Military drone market to register a double-digit CAGR over 2017-2024, rising prevalence of government-controlled operations to stimulate the industry landscape
The changing face of warfare in the recent years has been a pivotal factor stimulating military drone market. Aided by cumulative product demand and rapidly progressive technological advancements, this vertical is expected to add a new dimension to the evolving smart industry. Ironically, the latest news about the U.S. military having developed drones that can decide who to kill has created major undulations in military drone industry. As a potential aftermath, the world is still debating over what such a technology can mean for the future of warfare and war ethics. However, it would be fair to state that the advantages of using drones in warfare and military operations have surpassed all debatable boundaries. This is quite evident from the estimates that claim military UAV market share to register a CAGR of 12% over 2017-2024.
U.S. Military Drone Market Share, By Product, 2016
Military drones: a popular weapon in modern warfare
It has been anticipated that North America, by 2024, will be accounting for 70% of the overall military drone market share. This expansive growth can be aptly credited to the heavy adaptation of drones in civil applications and the ongoing ‘War on Terror’ that the U.S. is current involved in. Till date, the United States has carried out several lethal drone strikes in Pakistan, Somalia and Yemen. Incidentally, these are the countries that the U.S. and its allies are not openly at war with, as is the case with Afghanistan, Libya and Iraq. As a measure to extend the reach of the war against terrorism, the U.S. has also concentrated its drone campaigns in North Africa, using Predator drones for surveillance and targeting radical terrorist groups. Undeniably, U.S. has emerged as a viable revenue pocket for North America military drone market.
Of late, drones are being designed with an element of human intelligence that make for highly effective weapons to locate and targeting terrorist operations and have effectively shifted the cost calculation for battles. Drones can be deployed for longer period of time and with less inconvenience to human resource. Specialized military drones in fact, are more lethal at reduced financial cost and potentially diminish the risk of life for those who control these drones as compared to ground forces or piloted aircraft. Driven by their highly commendable advantages, it has been forecast that military UAV market outlook looks rather promising for the future, where there are chances for increased covert drone warfare and less declared warfare.
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The effectiveness of military drones, as demonstrated by the United States, has caught the attention of nations that have been aiming to achieve a robust arsenal of weapons. Thus, countries like China, Russia, Iran, Pakistan and Turkey have invested in research and development of drone programs, a trend indicating the strong growth of the military drone industry in future. China recently set a world record in its demonstration of drone swarm, a topic of much discussion for its implications in the future of warfare. China has used the popular notion of using an overwhelming number of drones to gain tactical advantage over a target and flown 1108 dronebots as a single unit to exhibit the skill of its drones in autonomous flight capabilities and intelligent use of instruments.
Beyond military uses
Apart from purely military uses, these UAVs have been successfully deployed to carry out other government-controlled operations like search and rescue, wildfire containment, surveillance and law enforcement, further adding stimulus to military drone market. For instance, the Police Aviation Administration Office in China have put 300 police drones to patrol areas that are too difficult for the police to access. These drones have successfully collected information about drug manufacturing dens and have facilitated police raids in these areas. In the U.S., Predator B drones have been deployed for US Mexico border patrol to stop illegal border crossing across the remote mountains, rivers and canyons. These instances provide pivotal evidence that military UAV industry is here to stay.
With the proliferation of advancements in military drone market and the changing implications these developments will have on warfare, regional governments plan to establish a common ground to discuss and set guidelines for the sustainable and beneficial use of military drones while safeguarding human interests. As the use of drones have far reaching consequences that are not limited to warfare, the trend for developing and using military drones across myriad applications will continue to remain consistent in the next few years. As per estimates, military drone market size will be pegged at USD 13 billion by 2024.
