According to a new report published by Allied Market Research, titled, “Automotive Voice Recognition System Market Size," The automotive voice recognition system market size was valued at $3.4 billion in 2022, and is estimated to reach $14.7 billion by 2032, growing at a CAGR of 16.1% from 2023 to 2032.
An Automotive voice recognition system is a technology that allows drivers to operate numerous car operations with spoken commands. It uses voice recognition algorithms to transform spoken words into actionable commands, allowing drivers to handle services such as making phone calls, sending text messages, setting climate control, navigating, and operating entertainment systems without having to use their hands. Automotive Voice Recognition System allows hands-free operation while driving the vehicle. It improves road safety by letting drivers to control their automobiles without taking their hands off the steering wheel. This decreases distractions and allows drivers to maintain their focus on the road, lowering the risk of accidents caused by the human aspect while operating the vehicle.
There are laws and regulations passed by the various governments around the world which restrict usage of any hand-held devices while driving which creates market for the automotive voice recognition system. There are companies which are working together with the automotive manufacturers for the development and implementation of the technology in the cars. For instance, in May 2023, MG Motor India and JIO partnered to focus on seamless working of the voice recognition system on MG’s Comet EV.
Drivers can speak their requests instead of browsing complex menus or tapping buttons, making it easier and faster to reach the desired functionality. This straightforward form of interaction improves the user experience and makes it easier to operate numerous vehicle functions. Automotive Voice Recognition Systems offer an alternative form of control that does not rely on fine motor skills or physical dexterity, allowing a wider spectrum of people to operate their automobiles independently. Advances in Voice recognition, natural language processing, and machine learning algorithms have increased the accuracy and performance of Automotive Voice Recognition Systems dramatically. As a result, both automakers and consumers have boosted their usage and acceptance of the technology.
Many automakers have partnered with software manufacturer to offer a seamless voice recognition system. For Instance in October 2022, Google Inc. partnered with Toyota to bring together Toyota and Lexus next-generation audio multimedia systems and Google Cloud's AI-based speech services. The system no longer requires an internet connection for natural-speech functions. Toyota latest-generation Automotive Grade Linux-based Audio Multimedia and Lexus Interface infotainment systems already leverage Google Cloud's Speech-to-Text service to accurately perform automatic speech recognition for in-vehicle queries.
Similarly, in May 2021, Kolkata based Mihup Communication and Harman International have collaborated to enable voice-controlled conversation agents in Tata Motors vehicles. The collaboration intends to improve the user experience in Tata Motors vehicles, bridge the gap between native-speaking users, and provide access to innovation. According to Mihup, while Tata Motors vehicles had an in-vehicle voice assistant, it had a restricted dictionary and no support for vernacular languages or Indian dialects. The OEM desired an embedded solution that would make the experience hands-free for drivers, accessible to the masses, and decouple voice assistance from being a luxury option. The startup claims that its 'AVA Auto' solution eliminates all of the shortcomings of the carmaker's previous voice assistant. Among other things, it provides online, offline, and hybrid connectivity choices. Hinglish (Hindi and English) is supported by the solution. Without the requirement for a manual switch, the system responds to user voice commands. The business plans to add AVA support for Tamilish (Tamil and English) and Benglish (Bengali and English) in the near future, with the goal of covering all major Indian languages.
Organizations such as Microsoft using acquisition to as a strategy to extend its product portfolio and gain technological knowledge. For instance, in March 2022, Microsoft acquired Nuance Communications Inc., a conversational AI and ambient intelligence firm with applications in automotive, healthcare, financial services, retail, and telecommunications. With security-focused, cloud-based products infused with powerful, vertically optimized AI, Microsoft's acquisition of Nuance will empower enterprises across industries to accelerate their business goals.
In November 2022, SoundHound AI, Inc., a voice artificial intelligence company, and HARMAN International, a wholly-owned subsidiary of Samsung Electronics Co., Ltd. focused on connected technologies and solutions for the automotive, consumer, and enterprise markets announced that both the companies collaborate to bring a natural, seamless voice AI experience to the automotive market. SoundHound will leverage its expertise in automotive voice technology to provide powerful speech recognition software to the HARMAN Ignite Store, a connected car platform that allows automakers to create, manage, and operate their own in-vehicle app store. This voice-enablement will allow drivers and passengers to easily launch and interact with the wide selection of apps and devices already available through the HARMAN Ignite Store, delivering handsfree convenience and safety.
Rise in demand for enhanced safety and regulatory requirement from the governments, and rising adoption of digital technologies supplement the growth of the automotive voice recognition system market. However, high installation cost and data security concerns are expected to hamper the growth of the market. In addition, integration of the automotive voice recognition system with other technology with and introduction of the voice commerce (V-commerce) are expected to create ample opportunities for the key players operating in the market.
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KEY FINDINGS OF THE STUDY
The leading players operating in the automotive voice recognition system market are Microsoft, Apple Inc., Google Inc., IBM, SoundHound AI Inc., Sensory Inc., Kardome Technology LTD, Amazon.com, Inc., HARMAN International, and Robert Bosch GmbH.
