According to a new report published by Allied Market Research, titled, “Cold Chain Tracking and Monitoring Market Demands Size, Share, Competitive Landscape and Trend Analysis Report, by End User (Healthcare, Food & Beverage, Chemical, Others), by System (Hardware, Software), by Solution (Storage, Transportation): Global Opportunity Analysis and Industry Forecast, 2020–2030.”
Market Size : The global cold chain tracking and monitoring market was valued at $4.6 billion in 2020, and is projected to reach $15.2 billion by 2030, growing at a CAGR of 12.9% from 2021 to 2030.
Cold chain tracking and monitoring refer to the process of maintaining a given temperature range of products and tracking perishable products with the help of a series of control devices and sensors. It is primarily used to maintain & extend the life of products such as fresh agricultural produce, seafood, frozen food, photographic film, chemicals, and pharmaceutical products. Monitoring, storage, and transportation are the crucial factors in the cold chain to avoid degradation in the quality of the shipments. At present, the tracking & monitoring of logistics is handled by sensors, microcontrollers, and even IoT capabilities to ensure safe handling of cold assets across the supply chain.
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In addition, the cold chain tracking and monitoring market size has witnessed significant growth in recent years, owing to massive impact of the COVID-19 pandemic, which resulted in the transformation of buying behavior of consumers & emerged as an essential component for the transportation of vaccines and pharmaceutical products witnessing unwavering demand worldwide. The companies that operate in the market have adopted partnerships, product launches, R&D, and acquisitions to increase their market share and expanded their geographical presence. For instance, in 2019, Controlant launched its PR-T80 Digital Temperature Probe — an innovative real-time solution designed for dry ice applications, active pharmaceutical ingredients (APIs), clinical trials, and additional pharmaceutical & life sciences products that provide transport storage in low temperature-controlled environments. Furthermore, the rise in adoption of wireless communication modules such as Bluetooth, Wi-Fi, or other more specialized IoT protocols offers the capabilities needed for asset tracking data loggers to have the most comprehensive picture possible of the environments experienced by the asset. In 2021, ELPRO-BUCHS AG launched its intelligent data loggers, Bluetooth® and LIBERO Gx real-time data loggers, powered by Sensirion Technology, which offers reliable monitoring of sensitive goods and simplifies complicated, time-consuming processes in cold chain logistics.
The cold chain tracking and monitoring market is segmented on the basis of system, solution, end user, and region. On the basis of system, the market is divided into hardware and software. By solution, it is classified into storage and transportation. By end-user, it is divided into healthcare, food & beverage, chemical, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Factors such as an increased focus on quality & product sensitivity, surge in refrigerated warehouses, and growth in pharmaceutical sectors are expected to drive the growth of the cold chain tracking and monitoring market. In addition, change in government policies & regulations and growth in the organized retail sector are anticipated to boost the market’s growth. However, factors such as lack of standardization and high operational cost restrain the market growth. Furthermore, the adoption of RFID technologies for cold chain applications and research for advancement in cold chain software provide lucrative growth opportunities for the market players.
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Key Findings Of The Study :
By system, the software segment is expected to register a significant growth during the forecast period.
Depending on end use, the healthcare segment is anticipated to exhibit significant growth in the near future.
Europe is anticipated to register the highest CAGR.
COVID-19 Impact Analysis :
The COVID-19 crisis is creating uncertainty in the cold chain tracking and monitoring industry by slowing down the logistics services, closure of workplaces, and restrictions on travel hampering business growth with the increasing panic among the customer segments.
Governments across different regions announced total lockdown and temporary shutdown of industries, leading to border closures that restricted the movement of transportation & logistics services.
The global business outlook has changed dramatically post COVID-19 health crisis.
However, among all that difficulty, cold chain monitoring companies have responded to the COVID-19 crisis with surprising success along with increased safety measures & implementation of new technologies.
For the requirement of pharmaceutical products by the countries during the peak point of pandemic, most of the governments got collaborated with UNICEF to establish effective cold chain systems for vaccines storage.
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The key players operating in the global cold chain tracking and monitoring market are Americold Logistics, LLC, Berlinger& Co. AG, Controlant, ELPRO-BUCHS AG, Hanwell Solutions, Infratab, Inc., Monnit Corporation, ORBCOMM, Savi Technology, and Sensitech Inc.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
According to a new report published by Allied Market Research, titled, “Automotive Flooring Market Demands Size, Share, Competitive Landscape and Trend Analysis Report, by Product (Carpet, Mats), by Application (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles), by Material (Polyurethane, Polypropylene, Nylon, Rubber, Others), by Sales Channel (OEM, Aftermarket): Global Opportunity Analysis and Industry Forecast, 2021–2031.”
