Functional Films Market- Global Revenue Growth Expectations in the Near Future

As per a study by Future Market Insights (FMI), increasing applications across diverse sectors, especially the printing and packaging industry will drive the functional films market between 2021 and 2031. Functional films are being steadily commercialized across various industries as they incorporate technologies to improve the functional performance of products on which functional films acts as substrate or a barrier.

The market is gaining momentum, thanks to the expansion of the packaging and plastic industries. Their usage across automotive also is increasing. Functional films can be spotted in automotive displays, car interiors, transmission systems, and lighting.  In the packaging sector, BOPP films are the “go-to” options for lamination and flexible packaging purposes.

As per FMI, the functional films market is poised to reach US$ 47.17 Mn by 2031. The demand for both optical and coating films is considerably high. Of these, coatings films are expected to emerge dominant, exhibiting 8.7% CAGR over the forecast period.

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Key Takeaways of Functional Films Market Study

  • Application across various industries will continue driving functional films market at .2% CAGR through 2031
  • The U.S. remains the leading functional films market in North America, accounting for over 68% sales in 2021
  • After an insignificant year in 2020, the U.K. market will bounce back, registering a little below 6% y-o-y growth in 2021
  • Germany and France will remain key markets. Of these, Germany will remain dominant through the forecast period
  • Exceptional growth is likely in Japan, as it continues registering expansion of various end-use industries

“Functional films market, like any other sector, is heavily reliant on prevailing trends. Currently, there is high focus on sustainability especially as some of the leading players invest in environment-positive technologies,” said a lead analyst at FMI.

East Asia is expected to dominate the functional films global market. The intense activities in the region have stimulated market participants to engage in product innovations and steadily commercialize their products. In East Asia, the large demand owned by various end-use industries including consumer electronics and automotive, is likely favorable to mold the Functional Films market. The market growth is also dependent on various other factors such as raw material availability and large consumption base.

Who is Winning?

Some of the leading companies operating in the functional films market include 3M, Dai Nippon Printing Co. Ltd, Toray industries Inc, SABIC, Covestro AG and Saint Gobain Films.

The functional films market is a highly competitive market dominated global petrochemical and chemical manufacturers and key players who are actively involved in the printing and packaging sector.  Some players are adopting backward integration, directly purchasing petrochemicals and manufacturing films from scratch. The market is also driven by regional players and new entrants who are aggressively involved to build their brand name.

The Tier-1 players hold approximately half the global value share. Drive for product positioning and collaboration are some of the common behavioral trends in the global market.

There is increasing focus on sustainability, especially some of the leading players. For instance, Coveris has built two new extrusion lines at Cheshire-based facility in Winsford, in the U.K. This capacity expansion is intended at supporting the company’s goal to achieve pack positive sustainability.

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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

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Dimethylolpropionic Acid (DMPA) Market- This is How Leading Companies Are Dominating the Global Market

The global Dimethylolpropionic Acid (DMPA) Market is forecast to expand at 8% CAGR for the forecast period of 2021-2031. Need for durable coatings for heavy duty applications drives the market growth. Rising employment of DMPA in electric appliances and HVAC systems paved way for exponential growth of dimethylolpropionic acid market. High quality and durable coating produced using electro-deposition is one of the major factors driving the market growth, evaluated ESOMAR-certified consulting firm Future Market Insights.

According to the study, COVID-19 pandemic negatively impacted the market in short term basis. Pandemic led to closure of manufacturing facilities leading to slump in dimethylolpropionic acid market demands. The situation is expected to improve by the end of 2021 with relaxation in lockdown and restoration of supply chain.

 “Surging application of polyester resin in lifestyle and fashion industry along with boom in construction industry will become a key factor for dimethylolpropionic acid market growth,” remarks the FMI analyst. 

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Key Takeaways

  • Rising demand of advanced nontoxic coating in the U.S. consumer industry will intensify the market demand.
  • Surge in production of polyurethane dispersion products will propel growth in Germany.
  • Growing need of dimethylolpropionic acid in paint and coating industry in China will provide ideal environment for market growth.
  • Development in the field of automobile and metal industry in India will propel the market growth.
  • Automotive application of dimethylolpropionic acid is expected to grow at 6% CAGR during the forecast period.

Prominent Drivers

  • Increased focus on application of powder coating in automotive industry is expected to aid the dimethylolpropionic acid market growth.
  • Growing necessity of electro-deposition technique in coating and metal industry is expected to boost the market demand.
  • Rising adoption of polyurethane dispersion products in manufacturing of adhesives will enhance the market growth

Key Restraints

  • Availability of cheaper alternatives to dimethylolpropionic acid is a major threat to market growth.
  • Surging use of dimethylolbutanoic acid in polyurethane dispersion restrict the market demand.
  • Variation in price of raw material for dimethylolpropionic acid manufacturing negatively affects the market demand.