Author Name : Paroma Bhattacharya
A succinct gist of recreational boating market with respect to the latest product development trends: ongoing sustainability furor to have a profitable impact on the industry outlook over 2017-2024
Outdoor water activities have lately emerged as a popular means of recreation, generating lucrative growth prospects for recreational boating market. Tourists and locals residing alongside water bodies have long since been involved in water-based recreational activities such as fishing, camping, boating, etc. However, the prevalence of these activities has inherently increased in recent times, primarily due to the rising disposable incomes of the middle class and the subsequently changing consumer lifestyles. In consequence, this has created a plethora of growth opportunities for recreational boating industry players.
U.S. Recreational Boating Market, By Product, 2016 & 2024, (Units)
Another vivid fact that will emerge as an expansion opportunity for these companies is that the rise in the number of recreational activities is directly proportional to an increase in the rate of boating accidents. On these grounds, a stringent regulatory framework has been compiled by authorized bodies to reduce the number of boating accidents and ensure consumer safety. Being a strongly customer-driven business space, companies often invest heavily in research and development activities to develop advanced recreational boats. The launch of luxurious and efficient next generation boats is thus likely to augment the commercialization scale of recreational boating industry.
Citing an instance of the aforementioned fact, one of the leading boat manufacturers, Crestliner has recently launched its new product in Sprint Series. Introduced as a basic version of the pontoon, this product has been specifically designed for novice boaters and individuals looking forward to experiencing on-water versatility at an attractive rate. Considering that quite a proportion of consumers depict an interest in pontoons for enjoying on-water activities ranging from fishing to cruising, other companies in recreational boating industry have also been attempting to launch novel pontoon designs. What’s more, the trend of upgrading the luxury factor in these vessels has been catching up throughout the vertical. It has been observed that players in recreational boating industry are enhancing layouts of boats including seating systems, storage compartments, flooring systems, audio packages, and other personalized facilities.
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In addition to upgrading the aesthetic features, boat manufacturers are also focusing on attaining higher performance by developing advanced versions of the engine, to make sure consumers enjoy a highly efficient, fast-paced, and uninterrupted boating experience. This ongoing trend depicts a pattern in boating design enhancement – right from improving hardware to aesthetics to the driving experience, which is certain to propel recreational boating market share.
Apart from individually working on product development and upgradation, companies across this vertical have been working on implementing tried-and-tested methodologies to consolidate their stance. Signing strategic collaborations with technology providers for coming up with intuitive and efficient facilities seems to have emerged as the latest norm in recreational boating market. For instance, a year before, Crestliner Boats and Brunswick Boat Group’s freshwater brands jointly partnered with MarineTech. Through this deal, Crestliner incorporated a hydraulic power steering system and hybrid cable in its aluminum boats.
One of the most pivotal trends that has been observed in this business lately is the increasing popularity of environment friendly boats. The rise in consciousness among the seafarers about the harmful effects of GHG emissions on the marine ecosystem has led to the adoption of green energy technology. Regional governments have also been playing their part in encouraging seafarers to implement clean technologies in boat manufacturing, by providing sufficient subsidies. What’s more, the research community, in tandem with green technology companies has also been researching novel methods to revolutionize commercial recreational boating with eco-friendly innovations. Australia’s Ocius Ocean Technology has set quite a benchmark in this regard – the company had been involved in the invention of the Solar Sailor that can harness solar and wind power in a single device to produce a speed up to 44 knots.
The emergence of highly upgraded products reflects the deep commitment of participants in recreational boating market toward the improvisation of existing boating infrastructure. These companies have also been influenced by the shifting trends toward the adoption of sustainable technologies, that has had an impact on product design and development. In recent times, with customers ruling the roost, the development of core consumer-centric products has been making robust inroads in this vertical. Powered by a high-income user base, in conjunction with earnest companies striving to innovate unique products, recreational boating market size has been forecast to surpass a revenue collection of USD 230 billion by 2024.