Market Size : The global automotive flooring market was valued at USD 1.3 billion in 2021, and is projected to reach USD 2.2 billion by 2031, growing at a CAGR of 5.8% from 2022 to 2031.
Asia-Pacific region is dominating the market in terms of revenue, followed by Europe, North America, and LAMEA. Increase in vehicle production and rise in demand for luxury vehicles in Asia-Pacific region is driving the growth of the automotive flooring market in the region.
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There are prominent key factors that drive the growth of the automotive flooring market, such as growth in awareness pertaining to noise, vibration and harshness (NVH) and increase in demand for environment-friendly material. The market economy is also responsible for the growth of the market. Countries such as China, India, Brazil, and South Africa are developing economies. Thus, the manufacturing sector witnesses prominent growth in these countries, which is expected to provide lucrative opportunities for the growth of the automotive industry. This in turn is expected to fuel the market. Also, in some undeveloped countries, there is an increase in automobile sales, which is expected to boost the market. In addition, increase in operating life of vehicles is anticipated to create opportunities for the growth of the global market.
The automotive flooring market size is segmented on the basis of product, application, material, sales channel and region. By product, it is divided into carpet, and mat. By application, it is segmented into passenger cars, light commercial vehicles (LCV), and heavy commercial vehicles (HCV). By material, it is divided into polyurethane, polypropylene, nylon, rubber, and others. By sales channel, the market is divided into OEM, and Aftermarket. By region, the market is analyzed across North America, Europe, Asia-Pacific and LAMEA.
COVID-19 Impact Analysis :
The COVID-19 impact on the automotive flooring market is unpredictable, and is expected to remain in force for a few years.
The COVID-19 outbreak forced governments across the globe to implement stringent lockdown and ban import-export of essential raw material items for most of 2020, and few months in 2021. This led to sudden decline in availability of important raw materials for vehicle components.
As a result of interrupted supply chains and production schedules caused by the COVID-19 pandemic, aviation production and sales suffered severely, which, in turn, negatively impacted the automotive flooring market in 2020.
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To prevent the spread of the COVID-19 virus, governments across the globe implemented strict lockdowns and made social distancing mandatory. Consequently, several organizations began work from home programs as a precautionary measure. This led to a sudden decline in global demand for traveling, which has affected the automotive flooring market
However, vaccination drive enabled lowering of barriers to economic activity, as well as domestic and international travel. As the restrictions lifted, travel recovered quickly leading to increase in vehicle commutation, which is expected to boost the automotive flooring market.
Key Findings Of The Study :
By product, the carpet segment is expected to register significant growth during the forecast period.
By application, the passenger cars segment is projected to lead the global automotive flooring market.
By material, the polyurethane segment is projected to lead the global automotive flooring market.
By sales channel, the aftermarket segment is projected to lead the global automotive flooring market.
Region-wise, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.
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The key players that operate in this automotive flooring market are ACME Mills Company, IDEAL Automotive GmbH, Auto Custom Carpet Inc., Autoneum, Autotech Nonwovens, Feltex Automotive, Grupo Antolin Irausa, S.A., Hayakawa Eastern Rubber Co., Ltd., Hayashi Telempu, IAC Group, Kotobukiya Fronte Co., Ltd., Lear Corporation, Magna International Inc, Shandong Exceeding Auto Interior Parts Co., Ltd, Shanghai Shenda, Suminoe Textile Co., Ltd., and Toyota Boshoku Corporation among others
About us :
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
According to a new report published by Allied Market Research, titled, “EV Test Equipment Market Growth Size, Share, Competitive Landscape and Trend Analysis Report, by Propulsion Type (BEV, PHEV), by Vehicle Type (Passenger Car, Commercial Vehicle), by Vehicle Top Speed (Less Than 100 MPH, 100 to 125 MPH, More Than 125 MPH), by Vehicle Class (Mid-priced, Luxury), by Application (EV Component, EV Charging, Powertrain): Global Opportunity Analysis and Industry Forecast, 2021–2031.”
Market Size : The global EV test equipment market was valued at USD 40.7 million in 2021, and is projected to reach USD 346.9 million by 2031, growing at a CAGR of 23.8% from 2022 to 2031.
Electric vehicle (EV) test equipment includes test systems such as battery testing, E-drive testing, power electronics test systems, dynamometers, motor testing, and charger testing systems. At present, electric vehicles (EVs) are experiencing a rise in popularity over the past few years as the technology has matured & costs have declined, and support for clean transportation has promoted awareness, increased charging opportunities, and facilitated EV adoption. Moreover, new developments in battery chemistry are expected to help & increase the efficiency of lithium-ion batteries and test systems for these innovative battery packs. Also, researchers focusing on conventional lithium-ion, solid-state, advanced lithium-ion using an intermetallic anode (silicon alloy composite), and future advanced lithium-ion (lithium metal, including lithium-sulfur and lithium-cobalt) batteries with innovative designs and chemistries.