Competitive Landscape

Leading players profiled by FMI operating in dimethylolpropionic acid market include Henan Tianfu Chemical Co. Ltd., GEO Specialty Chemicals, Inc., Shenzhen Vtolo Chemicals Co., Ltd, Perstorp Specialty Chemicals AB and Jiangxi Nancheng Hongdu Chemical Technology Development Co., Ltd. among others.   According to FMI, Leading players are focusing to research and development to grow their product portfolio and are also participating in strategic collaborations and acquisitions to strengthen their global position.

One such occurrence is the acquisition of GEO specialty chemicals by CPS performance materials in September 2019. This acquisition allowed to company to penetrate the personal care and nutrition market.

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More Insights on FMI’s Dimethylolpropionic Acid Market

The latest market study on global dimethylolpropionic acid market by Future Market Insights gives a detailed segmentation for the forecast period of 2021-2031. In order to gain a better perspective of the global market potential, its growth, trends, and opportunities, the market is segmented on the basis of product type (Resins, Powder coatings, electro deposition coating), Application (Adhesive, Glass fiber sizing, automotive topcoat, wood finishing), end-use (hospitals, diagnostics centers, ambulatory surgical centers), and across major regions (North America, Latin America, Eastern Europe, Western Europe, Japan, Middle East & Africa, Asia Pacific excluding Japan).

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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

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Bicycle Components Aftermarket worth US$ 28.3 billion by 2032 at a CAGR of 6.9% | FMI

Over the forecast period of 2022-2032, sales in the global bicycle components aftermarket are expected to grow at a CAGR of 6.9%, to reach a valuation of US$ 28.3 Bn by the end of 2032. Rising bicycle fleet across the globe is expected to be the key driving factor for the demand for bicycle components.

Growing popularity of bicycling as a recreational activity is expected to fuel the growth in the bicycle component aftermarket. Individuals are preferring cycling as a recreational and fitness activity across the globe.

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Increasing awareness regarding chronic disorders caused by leading a sedentary lifestyle among consumers is driving interest in cycling for a healthy lifestyle. As more individuals use biking as a regular form of exercise, demand for bicycle components is expected to increase at a considerable pace.

Rising importance of sports activities, particularly for health reasons, as well as celebrity endorsement and international or national sporting events, are encouraging people to participate in a variety of cycling activities. Backed by the aforementioned factors, sales of bicycle components will continue gaining traction over the assessment period.

“Increasing demand for electric bicycles, along with rising deployment of bicycle fleet across public entertainment infrastructures such as amusement parks, resorts and adventure parks will augment sales in the market,” says an FMI analyst.

Key Takeaways:

  • Based on bicycle type, the electric bicycle segment will create an absolute dollar opportunity worth US$ 4.9 Bn.
  • Sales of bicycle components from department sales are expected to account for 1/3rd of overall aftermarket sales.
  • In terms of component, the road groupsets segment is anticipated to hold more than half of the total market share.
  • The U.S. is expected to dominate the North America bicycle component aftermarket, with demand growing at a 4% CAGR over the forecast period.
  • Sales in the China market will hold 2/3rd of the East Asia bicycle component aftermarket share.
  • Demand in the India bicycle components aftermarket will grow at a 7.2% CAGR over the forecast period.

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Competitive Landscape

Dorel Industries Inc., Accell Group N.V., Shimano Inc., SRAM LLC, Hero Cycles Limited, Campagnolo S.R.L., Merida Industry Co., Ltd., Specialized Bicycle Components, Rohloff AG, Giant Manufacturing Inc., and Avon Cycles Ltd. are some of the leading manufacturers operating in the global bicycle components aftermarket.

Key Segments Covered in Bicycle Components Aftermarket Industry Analysis

By Component Type:

  • Derailleurs
  • Road Groupsets
  • Suspensions
  • Wheel Sets
  • Brakes
    • Hydraulic
    • Mechanical
  • Caliper Type
  • Gears
  • Others (Bottom Brackets etc.)

By Sales Channel:

  • Specialty Bicycle Retailers
  • Discount Stores
  • Department Stores
  • Full-line Sporting Goods Stores
  • Outdoor Specialty Stores
  • Other Sales Channel

By Bicycle Type:

  • Mountain Bike
  • Hybrid/Cross
  • Road
  • Comfort
  • Youth
  • Cruiser
  • Recumbent/Tandem
  • Electric
  • Folding

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About FMI – Automotive and Transportation

The Automotive and Transportation division of FMI provides exclusive coverage and actionable insights about automotive and transportation industry encompassing automotive, aviation, shipping and marine, and railway sector. Market findings and competition intelligence of OEM, aftermarket, services and technology landscape have helped numerous industry stakeholders’ right from automakers, component manufacturers, channel partners and service providers in taking informed decisions and keeping them up-to-date with market behavior.