According to a new report published by Allied Market Research, titled, “Utility Terrain Vehicle Market Trends," The utility terrain vehicle market was valued at $1 billion in 2022, and is estimated to reach $1.8 billion by 2032, growing at a CAGR of 5.5% from 2023 to 2032.
UTVs are designed for a wide range of applications. They can be used for work purposes on farms, ranches, construction sites, and other outdoor job sites. Additionally, UTVs are popular for recreational activities such as trail riding, hunting, and exploring remote areas. UTVs are equipped with powerful engines that provide the necessary torque and horsepower to handle demanding tasks, whether it's towing, hauling, or navigating steep inclines. UTVs are built to handle challenging terrains and off-road conditions. They usually have features like sturdy suspension systems, durable frames, and high ground clearance to navigate rough trails, rocky terrain, mud, and other obstacles.
UTVs are designed to handle rugged terrains and challenging off-road conditions. This unique ability allows enthusiasts to access remote areas and terrains that are otherwise difficult to reach. The promise of conquering rough trails, muddy paths, rocky terrain, and even sand dunes appeals to adventure seekers looking for an adrenaline rush and a sense of achievement. Moreover, UTVs provide an avenue for people to engage in outdoor recreational activities. Whether it is trail riding through forests, exploring desert landscapes or navigating through mountains, UTVs offer an exciting way to immerse oneself in nature and enjoy the great outdoors.
Furthermore, the versatility of UTVs is a major selling point. They can be used for various activities such as camping, hunting, fishing and even light utility work. This adaptability appeals to consumers who want a multi-purpose vehicle that suits both their recreational and practical needs. Off-road races, rallies, and competitions focused on UTVs have gained popularity. These events showcase the capabilities of UTVs, draw participants and spectators, and contribute to the overall excitement and visibility of the market. UTV riding often becomes a social activity where friends and family can bond over shared experiences. Group rides, off-road events, and UTV clubs provide opportunities for enthusiasts to connect with like-minded individuals, fostering a sense of community.
However, UTV enthusiasts may encounter restrictions when it comes to accessing private property for off-roading. Landowners might not permit UTV use on their land due to liability concerns, potential damage to property, or simple personal preference. Access policies to certain areas can change over time. What might have been an open trail for UTVs in the past could be restricted in the future due to evolving land management strategies, safety concerns, or changes in land ownership.
Moreover, UTVs can have an impact on delicate ecosystems, leading to concerns about soil erosion, wildlife disturbance, and habitat destruction. In response, regulations might be put in place to limit UTV access in sensitive areas. UTVs are known for their powerful engines, which can generate a significant amount of noise. This noise can disturb wildlife, other recreational users, and nearby residents, prompting authorities to impose restrictions on where UTVs can operate.
UTV rental and sharing services were gaining traction, especially in tourist destinations and recreational areas. Entrepreneurs could explore opportunities in establishing UTV rental businesses or collaborating with existing rental platforms. TVs appeal to a wide range of customers, including families, adventure seekers, and outdoor enthusiasts. By offering different UTV models and experiences, you can cater to various customer preferences and demographics. Developing a user-friendly mobile app or website for booking UTVs can enhance the customer experience.
The app could include features such as real-time availability, online reservations, GPS tracking, and digital waivers. Develop effective marketing strategies to reach your target audience. Collaborate with local hotels, resorts, and tourism boards to promote your UTV rental services to their guests. Actively seek customer feedback to identify areas for improvement. Continuously refine your services based on customer suggestions and emerging trends in the UTV rental industry. These factors are anticipated to boost the market expansion in the upcoming years.
The utility terrain vehicle market share is segmented on the basis of displacement, application, and region. By displacement, it is classified into Less than 400 CC, Between 400 CC and 800 CC , and Greater than 800 CC.. By application, it is classified into sport UTV, and work UTV. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players profiled in the utility terrain vehicle market report include Polaris Industries (U.S.), John Deere (U.S.), Kawasaki (Japan), Yamaha Motor (Japan), Kubota (Japan), Arctic Cat (U.S.), Honda (Japan), Bombardier Aerospace (U.S.), Suzuki (Japan), and Tomcar (U.S.)
The report offers a comprehensive analysis of the global utility terrain vehicle market trends by thoroughly studying different aspects of the market including major segments, market statistics, market dynamics, regional market outlook, investment opportunities, and top players working towards the growth of the market. The report also highlights the present scenario and upcoming trends & developments that are contributing toward the growth of the market. Moreover, restraints and challenges that hold power to obstruct the market growth are also profiled in the report along with the Porter’s five forces analysis of the market to elucidate factors such as competitive landscape, bargaining power of buyers and suppliers, threats of new players, and emergence of substitutes in the market.
Impact of COVID-19 on the Global Utility Terrain Vehicle Industry
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According to a new report published by Allied Market Research, titled, “Self-Driving Electric Vehicle Market Trends," The self-driving electric vehicle market was valued at $0.23 trillion in 2021, and is estimated to reach $5 trillion by 2031, growing at a CAGR of 36.3% from 2022 to 2031.
