Market Research Blog – Page 928 – New Product Development

Dark Rum Market to Expand at 4.7% CAGR by 2034: Demand Trends and Market Forecast

The dark rum market value is expected to rise from USD 953.1 million in 2024 to USD 1,510 million by 2034. Global sales will likely rise at a CAGR of 4.7% throughout the assessment period.

Multiple factors are expected to spur growth of the dark rum industry during the forecast period. These include growing interest in premium spirits, expanding cocktail culture, and increasing number of bars and pubs.

Dark rum is presently having its moment in emerging economies like India and China. Players in such economies, in addition to relying on low-cost tags, are finding growth in premium product offerings among growing discerning audiences.

Providers of alcoholic beverages are seeking a makeover, as they wish to switch their labeling as a favorite college cocktail drink or a staple product found in defense canteens. Such a dynamic shift is the reason why players are finding a sweet spot among connoisseurs who are consistently on the lookout for premium, niche products.

Nowadays, consumers are willing to experiment and attempt to consume innovative, unique blends. Consumers are consuming less but high-quality drinks. Additionally, the surging cocktail trend and increasing adoption of rum as a unique ingredient are creating heightened demand for premium rums.

Key Takeaways from the Dark Rum Market Report

The dark rum market is forecast to record a CAGR of 4.7% through 2034.
Demand for dark rums with a strength of 40% ABV is projected to surge at a 4.5% CAGR.
Liquor stores segment accounted for a share of 75% in 2023.
Sales in the United States are set to total USD 268.7 million by 2034.
South Korea is forecast to record a CAGR of 7.1% over the forecast period.

“Players take note of inclusivity as they offer premium dark rum offerings to cater to multiple regions after achieving success in mass-produced dark rums that have been on sale in emerging countries,” Nandini Roy Choudhury, Client Partner at Future Market Insights

Who is Winning?

Players are relying on luxurious rum offerings to make a larger cut in the market. Consumers, especially in developed economies, have displayed a preference for finer drinking experiences.

Discerning population in developing economies is also contributing to the sales of these drinks. Companies are thus trying their hands at unique blends of dark rums. A new variety that is having its limelight moment is spiced and flavored rums.

Certain players, particularly those with target audiences based in specific countries, are experimenting with local ingredients and arranging for small-batch dark rum production processes. This signifies that the consumer base is open to experimental drinking options.

Latest Developments in the Dark Rum Market

Piccadily Distilleries, an independent producer and distributor of malt spirits throughout India, released Camkara recently. Camkara is a limited edition that is aged over the span of 12 years in ex-bourbon barrels. The alcoholic beverage contains 50% ABV and has no added color, sugar, or flavor.
Equiano Rum, which is the producer of the first Caribbean and African rum offering, introduced a new product in March 2024. The company made its first vintage debut of Foursquare and Gray’s Rums.

Leading Dark Rum Brands

SASMA
Captain Morgan
Bacardi
Malibu
Radico Khaitan
Amrut Distilleries
Others

Get More Valuable Insights

Future Market Insights (FMI), in its new offering, provides a thorough, detailed and unbiased analysis of the global dark rum market, presenting historical demand data for the years 2019 to 2023 and forecast statistics for the years 2024 to 2034.

The study provides compelling industry insights based on alcohol content {40%, 69%, and 75% Alcohol by Volume (ABV)}, end user (individual consumer, store purchase, HORECA, and others), and sales channel (direct sales, liquor store, and others) across several regions.

Key Segments of Dark Rum Market

By Alcohol Content:

The dark rum market segmentation, based on alcohol content, is divided into 40%, 69%, and 75% Alcohol by Volume (ABV).

By End User:

The industry is classified based on end users into HORECA, individual consumers, and store purchases, among others.

By Sales Channel:

Different sales channels that sell aged rum include direct sales, liquor stores, and others.

By Region:

Key countries of regions like North America, Latin America, Europe, East Asia, South Asia, Middle East and Africa (MEA), and Oceania have been introspected in the report.

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

Join us as we commemorate 10 years of delivering trusted market insights. Reflecting on a decade of achievements, we continue to lead with integrity, innovation, and expertise.

Contact FMI:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-347-918-3531
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
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Refrigerated and Frozen Soup Market Set to Witness 9.1% CAGR Growth by 2034: Consumer Preferences and Trends

The global refrigerated and frozen soup market is on a remarkable growth trajectory, with its valuation projected to escalate from USD 2.6 billion in 2024 to an impressive USD 6.3 billion by 2034. This promising expansion is driven by a robust CAGR of 9.1% throughout the assessment period.

The frozen soup segment is leading the charge, capturing a significant 58% value share of the global industry in 2023. The rising demand for convenience foods, longer shelf life, and minimal preparation time are key factors contributing to the popularity of frozen soups.

Convenience and Lifestyle Trends Propel Market Growth

The fast-paced modern lifestyle is a major driver behind the growing popularity of refrigerated and frozen soups. As consumers juggle busy schedules, the need for quick, easy-to-prepare meal options is more critical than ever. Frozen and refrigerated soups, which often require only heating, are becoming increasingly attractive to time-pressed consumers.

