Automotive & Transportation
China Marine diesel engines market to witness massive growth over 2016-2024, significant increase in sea borne trade across the globe to influence the industry dynamics
The world is witnessing a proliferation in seaborne trade, which is likely to stimulate marine diesel engines market over the years ahead. The cost of the fuel is a major factor that is influencing the trade profitability. Recent fluctuations in the fuel price which is currently on a higher end, is turning out to be favorable for the industry players. According to a report by UNCTAD (United Nations Conference on Trade and Development) in 2015, sea borne trade expanded over 4% from 2012 to 2014, subject to the significant increase in dry bulk trade. Alongside, easy availability of spare parts, trained repairing personal, and repair networks have also catalyzed the adoption of these diesel engines. As per a report by Global Market Insights, Inc., “Marine Diesel Engines Market is slated to exceed a revenue of USD 7 billion by the end of 2024, with a CAGR projection of 5% over 2016-2024.”
Europe Marine Diesel Engines Market Size, By Application, 2016 & 2024 ($Mn)
Increasing demand for economically viable engines that are best fit to fulfill reliability, durability, and fuel optimization is further complementing marine diesel engines market penetration. Over the past few years, the shipping industry has been largely emphasizing on developing advanced engines that improve the fuel efficiency and reduce carbon dioxide emission. Marine diesel engines operate at an average efficiency of 40% to 50% depending upon the age of the engine, deadweight tonnage, and vessel size. Phasing out of traditional steam engines from various utility sectors is further providing a significant push to marine diesel engines market.
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Regionally, China has established strong grounds enhancing the market dynamics. The country, counted as one of the most developing nations across the world, is significantly increasing its investment in strengthening the naval force. In 2014, Chinese Government had issued a financial stimulus package that facilitated the money stock. The escalating growth of the regional market can be majorly credited to the rigorous number of business activities that have significantly uplifted the marine diesel engines market outlook. In 2015, for instance, MAN Diesel & Turbo had signed a 10-year agreement with CISC and CSSC to manufacture low speed diesel engines in China. Statistics depict that China accounted for one-fourth of the APAC marine diesel engines market in 2016. Such examples of promising initiatives by the government along with growing import of marine diesel engines in the country which almost accounted for USD 1.05 billion in 2015, is projecting a lucrative growth prospect for China marine diesel engines market in the years ahead. Germany, on the other hand, represented 20% of the Europe market in 2016. With increasing government spending on military and specialized ships, Germany is aiming to amplify its revenue share toward the regional marine diesel engines market in the coming years.
Considering the technical designing, the overall marine diesel engines industry is predominantly segmented into low speed, medium speed, and high-speed systems. High speed systems accounted for more than 20% of the global share in 2016. With the significant improvement in the living standards of the consumers, the demand for cruise and ferries is accelerating, which in turn is driving this high-speed marine diesel engines market. Medium speed diesel engines which are mainly deployed in cargo ships, passenger ships, fast ferries are also witnessing a heavy adoption. This category based diesel engines market is expected to hit a revenue of more than USD 3 billion by the end of 2024. Low speed marine diesel engines market will also grow substantially at an annual rate of 4% over the coming seven years.
Merchant vessels are one of the prominent application domains that is prominently contributing toward the global industry size. Growing inclination toward LNG along with a significant rise in the sea borne trade have resulted in an increasing deployment of marine diesel engines in merchant vessels, thereby contributing to the industry share. As per estimates, marine diesel engines market from merchant vessels application is expected to chart a profitable road map at a CAGR of 5% over 2016-2024.
Despite the fact that the marine diesel engines are environmentally not so viable owing to the harmful carbon emissions from these, increasing research investments by the market players in the development of fuel efficient engines is likely to leave a positive impact on the marine diesel engines industry expansion in the years ahead. Some of the prominent companies engaged in marine diesel engines market include Rolls Royce, Caterpillar Inc., Cummins Engines, GM Powertrain and Wartsila Corporation.
Author Name : Satarupa De
APAC gasoline direct injection (GDI) systems market to register maximum gains over 2016-2024, India and China to be the potential growth avenues
The deployment of technological innovations such as integration of valve operation systemss & drive systemss will spur GDI systems market. This incorporation will bring about optimized fuel efficiency and increased fuel economy, which is the need of the hour, especially for price-sensitive consumers. Strict norms mandated by regulatory bodies to reduce the base lines of the fuel efficiency and carbon dioxide emissions will stimulate the growth of Gasoline Direct Injection (GDI) Systems Market.
Germany GDI system market size, by application, 2012-2024 (USD Million)
GDI systemss contribute to the reduction of pollutant emissions via turbocharging and are estimated to reduce around 15% of carbon emissions and fuel consumption. These benefits coupled with the rising vehicle demand and the introduction of next gen fuel saving technologies will push gasoline direct injection systems industry, slated to cross USD 10 billion by 2024, with a CAGR estimation of 12% over 2016-2024.
Leading corporations have been trying to diversify their product offering by means of incorporating advanced technologies in order to gain an edge over their competitors. For instance, Denso, in 2014, declared that it planned to invest around USD 10 million at DIAM (DENSO International America) with an aim to develop GDI systems components for improving the overall product performance. These initiatives will subsequently lead to an increased consumer base, thereby propelling gasoline direct injection systems market.