North America includes the U.S., Canada, and Mexico. The increase in the launch of a new range of self-driving electric vehicles on roads to offer transportation services to passengers and government initiatives for the development of autonomous vehicles is anticipated to propel the growth of the self-driving electric vehicles market in North America. According to the National Highway Traffic Safety Administration (NHTSA), fatalities in road accidents increased by 10.5% from 2020 and reached 42,915 in 2021.
NHTSA says 94% of accidents can be attributed to human errors. North America is increasingly adopting autonomous electric vehicles to improve transportation safety, increase the capacity of the transportation system, and enhance mobility. For instance, in November 2021, Apple announced its plans to launch a self-driving electric car under a ‘Titan’ project. The company aims to launch the car with fully autonomous capabilities on highways in 2026 for under $100,000. Therefore, the increase in the development of self-driving electric vehicles to reduce road accidents and increase safety is expected to drive the growth of the market.
Level 1 is the lowest level of automation in a self-driving electric vehicle. This level includes at least one driver assistance system that provides steering assistance or braking and acceleration assistance. In this level of automation, an active and engaged driver is required. The driver is responsible for driving the electric vehicle and must be prepared to regain control of the vehicle at any time.
Features such as adaptive cruise control are part of Level 1 autonomous vehicles., However, a Level 1 autonomous vehicle may not have more than one driver support system. The adoption of vehicles with level 1 automation has increased as it improves drivers' awareness and reduces instances of accidents on the roads. Level 1 automation is available on most of the gasoline vehicle models. Moreover, level 1 automation is increasingly being installed in electric vehicles which is expected to drive the growth of the market. For instance, in November 2022, Tata Motors announced the launch of Tata Tigor electric vehicle. The company updated the vehicle by adding new color schemes and features such as adaptive cruise control. Such developments are expected to drive the growth of the segment in the market.
Level 2 driving automation applies to vehicles equipped with advanced driver assistance systems (ADAS) and can take over steering, accelerator, and braking in certain scenarios. But even if a Level 2 driver's assistance can take control of these key driving tasks, the driver must remain vigilant and actively monitor the technology. At this level, the vehicle can be controlled both laterally and longitudinally.
Level 2 driving automation involves human operator supervising the driving automation system. It includes features such as Highway Driving Assist. Various manufacturers are developing level 2 automation technologies for electric vehicles. For instance, BlueCruise is Ford's new hands-free semi-autonomous driving technology that is more advanced than Highway Driving Assist and allows drivers to take their hands off the wheel on certain legal highways in the U.S. and Canada. Moreover, in September 2022, Ford Motor Company launched BlueCruise 1.2 and Lincoln ActiveGlide 1.2 Advanced Driver Assist Systems (ADAS) with new features that include hands-free lane changing in its electric vehicle, Mustang Mach-E. Such developments to introduce level 2 autonomous technologies in electric vehicles are expected to propel the growth of the market.
Level 3 is also called conditional driving automation. It makes decisions depending on changing driving conditions surrounding the vehicle using a variety of driver assistance systems and artificial intelligence. A driver within the car can engage in other activities as the driver is not required to supervise the technology. However, a human driver must always be present, awake, and ready to take over at any moment, especially in the event of a malfunctioning of the system.
The adoption of level 3 automation technology is expected to grow owing to the rise in government approval of the technology in various countries. For instance, in December 2021, Mercedes received German regulatory approval for Level 3 autonomous technology. Moreover, on May 17, 2022, the company announced to provide consumers with its DRIVE PILOT Level 3 self-driving assistant in Germany. The technology is expected to be available as an option on the brand's flagship all-electric EQS sedan. Drive Pilot will cost the equivalent of $5300 on the S-Class, and $7900 on the EQS. In addition, governments of numerous countries allow level 3 testing and experiments to promote autonomous technologies, which is anticipated to accelerate the growth of the self-driving electric vehicle market.
On the basis of vehicle type, the global self-driving electric vehicle market has been segmented into passenger cars, and commercial vehicles. The commercial vehicles segment is expected to experience significant growth during the forecast period. The government of various countries across the globe aims to adopt zero-emission technology for heavy-duty commercial vehicles, which is expected to provide significant opportunities for the growth of the market. For instance, in November 2022, The California Air Resources Board agreed to move forward with plans to mandate a transition to zero-emission trucks, shuttle buses, and certain other buses beginning in 2024.
Moreover, manufacturers collaborate and form partnerships with research universities and transportation to design zero-emission and autonomous commercial vehicles. For instance, in March 2019, Volvo Buses and Nanyang Technological University (NTU), Singapore launched the world’s first full-size, autonomous electric bus. The company partnered with Land Transport Authority (LTA) to develop and conduct autonomous vehicle bus trials. Such developments for the development and testing of self-driving electric commercial vehicles to achieve clean and safe public transportation are expected to propel the growth of the market.
Significant factors that impact the growth of the market comprise a rise in demand for low-emission, and safe transportation, the surge in the development of safety features, and supportive government initiatives. However, factors such as high manufacturing and maintenance cost, and privacy and security issues are expected to hamper the market growth during the forecast period. Furthermore, technological advancement and research and the growing use of self-driving electric vehicles for ride-hailing and delivery services are expected to create new growth opportunities for the market during the forecast period.