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In addition, the EV test equipment market has witnessed significant growth in recent years, owing to increased demand for improved vehicle performance and inclination of consumers toward environment-friendly vehicles. According to European Environment Agency, in 2020, electric car registrations surged, accounting for 11% of newly registered passenger cars in which battery electric vehicles (BEVs) accounted for 6% of total new car registrations, while plug-in hybrid electric vehicles (PHEVs) represented 5%. Also, the production and sales of electric vehicles globally have been growing at a high rate, owing to positive regulatory environment, such as subsidies and tax exemptions for both the industry and consumers in the European and Asia-Pacific region. For instance, China undertook measures such as sales tax exemptions and providing preferential financing and traffic management policies for electric vehicles. Japan also plans to increase its share of EVs and plug-in hybrids between 20% and 30% by 2030 and has taken measures such as increasing subsidies for EV buyers. Also, the South Korean government has been encouraging the usage of EVs through subsidies and tax rebates with the goal of having 430,000 EVs on the road by the end of 2022 and has invested in a program to improve charging infrastructure in the country. This has led to high demand for EV testing equipment globally.
The factors such as increase in demand for electric vehicles, advancements in battery technologies, and stringent vehicular emission norms & regulations supplement the growth of the EV test equipment market. However, high cost of advanced technology equipment and reduction in EV subsidies are the factors expected to hamper the growth of the EV test equipment market. In addition, advancements in EV charging stations and proactive government initiatives for promotion of electric vehicles are some factors expected to create ample opportunities for the key players operating in the EV test equipment market.
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COVID-19 Impact Analysis :
The COVID-19 crisis is creating uncertainty in the market. Governments of different regions have announced total lockdown and temporarily shutdown of industries, thereby adversely affecting the overall production and sales. It also resulted in flight cancellations, travel bans, and quarantines, which led to massive slowing of the supply chain and logistics activities across the world. Since the beginning of 2020, more countries across the globe shut down their borders and limited transportation & travel to contain the coronavirus (COVID-19) outbreak, thereby creating impediments for international trade and transportation. Also, the COVID-19 outbreak severely impacted the automotive sector on a global level, which in turn leads to considerable drop in automotive sales, insufficiency of raw material, and others.
Many small and big players in the automotive sector have witnessed issues such as halt of production activities, mandated plant closures by the government, and others. Moreover, the demand for replacement parts has also declined since less maintenance is required at the moment because all the people are working from home. On the contrary, COVID-19 had a positive impact on the electric vehicles market since the sales of electric vehicles has increased than the previous year (2021). In addition, Germany, France, and Italy registered 55% higher electric car sales in Europe during the first half of 2020 than in 2019. The growth of the EV test equipment market in Europe is due to the rising need for manufacturers to comply with stricter European Union CO2 standards for new passenger cars and vans from January 2020. However, However, according to experts, it has been projected that the sales of electric vehicles were hampered due to the pandemic for a short term, and the industry is set to bounce back with higher growth than that of the previous year (2020), owing to consistent rise in fuel prices and rise in concerns toward environmental pollutions coupled with provision of subsidies by various governments. Hence, after the pandemic, the need of EV test equipment is expected to increase again since the market of EV is also witnessing growth.
Key Findings Of The Study :
By propulsion type, BEV segment dominated the global EV Test Equipment market in terms of growth rate.
On the basis of vehicle type, the commercial vehicle segment is anticipated to exhibit a remarkable growth during the forecast period.
By vehicle top speed, the 100 to 125 mph segment is the highest contributor to the EV Test Equipment market in terms of growth rate.
By vehicle class, the luxury segment is anticipated to exhibit a remarkable growth during the forecast period.
On the basis of application, the EV charging segment is anticipated to exhibit remarkable growth during the forecast period.
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The leading players operating in the EV test equipment market are Arbin Instruments, ATESTEO GmbH, AVL, Blum-Novotest GmbH, Burke Porter Group, Chroma ATE Inc., Durr Group, FEV Group GmbH, HORIBA, Ltd., Intertek Group Plc, Keysight Technologies, KUKA Aktiengesellschaft, SGS SA, Sierra Instruments, Inc., Softing AG, Tasi Group, TÜV Rheinland, and ZF Friedrichshafen AG.
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About us :
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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.