Author Name : Sunil Hebbalkar
A brief elucidation of consumer drone market trends in terms of regulatory landscape, technology proliferations to underline the competitive terrain
Powered by the advent of sophisticated machine learning algorithms and growing integration of AI, consumer UAV market size has been skyrocketing in the recent times. There has been a phenomenal spurt in the number of drone operators world over who buy high-grade and technologically superior drones with an aim to utilize them commercially. Apparently, the escalating demand for UAVs from diverse business sectors has compelled the prominent consumer drone industry participants to incorporate latest technologies such as geofencing and collision detection into these flying beauties.
U.S. Consumer Drone Market Volume Share, By Product, 2016
Citing an instance of the same, one of the major consumer drone market players of France, Parrot has created a new division, named as Parrot Professional, to integrate its consumer and commercial grade drone technology. It would be prudent to mention that the firm deployed the said technology and has recently introduced new drones which can be utilized across agricultural and construction sectors.
Moreover, the latest drones would reportedly act as a bridge between Parrot’s low-priced and other highly-expensive consumer products. The launch of such innovative and cost-effective products would prove to be of immense convenience for operators to fly UAVs for commercial purposes, which would consequentially boost the consumer drone market in the ensuing years. In fact, as per reliable estimates, the overall remuneration portfolio of the global consumer drone industry is forecast to exceed USD 9 billion by the year 2024.
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Elaborating the consumer UAV market trends in the U.S. and Australia with regulatory frame of reference
In an attempt to promote awareness among media, policymakers, and the general public of how UAVs assist society, renowned consumer drone market giants such as 3DR, DJI, and GoPro have formed ‘Alliance for Drone Innovation’ (ADI). The latest initiative is the successor organization to the Drone Manufacturers Alliance and represents the interest of businesses, individuals, academics, scientists, and governments, and others who fly drones in the United States.
The ADI initiative would work on devising appropriate regulatory and legislative framework, as well as focus on developing new technological capabilities of drones. The group would preserve the role of Federal Aviation Administration and the Congress to regulate National Airspace System for drones. Owing to the regulatory guidelines and various initiatives being undertaken by chief market players, the US consumer drone industry share would undoubtedly witness substantial progression in the near future.
Being one of the first nations in the world to regulate remotely controlled aircrafts, the Civil Aviation Safety Authority (CASA) of Australia has been pivotal to frame regulatory provisions regarding consumer drones. Apparently, CASA has put into effect a new set of guidelines from September 2016 which have lowered the mandatory requirements to fly small remotely piloted UAVs for commercial purposes. Reportedly, flying drones which weigh less than 2Kg would not require a remote pilot license (RePL) or operator’s certificate. However, the drone owners would need to hold an operator’s certificate to fly UAVs weighing in excess of 2Kg. Industry experts have opined that the operationalization of these guidelines would substantially influence Australia consumer drone market outlook.
It is imperative to mention that along with stringent regulations with regard to safety parameters of these drones, cost is another pivotal factor influencing the consumer UAV industry trends. These UAVs work on batteries unlike the military drones that are operated by solar energy. This not only makes the former expensive but also demands a high maintenance. Nonetheless, considering that the fraternity is still nascent and a slew of tech interventions are in the pipeline, consumer drones market trends are anticipated to be progressive in the coming years. In terms of commercialization, the consumer UAV market is forecast to register a double-digit CAGR of 18% over 2017-2024.
Author Name : Saif Ali Bepari
Packaging materials market to enter the trillion-dollar business space by 2024, sustainability to emerge as the next go-to industry trend
With consumer preferences undergoing an extensive change in recent times, packaging materials market has registered itself as one of the strongest and fastest growing business spheres. Technological advancements and innovative packaging materials have persistently set the stage for the packaging industry to witness remarkable product demand from numerous end-use sectors. These business domains, including the likes of F&B, cosmetics, pharmaceutical, chemicals, and household products have also been projected to expand commendably in the years ahead, that would further widen the growth prospects of packaging materials industry.