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Industry players fiercely compete with each other on the grounds of product quality, deployed technologies, and product costs, to sustain their business position. Gasoline direct injection systems market is quite consolidated with the presence of selected companies such as Continental, MSR-Jebsen Technologies, Mitsubishi Electric Corp., Magneti Marelli, Bosch, Denso, Bajaj Auto Ltd., Stanadyne, Eaton Corporation, Delphi, and Hitachi. These companies have been making efforts to manufacture high quality and high performance exhibiting GDI systems components at lower prices to deal with their rivals.
GDI systemss incorporate four major components, namely fuel injectors, sensors, electronic control units, and fuel pumps. Electronic control units accounted for the largest share in gasoline direct injection systems market in 2015, subject to the high product demand for regulated equipment control. Fuel pumps and injectors are also expected to propel GDI systems industry, owing to their extensive application across the automotive sector.
APAC has been predicted to emerge as one of most lucrative growth avenues for gasoline direct injection systems market, pertaining to the extensive expansion of the automotive sector and surging demand for fuel efficient vehicles in the region. Countries such as India, Indonesia, and China are slated to be the major revenue pocket, subject to the increasing awareness regarding GHG emissions in the region.
The rapid increase in the spending capabilities of consumers has led to a significant increase in the sales of automobiles across the globe. As per estimates, the United States and China are the top two nations that have the largest customer pool of passenger vehicles, which is likely to drive GDI systems industry from this application segment.
Commercial vehicles accounted for more than 30% of the gasoline direct injection systems market share in the year 2015 and is estimated to grow at a CAGR of 12% over 2016-2024. This growth can be credited to the increasing demand for commercial vehicles across myriad sectors such as logistics and transportation.
Europe held more than 40% of the global gasoline direct injection systems industry share in the year 2015 and is anticipated to register significant growth in the years ahead. The enforcement of Euro 5, one of the many vehicle emission standards by the European Union coupled with other stringent regulations mandates related to vehicular emissions will impel Europe GDI systems market. Automobile companies have been striving to manufacture products that comply with GHG emission standards and the Federal norms related to fuel efficiency, thereby driving gasoline direct injection systems industry.
Companies have also been integrating innovative technologies in GDI systems components to improve the operational efficiency, reliability, network capability, and the overall vehicular efficiency. High initial equipment costs are likely to pose a constraint to GDI systems market over the next few years. Besides, as reported by automotive servicing personnel, the equipment depicts an increase in the carbon content, leading to blockage in fuel systemss, which will eventually increase the maintenance costs. To combat these restraints, GDI component manufacturers have been adopting laser-drilled holes that will help reduce emissions, achieve efficient fuel combustion, and eliminate unnecessary costs. Laser-based manufacturing technology apparently helps to save around 20% of the fuel consumption. The deployment of this technology will undeniably drive gasoline direct injection systems industry.
The increasing rate of automobile repair and maintenance will also fuel GDI systems market over the next few years. In addition, the characteristics such as optimized fuel consumption, light weight, high efficiency, and compactness in vehicles will lead to an expanding consumer base across the globe, driving worldwide gasoline direct injection systems market.
Author Name :Saipriya Iyer
APAC high performance wheels market to witness maximum gains over 2016-2024, OEMs to drive the end-use landscape
High performance wheels market demand is shooting high with the increasing consumer inclination toward customized performance vehicles that offer superior fuel efficiency, quick acceleration, and upgraded braking system. Carbon fiber wheels are gaining a popularity worldwide as its usage in the car enables improved fuel performance and overall weight reduction. Technology has undoubtedly played a vital role in the market’s rapid expansion in terms of wheel designs, wheel materials, and aerodynamics. Concurrently, increasing investment by the market players in research activities to incorporate technological advancements in the premium vehicle models is also catering the industry growth. An estimation by Global Market Insights, Inc., claims Global high performance wheels market to exceed USD 160 billion by 2024 with a projected CAGR of 5% over 2016-2024.
U.S. High Performance Wheels Market Size, By Material, 2015 & 2024 (Million Units)
Surging global population which has already crossed the 7 billion mark and increasing disposable income of the consumers have left a proportional impact on high performance wheels industry trends. Today, a significant portion of the urban population prefer vibration free and comfortable rides which is in turn providing lucrative business opportunities to high performance wheels industry. Impacts absorption, enhanced braking system, and improved acceleration are the other crucial factors influencing the industry revenue. The rapidly developing automotive industry has resulted in an escalating product demand from the OEMs. Original Equipment Manufacturers represented almost 80% of the overall high performance wheels market share in 2015. Also, the escalating demand for customized and aesthetically improved vehicles is fueling the high performance wheels industry share from aftermarket applications.
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Pertaining to the vehicles, premium compact segment dominated the market in 2015 by covering almost 50% of the overall volume. Enhanced visual appearance, superior fuel efficiency, cost effectiveness and light weight are some of the factors favoring the market dynamics from this segment. High performance wheels industry from mid- size luxury cars will also experience steady gains at an annual rate of 5.5% over the coming seven years.