Popular products in this segment include frozen onion soup, potato soup, miso soup, and clam chowder. The market is also seeing a surge in innovative chilled soups with new flavors and ingredients, contributing to sector growth.

Addressing Food Insecurity and Waste Reduction

Refrigerated and frozen soups play a crucial role in addressing food insecurity and reducing waste. These products have an extended shelf life compared to fresh alternatives, helping to minimize food wastage. The convenience and nutritional value of these soups make them a staple in hotels, cafes, and restaurants.

Organic and Eco-Friendly Trends

The industry is witnessing a growing interest in organic soup variations and eco-friendly packaging. Leading players are focusing on using high-quality ingredients and minimal preservatives to meet the rising demand for healthy and natural food options. Companies are also adopting compostable or recycled packaging materials to attract eco-conscious consumers.

Competitive Landscape and Innovations

Major industry players such as Campbell Soup Company, Conagra Foods, Kraft Heinz, and Nestle dominate the market with their extensive manufacturing and distribution networks. These companies are continuously upgrading their product portfolios with innovative frozen soup varieties featuring exotic flavors and functional ingredients.

Advanced freezing and preservative technologies are being employed to maintain the taste, quality, and nutritional value of soups. Additionally, new players and start-ups are entering the market, offering healthier, nutrient-dense products to compete with established brands. For example, Soupologie recently introduced the new Souper Cube range in the United Kingdom, targeting health-conscious consumers with innovative, plant-based soups.

Regional Insights and Growth Opportunities

United States: The U.S. market is projected to grow at a CAGR of 9.4%, reaching USD 1.1 billion by 2034. The busy American lifestyle and the presence of leading frozen food brands are key factors driving this growth.

United Kingdom: The U.K. market is expected to achieve a 10.4% CAGR, driven by a growing interest in healthy eating and convenient food options. The demand for vegan and vegetarian soups is particularly strong, prompting companies to innovate with plant-based ingredients.

China: China is emerging as a lucrative market with a CAGR of 9.9%, fueled by rapid urbanization and increasing demand for non-veg frozen soups. Ongoing innovation in soup flavors and ingredients is further boosting market growth.

South Korea and Japan: These markets are set to experience significant growth, with CAGRs of 11.3% and 10.8%, respectively, through 2034. The rising popularity of chilled soups and convenience foods is driving demand in these regions.

Key Segments of the Market Report

By Type:

Based on type, the industry is segmented into refrigerated soup and frozen soup.

By Application:

In terms of applications, the sector is segmented into supermarkets/hypermarkets, foodservice, retail, and others.

By Region:

Frozen and refrigerated soup industry analysis has been carried out in key countries of North America, Latin America, Europe, East Asia, South Asia, Oceania, and the Middle East and Africa.

About Future Market Insights (FMI)

Join us as we commemorate 10 years of delivering trusted market insights. Reflecting on a decade of achievements, we continue to lead with integrity, innovation, and expertise.

Feed Additive Nosiheptide Premix Market: A Strategic Outlook to 2034

The global feed additive nosiheptide premix Industry is projected to reach USD 713.1 million in 2024 and USD 1,720 million by 2034, with sales increasing at a CAGR of 9.2% from 2024 to 2034. In 2023, the market generated USD 650 million in revenue.

The market is driven by the rising demand for high-quality animal protein and growing concerns over animal health and welfare. Increased consumer awareness of the importance of safe and nutritious food is boosting the adoption of nosiheptide premixes. Additionally, evolving regulatory frameworks concerning antibiotic use in animal production are expected to benefit the industry.

Enhancing Animal Health with Nosiheptide Premix

Nosiheptide premix is a feed additive containing nosiheptides, a class of antibiotics used to promote animal growth and prevent specific bacterial infections. Incorporating nosiheptide premix into animal feed offers several advantages:

Improved weight gain and feed conversion: Studies suggest nosiheptides can enhance nutrient absorption, leading to better growth performance in animals.
Enhanced gut health: Nosiheptides can help maintain a healthy gut microbiome, crucial for optimal digestion and nutrient utilization.
Disease prevention: Nosiheptides target specific bacterial pathogens, aiding in the prevention of certain infections common in livestock.

However, the use of antibiotics in animal feed raises concerns about antibiotic resistance.

The Nosiheptide Premix Market: Navigating the Future

The future of the nosiheptide premix market hinges on a few key factors:

The rise of antibiotic resistance: Growing awareness of antibiotic resistance in animals is prompting stricter regulations and a search for alternatives. As per a Future Market Insights report, this could potentially limit the use of nosiheptide premix in the long run.
Focus on preventative healthcare: The industry is shifting towards preventative measures like improved hygiene and vaccination to reduce reliance on antibiotics.
Development of alternatives: Research into antibiotic alternatives like probiotics, prebiotics, and organic acids is ongoing, presenting potential substitutes for nosiheptide premix.