U.S. Packaging Materials Market Size, By End-user, 2013 – 2024 (USD Billion)
The food sector is reported to be the largest growth ground for packaging materials industry, given that it accounted for USD 300 billion of the overall market size in 2016 and is expected to grow further in the ensuing years. This rapid growth can be attributed to the robust consumption of ready-to-eat meals, frozen raw meat products, dairy products, and canned sea-food. In consequence, this would have a major impact on the demand for flexible plastics. As per estimates in fact, packaging materials market share from flexible plastics is expected to be valued at USD 190 billion by 2024.
Speaking of flexible plastics, it is prudent to mention the instance of Sappi Limited that recently introduced the Sappi Seal in packaging materials market. Incidentally, Sappi Seal, touted to be the second generation of this flexible packaging solution, has been designed to replace hot set laminates that are made from plastic with products containing a high ratio of renewable raw materials. These solutions are gaining increasing traction as a standard flexible packaging material in the food industry and other sectors which comprise primary & secondary packaging such as sachets and flow wraps for toys & sweets. The aforesaid instance validates that global packaging materials market is witnessing a slew of technological advancements addressing sustainability and safety concerns.
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Of late, plastic waste has been the growing environmental issue worldwide, thereby being a subject of strict regulatory compliance. Reliable reports claim that if the present situation continues, there will be over 12 billion metric tons of plastic in landfills by 2050. The mass production of plastics has accounted for a whopping 91% of plastic that isn’t recycled and ends up as trash and litter. In consequence of this threatening scenario, packaging materials market trends have been gathering considerable attention from leading industry players including the likes of Amcor, Ball Corporation, Sealed Air, Mondi and DuPont that are investing heavily in R&D activities to develop green and sustainable packaging materials. In a bid to develop innovative products these companies are collaborating with the technology providers to bring forth sustainable, creative, and green packaging solutions that are further likely to help retailers, packaged goods manufacturers, and food service providers drive sales and delight consumers.
Green packaging trends to extensively drive the profitability landscape of packaging materials market
Speaking of the recent innovation trends in packaging materials industry, it is worthy to mention that Micro-Fibrillated Cellulose (MFC), a unique fiber extracted from plant waste, is being used liberally as a stronger yet lighter sustainable packaging material. It has been reported that adding as minimum as 1% of MFC to an existing substrate improves the packaging performance by 15% to 20%. This material has even proved itself to be stronger & stiffer than glass or carbon fiber. Aqueous barrier coatings, Chill Buddy, Micro-patterned packaging materials, and Molded fiber printing technology are some of the other sustainable packaging materials industry trends to watch out for in the ensuing years.
Unrefutably, these emerging packaging trends though at its embryonic stage are certain to take the industry by storm more sooner than anticipated, courtesy the dynamic competitive landscape of packaging materials market that is faring determinedly along the Asia Pacific belts, Europe, and North America. These regions have become massive investment grounds for the industry players, given the extensive packaged products proliferation.
It is noteworthy to state that apart from core industry participants, several tech giants including Amazon, Dell, REI, Puma, and Colgate-Palmolive are betting big on sustainable packaging by introducing bamboo and other bio-based product categories. Thus, with sustainability credentials rolling ahead in full gusto, global packaging materials market is projected to tread along a lucrative growth path in the years ahead. Global Market Insights, Inc., anticipates packaging materials market to exceed a valuation of USD 1.3 trillion by 2024.
Author Name : Ojaswita Kutepatil
Wired vehicle tracking market to gain hefty proceeds over 2017-2024, favorable government initiatives to drive the industry landscape
Vehicle tracking market, in the recent years, has been traversing along a rather lucrative growth path mainly on the cusp of the technological advancements that have taken the automotive industry by storm. The rising need to monitor vehicle movement and the growing awareness regarding the benefits of vehicle tracking in terms of safety are regarded as the key drivers impelling vehicle tracking industry growth. According to reports, this business sphere has been drawing tremendous remuneration with a growing number of companies investing heavily in vehicle tracking systems to better position their business operations.
