consumers towards Electric Vehicles remains a crucial factor in shaping the trajectory of the market’s development. Manufacturers have a strategic window of opportunity to proactively influence and capitalize on the promising prospects within the market,” – says a lead analyst at Future Market Insights (FMI).

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Who is Winning?

Tier-1 Players account for around 40% to 45% of the overall market. These tier I players include Texas Instruments Inc., TDK Corporation, Murata Manufacturing Co. Ltd., STMicroelectronics, and Others.

Tier II and other players include manufacturers with a total annual revenue of less than US$ 250 million from the sales of automotive DC-DC converters. The manufacturers such as Infineon Technologies AG, Toshiba, Silver Atena, Fujitsu, Analog Devices (Maxim Integrated), Vicor Power, Semtech Corporation, Bel Fuse Corporation, and other regional and local players are expected to hold 55% to 60% of the market share.

Leading automotive DC-DC converter manufacturers are employing various strategies to increase their sales and expand their global footprints. This includes new product launches, acquisitions, partnerships, collaborations, mergers, facility expansions, and agreements. For instance,

• In March 2022, TDK Corporation introduced new ultra-low profile DC-DC converters for various applications.

Key Companies Profiled:

BEL FUSE INC, Texas Instruments, Infineon Technologies AG, STMicroelectronics, Murata Manufacturing Co. Ltd., BEL FUSE INC., Vicor Corporation, FUJITSU, TOSHIBA, Semtech Corporation, Analog Devices Inc., TDK Corp, Silver Atena GmbH.

Find More Valuable Insights:

The research report analyzes the market demand trends of the global automotive DC-DC converter market. The market estimation and growth projection are based on factors such as end-use industries development, COVID-19 crisis impact, replacement ratio, and rate of urbanization.

As per Future Market Insights’ (FMI) research scope, the automotive DC-DC converter market has been studied and segmented based on vehicle type, voltage, output power, sales channel, product type, form factor, and region. The report provides qualitative and quantitative information on various players in this market. This report also tracks the supply and demand sides of the market.

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Market Segmentation:

By Vehicle Type:

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

By Voltage:

• 3V-14V
• 15V-36V
• 36V-75V
• >75 V

By Output Power:

• 0.25-250 W
• 250-500 W
• 500 -1000 W
• >1000W

By Sales Channel:

• First Fit
• Aftermarket

By Product Type:

• Isolated
• Non Isolated

By Form Factor:

• Full Brick
• Half Brick
• Quarter Brick
• Eight Brick
• Sixteen Brick
• Others

By Country:

• United States
• Canada
• Brazil
• Mexico
• Rest of Latin America
• Germany
• Italy
• France
• United Kingdom
• Spain
• BENELUX
• Russia
• Rest of Europe
• China
• Japan
• South Korea
• India
• ASEAN
• Australia and New Zealand
• Rest of South Asia & Pacific
• GCC Countries
• Türkiye
• Northern Africa
• South Africa Rest of Middle East and Africa

Author

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

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

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

About Future Market Insights (FMI)

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

Contact Us:        

Nandini Singh Sawlani   

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

 

According to ESOMAR-certified Future Market Insights’ (FMI), The Automotive Battery Management System Market Size is anticipated to register a CAGR of 25.6%. It is predicted that the market for car battery management systems will grow from US$ 3.8 billion in 2023 to US$ 37.4 billion by 2033.

In the near future, electric vehicles will dominate the clean vehicle market, and necessitate demand for revolutionary battery management systems. Steadily growing demand for battery management systems in e-bikes as well as electric cars will squarely surge market growth.

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In order to manage lithium-ion batteries, which have higher energy densities and longer operating lives than conventional batteries, EVs, HEVs, and electric motorcycles employ battery management systems. Throughout the projection period, the expansion of the electric vehicle industry is also predicted to offer significant opportunity for EV component producers of automotive battery management systems.

 “In the foreseeable future, advancements in battery management systems will contribute towards extending vehicle range, while simultaneously improving battery life and safety. All major OEMs are ambitiously planning to boost electric vehicle production, which is projected to create significant opportunities for the global automotive battery management system market.”