Market Trends to Watch

The Future Market Insights report highlights some interesting trends shaping the nosiheptide premix market:

Stringent regulations: Regulatory bodies are likely to impose stricter guidelines on the use of antibiotics in animal feed, impacting nosiheptide premix usage.
Focus on regional variations: Regulations and antibiotic use practices will differ geographically, affecting market growth in specific regions.
Demand for organic and antibiotic-free products: The growing consumer preference for organic and antibiotic-free meat products will influence the demand for nosiheptide premix.

Nosiheptide premix remains a vital feed additive for the animal feed industry, but its future depends on navigating the challenges of antibiotic resistance. Innovation in preventative healthcare and the development of effective alternatives will be crucial for the sustainable use of nosiheptide premix and the overall health of the livestock industry.

About Future Market Insights (FMI)

Join us as we commemorate 10 years of delivering trusted market insights. Reflecting on a decade of achievements, we continue to lead with integrity, innovation, and expertise.

Citrus Aurantium Extract Market Forecast: Growth Potential and Market Trends Through 2034

The citrus aurantium extract market is brewing a promising future, with a projected market value of USD 5.7 billion by 2034. This translates to a steady growth trajectory at a CAGR (Compound Annual Growth Rate) of 3.8% from 2024. Investors in the health and wellness sector should take note of this burgeoning market driven by consumer interest in natural ingredients and functional products.

Citrus aurantium extract, also known as bitter orange extract, is derived from the dried fruit of the bitter orange tree. This extract boasts a range of potential health benefits, making it a sought-after ingredient in various industries.

Demand on the Rise: Consumers Craving Natural Solutions

Weight Management: The extract is a popular ingredient in weight loss supplements, with some consumers believing it can suppress appetite and boost metabolism. However, scientific evidence to support these claims is limited.
Energy Enhancement: Citrus aurantium extract is known for its stimulating properties, leading to its use in pre-workout supplements and energy drinks. However, safety concerns regarding potential interactions with medications and cardiovascular risks require further research.
Essential Oils: The extract’s pleasant aroma and potential therapeutic properties make it a valuable addition to essential oil blends used for aromatherapy.
Pharmaceuticals: Citrus aurantium extract is used in some medications to mask unpleasant tastes.
Food and Beverages: The extract can be used as a natural flavoring agent in food and beverages.

The citrus aurantium extract market is flourishing due to several key trends:

Natural and Organic Preference: Consumers are increasingly seeking natural and organic ingredients, driving demand for botanical extracts like citrus aurantium.
Functional Food and Beverage Boom: The rise of functional foods and beverages, enriched with health-promoting ingredients, presents an opportunity for citrus aurantium extract.
Technological Advancements: Innovations in extraction and formulation techniques are streamlining production and improving the quality and consistency of the extract.
Global Expansion: Growing interest in citrus aurantium extract in regions like Asia Pacific presents exciting opportunities for market expansion.

Key Takeaways:

The citrus aurantium extract market offers a stable and growing investment opportunity with a projected CAGR of 3.8%.
Rising demand for natural ingredients in weight management, energy drinks, essential oils, and functional food and beverages is driving market growth.
Investment in companies focused on research, safety measures, sustainable sourcing practices, and global expansion presents high potential returns.
Uncertainty surrounding the scientific backing of some applications and potential health risks necessitates caution and responsible marketing.

Country-wise Insights:

The section below highlights the CAGRs of the leading countries in the Citrus Aurantium Extract market. The three main countries pushing Citrus Aurantium Extract demand include United States, United Kingdom, China, South Korea, Japan.

Competition Outlook

Key players in the citrus aurantium extract market are executing stringent measures across manufacturing processes to ensure a consistent supply of standardized extracts. Players are also addressing safety concerns related to this extract by responsibly emphasizing clear labeling, which mentions the p-synephrine content and possible side effects. In addition, companies are focusing on sustainable sourcing practices and supervising raw materials to ensure they are contaminant-free.

Industry leaders are allocating huge funds to research studies. These studies are aimed at substantiating the potential benefits of bitter oranges and addressing safety concerns related to them. This also involves funding for clinical trials to explore bitter orange’s efficacy in certain applications like athletic performance or weight management. Players are further expanding into geographies where citrus aurantium extract is gaining popularity among the population.

Companies are making technological advancements in the extraction and formulation of citrus aurantium extract to streamline the production process. Default strategies like strategic partnerships and strengthening of distribution channels go a long way for players to expand their footprint.

Players Profiling

Sabinsa Corporation

Sabinsa Corporation, a United States-based firm, has a prominent space in the health nutrition industry. The company manufactures, supplies, and promotes herbal extracts, minerals, dietary supplements, cosmeceuticals, and specialty fine chemicals. The company partakes in research and industry events to expand its reach.

BI Nutraceuticals

BI Nutraceuticals is a leading American producer of natural solutions. The company portfolio consists of botanical ingredients such as extracts, fibers, vitamin-mineral premixes, proteins, and powders, among other ingredients. The company holds sourcing expertise, unparalleled technical knowledge, high-quality standards, and distinct manufacturing technologies like extracting, blending, milling, and particle engineering.