U.S. Vehicle Tracking Market, By Vehicle, 2016 & 2024, (USD Million)
Speaking of the commercialization potential of this business space, analysts deem that having drawn close to USD 6 billion in terms of revenue in 2016, global vehicle tracking market, quite undeniably is set to be a profitable growth ground for potential stakeholders. It has also been observed that in tandem with the core industry participants, the automakers and governmental bodies have been joining forces to develop products and simultaneously commence promotional campaigning programs to encourage the masses to adopt vehicle tracking systems.
A very recent instance validating the authenticity of the aforementioned statement is that of the Roads and Transport Authority of Dubai mandating the installation of monitoring devices in all the brand new heavy vehicles that will be entering Dubai roads from the month of August. Reports reveal that the move comes on the heels of RTA’s expansion of its vehicle tracking program that will also include more heavy vehicles weighing 2.5 tons and above. The program further requires all the heavy 20-year-old trucks to have a vehicle tracking device installed to monitor over speeding, traffic accidents, driving in prohibited timing or places, sudden braking, reckless driving and over accelerating.
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Another significant instance depicting the involvement of government bodies in this business space is that of the Maharashtra local government body and Regional Transport Office (RTO) mandating the installation of intelligent transport systems that comprise panic buttons & a vehicle tracking system. According to reliable reports, more than 3.70 lakh existing vehicles will have to install these systems in the state – this would prove highly lucrative for the regional vehicle tracking industry.
It is prudent to mention that the demand for numerous vehicle types has a pivotal role to play in augmenting the revenue graph of vehicle tracking market. Say for instance, heavy-commercial vehicles have lately been gaining massive traction in this business sphere. As per report in fact, vehicle tracking market share from the heavy-commercial vehicles is likely to register a y-o-y growth of 12% over 2017-2024. This robust growth can be credited to the growing demand for passenger & goods transportation coupled with rising consumer interest in tracking fleet performance.
Further elaborating on the product trends, it has been observed that wired vehicle tracking systems are gaining considerable preference over their wireless counterparts. Analysts deem that the major factor contributing to the growth of wired vehicle tracking market is the cost effectiveness of the product over the wireless units. Moreover, perpetual innovations such as enhanced satellite view and mobile tracking have also been primarily fueling the product adoption, leading to vehicle tracking industry gaining renewed traction.
Connected car trends to propel multi-million-dollar opportunities in vehicle tracking market
With driverless and connected cars garnering mass momentum, vehicle tracking market is certain to amass extensive remuneration in the years to come, given that connected technologies are set to transform the way one commutes, interacts, and communicates with automobiles. Authentic sources in fact claim that the number of cars that will be equipped with embedded connectivity will rise by a whopping 300% over the next five years. In essence, the growing importance of security features and other advanced technologies that help reduce road accidents and fatalities are indeed likely to stimulate vehicle tracking industry share. It is estimated that by the end of 2024, the global vehicle tracking market will surpass USD 11 billion with more and more organizations beginning to dabble in this technology, taking advantage of the changing fleet management landscape.
It is prudent to mention that despite the significant initiatives, there has been an ongoing debate regarding the installation of tracking systems. Nonetheless, vehicle tracking market has been expected to gain exceptional proceeds in the ensuing years, specifically due the contribution of regional governments. That apart, the escalating deployment of the product speaks for itself, and is deemed to push this business space to exceptional heights. As per estimates, vehicle tracking market size will increase at a CAGR of 7% over 2017-2024.