COVID-19 Impact Analysis
The outbreak of COVID-19 led to the disruption of the entire global automotive supply chain, and plant closures impacting self-driving electric vehicle sales. However, post-pandemic, several manufacturers focused on the design and development of self-driving electric vehicles for the delivery and logistics industries. For instance, in December 2021, Udelv, a Silicon Valley venture-backed company announced to introduce an autonomous electric delivery vehicle for multi-stop delivery at Consumer Electronics Show 2022. Such developments to manufacture self-driving electric vehicles are expected to drive the growth of the market during the forecast period.
KEY FINDINGS OF THE STUDY
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Key players operating in the global self-driving electric vehicle market include Tesla, BMW AG, Volkswagen AG, Ford Motor Company, Volvo Group, Daimler AG, General Motors, TOYOTA MOTOR CORPORATION, HONDA MOTOR Co. LTD, and Hyundai Motor Company
According to a new report published by Allied Market Research, titled, “Vehicle Exterior Door Handle Market Trends," The vehicle exterior door handle market size was valued at $5.8 billion in 2022, and is estimated to reach $9.4 billion by 2032, growing at a CAGR of 5.1% from 2023 to 2032.
The global vehicle exterior door handle industry is dominated by Asia-Pacific, followed by Europe, North America, and LAMEA. Asia-Pacific is expected to maintain significant growth in the global market, particularly driven by China, India, South Korea, and Japan. The major factors driving the growth of the vehicle exterior door handle market in Asia-Pacific include rise in adoption of electric vehicles, growth in population, and increase in disposable income of consumers. Development and expansion of road infrastructure and transportation networks support the growth of the automotive market in the region. The improved connectivity and mobility options act as a catalyst for increased vehicle ownership, leading to a surge in demand for automotive components such as vehicle exterior door handles.
Based on type, the pull out handle segment held the highest market share in 2022. Pull-out door handles are utilized in a diverse range of vehicles, including sedans, SUVs, trucks, and hatchbacks on account of their effortless operation and ease of use. The flush door handle segment is expected to register the highest CAGR from 2023 to 2032. Flush door handles have gained significant popularity in modern car designs, particularly in high-end and luxury vehicles. The minimalist and sophisticated look of the flush-type door handles enhances the overall aesthetics of the vehicle.
The global automotive industry has witnessed growth, leading to a higher demand for cars, trucks, and other vehicles equipped with vehicle exterior door handles. Moreover, automotive manufacturers constantly aim to integrate innovative features into exterior door handles, such as keyless entry systems, touch-sensitive sensors, and smart access technology, attracting consumers and enhancing convenience. For instance, in July 2023, Mahindra revealed the features of its SUV XUV700. The car features a smart door handle integrated into the body panel and is equipped with a sensor for automatic operation, which enables it to automatically pop out when touched or when the car is unlocked. Such innovative features in the door handle system is expected to drive the growth of the market.
In addition, the rise in the demand for vehicles with enhanced security features, and robust and reliable exterior door handles is expected to contribute to the growth of the vehicle exterior door handle market during the forecast period.
The demand for lightweight materials and sustainable solutions drives innovation in the automotive industry. Automobile manufacturers adopt door handles designed with new eco-friendly materials and manufacturing processes. For instance, Mercedes-Benz, a German luxury automobile manufacturer has taken a significant step toward sustainability by incorporating chemical recycling components into their series production.
Since 2022, the EQE and S-Class series-production models have been offering bow door handles made using a unique combination of biomethane and pyrolysis oil sourced from scrap tires, instead of relying on conventional fossil resources. This eco-friendly approach not only reduces dependence on raw fossil materials, however, also supports the principles of circular economy and waste reduction.
In addition, door handle manufacturers aim to use materials to design door handles with less weight to improve performance of the vehicles. For instance, Huf provides automotive makers with door handles systems that weigh less than one kilogram. Such factors are expected to provide lucrative opportunities for the growth of the market.
COVID-19 Impact Analysis
The outbreak of COVID-19 led to reduced demand for vehicle exterior door handles due to nationwide lockdowns, restriction on mobility, and slowdown in shipments due to temporary closures of manufacturing facilities. However, post-pandemic, increase in demand for vehicles, especially, electric vehicles has been observed. Leading manufacturers are now focusing on the development of high quality vehicle exterior door handles to cater to increase in market demand.
KEY FINDINGS OF THE STUDY
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Key players operating in the global vehicle exterior door handle market include ALPHA Corporation, Magna International, Inc., ITW (Illinois Tool Works), Aisin Corporation, Motherson, Huf Hülsbeck & Fürst GmbH & Co. KG, Sakae Riken Kogyo Co.,Ltd, MinebeaMitsumi, Inc., Witte Automotive, ADAC Automotive, Marquardt Management SE, and Kiekert AG.
According to a new report published by Allied Market Research, titled, “Ethanol Vehicle Market Share" was valued at $564.3 billion in 2021, and is estimated to reach $1,317.6 billion by 2031, growing at a CAGR of 9.1% from 2022 to 2031.