Leading Citrus Aurantium Extract Brands

Sabinsa Corporation
Nexira
BI Nutraceuticals
JF Natural
Pharmactive Biotech Products
Others

About Future Market Insights (FMI)

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Automotive Homologation Services Market Set to Reach USD 1,988.66 Million by 2034, Driven by Growing Demand and Regulatory Compliance | FMI Reports

Automotive Homologation Service Market

Future Market Insights (FMI) has conducted an in-depth analysis of the automotive homologation services market, revealing a projected valuation of USD 1,451.24 million by 2024. The market is anticipated to grow at a CAGR of 3.2% through 2034, reaching an estimated USD 1,988.66 million by the end of the forecast period.

Automotive homologation is a critical certification process that ensures vehicles and vehicle components meet the standards established by regulatory bodies. This certification is essential for manufacturers aiming to export automobile components and products, as compliance with homologation standards—particularly in safety and environmental protection—is mandatory in many regions.

As manufacturers place a heightened focus on environmental sustainability and safety, both automakers and spare parts producers are increasingly prioritizing enhancements in both passive and active vehicle safety features. The automotive homologation services market encompasses various vehicle types, including motorcycles, passenger cars, trailers, and commercial vehicles, with services available through both in-house and outsourced sourcing models.

Recent advancements in driverless technology are poised to revolutionize the automotive sector, prompting key market players to offer services that ensure compliance with Bluetooth, cellular carrier regulations, device durability testing, and more. These innovations present substantial growth opportunities for the homologation services market.

Exporting vehicles internationally involves navigating complex challenges, particularly during the registration process, where rigorous evaluations are necessary to demonstrate compliance with global standards. Homologation services are instrumental in helping manufacturers optimize their products to align with official vehicle standards.

The insights gathered in the latest FMI market study, “Automotive Homologation Services Market,” reflect the input from industry experts and consultants, providing a comprehensive overview of the market landscape.

Comprehensive Market Insights: Full Report Overview

Key Takeaways from the Automotive Homologation Services Market:

Market Growth: The automotive homologation services market is projected to grow at a 3.2% CAGR, reaching USD 1,988.66 million by 2034, driven by continuous demand for compliance and regulatory adherence.
Regional Insights: The Asia-Pacific region dominates the market, with Australia leading the way. In 2020, the Australian Transport Ministry began developing a national regulatory framework to facilitate the operation of autonomous vehicles.
European Initiatives: In Germany, the government is enacting legislation to support the commercialization of driverless vehicle technology, establishing the first comprehensive legal framework covering homologation for autonomous vehicles.
Technological Advancements: The rise of driverless technology is transforming the automotive landscape, with manufacturers needing to adapt to new compliance requirements, thereby creating significant growth opportunities for homologation services.
Diverse Vehicle Types: The market encompasses a wide range of vehicles, ensuring that homologation services cater to the needs of various segments, including motorcycles, passenger cars, trailers, and commercial vehicles.

“With stringency with respect to applying norms to automobiles in the wake of growing focus on environmental protection and safety, the global automotive homologation services market is expected to stand in a good stead in the near future”, – says an analyst from Future Market Insights.

Competitive Edge

Intertek, in May 2022, did announce expanding the capabilities and services at its Transportation Technologies lab bas out of Plymouth (Devon) for meeting growing demand for reliable and safe testing from the automotive industry. The end-users include EVSE (Electric Vehicle Supply Equipment) and EVs (Electric Vehicles).
The NHTSA (National Highway Traffic Safety Administration), of late, did announce a new AV test called ‘Automated vehicle Transparency and Engagement for Safe Testing Initiative test’ to help in keeping a tab on autonomous vehicles’ status in the US.

Key Companies Profiled

TÜV SÜD Group
Intertek Group plc
DEKRA SE
Applus Services SA
SGS S.A.
Bureau Veritas
Formel D Group
The Smithers Group Inc.
The Automotive Research Association of India
AVL List GmbH
TÜV Rheinland
UL Solutions Inc.
UTAC

Automotive Homologation Service Market Outlook by Category

By Service Type:

Full Vehicle Homologation
Components & Systems Homologation
- Display Systems
- Steering Control Systems
- Wireless & Communication Systems
- Brake Systems
- Engine & Transmission Systems
- Seating Systems
- Safety & Crash Protection Systems
- Door Components & Systems
- Windshield Systems
- Fuel Systems
- Roofing Systems
- Interior Materials & Systems
- Tires & Tire Pressure Monitoring System
- Other Components

By Application:

Domestic Homologation
Export Oriented Homologation

By Vehicle Type:

Motorcycle
Passenger Vehicles
Commercial Vehicles
Trailers
Agricultural Equipment

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

Contact Us:

Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-347-918-3531
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
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The Cowgirl Boots Market Set to Reach USD 717.4 Million by 2033, Driven by Fashion Trends and E-commerce Expansion

The global cowgirl boots market is poised for significant growth, expected to increase from USD 436.2 million in 2023 to an impressive USD 717.4 million by 2033, reflecting a compound annual growth rate (CAGR) of 5.1%. This growth is fueled by the rising popularity of cowgirl boots in fashion, transitioning them from humble footwear to stylish statement pieces.