About Future Market Insights (FMI) 

Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

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Automotive ECU Market to reach a valuation of US$ 49 Billion by the end of year 2032

The automotive ECU market is projected to increase at a 6.1% CAGR from 2017 to 2022, reaching US$ 48,500.0 million. The market is projected to reach US$ 77,887.0 million by 2032.

Automotive ECU or Electronic Control Unit is a family of computer systems that controls and maintains the entirety of electronic, electrical and mechanical systems of a vehicle. ECU can be classified based on the functions such as Engine Control Module (ECM), Body Control Module (BCM), Electronic Brake Control Module (EBCM), Powertrain Control Module (PCM), Transmission Control Module (PCM), Suspension Control Module (SCM), Door Control Unit (DCM), Battery Management System (BMS), General Electric Module (GEM) and others.

Automotive functions ranging from the movement of the windows to the amount of air-fuel mixture required for each engine cylinder has an ECU system embedded with it which is recorded, analyzed and stored in the microcontroller. Technological advancements in automotive technology has led to an increase in implementation of complex ECUs in a vehicle. Some of the automobile models running today on the roads have more than 80 different ECUs present in it.

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Automotive ECU Market Dynamics

Increased demand for technologically advanced vehicles like hybrid cars in the developed and developing countries is one of the major factors driving the growth of ECU market. Government regulations to reduce fuel usage and increasing demand for better mileage of the vehicles by the general public is another major factor leading to high growth of ECU market in the automotive industry.

The steady growth of alternative vehicle choices such has the hybrid and pure electric cars in the developed nations has contributed significantly to the ECU market due to high complexities of these vehicles over conventional vehicles. Driver safety, security concerns, ease of driving, low maintenance demanded by the customers are also some of the factors driving the growth of ECU market.

The involvement of smartphones connected to the vehicle providing the driver with real time information about the state of vehicle is a major trend in recent times. These advanced ECU systems with the provision to connect with the smartphones easily can lead to an improvement in the growth of ECU systems.

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An ECU system usually comprises of electronic and mechanical components working in tandem with each other. Perfect integration of these components is a major challenge which in turn can hinder the growth of the ECU market.

Automotive ECU Market: Regional Outlook

The Global Automotive ECU system market is segmented into seven geographical regions such as North America, Latin America, Western and Eastern Europe, Asia Pacific Excl. Japan (APEJ), Japan, Middle East and Africa (MEA). Automotive production hubs such as China, India, and South Korea in the APEJ region is anticipated to grow at a significant CAGR due to steady growth of automotive production and sales. North America has witnessed a steady growth rate in the adoption of hybrid and electric vehicles leading to improved sales of automotive ECU market in the region.

Automotive ECU Market: Key Players

Some of the major players identified in the Global Automotive ECU Systems are:

  • Robert Bosch GmbH
  • Continental AG
  • Magneti Marelli S.p.A.
  • Denso Corporation
  • ZF TRW Automotive
  • Delphi Automotive
  • Autoliv Inc.
  • Hitachi Automotive Systems Ltd.
  • Takata Corporation
  • Mitsubishi Electric Co.
  • Panasonic Corporation
  • Hella KGaA Hueck & Co. (Hella)

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Automotive ECU Market: Segmentation

Automotive ECU System Market can be segmented by vehicle type, sales channel and applications.

By Types:

  • Passenger vehicles
  • Internal Combustion Engines
  • Hybrid Vehicles
  • Battery Electric Vehicles (BEV)
  • Light Commercial Vehicles
  • Heavy Commercial Vehicles

By Sales Channel:

  • Original Equipment Manufacturer
  • Aftermarket

By Application:

  • Engine Control Module
  • Transmission Control Module
  • Powertrain Control Module
  • Airbag Control Module
  • Body Control Module
  • Electronic Braking Control Module
  • Steering Control Module
  • Climate Control Module

By Region:

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

Report Highlights:

  • Detailed overview of parent market
  • Changing market dynamics in the industry
  • In-depth market segmentation
  • Historical, current and projected market size in terms of volume and value
  • Recent industry trends and developments
  • Competitive landscape
  • Strategies of key players and products offered
  • Potential and niche segments, geographical regions exhibiting promising growth
  • A neutral perspective on market performance
  • Must-have information for market players to sustain and enhance their market footprint

About Future Market Insights (FMI) 

Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

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Freight Cars Market Future Scenario, Key Insights, Top Companies by year 2030

Before 19th-century freight cars are completely made by woods but now day entire wood made fright cars have been replaced by steel made freight cars due to high strength and long-lasting. Fright cars are also known as goods wagon designed to transport commodities such as cargo, colas, grains, oil & gas, among others.

Mainly four types of freight cars are using across the world; open-top car, boxcar, flatcar, tank car. Commonly, open-top freight cars used to transport materials such as coal, gravel, and grain. Boxcars are a type of enclosed car and use for two applications for refrigerated products and transport of livestock like cattle, sheep, and others.