North America dominates the market, in terms of revenue, followed by LAMEA, Europe, and Asia-Pacific. However, on the basis of forecast analysis, Asia-Pacific is expected to lead during the forecast period, due to surge in technological innovations in automobile industry, increase in focus by manufacturers in significant pressure from governments and society to modify their working practices, culture, and products.
The concept of ethanol vehicle is typically attributed to the transportation options that use ethanol blend to enhance vehicle’s performance and make engine efficient to give the best performance. The best use of ethanol is blended with gasoline. However, the quantity of ethanol required is 10%, and 90% is gasoline. The blend of ethanol helps to increase the life of the engine. Automakers recommend a particular quantity of ethanol to make engine performance smooth and long lasting. Hence, the shift in the focus from petroleum-based vehicles to alternative fuel-based vehicles such as ethanol-based vehicles and the increasing focus of governments on ethanol-based vehicles due to concerns regarding greenhouse gas emissions are expected to foster market growth over the forecasted period. For instance, the Environmental Protection Agency (EPA) finalized federal greenhouse gas (GHG) emissions standards for passenger cars and light trucks in the U.S. through 2026. The final standards leverage advances in clean car technology to unlock $190 billion in net benefits to Americans, including reducing climate pollution, improving public health, and saving drivers money at the pump.
In addition, the ethanol vehicle market has witnessed significant growth in recent years, owing to the increased demand for improved vehicle performance and the inclination of consumers towards environment-friendly vehicles. Furthermore, the companies operating in the market have adopted partnerships, R&D, and product launches to increase their market share and expand their geographical presence. For instance, in September 2021, Volkswagen AG revealed intentions to turn Brazil into a R&D hub for ethanol-based engines that run on gasoline or ethanol. Furthermore, increased performance and long-term viability are aspects that would help the gasoline-based ethanol vehicle market develop during the forecast period. In addition, in 2020, according to an analysis by Argonne National Laboratory, it has been found that using corn-based ethanol in place of gasoline reduces life cycle GHG emissions on average by 40%. Using cellulosic ethanol provides an even more significant benefit.
Also, adopting higher ethanol blends for more efficient engine designs gives the desired boost and is incorporated in car fuels since it is clean, renewable, abundant, and inexpensive. At present, several typical ethanol fuel combinations with more than 85% ethanol blends are in use. Above E85 ethanol fuel blends have become more popular around the world due to their higher fuel efficiency. For instance, the Indian government permitted oil marketing businesses to sell E100 flex-fuels (ethanol) for flex-fuel vehicles in March 2021. Above E85 flex-fuel engines are being used worldwide due to a rise in government support and greater fuel efficiency.
Similarly, the innovative Saab Aero X Biopower 100 Concept E100 features a V6 engine that runs entirely on E100 bioethanol. The limited edition of the Koenigsegg CCXR, a version of the CCX, is converted to run on E85 or E100, as well as standard 98-octane gasoline. And currently, the fastest and most potent flex-fuel vehicle with its twin-supercharged V8 produces 1018 hp when running on biofuel. Such enhancements in the automotive industry to develop & implement more pristine automobiles are anticipated to drive the ethanol vehicle market in the forecast period.
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COVID-19 Impact Analysis:
The COVID-19 outbreak severely impacted the automotive sector on a global level, which in turn leads to considerable drop in automotive sales. Ethanol vehicle engine manufacturers, on the other hand, have focused their efforts on developing and launching better ethanol vehicles through innovative methods. According to BP PLC, ethanol accounted for around 83% and 72% of the total fuel produced in North America and South and Central America regions, respectively. In December 2020, the German motoring association ADAC backed the proposition of doubling the existing ethanol blending percentage with petrol in car engines from 10% to 20% to reduce carbon emissions. Hence, the ethanol demand remained viable for expansion in the future, with the increasing market access in individual countries in the region.
KEY FINDINGS OF THE STUDY
The leading players operating in the ethanol vehicle market are AB Volvo, BMW AG, Daimler AG, Deere & Company, Ford Motor Company, General Motors Company, Honda Motor Co., Ltd., Mitsubishi Motors Corporation, Nissan Motor Corporation, Scania, Toyota Motor Corporation, and Volkswagen AG.
According to a new report published by Allied Market Research, titled, “Vehicle Scanner Market Share," The vehicle scanner market was valued at $3.3 billion in 2021, and is estimated to reach $5.8 billion by 2031, growing at a CAGR of 6% from 2022 to 2031.
The global expansion of toll roads is a major factor driving the growth of the vehicle scanner market. Increased automobile production, increased electric vehicle sales, technical advancements in the automotive sector, expanding risks from extremists and terrorists, rising government backing, and initiatives for the development of intelligent transportation networks all bolster the market. Furthermore, developing markets, the growing popularity of electric vehicles, and worldwide security concerns present profitable potential prospects for the global vehicle scanner Market.
However, the Limited growth ratio attributed to the over-saturation of the product in developed regions is a critical factor restraining market growth, while rising system costs and saturated market demand for UVSS in developed nations will further challenge the vehicle scanner market over the forecast period.