Cowgirl boots, traditionally associated with Western culture, have evolved into fashionable staples for women, emphasizing style alongside comfort. The market is witnessing a surge in unique, handmade designs that allow wearers to express individuality, from chic ankle booties to eye-catching bedazzled knee-highs.

Key Drivers of Market Growth

Innovation in Footwear: The demand for innovative designs and materials is reshaping the cowgirl boots market. As consumer awareness and fashion consciousness rise, manufacturers are leveraging advanced technologies to create trendy yet comfortable footwear, expanding product availability through online retailers offering competitive discounts.
E-commerce Boom: The rise of e-commerce is transforming the retail landscape. With a significant share of sales through online platforms, the convenience of shopping and attractive discounts are driving higher consumer engagement and sales, particularly in the wake of the pandemic.
Cultural Influences and Changing Lifestyles: The growing number of working women and increased exposure to Western culture in corporate settings are creating fertile ground for cowgirl boots to flourish. The global rise in fashion-forward thinking is opening up opportunities for new brands to enter the market.
Fashion Trends: The widespread acceptance of cowgirl boots in the fashion world has led to their evolution from practical footwear to stylish statement pieces, increasing their popularity across diverse demographics.
Unique Designs and Customization: The availability of unique, handmade designs allows wearers to express their individuality. The trend towards customization in footwear is appealing to consumers seeking distinctive and personalized styles.
Increased Disposable Income: Rising disposable incomes among consumers, particularly in emerging markets, are contributing to increased spending on fashion and footwear, including cowgirl boots.

Regional Insights

United States: Holds 33.2% market share, benefiting from strong fashion trends and cultural influences.

China: Projected CAGR of 6.5%, reflecting increasing disposable income and fashion awareness.
India: Expected to grow at a CAGR of 7.7%, driven by a young population and rising fashion consciousness.
Germany: Represents 4.2% of the market, influenced by European fashion trends and cultural events.
Japan: Accounts for 5.2% market share, showcasing a blend of Western styles and local preferences.
Australia: Holds 3.1% of the market, with growing interest in Western-inspired fashion.
United Kingdom: Expected CAGR of 4.7%, fueled by a rising demand for unique and trendy footwear.

Competitive Landscape

To capture a larger market share, cowgirl boot manufacturers are focusing on strategies such as acquisitions, expansions, and collaborations with startups. The industry is also expected to trend toward producing new products with attractive packaging and increasing investment in promotional efforts.

Recent Developments

Ariat International, Inc.

At the FEI World CupTM Finals in Las Vegas, Ariat International, the United States-based leader in Western and English footwear and apparel, signed an exclusive licensing and sponsorship agreement with the International Equestrian Federation (FEI).
Ariat was the first company to introduce athletic shoe technology to equestrian sports and is now a global leader in equestrian footwear and apparel. The company is now present in the United States, Europe, and Australia. Ariat also supports top equestrian athletes of all disciplines.
Ariat International, Inc., a rapidly growing active outdoor footwear and apparel company with a leading position in the global equestrian market, announced that an agreement had been reached regarding the sale of the company to an existing shareholder, the Fisher family of San Francisco, and the company’s management by a group of shareholders led by LNK Partners and Brentwood Associates.

Stetson

Stetson, a 155-year-old brand, receives a modern identity refresh and a new online shopping experience. Stetson collaborated with Tractorbeam, an award-winning boutique Dallas-based agency, to carry out the rebrand.
Stetson and Tractorbeam collaborated to unearth the brand’s extensive archive, examining logos, marks, and expressions from the 1800s to the present. Both teams were inspired to create a brand projection that capitalized on historical assets while remaining true to Stetson’s roots.

Prominent Players

Ariat
Stetson
Wolverine
Rocky
Justin Boots
Laredo
Lucchese
Old Gringo
Roper
Tony Lama

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Key Segments

By Product:

Western Boots
Work Boots
Riding Boots
Walking Boots
Other

By Sales Channel:

HyperCowgirl Boots Markets / SuperCowgirl Boots Markets
Footwear Stores
Convenience Stores
Online
Others

By Region:

North America
Europe
Asia Pacific
Latin America

About Future Market Insights (FMI)

Contact Us:

Plug-in Hybrid Electric Vehicle (PHEV) Market Expected to Hit USD 186,450.62 Million by 2034, Growing at a 17.9% CAGR | FMI Reports

The latest report by Future Market Insights highlights a promising outlook for the plug-in hybrid electric vehicle (PHEV) market, which is projected to achieve a valuation of USD 35,927.40 million by 2024. This upward trend is anticipated to continue, with the market expected to reach an impressive USD 186,450.62 million by 2034, reflecting a robust compound annual growth rate (CAGR) of 17.9% throughout the forecast period.