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While flat cars are majorly used to transport heavy machinery and military equipment. Although, the variety of fright cars are not limited up to the aforementioned types of the manufacturer are changing the design as per demand.

Due to seeing demand and changing in technology, North America developed an efficient model of freight cars such as a piggyback car, multistory cars to supply of automotive vehicles in two of three partitions in one box. Tank cars can be foreseen as special category fright cars to carry a variety of liquids and industrial chemicals.

Freight cars provide efficient way over transportation of goods or cargo by trucks because this larger scale result decreased transportation costs and required less manpower and energy to haul the same amount of cargo. Therefore, the growth of the global freight car market is expected to lucrative over the coming span of years.

Freight Cars Market: Dynamics

Supportive government schemes and upcoming projects specifically for railway networks are expected to boom the global value of the freight cars market by the end of 2029. Furthermore, a trade agreement among countries like India and Turkmenistan to supply commodities from one country to another is projected to fillip the demand for freight cars market over the stipulated period.

Moreover, some end-users such as oil & gas are also using rental services for oil tank which is also stimulating the demand for new freight cars over the assessment period. Moreover, growth in end-user industries, for instance, steel, agriculture, automotive, construction, oil & gas, among others are likely to drive the demand 0f freight cars over the coming decades.

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Growing other modes of cargo transportation by sea, road, and the air is expected to hamper the global demand of the fright car market over the coming years. Furthermore, lack of proper railway networks in some countries or cities is likely to create headwinds for the growth of the global freight cars market over the slated period.

Leading manufacturer are focused to make lightweight and high efficient freight cars with intends to make aisle brand image across the world. Furthermore, digitalization in the existing fright car network is also foreseen as eye-catching trend in the global market.

Freight Cars Market: Regional Outlook

Asia Pacific region is projected to grow with a healthy growth rate in the global freight car market owing to growing end-use industries in the future. In China, nearly 840 thousand units have been sold and these sales also expected to continue over the coming years.

Europe is expected to hold a paramount share in the global market due to rising demand form the agriculture and automotive industry over the coming decades. Rapidly digitalization in automatic railway network lines in the Middle East & Africa which in turn is projected to stimulate the sales of freight cars demand over the coming decades.

Latin America pegged to grow at the uptick growth rate in the global freight cars market owing to inadequacy in the heavy cargo load cars. Albeit, upcoming projects, and growth in the agriculture industry are promising to shape up the regional demand for freight cars market over the stipulated period.

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Freight Cars Market: Key Participants

Some of the market participants in the Freight Cars market identified across the value chain:

  • Caterpillar Inc.
  • Wabtec Corporation
  • Tatravagonka
  • Diesel Plant LLC
  • Kawasaki Group
  • TrinityRail
  • Amsted Rail Group
  • Echelon Solutions Group
  • Sumitomo Corporation
  • Union Pacific Railroad

The research report on the Freight Cars market presents a comprehensive assessment, and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. The Freight Cars market report also contains projections using a suitable set of assumptions and methodologies. The report provides analysis and information according to mentioned market segments.

The report covers exhaustive analysis on

  • Freight Cars Market Segments
  • Freight Cars Market Dynamics
  • Freight Cars Market Size
  • New Sales of Freight Cars
  • Current Trends/Issues/Challenges in the Freight Cars Market
  • Competition & Companies Involved in Freight Cars
  • New Technology for Freight Cars
  • Value Chain of the Freight Cars Market

Regional analysis includes

  • North America (U.S., Canada)
  • Latin America (Mexico, Brazil)
  • Western Europe (Germany, Italy, France, U.K, Spain)
  • Eastern Europe (Poland, Russia)
  • Asia Pacific (China, India, ASEAN, Australia & New Zealand)
  • Japan
  • Middle East and Africa (GCC Countries, S. Africa, Northern Africa)

The global Freight Cars market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts across the value chain.

The report provides in-depth analysis of parent market trends, macro-economic indicators, and governing factors, along with market attractiveness as per segment. The report also maps the qualitative impact of various market factors on market segments and geographies.

Freight Cars Market: Segmentation

Product  :

  • Open top car
  • Boxcar
  • Flatcar

Sales Channel :

  • Factory fit
  • Aftermarket
    • Wheel sets
    • Side frame
    • Bolsters
    • Couplers
    • Suspensions units
    • Bearing & gears
    • Others

End use Industries :

  • Automotive & Transpiration
    • Automotive
    • Railway
    • Aerospace
  • Agriculture
  • Construction
  • Oil & Gas
  • Chemical
  • Medical & pharmaceuticals
  • Food & beverages
  • Government & defense
  • Marine
  • Others

About Future Market Insights (FMI) 

Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

Contact:

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Aircraft Tube and Duct Assemblies Market is Anticipated to expand at a CAGR of 4.4% during the forecast period

Passenger traffic in the aircraft industry continues to register growth rates above historical averages, supported by the reduced price of travel and increasing middle-class population in developing markets. This rise is playing a crucial role in driving the growth of the global aircraft tube and duct assemblies market.