Author Name : Ojaswita Kutepatil
A compact summary of ADAS market outlook with respect to the competitive spectrum: unveiling the numerous tactics undertaken by industry magnates to impel the business landscape
The latest scoop making headlines in the Europe ADAS market is that of Italian super sports automaker, Maserati launching an upgraded version of its Ghibli sedan incorporated with new advanced driver assistance systems. Maserati’s initiative is clearly remnant of the developments underlining advanced driver assistance system (ADAS) market, that is currently moving ahead at a significant pace. Having recognized the extensive benefits of ADAS systems, numerous automakers have been working toward deploying this feature in their latest automobile brands. This paradigm shift toward implementing safety systems in vehicles on account of the increasing number of road accidents is certain to stimulate ADAS market trends.
U.S. Advanced Driver Assistance System (ADAS) Market, By Sensor, 2016 & 2024, (Thousand Units)
In the face of potentially hazardous driving scenarios, autonomous systems have been taking increasing precedence in recent times. Consequently, major players in advanced driver assistance system industry are focusing on the development of advanced automated ADAS systems. In order to retain a control over driving, these systems are embedded with features like emergency braking, lane keeping, automatic parking, and adaptive cruise control. The incorporation of additional features such as machine learning and ADAS vision have even enabled vehicles to adapt themselves to adverse climatic conditions. In this respect, a brief outline of the contribution made by ADAS market firms in launching diverse live-saving technologies is enumerated in the paragraphs below.
Jaguar Land Rover + Waymo
In order to expand the scope of smart transportation globally and consolidate their stance across myriad geographies, ADAS market players have been establishing partnerships with reputed technology providers. Recently, Jaguar Land Rover collaborated with Waymo to develop the first premium self-driving EV in the world for Waymo’s driverless transportation service. Waymo is also expected to work with Jaguar for designing the firm’s self-driving Jaguar I-Pace vehicles. This integrated partnership is a pivotal instance demonstrating the impact of lucrative liaisons in ADAS market.
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Tata Motors + Wabco
The Indian OEM Tata Motors has scarcely extended its partnership with the pioneering technology provider, Wabco, having already deployed the latter’s ADAS facility in its vehicles. Tata has also conveniently implemented a collision mitigation system (CMS) and a lane departure warning system (LDWS) for its Signa and Prima trucks. The move apparently, is targeted toward the minimization of road accidents and the provision of occupant safety. Having already been a strong player in the India automotive industry, Tata, through this partnership, will further strengthen its position in the regional ADAS market as well.
Sinotruk + Wabco
In 2018, one of the prominent China-based heavy-duty truck manufacturers, Sinotruk Limited, extended its cooperation agreement with WABCO Holdings Inc., that supplies advanced technology for enhancing efficiency, connectivity, and safety of commercial vehicles. The deal is anticipated to substantially improve WABCO’s capability in innovative technologies such as ADAS, AMT, EBS, and ECAS. Incidentally, this agreement has so far, spanned almost three decades, and stands as a classic evidence to the fact that long-term business deals across the automotive sector are certain to propel advanced driver assistance system market size over the years ahead.
Groupe PSA + Harman
Although ADAS is one of the benchmark features introduced in automotive industry, it has been found that the system is massively prone to cyber-attacks. Therefore, numerous ADAS market giants have been continuously working on LIDAR and Radar sensors to control cybersecurity threats. Tech companies are playing their part in eliminating security issues as well and have been found developing advanced solutions to improve security measures in ADAS systems.
In this regard, recently, Groupe PSA collaborated with Harman International to design a cyber security strategy for protecting connected and next-generation autonomous vehicles. The collaboration is a vivid indicator of the fact that the growing concerns regarding cyberattacks and protection capabilities of ADAS integrated vehicles will play a pivotal role in augmenting advanced driver assistance system market outlook.
The rapidly shifting trends toward the adoption of technologically advanced vehicles are thus likely to fuel ADAS industry share in the ensuing years. As the demand for such vehicles continues to increase along with changing consumer preferences, companies in ADAS market will be looking forward to launching advanced safety solutions. In accordance with the same, strategic collaborations, joint ventures, and R&D program are expected to become highly commonplace in ADAS industry soon enough. Driven by a supportive regulatory spectrum and the robust requirement of technically developed automotive parts, advanced driver assistance system market size is forecast to increase at a CAGR of 13% over 2017-2024.