PHEVs have emerged as a pivotal solution, bridging the gap between traditional combustion engines and fully electric vehicles. By combining an internal combustion engine with an electric motor powered by a rechargeable battery, PHEVs offer drivers the flexibility to use either power source or a combination of both. This flexibility provides a significant advantage, allowing for an extended range compared to purely electric vehicles, thus alleviating range anxiety for consumers hesitant to fully transition to electric mobility. Additionally, PHEVs contribute to reducing greenhouse gas emissions by enabling shorter trips to be powered solely by electricity, promoting environmental sustainability without sacrificing convenience.

The PHEV market has experienced substantial growth, fueled by rising environmental concerns, government incentives, and rapid technological advancements. Automakers are heavily investing in research and development to improve battery efficiency, reduce charging times, and enhance overall vehicle performance. Furthermore, governments worldwide are implementing stricter emissions regulations and offering subsidies to encourage the adoption of low-emission vehicles, significantly boosting demand for PHEVs. As consumer preferences increasingly shift towards eco-friendly transportation options, PHEVs are set to play a significant role in the automotive industry’s transition toward sustainability.

Despite the promising growth, the PHEV market faces challenges, including high upfront costs, limited charging infrastructure, and concerns about battery lifespan and recycling. However, ongoing innovations in battery technology and infrastructure development are expected to mitigate these issues over time. The evolving regulatory landscape and growing consumer preference for cleaner transportation solutions are likely to further drive continued growth in the PHEV market. As the automotive industry embraces electrification as a key component of its future, PHEVs offer a compelling option for consumers seeking a balance between sustainability and practicality in their daily commutes.

Comprehensive Market Insights: Full Report Overview

Key Takeaways for the Plug-In Hybrid Electric Vehicle (PHEV) Market:

Significant Market Growth: The PHEV market is expected to grow rapidly, with a projected valuation of USD 35.9 billion by 2024 and USD 186.5 billion by 2034, driven by a CAGR of 17.9%.
Environmental Benefits: PHEVs minimize fuel usage and reduce greenhouse gas emissions, making them a favorable option as governments implement regulations to encourage low-emission vehicles.
Supportive Infrastructure Development: Federal and state policymakers are actively working towards the rapid expansion of charging station infrastructure, facilitating the adoption of PHEVs and reducing dependence on fossil fuels.
Technological Advancements: Ongoing R&D efforts are focused on reducing the costs of electric vehicles and developing new types of PHEVs, which are expected to spur market growth during the forecast period.
Consumer Demand for Sustainability: As consumer preferences shift towards eco-friendly transportation solutions, PHEVs are positioned to play a crucial role in the automotive industry’s transition to sustainable mobility.

Competitive Landscape

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

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

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

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

Some of the key companies in the market are

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

Plug-in Hybrid Electric Vehicles Market by Category

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

Passenger car
Light Commercial Vehicle

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

Series
Parallel
Series-parallel

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

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

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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Real-Time Parking System Market Set to Experience 8.9% CAGR, Expected to Surpass USD 96.4 Billion by 2032 | FMI Reports

The global real-time parking system market is poised for remarkable growth, projected to achieve a compound annual growth rate (CAGR) of 8.9% from 2022 to 2032. Valued at USD 40,523.3 million in 2022, the market is anticipated to surpass USD 96,406.7 million by the end of the forecast period. This substantial growth is primarily driven by increasing traffic congestion, prompting city administrations to adopt real-time parking systems to effectively manage and streamline parking resources.

The rapid escalation in vehicle numbers, along with rising traffic levels, has led to significant parking challenges, especially in urban environments. Without a structured parking system, substantial time and fuel are wasted in the search for available parking spots, contributing to up to 25% of total urban traffic. These challenges are further compounded by limited parking availability and restrictive time constraints.

In response to these pressing issues, there is an urgent demand for real-time information regarding parking availability in specific areas. The parking industry is undergoing a technological transformation, integrating advanced technologies and equipment that enhance the efficiency and convenience of parking operations. Consequently, real-time parking systems are increasingly recognized as crucial for improving urban mobility and addressing the inefficiencies associated with parking.

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Key Takeaways for the Real-Time Parking System Market:

Robust Market Growth: The real-time parking system market is expected to expand at a strong CAGR of 8.9% from 2022 to 2032, reaching an estimated value of USD 96.4 billion by the end of the forecast period.
Urban Traffic Congestion Solutions: Rapid urbanization and a surge in vehicle numbers have resulted in significant parking challenges in densely populated areas, making real-time parking systems vital for efficient space management.
Technological Transformation: The parking sector is witnessing a technological overhaul, with the adoption of advanced technologies such as IoT, AI, and mobile applications that provide real-time data on parking availability, enhancing operational efficiency.
Environmental Benefits: Implementing real-time parking systems contributes to environmental sustainability by reducing the time and fuel wasted by vehicles searching for parking, thereby lowering emissions and promoting a greener urban ecosystem.
Rising Demand for Smart Solutions: There is an increasing demand for smart parking solutions that deliver real-time information on parking availability, helping alleviate traffic congestion and improve the overall driving experience for urban commuters.