The market is being driven by factors such as rising global demand for electric vehicles, increased production of cars, technological advancements in the automotive sector, threats from terrorists and extremists, government support and initiatives for the development of intelligent transportation systems, and strict international security and safety regulations. Additionally, the market for vehicle scanners is expected to rise due to the prevalence of electric vehicles scanners, and global security concerns. increased security and safety concerns, as well as infrastructure development, are driving factors in the vehicle scanner industry.
The global vehicle scanner market share is segmented based on scanner type, structure type, application, component, and region. By scanner type, it is classified into portable, and fixed. By structure type, the market is classified into drive-through, and UVSS. By application, the market is classified into government, and private. By component, the market is classified into camera, lighting unit, barrier, software, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players profiled in the vehicle scanner market report include Gatekeeper Security, SecuScan , UVIScan , Leidos , IRD , SCANLAB GmbH, Omnitec Group, Leidos, Advanced Detection Technology LLC, Rapiscan Systems
The report offers a comprehensive analysis of the global vehicle scanner market trends by thoroughly studying different aspects of the market including major segments, market statistics, market dynamics, regional market outlook, investment opportunities, and top players working towards the growth of the market. The report also sheds light on the present scenario and upcoming trends & developments that are contributing to the growth of the market. Moreover, restraints and challenges that hold power to obstruct the market growth are also profiled in the report along with the Porter’s five forces analysis of the market to elucidate factors such as competitive landscape, bargaining power of buyers and suppliers, threats of new players, and emergence of substitutes in the market.
Impact of Covid-19 on the Global Vehicle Scanner Industry
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According to a new report published by Allied Market Research, titled, “Off-road Motorcycle Market Share," The off-road motorcycle market was valued at $8.5 billion in 2021, and is estimated to reach $16.02 billion by 2031, growing at a CAGR of 6.5% from 2022 to 2031.
The concept of the off-road motorcycle is typically attributed to a non-road licensed motorcycle used for recreational and different off-road motorcycling events. Meanwhile, this motorcycle is lightweight, powerful, fast, and nimble and is equipped with rugged tires and suspension for riding cross country or over unpaved ground. Also, it offers enhanced durability and performance in rocky and mountainous terrains, grassy regions, and steep slopes. In addition, it has an attractive shape that attracts youth and helps to change their preference. Furthermore, off-road motorcycle manufacturers are also focusing on new inventions related to frame metals, riding styles, and shapes to make them more advanced. Thus, the continuous focus & improvement in off-road motorcycles owing to their demand propels the off-road motorcycle market.
In addition, the off-road motorcycle market has witnessed significant growth in recent years, owing to the increase in investments in automation, launches of new & technologically advanced products, increase in the consumer demand for high-speed, attractive design & digital dashboards, and government initiatives for vehicle production for mountain areas. Furthermore, the companies operating in the market have adopted partnerships, investments, and product launches to increase their market share and expand their geographical presence. For instance, in June 2021, Torrot Electric Europa S.A. announced the launch of a new generation of motorcycles in the Motocross, Trial, Enduro, and Supermotard models. The motorcycles featured a simple and intuitive battery exchange system, without connectors or cables, which allowed the motorcycle to be ready to run again in less than 15 seconds.
The factors such as rise in popularity & evolution of motocross events, increase in disposable income, and technology advancement in off-road motorcycles supplement the growth of the off-road motorcycle market. However, high purchase and maintenance cost of off-road motorcycles and uncomfortable seating structure are the factors expected to hamper the growth of the market. In addition, rise in focus by manufacturers in the automobile industry on superior performance & comfort and adoption of electric off-road motorcycles create market opportunities for the key players operating in the off-road motorcycle market.
COVID-19 Impact Analysis:
The COVID-19 outbreak severely impacted the motorcycle sector on a global level, which in turn led to a considerable drop in off-road motorcycle sales. Many small and big players in the motorcycle sector are witnessing issues such as a halt of production activities, mandated plant closures by the government, and others. However, various industry leaders in the motorcycle sector are making considerable efforts in restructuring their supply chain and production line for the delivery of critical medical supplies. Also, owing to the COVID-19 outbreak, the motorcycle industry has had a significant impact due to stay-at-home orders and limited business operations in countries across the world. For instance, in 2020, the pandemic is compelling motorcycle makers to skip major motor shows & racing events in the year 2020 and turn towards alternative platforms like digital premieres. It started with Honda organizing, its virtual motorcycle shows as the Tokyo Motorcycle Show, and Osaka Motorcycle Show was canceled because of COVID-19. However, many off-road motorcycle manufacturers such as KTM AG have assessed their overall strategy for the rest of 2020 and have decided to make several key decisions in the wake of COVID-19 with the withdrawal from global trade shows for the rest of the year, including INTERMOT in Cologne, Germany and the EICMA exhibition in Milan, Italy.