In terms of materials, carbon fiber wheels have witnessed significant demand in the recent years. Shifting consumer trend toward light weight vehicles, along with the requirement of weight reduction in sport cars have resulted in an upswing in the material demand. Aluminum based high performance wheels industry will also record steady gains in the years ahead at a CAGR of 6% over 2016-2024. Magnesium based wheels accounted for 30% of the total market in 2015. Steel high performance wheels market will also grow significantly at an annual rate of 4.5% over 2016-2024.
Regionally, Asia Pacific has major grounds enhancing the overall high performance wheels market outlook. The rapidly expanding automotive industry along with presence of a large number of automobile manufacturers such as Toyota, Honda, etc. are the major factors boosting high performance wheels market demand in this region. With robust production capacities and increasing R&D activities, APAC high performance wheels industry is anticipated to observe the highest growth in the coming years, at an estimated CAGR of 7% over 2016-2024.
Europe market is also slated to spectate substantial progress in the years ahead, with a revenue record of USD 60 billion by the end of 2024. Spreading awareness related to carbon releases from vehicles along with regulatory compliance imposed by the government is enhancing the high performance wheels market demand in Europe. Presence of leading OEMs in countries such as Germany, Poland, France is also one of the major factors driving the regional share. North America high performance wheels industry will be majorly driven by the U.S. As per estimation, U.S market is expected to register a CAGR of more than 5% over 2016-2024.
High cost involved in the initial set up along with expensive alloy materials may act as a deterrent in the growth chart of the market. However, with the leading automotive brands’ launching advanced vehicle models, high performance wheels market demand is expected to boost substantially over the years ahead. Prominent industry participants include United Group, ALCAR Group, Fikse, BBS Kraftfahrzeugtechnik AG, OZ S.p.A, Carbon Revolution, Euromax, and Steel Strips.
Author Name :Satarupa De
Sport all-terrain vehicle (ATV) market to gain a remarkable revenue by 2024, surging demand from entertainment applications to spur the industry growth
Changing preferences toward off-road activities such as racing will stimulate all-terrain vehicle (ATV) market size over the years ahead. ATVs incorporated with infotainment systems offer a user friendly and enhanced driving experience, which will favorably boost the product demand. Owing to the increased demand for a convenient, luxurious driving experience, ATVs have been gaining remarkable popularity among consumers across the globe. Efforts taken by business giants to develop eco-friendly ATVs will also boost all-terrain vehicle industry size. As per the report by Global Market Insights, Inc., “Worldwide All-Terrain Vehicle (ATV) Market having had a revenue of USD 6 billion, will collect considerable revenue of USD 9.2 billion by 2024 with an annual growth rate of 5% over the period of 2016-2024.”
U.S. All Terrain Vehicle (ATV) Market size, by application, 2013-2024 (USD Million)
ATVs are witnessing a heavy demand across the agricultural sector on account of being used as a substitute for heavy vehicles and tractors. Agriculture application segment collected a revenue of more than USD 800 million in 2015 and will exhibit a CAGR of 5.3% over the coming seven years. Market players are investing significantly to incorporate technologically advanced features such as display monitors and communication systems in the products and make them available at an affordable price to attract more customers. Key participants in all-terrain vehicle (ATV) market are Honda, Arctic Cat, Polaris ATVs, Can-Am motorcycles, Yamaha, Cectek, Suzuki, John Deere, KYMCO, Taiwan Golden Bee, Kawasaki HiSun, Linhai Co., Ltd., and ShuoPu Science and Technology Development Co.,Ltd.
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Most of the companies in ATV market are willing to develop customized and fully equipped ATV products such as covered roof, airless tires, independent suspensions, and 2-wheel and 4-wheel drive. Puncture free tire is also a new, recent innovation, which is deemed to reduce the occurrences of accidents. Sport utility covered more than 28% of the ATV market product landscape in 2015 and will collect significant revenue over the years ahead.
ATV market from the military & defense sector will grow lucratively with an annual growth rate of more than 9% over the coming seven years. Increasing use of the product for transportation in far-flung, inaccessible areas will stimulate the ATV industry share. Youth ATV market generated a revenue of USD 750 million in 2015 and will record considerable growth over the coming timeframe.
Asia pacific all-terrain vehicle market covered 12% of overall regional share in 2015 and will collect notable revenue over the years ahead. Surging use of this vehicle for various purposes such as tourism, agriculture, and search & rescue operations will augment the regional demand considerably. China accounted for more than 35% of the APAC market share in 2015.
In North America, U.S. ATV industry collected a revenue of USD 2.5 billion in 2015 and will generate considerable revenue with an annual growth rate of 4.5% over the period of 2016 to 2024. The attributing factor toward the industry growth is the shifting trend of using the product for numerous competitive sports activities.
Many of the players operating in all-terrain vehicle market are adopting growth strategies such as mergers and acquisitions and strategic partnerships to expand their regional base. Also, to sustain their business position in the competitive scenario, the industry players are investing heavily in R&D activities to develop technologically enhanced and high performance vehicles.
Author Name :Sunil Hebbalkar