Key Takeaways of Automotive Battery Management System Market Study

• Consumer demand across the globe is beginning to bend in favor of electric vehicles, and has strong disruption potential with governments providing purchasing incentives and subsidiaries.
• With the dawn of electro-mobility and the resulting increase in EV production, automakers are offering tailored electric vehicles with modification in battery management systems.
• APEJ is anticipated to remain the fastest-growing region in the automotive battery management system market during the forecast years, owing to several countries encouraging the usage of EVs. China leads the global fleet of electric vehicles.
• Hybrid electric vehicles hold more than two-third of the global EV fleet. Increasing sales of HEVs are foreseen to fuel the demand for battery management systems in the future.
• Electric vehicle fleet is significantly low as compared to ICE vehicles. As a result, the OEM sales channel is projected to retain its prominence throughout the forecast period.
• Although centralized BMS account for a lion’s share in the global market, modular BMS are expected to witness high growth due to its superior functional benefits over its counterparts.

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Automotive Battery Management System Market: Competition Overview

The global automotive battery management system market is moderately consolidated, with a number of global as well as regional players operating in it.

Key Players Operating in Automotive Battery Management System Market Include:

Continental Ag, Dana Limited, Gentherm, Hanon Systems, Mahle Gmbh, Nxp Semiconductors, Renesas Electronics Corporation, Robert Bosch Gmbh, Valeo, Marelli Holdings Co., Ltd.

Key Segments Covered in the Automotive Battery Management System Market Report

By Vehicle Type:

• Electric Vehicle
• Golf Karts
• Electric Bikes

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By Connection Topology:

• Centralized
• Distributed
• Modular

By Sales Channel:

• Original Equipment Manufacturer (OEM)
• Aftermarket

By Region:

• North America
• Latin America
• Western Europe
• Eastern Europe
• Asia Pacific excluding Japan (APEJ)
• Japan
• Middle East & 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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The global hyperloop train market is anticipated to generate US$ 2.05 Billion in revenue in 2023 and this value is predicted to reach US$ 45 Billion by 2033, by registering a striking CAGR of 36.5% over the forecast period.

Although the hyperloop is still in its inception stage, investors, technological businesses, and governments from all over the world are showing a lot of interest in this technology. So, the government organizations of developed and emerging nations are studying the hyperloop transportation technology in their nations and have also begun constructing the tracks as a consequence.

The demand for hyperloop trains is anticipated to see explosive growth in the next few years due to rising capital expenditure, a positive outlook from the governments, and an increase in the number of important industry participants. Collaboration with new market entrants, availability of land, and growing attention from governments all over the world are some of the main drivers of the global hyperloop train market.

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The hyperloop is expected to reduce commute times and traffic congestion in urban areas, making it a very practical and desired means of transportation in the future. Moreover, due to the concept of using solar energy in the pipeline, is expected to significantly cut down on automobile emissions and emerge as a very eco-friendly solution for the future.

Key Takeaways from the Hyperloop Train Market Study

• Passenger hyperloop trains constitute the larger market segment, while the freight segment is poised to experience a faster growth rate in the coming years
• Market for hyperloop trains with speeds more than 700 kmph to become the dominant segment.
• The United States is the leading country in the advancement and business of hyperloop trains.

Competitive Landscape for the Hyperloop Train Market

Altium Ltd., Arrivo Corp., Badgerloop, Delft Hyperloop, Dinclix GroundWorks PVT. Ltd., Hardt B.V., Hyperloop Technologies Inc., Hyperloop Transportation Technologies Inc., Nevomo Poland Sp. z o.o, NEXT Prototypes e.V, The Boring Co., TransPod Inc., Zeleros Global SL, Space Exploration Technologies Corporation, Virgin Hyperloop One, Arrivo, Hardt Global Mobility B.V., Hyper Chariot, AECOM, Tesla Inc., MIT Hyperloop, BITS Hyperloop, and WARR Hyperloop are some of the major players in the global hyperloop train market.

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Many significant hyperloop train market players are concentrating on improving their vacuum tube transportation service by utilizing cutting-edge technologies to offer a better travel experience for customers. Under this approach, hyperloop rain market key players are concentrating their efforts on R&D initiatives to provide unique product offers. Market participants are assisted in expanding their company portfolios via strategic alliances and collaborations.

Recent Developments in the Hyperloop Train Industry

China-East Resources Import & Export Co. and the UK-based Broughton Capital Group reached an agreement in March 2022 in belief to offer a combined US$ 550 Mn in financing and then a Master EPC layout, to expedite the construction of a TransPod Line around Edmonton and Calgary.

At the Rio Grande do Sul of South Brazil, a preliminary investigation was carried out in September 2021 for linking the Porto Alegre and Caxias do Sul metropolitan areas by the suggested layout. This initiative is expected to cost $7.7 billion in total for a hyperloop top speed of 835 km/h that could well be reached when traveling the 137 km in much less than 20 minutes, as opposed to two hours taken by automobile on road now.