The global aircraft tube and duct assemblies market is projected to expand at a CAGR of 4.4% during the forecast period of 2022-2030.

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Key Takeaways of Aircraft Tube and Duct Assemblies Market Study

  • Aerospace industry is increasing the usage of aluminum in aircraft tube and duct assemblies, as aluminum is a lightweight and high-strength material. In the global aircraft tube and duct assemblies market, aluminum holds approximately one-third market share.
  • Tier-I manufacturers operating in the global aircraft tube and duct assemblies market are Eaton, Exotic Metals Forming, Leggett & Platt, Incorporated, and PFW Aerospace GmbH. On the other hand, AMETEK. Inc., Smiths Group PLC, Sigma Precision Components Ltd., and some other players are estimated to stand in the tier-II bracket in the global aircraft tube and duct assemblies market.
  • Key players are focusing on the expansion of their footprints by establishing manufacturing units and distribution channels in various regions.
  • Global defense spending is at a high record. The biggest spenders on defense are the U.S., China, France, Saudi Arabia, and India. Implementation of advanced, combat, and stealth-based aircraft procurement programs has augmented military spending, worldwide. This growing trend is expected to upsurge the demand for aircraft tube and duct assemblies.
  • Development of lightweight materials and increasing sales of aircraft are anticipated to drive the growth of the market over the forecast period.

“Original equipment manufacturers (OEMs) are projected to hold more than 90% share in the global market, as the replacement of tube and duct assemblies is found to be very limited.”

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AIRCRAFT TUBE AND DUCT ASSEMBLIES MARKET TAXONOMY

Application

  • Engine Bleeds
  • Thermal Anti-ice
  • Pylon Ducting (HVAC) Enamel
  • Fuselages
  • Inlets/Exhausts
  • Environment Control Systems (ECS)
  • Lavatories
  • Waste Systems

Aircraft Type

  • Commercial Aircraft
    • Narrow Body Aircraft
    • Wide Body Aircraft
    • Regional Jets
    • Freighters
  • Military Aircraft

Material

  • Steel
  • Nickel
  • Titanium
  • Aluminum
  • Composite
  • Inconel

Sales Channel

  • OEMs
  • Aftermarket

Region

  • North America
  • Latin America
  • Europe
  • South Asia
  • East Asia
  • Oceania
  • MEA

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Market Landscape Moving towards Consolidation

The aircraft tube and duct assemblies market is expected to be dominated by tier-I manufacturers, who hold more than 50% share of the global market. Prominent players involved in the global aircraft tube and duct assemblies market are shifting their focus on repair solutions rather than replacement products with full-service. This has resulted in providing approximately 50 percent or more cost reduction.

About Future Market Insights (FMI) 

Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

Contact:

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Retread Tire Market Will Generate Booming Growth Opportunities to 2031

As per a study by Future Market Insights (FMI), the global retread tire sales is estimated to be valued at ~US$ 8.8 Bn in 2021. The increase in average miles driven and growing vehicles parc will drive the tire aftermarket, subsequently fuelling the demand for retreading tires.

Despite negative perceptions around retread tires, they continue remain a highly popular category within automotive aftermarket. Increasing focus on sustainable ways of maintaining cars and curbing vehicular pollution and automotive waste will bode well for the market. Besides this, economical pricing of retread tires have made them a top choice among a large section of vehicle owners.

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According to the report, increasing automobile ownership will remain a chief driver. Besides this the demand for heavy commercial vehicle is expected to rise in response to the expansion of various industries, which will continue supporting the growth of the market.

Commercial vehicles often find application in construction and mining activities. Logistics sector too exhibit high demand for commercial vehicles. It might not be a feasible choice for the industries to frequently replace older vehicles with new ones. With an aim of capping environmental impact of vehicle waste and saving resources, an increasing number of industries are opting for aftermarket services.

Higher focus on maintaining commercial vehicles for a longer period of time will boosting retread tires sales. The report has predicted the heavy commercial vehicles to account for over 44% of sales registered in the market.

Key Takeaways from Study

  •  After registering considerable drop in sales amid COVID-19, the retread tire market will bounce back, exhibiting 4.7% CAGR between 2021 and 2031
  • The U.S. is expected to account for over 78% of retread tires sales in North America, thanks to rising demand for HCVs across various industries
  • With vehicle sales picking up, the U.K. retread tire market will register 3.4% Y-o-Y growth in 2021
  • Increasing vehicle production to continue supporting retread tire market growth in Germany and France
  • Favorable policies aimed at reducing automotive waste to support expansion in China

“Retread tire sales are picking up in response to higher focus on maintaining vehicles. While focus on maintenance remains high among heavy commercial vehicle owners, retread tires are gradually making inroads into off road vehicle segment. To capitalize on these opportunities manufacturers are likely to focus on expanding their footprint around the world,” said a lead analyst at FMI.