Competitive landscape

Key manufacturers operating in the global real-time parking system market are working on strategies such as new product launches, geographical expansion, mergers and acquisitions, partnerships, and collaboration to identify the interest of potential buyers and create a larger customer base.

Some of the leading real-time parking system providers include Streetline, Smart Parking Ltd., ParkMe Inc., Parknav, T2 SYSTEMS, Spot Innovation, Inc., INRIX, Inc., ParkWhiz API, Robotic Parking Systems, Inc., Cisco Systems, Inc., and PARKMATIC.

In 2006, Smart Parking Limited was established. The latest SmartPark system from Smart Parking is a comprehensive, end-to-end solution that incorporates a sensor network with feature displays, and live gateways.

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The real-time parking system market in the United Kingdom is anticipated to augment throughout the assessment period with a significant CAGR. The growth of the region is attributed to the federal policy intervention in intelligent parking systems as part of pollution-reduction efforts.

The adoption of real-time parking systems is increasing due to increased demand for these systems from a variety of sources, including commercial parking garages, universities, on-street municipalities, airports, hospitals, mall parking, and other event avenues.

Key Segments profiled in the Real-Time Parking System Market Report

Real-Time Parking System by Type:

Software
Hardware
Services

Real-Time Parking System Market by Location:

On–Street
Off–Street
Others

Real-Time Parking System Market by Application:

Commercial
Personal
Transport and Aviation
Government
Others

Real-Time Parking System Market by Region:

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

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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Automotive Cast Iron Cylinder Head Market Projected to Reach USD 10.6 Billion by 2032, with a 5.6% CAGR | FMI Reports

The global automotive cast iron cylinder head market is set for substantial growth in the coming decade, projected to achieve a compound annual growth rate (CAGR) of 5.6% from 2022 to 2032. Following a revenue generation of approximately USD 5.9 billion in 2021, the market is expected to reach nearly USD 10.6 billion by the end of 2032.

A historical analysis by Future Market Insights reveals that the straight or inline engine type dominated the market, registering a CAGR of 4.2% between 2017 and 2021. This segment is anticipated to sustain its momentum, growing at a robust 5.4% during the forecast period. When considering vehicle types, two-wheelers are expected to lead the market, growing at a 5.2% CAGR from 2022 to 2032 after a 4.1% CAGR from 2017 to 2021.

The cylinder head plays an essential role in an automobile’s engine, located atop the engine block to seal the combustion chamber. It aids in cooling the engine block, preventing overheating, and ensures proper lubrication of the cylinder, crucial for optimal engine operation. Research indicates that cylinder heads are utilized in 34% of commercial vehicles, 22% of tractors, and 40% of SUVs.

Most Original Equipment Manufacturers (OEMs) prefer cast iron cylinder heads for their affordability, machinability, corrosion resistance, rigidity, and strength. However, there is a noticeable shift toward aluminum cylinder heads, driven by their lighter weight and superior thermal conductivity. While cast iron remains favored for diesel vehicles and everyday drivers due to its durability, aluminum heads are increasingly employed in gasoline engines, especially in performance and racing vehicles. Nevertheless, aluminum heads require more frequent repairs than their cast iron counterparts.

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Key Takeaways

Growth Forecast: The market is anticipated to grow at a CAGR of 5.6% from 2022 to 2032, reaching an estimated value of USD 10.6 billion.
Dominant Engine Type: The straight or inline engine type is projected to maintain a strong growth trajectory with a 5.4% CAGR.
Vehicle Type Leadership: Two-wheelers are set to dominate the market, with an expected CAGR of 5.2% during the forecast period.
Material Preference: Cast iron cylinder heads are preferred for their durability, while a trend towards aluminum is noted for performance applications.
Regulatory Impacts: Increasingly stringent emission standards are compelling OEMs and engine manufacturers to innovate in the cylinder head market.
Technological Advancements: Emerging manufacturing techniques, such as injection molding, are allowing for the creation of complex cylinder head designs, shaping the market landscape.

Competitive Landscape

At present, automotive cast iron cylinder head manufacturers are largely aiming at setting up manufacturing facilities, winning orders, and innovating in Research and Development. The key companies operating in the automotive cast iron cylinder head market include Toyota Industries Corporation, Yamaha Motor Co., Ltd., Cummins Inc., Sandvik Coromant, YASUNAGA CORPORATION, NEMAK, Silbitz Group GmbH, Mauss GmbH, TEKSID SPA, Cooper Corp, Brodix Inc., Craftsman Automation, and Linamar Corporation. Some of the recent developments by key providers of automotive cast iron cylinder heads are as follows:

In December 2021, Yahama’s engineers created a block and cylinder heads both of which were made of cast-iron blocks. It entails hemispherical chambers and a spark plug in the middle and two valves per cylinder.
In March 2019, Nissan expanded its heritage parts program and included new auto components. It was meant to provide new blocks and cylinder heads, wiper motors, and other parts for their new R32, R33, and R34. Most of the RB series use cast iron cylinder blocks ranging from a capacity of 2.0 to 3.0 liters.