The railroad engineering firm IKOS Group which is a Canada-based TransPod is developing a hyperloop technology with aid from partners Liebherr Aerospace and has designed a hyperloop system that would move people and goods in tandem over the same channel.

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Key Segments

By Carriage Type:

• Passenger
• Cargo or Freight
• Others

By Application:

• More than 700 kmph
• Less than 700 kmph

By End User:

• Capsule
• Tube
• Propulsion System
• Other System Types
  • Communication Systems
  • Pressure Maintenance Systems
  • Others

By Region:

• North America
• Latin America
• Europe
• Asia Pacific
• 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
LinkedIn| Twitter| Blogs | YouTube

 

 

According to Future Market Insights (FMI) reports, the global automotive OEM market is poised to achieve a steady compound annual growth rate (CAGR) of 4.17% throughout the forecast period. As of 2023, the market is valued at US$ 35.16 Billion. Looking ahead, projections suggest that the automotive OEM market’s value is set to soar, with an estimated market valuation of US$ 52.90 Billion by the year 2033. Notably, during the base year, analysts recorded a historical market valuation of US$ 32.4 Billion for the same market segment. These findings indicate substantial growth and potential opportunities for the automotive OEM industry in the coming years.

The North American area is dominated by the United States The market for this sector is rising as technology advances. Another important element contributing to market expansion in this nation is the manufacture of high-performance automobiles.
Furthermore, the region’s automotive OEM industry is growing as the development of automated vehicles accelerates.

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The European market is expanding as employment levels in the region continue to grow. Germany has emerged as the dominant nation. Factors are inflating the GDP of the people. Increased disposable money has improved automobile manufacturing and sales. This is significantly contributing to the expansion of Europe’s automotive OEM industry.

It is analyzed by the experts that demand for a large number of commercial and passenger vehicles is a major contributor to the expanding market size of automotive OEMs. Consumers are becoming more aware of their safety while traveling and this aspect is fueling the demand for automotive OEM products in 2023. There are several technological advances made by manufacturers to gain an upper hand in the market.

The rise in disposable income across developing economies is resulting in increased spending on personal vehicles, simultaneously fueling the market growth of automotive OEMs. However, the high cost of automotive OEM products is a crucial factor impeding the growth of the industry. Furthermore, the prevalence of counterfeit automotive OEM products is estimated to challenge the expansion of the market through 2033.

Key Takeaways from the Automotive OEM Market

• The automotive OEM market is estimated to surpass a valuation of US$ 52.90 Billion by the end of the projection period.
• An approximate surge of US$ 2.76 Billion has been witnessed from the base year to the current year in the automotive OEM market.
• The commercial vehicle type segment is projected to advance at a CAGR of 6.8% through the forecast period.
• The powertrain segment by component type category is likely to dominate the automotive OEM market, with a market valuation surpassing US$ 439.67 Billion by 2033.
• The United States automotive OEM market is projected to advance at a moderate pace registering a CAGR of 6.6% during 2023-2033.

“Demand and production of high-performance cars are projected to curate lucrative growth prospects for advancement of the industry through the foreseen years.” – Says an FMI Analyst.

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Competitive Landscape in the Automotive OEM Market

Due to the existence of numerous international and regional companies, the market for automotive OEMs is very competitive. To strengthen their position in the market, major players are implementing a variety of methods, including product portfolio growth and regional development. The key players are adopting various business strategies, such as mergers and acquisitions, to expand their geographic presence and consumer base across the world. Therefore, the market is projected to register significant growth through the forecast period.

Some of the key companies in the market are

Toyota Motor Corporation., Volkswagen AG., Nissan., Honda Motor Co., Magna International Inc., Continental AG., CIE automotive., Siemens., BMW AG., Exide Industries Limited., Denso Corp., Robert Bosch, GMbH., Valeo, Aptiv, Ford Motor Company., Mitsubishi Motors Corp.

Recent Developments

• Recently, the 3M collision repair application was launched by the 3M company, which is an application tool for mobiles. It is identified to help with the expert technical support provided by the shop technicians and the personnel for distributor sales.
• In July 2021, MasterBeat Corporation announced that its JTEC Autoworld launched the Amazon retail segment of its online automotive parts platform. JTEC has a plan of utilizing Amazon and several other e-commerce platforms for accelerating the sales and marketing of automotive OEM products.