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Retread tire Market

By Vehicle Type

  • Passenger cars
  • LCV
  • HCV
  • Off-Road Vehicle

By Process

  • Pre-cure
  • Mold cure

By Sales Channel

  • OEM
  • Independent Service Provider

By Region

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

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Competitive Landscape

Some of the leading players in the market Bridgestone Corporation, The Goodyear Tire & Rubber Company, JK Tyres, Michelin, Continental AG, MRF, Yokohama Rubber Company, Carloni Tires, and Nokian Tyres. With price competition getting fiercer, these companies are adopting unique strategies to establish their brand awareness.

For instance, in 2019, Bridgestone Americas, Inc. announced an industry-wide campaign to educate small to medium fleet owners about the benefits of retread.

In 2018, TravelCenters expanded their commercial tire services to professional drivers with the acquisition of a commercial tire retread plant.

About Future Market Insights (FMI) 

Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

Contact:

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Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
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Automotive Garage Equipment Market is Anticipated to Register 4.3% CAGR through 2022-2029

Future Market Insights’ new market research study on the automotive garage equipment market contains global industry analysis 2017 – 2021 and opportunity assessment 2022 – 2029. The report investigates the automotive garage equipment market and provides critical insights for the forecast period of 2022 – 2029. As per the key findings of the report, the global automotive garage equipment market is anticipated to experience substantial growth over the forecast period due to increase in the demand for replacement and maintenance of automotive components.

The global automotive garage equipment market is estimated to be valued at ~US$ 24.4 Bn in 2022, increasing at a CAGR of ~ 4.3% during the projected period of 2022 and 2029. This growth is significantly driven by stringent emission and other regulations of vehicle diagnostics equipment in the automotive industry

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FMI’s study opines that growing popularity of independent garages among consumers is one of the key trends that is shaping the global automotive garage equipment market. However, the onset of innovative technologies and R&F activities is expected to enhance the functionalities and capabilities of modern automotive garage equipment.

Significant Growth Opportunities in the APEJ Automotive Garage Equipment Market

Asia Pacific Excluding Japan is projected to show heavy upsurge in the automotive garage equipment market owing to increasing penetration of new franchises and up gradation in independent repair shops and garages particularly in India and china.

The region accounts for largest two wheeler fleet and higher density of light and heavy vehicles. China is projected to witness heavy growth owing to increase in number of light and two wheelers and India is projected to hold significant share in the automotive garage equipment market owing to growth in independent garages and repair shops. Propensity of these countries towards technological advancements in the garage equipment’s is creating an opportunity for the market during the forecast period.

High Demand for Garage Equipment from Independent Garages Propelling the Market Growth.

The global automotive garage equipment market has been segmented based on vehicle type, equipment type, garage type and regions, such as North America, Latin America, Western Europe, Eastern Europe, APEJ, Middle East & Africa, and Japan.

  • Shifting consumer preference towards independent garages in comparison to franchise garage is one the major factors driving the growth of garage equipment’s in the market. Independent garages offer similar services and capabilities as franchise garages along with economical price bands as OEMs. According to primary surveys about ~80% of the consumers in Asia prefer independent garages over OEM dealerships due to the maneuverability, ease, and flexibility offered by them at a reduced cost and time. As a result, the growing demand for independent repair shops is in turn expected to drive the need for garage equipment
  • Majority of OEMs are planning strategic initiatives to expand dealerships and after sales service capabilities in rural areas. The strategy lies in establishing repair & maintenance dealerships and for franchised garage operators to expand their service presence and portfolio. Vehicle manufacturers have now shifted their focus towards the rural market as it seems to be significantly more opportunistic. This in turn, will drive automotive garage equipment during the forecast period.
  • Light vehicles garages are projected to emerge as the major contributor to the demand for garage equipment, reason being demand for new and advanced garage equipment products. This will in turn create significant demand for advanced garage equipment, such as vehicle diagnostics & testing equipment, wheel & tire alignment equipment, etc.

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Automotive Garage Equipment Market by Category

By Vehicle:

  • 2 Wheelers
  • Light Vehicles
  • Heavy Vehicles

By Equipment:

  • Lifting Equipment
  • Body Shop Equipment
  • Wheel & Tire Alignment
  • Vehicle Diagnostics & Testing
  • Washing Equipment
  • Other Tools

By Garage:

  • OEM
  • Franchisee Garages
  • Independent Garages

By Region

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

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Automotive Garage Equipment Market: Vendor Insights

The report highlights some of the prominent market players, who have established themselves as leaders in the global automotive garage equipment market. Few examples of key players in the market are Symach Srl, Nussbaum Automotive Solutions, SAMVIT GARAGE EQUIPMENTS, MAHA Maschinenbau Haldenwang Gmbh & Co. KG, Snap-on Incorporated, Robert Bosch GmbH, Continental AG, and Forward Lift Company (Dover Corporation), and Standard Tools and Equipment Co., among others.