KEY FINDINGS OF THE STUDY
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The leading players operating in the off-road motorcycle market are Benelli, Betamotor S.p.A., BMW AG, Bultaco, Christini AWD Motorcycles, Cobra, Honda Motor Co., Ltd., Husqvarna Motorcycles, Kawasaki Heavy Industries Ltd., KTM AG, Kuberg, Piaggio & C. SpA (Aprilla), Polini Motori , ROKON International Inc., Scorpa, Sherco, SSR Motorsports, Suzuki Motor Corporation, Torrot Electric Europa S.A., Triumph Motorcycles, TRS Motorcycles, Ural Motorcycles, Yamaha Motor Co., Ltd., and Zero Motorcycles, Inc.
According to a new report published by Allied Market Research, titled, “Courier Services Market Trends," The courier services market was valued at $381.00 billion in 2021, and is estimated to reach $658.3 billion by 2031, growing at a CAGR of 5.7% from 2022 to 2031.
Asia-Pacific is expected to dominate the global courier services market. Demand for last mile delivery services in Asia-Pacific is expected to witness high growth in the future, owing to rise in e-commerce, high population growth, surge in disposable incomes & standards of living, high government support for development of logistics infrastructure, and growth in international trade. Moreover, significant rise in online-commerce retail sales, coupled with growth in online fast-moving consumer goods (FMCG) demand is also expected to foster the courier services market growth.
Rise in adoption of courier services for official documents, such as banking documents, passports, and others business related documents, is one of the key factors boosting the growth of the courier services market in the services segment. In addition, increase in adoption of courier services from individual customers for shipment of documents, such as printed matters, original certificate, and others, is further expected to drive the growth of the market. Increasing online pharmacy orders is expected to drive the growth of the market in the healthcare sector. In addition, rise in seaborne pharmaceutical transportation is a major factor that drives the growth of healthcare segment in the courier services industry.
The growth of the global courier services market has propelled due to development of e-commerce industry and increase in demand for fast delivery of packages. However, poor infrastructure and higher logistics costs is the factor hampering the growth of the market. Furthermore, technological advancements is expected to offer growth opportunities during the forecast period.
COVID-19 Impact Analysis
The coronavirus pandemic is an unprecedented crisis with dramatic economic impacts on the courier services industry. A first and striking consequence of the pandemic has been its widespread disruption to international supply chains. Strict constraints have been posed on international transport, particularly on-air traffic. Therefore, cross-border shipping was almost impossible during the first few months of COVID-19.
The pandemic has led to the decline of letters & document parcel and growth of e-commerce parcels due to an increased number of people shopping from home. The e-commerce and daily essential goods industry is expected to affect the courier services industry positively during the COVID-19 outbreak. As B2B courier services suffered and came to a halt, B2C emerged during the pandemic, owing to rapid growth of the online retail and e-commerce industry.
In addition, many players in the courier services market are also offering social services, owing to the growing complexity of the pandemic situation, and also guaranteeing the supplies readily able to comply with healthcare regulations. For instance, express courier delivery service provider, Nhat Tin Logistics, provided free express courier delivery of medical mask and other essential medical items in locations, including quarantine zone, treatment facility, hospitals, and field hospitals.
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Some leading companies profiled in the courier services market report include DB SCHENKER, Deutsche Post DHL Group, DSV A/S, FedEx, Nippon Express Co., Ltd., PostNL, Qantas Courier Limited, SF Express Co. Ltd., SG Holdings Co., Ltd., Singapore Post Limited, United Parcel Service of America, Inc., and Yamato Transport Company, Ltd.
According to a new report published by Allied Market Research, titled, “Maglev Train Market," The maglev train market is expected to be valued at $2.7 billion in 2025, and is estimated to reach $5.6 billion by 2035, growing at a CAGR of 7.4% from 2025 to 2035.
The concept of maglev train is typically attributed to the transportation option that uses an electromagnetic propulsion technology on both the tracks and the train itself. This levitation greatly reduces friction, potentially allowing the train to move faster and consume less power due to better acceleration, traction, and braking system. Maglev train systems have several benefits over conventional rail transportation systems as they produce no air pollution during operation, because no fuel is being burned, and the absence of friction makes the trains very quiet (both within and outside the cars) and provides a very smooth ride for passengers. Hence, maglev technology is considered an environment-friendly system of travel. Governments of developing countries are investing significantly to meet the latest technology setups required for maglev trains. For instance, in China, the Zhejiang provincial government announced in April 2020 to build a maglev train connecting Shanghai with Ningbo via Hangzhou. Moreover, in September 2020, Bharat Heavy Electricals Limited (BHEL) signed a memorandum of understanding (MoU) with SwissRapide AG to develop maglev train infrastructure in India.
In addition, the maglev train market has witnessed significant growth in recent years, owing to rise in level of safety offered by the maglev trains, surge in harmful emissions from the vehicles, growth & expansion of high-speed railway corridor, and growth in number of tests of prototypes. Furthermore, companies operating in the maglev train market have adopted partnerships, investments, and product launches to increase their market share and expand their geographical presence. For instance, in June 2021, Max Bögl Group launched its Transrapid, a high-speed maglev train after working for several years. The engine of this train is rolled out as a copper cable over the entire route and is fully automated and completely integrated into the vehicles and the stretch of track.