• Two Indian Companies, Mahindra and Mahindra Tata Motors have increased their market share by about 5% in the Indian market, one in every five cars is made by these Indian OEMs, which are sold in India.

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Key Segments in the Automotive OEM Market

By Components:

• Powertrain
• Chassis
• Electronics and Electrical
• External Body
• Car Interiors

By Vehicle Type:

• Commercial vehicles
• Passenger cars
• Electric cars

By Distribution Channel:

• Retailers
• Wholesalers
• Distributors

Author

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

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

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

About Future Market Insights (FMI)

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

Contact Us:        

Nandini Singh Sawlani   

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

 

The electric vehicle battery market share is forecast to experience a growth of 8.5% CAGR over the estimated time, as per FMI’s analysis. The industry’s size is predicted to reach a market value of US$ 9,402.3 million in 2023.

The increasing transition toward electric vehicles (EVs) is expected to propel accelerated battery demand in leading automobile markets like the United States and Europe. Battery and automotive manufacturers are facing challenges owing to uncertainty related to the battery supply chain. Several players are considering constructing gigafactory or joining joint ventures to combat shrunken supply.

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The shift toward EVs can be attributed to adverse climactic change and increasing carbon emissions, especially in urban cities. The EV30-30 Scenario targets a surging value share of EVs to 30% by 2030 (excluding two/three-wheelers).

Favorable government policies to encourage EV sales are predicted to offer opportunities for battery makers of EVs. Additionally, technological advancements have spiked the energy density of lithium-ion batteries while reducing the overall price of lithium-ion batteries. As a result, propelling its uptake in li-ion powered EVs.

Surging investments for the upgradation of public charging infrastructure in conjunction with the rising efficiency of EVs are expected to create lucrative opportunities for manufacturers.

The high cost of EVs is expected to affect the uptake of batteries negatively. Gaps in demand and supply of essential raw materials like cobalt and a dearth of charging infrastructure are expected to limit the market growth.

Top Highlights from the FMI’s Analysis of the Electric Vehicle Battery Market: 

• The United States electric vehicle battery industry is expected to attain a 28.7% market share in 2023. The dominant share of the country reflects the high establishment of the market and great prospects for future growth.
• Germany is expected to hold a 15.1% market share in 2023. The country is expected to attract key players from across the globe to expand its sales and drive product innovation.
• Japan contributes 5.3% to the global market. The regional market offers excellent potential for key participants’ growth.
• Australia’s share in the market is as low as 1.4%. However, the country is expected to offer growth prospects to businesses that venture out.
• China is expected to expand robustly over the forecast period at a 9.6% CAGR.
• The Indian market is anticipated to expand at a CAGR of 9% in the forecast period.
• Under the battery type category, lead acid is expected to record a market share of 45.7% in 2023.
• Passenger cars are expected to hold a 22.2% market share in 2023.

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Key Developments in the Market

• CATL collaborated with Ford in February 2023 to develop a battery plant for EVs in the United States Michigan city. As a part of the agreement, Ford is expected to own the new unit of CATL. CATL is also predicted to assist Ford in accelerating the development of batteries.
• Clarios’ Optima introduced an all-new lithium-power sport battery line in November 2022. The line focuses on enhancing batteries for personal watercraft, motorcycles, utility task vehicles (UTV), snowmobiles, and all-terrain vehicles (ATVs).
• Honda Motor Company declared the development of a lithium-ion battery plant for EVs in the United States with the LG Energy Solution Ltd. in August 2022. The total investment in the project has been US$ 4.4 billion. The companies aim to develop about 40 GWh of batteries yearly to be exclusively used in North America’s Honda and Acura electric vehicles.

Competitive Landscape 

LG Chem Ltd, BYD Company Limited, Panasonic Corporation, Tesla Motors, Inc., Samsung SDI Co, Ltd, and Narada Power Source Co., Ltd, among others, are some of the prominent players in the electric vehicle battery market profiled in the full version of the report.

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Key Segments

By Battery Capacity:

• Less than 20 kWh
• 21-40 kWh
• More than 41 kWh

By Vehicle Technology:

• HEV
• PHEV
• BEV

By Vehicle Type:

• Passenger Cars
• Light Commercial Vehicles
• Heavy Commercial Vehicles
• Others

By Battery Type:

• Lithium Ion
• Lead Acid
• Nickel Hydride
• Others

By Region:

• North America
• Latin America
• Asia Pacific
• MEA
• Europe

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