The global automotive garage equipment market is significantly dominated by some players holding prominent shares of the market. Tier-1 players are focused on mergers, acquisitions and joint ventures with local market players and launch of technically advanced garage equipment’s in order to achieve the ongoing trend thereby gaining a competitive edge over its peers.

About Future Market Insights (FMI) 

Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

Contact:

Future Market Insights, Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
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Automotive Tire Market will Exhibit a Steady 6.0% CAGR through forecast period | FMI

According to ESOMAR-certified Future Market Insights’ (FMI), demand for automotive tire is expected to rise considerably, enabling the automotive tire market to grow at 6.0% CAGR throughout the forecast period.

The radial tire sales is projected to surpass US$ 550 Bn between 2021 and 2031. Bridgestone, Michelin, Goodyear, Continental, and Pirelli are the leading market players and they are expected to collectively account for nearly 48% of global automotive tire market in 2021.

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With the dawn of new phase of industrialization “Industry 4.0”, spike in sales of lightweight and commercial vehicles is observed. Rising per capita income and improvement in standard of living have led to increase in sale of passenger cars and two wheelers.

Increasing trading activities have fueled the demand for high performance automotive tires for light and heavy commercial vehicles. These factors will drive the sales of automotive tires during the forecast period.

Increasing sales of electric vehicles and increasing efforts to reduce the carbon emission by developing low resistance tires with superior grip will boost the automotive tire market growth over the assessment period.

Some of the market players are developing green tires, which are manufactured using dispersible silica. These green tires offer superior wet grip and enhance vehicle stability and safety. The lightweight nature, low fuel consumption due to reduced rolling resistance, and high durability haves made green tires highly sought-after in the automotive industry.

Pandemic has led to closure of manufacturing facilities and slump in sales of automotives in 2020. Limited driving led to reduction in tire replacement and new tires sales which negatively influenced the market growth.

However the market is expected to recover post lockdown as people are switching to digital platform to ensure social distancing and limit the infection transmission. Through digital platform, the companies are able to provide doorstep tire replacement services with no hassle. These services are expected to provide a positive impetus for the growth of the automotive tire market post pandemic to 2031.

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Key Takeaways from FMI’s Automotive Tire Market Study

  • North America market is anticipated to grow at 5.9% CAGR backed by increasing consumer spending on comfortable and more durable tires and rising sales of electric vehicles in U.S. and Canada.
  • Europe is expected to lead the automotive tire market, showcasing growth at 6.2% CAGR in 2021. The growth can be attributed to rise in passenger car production rate, presence of leading original equipment manufacturers, and high demand of custom tires by automakers in the region.
  • Soaring popularity of retread tires and rising partnerships between automakers and tire manufacturers to cater the consumer need will bolster growth opportunities.
  • Japan and South Korea will collectively account for around 12% of the global market share in 2021.
  • Radial automotive tires sales will soar as they offer high heat dissipation rate and long life. The radial automotive tire segment is expected to surpass US$ 550 Bn in terms of value by the end of 2031.

 “Increasing sales of electric vehicles along with increasing research activities aimed at reducing carbon emission by lowering the rolling resistance will drive the market growth in forthcoming years,” says the FMI analyst.

Competitive Landscape

As per FMI, Bridgestone, Michelin, Goodyear, Continental, and Pirelli dominate the automotive tire market, collectively accounting for 48% of total market share in 2021.

Leading market players are focusing on developing new tires as per the changing market dynamics and customer demands. They are also looking to capitalize on the high revenue opportunities offered by developing nations by setting up manufacturing plants in these countries.

For instance, in June 2021, Michelin launched its new “MICHELIN X® MULTI GRIP™” truck tires developed for high performance in extreme winter condition. The tire offers superior grip, safety in extreme cold and wet roads with elevated mileage thus paving way for more sustainable transport system.

Michelin also launched “MICHELIN X AGVEV” tire especially designed for automatic guided vehicles (AGV) operating in ports. MICHELIN X AGVEV is first of its kind tire engineered for electric vehicles requirements to improve performance, reliability, productivity, and safety of AGV. It has very low rolling resistance thus reducing machine emission and improve battery life of the electric vehicle.