The factors such as rise in demand for secure, safer, and efficient transport system, increase in allocation of budget for development of railways, and rise in use of public transport services as a solution to minimize traffic congestion supplement the growth of the maglev train market. However, high capital requirement and refurbishment of existing rails are the factors expected to hamper the growth of the market. In addition, improvement in railway infrastructure in developing countries and increase in development & testing of maglev trains creates opportunities for the key players operating in the maglev train market.
COVID-19 Impact Analysis:
The COVID-19 crisis created uncertainty in the maglev train market. Governments of different regions announced total lockdown and temporarily shutdown of industries, thereby adversely affecting the overall production and sales. Following the directions of the World Health Organization (WHO) for minimizing the spread of the virus, governments of various countries have set up lockdown and trade restrictions, which has disrupted the exports, especially from China, causing large scale manufacturing interruptions across Europe, and the closure of assembly plants in the U.S. The situation introduced intense pressure on the rolling stock industry. The railway department has shut down all the passenger train services and has limited its freight transport services with a reduction in demand for commodities and disturbed supply chain. In addition, the leading market players are taking various measures to deal with the negative effects of the outbreak of COVID-19. For instance, in 2020, Japan revealed its plans to conduct tests of a new prototype maglev train. Further, government authorities, and operators are expected to accelerate and resume maglev projects which were halted and expansion of the rail network after pandemic, which is anticipated to positively affect the growth of the maglev train industry in post pandemic situation.
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The leading players operating in the maglev train market are Agile Setu Mobility Private Limited, Alstom, American Maglev Technology Inc., Bharat Heavy Electricals Ltd, Central Japan Railway Company, CRRC Corporation Limited, East Japan Railway Company, Hitachi Ltd., Hyundai Rotem Company, IHI Corporation, Max Bögl, Medha Servo Drives Private Limited, Mitsubishi Heavy Industries Ltd, Northeast Maglev, Shanghai Maglev Transportation Development Co., Ltd., SwissRapide AG, and WSP.
According to a new report published by Allied Market Research, titled, “Automotive In-Vehicle Air Purifier Market Trends," The automotive in-vehicle air purifier market was valued at $3.6 billion in 2020, and is estimated to reach $9.7 billion by 2030, growing at a CAGR of 10.8% from 2021 to 2030.
An automotive in-vehicle air purifier is similar to a room air purifier that serves as an extra air filter for automobiles & removes unpleasant odors from interiors. It enhances the performance of a car’s inbuilt filtering system by functioning as an additional car filtration, removing various ecological toxins, including soot particles and foul orders from the vehicle. Furthermore, innovative filtration systems equipment captures smells, germs, and tiny contaminants to assure clean air circulation. Automobile manufacturers are equipping cars with improved air purifiers to enhance air quality. For instance, In April 2021, Kronos Advanced Technologies Inc. announced the first generation of its limited-edition NUMBERED AirDOGE air purifiers. These purifiers terminate and collect more than 99.9% of infectious airborne viruses, bacteria, and mold utilizing the world's most advanced air purification combined with disinfection technology.
In addition, the automotive in-vehicle air purifier market witnessed significant growth in recent years, owing to the massive impact of the COVID-19 pandemic, which resulted in the transformation of buying behavior of consumers & emerged as an essential component in the vehicle. Companies operating in the market adopted partnerships, product launches, and R&D to increase their market share and expand their geographical presence. For instance, in 2020, Sharp, one of the major vendors in automobile air purifier market, tied up with Honda, Nissan, and Toyota. The brands such as Kia, Hyundai, and Toyota offer vehicles with in-built vehicle air purifiers. Moreover, several vendors partner with various automotive brands to provide air purification systems in their latest models due to the high demand.
The automotive in-vehicle air purifier industry is segmented on the basis of product type, technology, vehicle type, and region. By product type, the market is classified into air purifiers, air ionizers, and hybrid. According to technology, it is fragmented into high-efficiency particulate arrestor (HEPA), active carbon systems, and photo catalytic purifier. Depending on vehicle type, it is categorized into passenger cars, light commercial vehicles, and heavy commercial vehicles. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Factors such as an increase in demand for clean and toxin-free cabin air and rise in pollution level of atmospheric air are expected to drive the growth of the automotive in-vehicle air purifier market. In addition, the need for a toxic-free healthy automobile atmosphere and increase in awareness about the health issues among end-users boost the market's growth. However, the small number of global manufacturers of in-vehicle air purifiers, high cost, and non-standardization of air purification system restrain the market growth. Furthermore, the development of advanced& low-cost air purifier systems and expansion in untapped markets of Asia-Pacific &LAMEA are expected to provide lucrative growth opportunities for the market players.
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COVID-19 IMPACT ANALYSIS
The key players operating in the global automotive in-vehicle air purifier market are DENSO Corporation, Eureka Forbes, Guangzhou Ionkini Technology Co., Ltd., Honeywell International Inc., KENT RO Systems Ltd., Koninklijke Philips N.V., Livpure Smart, Power4 Industries Limited, Purafil, Inc., and Sharp Corporation.