Author Name : Sunil Hebbalkar
Unveiling automotive turbocharger market trends in terms of the initiatives undertaken by leading industry behemoths: PCVs to gain mainstream popularity over 2017-2024
The progressive shift toward a greener, environment-friendly future has been a major driving force for automotive turbocharger market. In an era riddled with the fear of carbon emissions destroying the planet, automakers have been facing several challenges to optimize vehicle efficacy in the best means possible. Consequently, most of the automakers have now been working on bringing about suitable design and operational changes in turbochargers – the highly efficient components that play a major role in downsizing engine emissions. Including the likes of Honeywell and Mitsubishi, renowned companies have thus basically been targeting 2 essential factors – fuel efficiency and emission reduction to bring about a change in turbocharger production, contributing toward automotive turbocharger industry growth.
U.S. Automotive Turbocharger Market, By System, 2016 & 2024, (Thousand Units)
A quick insight into the developments brought about by automotive turbocharger market companies
The incredible advantages of these induction devices have ensured an escalating demand for renewed turbocharging technologies. In consequence, pivotal automotive turbocharger market players have been working toward extending their regional reach by constructing new production facilities across various geographies. An instance validating the same is that of BorgWarner having opened its new turbocharger technology production plant in Thailand recently. Through this initiative, BorgWarner aims to provide clean and efficient turbocharging solutions for hybrid vehicles and EVs across the Asian turf. BorgWarner’s plan is also expected to encourage numerous other automakers to expand their already established production facilities in Thailand, that would further help consolidate Asia automotive turbocharger industry.
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Incidentally, this hasn’t been BorgWarner’s first brush with turbocharger technology. In 2017, the company had successfully installed its advanced turbocharging technology into Jaguar Land Rover. The turbocharging system was expected to help Jaguar Land Rover achieve its engine performance target and fuel efficiency from its new SUV models. Of late, numerous light and passenger commercial vehicle manufacturers are also deploying advanced turbocharging technologies for improved fuel efficiency, suitably impelling PCV sales across major geographies. Indeed, this would help PCVs emerge as a viable growth avenue for automotive turbocharger market in the future. As per estimates, by the end of 2024, passenger car vehicles are expected to account for over 60% of automotive turbocharger industry share.
Honeywell has been another lucrative player in automotive turbocharger market that has helped strengthen the competitive spectrum of this business space. The company, a couple of years ago, displayed some of its turbocharger technologies for commercial vehicles at the IAA Hannover 2016. Since then, the company has worked consistently to bring forth advanced turbo technologies for on and off-highway powertrains. The firm has also developed a supremely high-efficiency serial two-stage system to ensure optimum performance in heavy-duty long haul trucks that require to be characterized by increased fuel efficiency and lowered CO2 emissions.
Bringing about innovative product developments is expected to remain one of the prime growth strategies of automotive turbocharger market contenders. The principal aim here is to develop highly advanced products, the design of which would contribute toward maximum engine downsizing. Electric turbochargers for instance, one of the latest trends in automotive turbocharger market, has been found to eliminate turbo lag, which leads to an increase in fuel efficiency. That said, there is no dearth of R&D programs in this business space, that would help alter conventional turbocharger designs as required and further contribute toward transforming automotive turbocharger industry trends.
In the years to come, turbochargers are expected to gain extensive traction in the global automotive space, owing to their substantially high efficiency and their contribution toward environmental safety. Of late, products such as variable geometry turbochargers (VGT) have also gained mass momentum, exceeding their counterparts, due to their cost-effectiveness and technical benefits. Driven by their massive demand on account of the increasing need for a greener environment, automotive turbocharger industry, supported by a strict regulatory framework, will surpass a revenue collection of USD 24 billion by 2024.
Author Name : Sunil Hebbalkar