Prominent players operating in the automotive tire market are:-

  • Continental AG
  • Bridgestone Corp.
  • Michelin
  • Goodyear Tire And Rubber Company
  • Pirelli & C. S.P.A
  • Yokohama Rubber Company Limited
  • Cheng Shin Rubber Industries
  • Sumitomo Rubber Industries Ltd.
  • Toyo Tire & Rubber Company
  • Trelleborg AB
  • Cooper Tire & Rubber Company
  • Hankook Tire
  • Madras Rubber Factory Limited
  • Kumho Tire Co. Inc.
  • Apollo Tyres Ltd
  • Sailun Tires Ltd
  • Shandong Linglong Tyre
  • Nokian Renkaat Ojy
  • Titan Tire Corporation
  •  Nexen Tire America Inc

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Automotive Tire Market by Category

By Vehicle Type:

  • 2/3 Wheeler
    • <18”
    • >=18”
  • Passenger Vehicle
    • <=15”
    • 16”-19”
    • >=20”
  • Commercial Vehicle
  • Light Commercial Vehicle
    • <=15”
    • 16”-19”
    • >=20”
  • Heavy Commercial Vehicle
    • <=20”
    • 21”-24”
    • >=24”
    • specialty Vehicle

By Tire Structure:

  • Radial
  • Tube
  • Tubeless
  • Bias

 By Sales Channel:

  • OEM
  • Aftermarket

By Region:

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • Asia Pacific excluding Japan (APEJ)
  • Japan
  • Middle East and Africa (MEA)

Key Points Covered in Automotive tire Market Study

  • Market estimates and forecast 2015-2031
  • Key drivers and restraints impacting market growth
  • Segment-wise, Country-wise, and Region-wise Analysis
  • Competition Mapping and Benchmarking
  • Brand share and Market Share Analysis
  • Key Product Innovations and Regulatory Climate
  • COVID-19 Impact on Automotive Tire Market and How to Navigate
  • Recommendation on Key Winning Strategies

About Future Market Insights (FMI) 

Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

Contact:

Future Market Insights, Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Browse All Reports: https://www.futuremarketinsights.com/reports
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Bus Bellows Market Brief Analysis, Development Trends, Top Leading Players Analysis and Forecast

According to the latest report by Future Market Insights on global Bus Bellows market, the market is expected to register the growth of 6.22% CAGR through 2022 – 2032.

With the latest insights and statistics from the biggest pharmaceutical and healthcare device manufacturers across the globe, FMI presents an extensive analysis on Bus Bellows market. FMI offers insights into the market data on over 5000+ drugs for more than 100 countries, which further aids the research on current and upcoming market scenario for the Bus Bellows market. Our expert researchers and analysts for healthcare tracks the data of established players as well as new entrants in medical industry to provide an unbiased analysis for a sound and financial decision.

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Over the past decade, healthcare sector has been expanding remarkably, following the advent of artificial Intelligence and the Internet of Things integrated medical devices. Advancement in technology has created impressive scope within the medical sector for diagnostics and therapeutics.

The report offers extensive data sets validating key trends impacting growth in the Bus Bellows market. It offers insights into strategies adopted by the key players rise and address the concerns that will challenge the growth of Bus Bellows market. With our extensive research and information about the past, current and future market scenario, the Bus Bellows market report will help and identify the concerns, for a smooth-sail of the small & medium as well as large enterprises.

Critical Questions Answered in the Report

  1. What are ongoing trends that will shape market growth curve for global Bus Bellows market?
  2. What are the drivers and challenges affecting the Bus Bellows market demand?
  3. What are the recent technological advancement in the Bus Bellows market?
  4. What are key trends and opportunities that will prevail the revenue growth of Bus Bellows market players?
  5. How will evolving regulatory policies impact the market growth?

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Bus Bellows Market: Segmentation

By product Type, Bus Bellows Market is segmented as:

  • Folding type
  • Corrugated type
  • Custom products

By installation, Bus Bellows Market is segmented as:

  • Factory fit
  • Retrofit

By bus type, Bus Bellows Market is segmented as:

  • Diesel & gasoline-powered bus
  • Electric bus
  • Trolley bus
  • Pure electric bus
  • CNG powered bus
  • Others

Comprehensive analysis of the regional markets offers exclusive insights on the market performance across geographies along with relevant graphs, figures, and list of tables.

Competitive Analysis

By Prominent Market Players

  • ContiTech AG
  • HÜBNER GmbH & Co. KG
  • Bellow and Bus (Pty) Ltd
  • Neeta Bellows
  • Dynatect Manufacturing, Inc.
  • YOUNGTIDE INC.
  • ATG AUTOTECHNIK GmbH
  • AZZ Inc.
  • United Rubber Industries (I) Pvt. Ltd.
  • E.I. Group
  • J & J ENTERPRISES

With an extensive SWOT analysis, the FMI’s study presents the strengths, weaknesses, growth prospects and challenges of each player. The report also includes important data including the sales strategy, pricing strategy, and marketing strategy adopted by these players in the Bus Bellows market.

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Why Future Market Insights?

  • Comprehensive analysis on evolving purchase pattern across different geographies
  • Detailed insights of market segments and sub-segments for historical as well as forecast period
  • A competitive analysis of prominent players and emerging players in the Bus Bellows market
  • Detailed information about the product innovation, mergers and acquisitions lined up in upcoming years
  • Ground breaking research and market player-centric solutions for the upcoming decade according to the present market scenario

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About FMI:

Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

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