Similarly, recent developments related to companies manufacturing automotive cast iron cylinder heads have been tracked by the team at Future Market Insights, which is available in the full report.

More Insights into the Automotive Cast Iron Cylinder Head Market

China is anticipated to dominate the global automotive cast iron cylinder market by growing at a CAGR of 4.6% from 2021 to 2032. China is expected to generate a total revenue of around USD 712.3 Mn by 2032 due to the setup of several engine plants to manufacture cylinder heads and other automobile components in China.

Key Segments Covered in Automotive Cast Iron Cylinder Head Industry Survey

Automotive Cast Iron Cylinder Head Market by Engine Type

Straight or Inline Engines
V-Type Engines
Flat Engines

Automotive Cast Iron Cylinder Head Market by Vehicle Type

Two Wheelers
Passenger Cars
Light Commercial Vehicles
Heavy Commercial Vehicles

Automotive Cast Iron Cylinder Head Market by Region:

North America Automotive Cast Iron Cylinder Head Market
Latin America Automotive Cast Iron Cylinder Head Market
Europe Automotive Cast Iron Cylinder Head Market
South Asia Automotive Cast Iron Cylinder Head Market
East Asia Automotive Cast Iron Cylinder Head Market
Oceania Automotive Cast Iron Cylinder Head Market
Middle East & Africa Automotive Cast Iron Cylinder Head Market

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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Dashboard Camera Market Anticipated to Reach USD 13 Billion by 2032, Exhibiting a CAGR of 18.3% | FMI Reports

The global dashboard camera market is projected to reach approximately USD 18,369.5 million by 2034, with an estimated value of USD 3,364.5 million in 2024. The industry is expected to grow at a robust CAGR of 18.5% during the forecast period from 2024 to 2034.

Growing concerns over vehicle theft, the convenience of filing insurance claims, and heightened awareness of vehicle safety are likely to create significant opportunities within the market. Additionally, the rising incidence of fraudulent medical claims and staged accidents is expected to drive demand.

In response to these challenges, many leading insurance companies are encouraging vehicle owners to install dashboard cameras, or dashcams, to facilitate quicker and more accurate resolution of insurance claims.

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Key Takeaways:

Regulations regarding privacy infringement may hamper the market growth.
The dashboard camera market in the United States will grow at a CAGR of 17.5%, reaching USD 4.4 Bn during the forecast period.
The U.K. dashboard camera market will register a CAGR of 16.8% and reach USD 522.1 Mn by 2032.
By technology, the basic dashboard camera segment will dominate the global marketplace with a CAGR of 18.1% during 2022-2032.
The dashboard camera market in the Asia Pacific region will account for the highest revenue growth.

“As the installation of dashboard cameras aids in controlling road accidents and lessens insurance claims, the global market for the same will witnessed considerable growth over the forecast period,” – says an FMI analyst.

Competitive Landscape

ABEO Technology CO., Pittasoft Co. Ltd., Garmin Ltd, Falcon Zero LLC, Cobra Electronics Co, Safe Cams, THINKWARE, Harman, Amcrest Technologies LLC, HP Development Company LP, DOD TechDJI, Panasonic Corporation, DOD Tech, Waykens Unc., Papago Inc., LG Innotek, Koninklijke Philips N.V, and Honeywell International Inc., among others are some of the major players in the dashboard camera market profiled in the full version of the report.

Leading market players are keen on product development and releasing new product lines. These businesses also employ strategic collaborations and partnership tactics to strengthen their market prospects.

More Insights into Dashboard Camera Market Report

In its latest report, FMI offers an unbiased analysis of the global dashboard camera market, providing historical data from 2017 to 2021 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented on the basis of technology (basic, advanced, smart), product type (1-channel, 2-channel, rear view), video quality (SD and HD, full HD & 4K), application (commercial vehicle, personal vehicle), and region.

According to the latest FMI reports, based on segmentation, the basic technology segment will make significant contributions to the overall market growth. This segment is expected to grow at a CAGR of 18.1% during 2022-2032. In terms of application, the personal vehicle segment is anticipated to generate high demand during the projection period.

Based on region, the dashboard camera market in the United States and the United Kingdom will display remarkable growth during 2022-2032. The U.S. dashboard camera market is estimated to grow at a CAGR of 17.5% and reach US$ 4.4 Bn by 2032. This growth can be attributed to the rising popularity of ride-sharing companies like Uber and Lyft as well as to a well-established shipping and haulage business. The dashboard camera in the United Kingdom will grow at a CAGR of 16.8% and create an incremental opportunity of 411.3 Mn during 2022-2032. In addition, the target market in the Asia Pacific region is predicted to generate the highest revenue during the forecast period.

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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