Automotive & Transportation
UTV market to accumulate hefty proceeds from utility applications, U.S. to emerge as a pivotal revenue pocket over 2019-2025
The exponential growth map of the global UTV market can be aptly credited to the rising preference for a UTV in numerous in utility activities. In an effort to diversify their product offering, major UTV manufacturers are lately focusing on developing vehicles that can address different requirements from a varied array of application segments, including agriculture, construction & forestry, which serve to further propel the UTV market growth over the forthcoming years. Moreover, to keep these vehicles relevant for a particular application, industry players are also introducing new accessories, machines & attachments, which makes these already popular vehicles a must-have tool, thereby ensuring sustained growth for the UTV market.
U.S. Utility Terrain Vehicles (UTV) Market, By Application, 2018 & 2025, (USD Million)
It is prudent to mention that the industry is also receiving momentum from the improving global economic conditions leading to increasing disposal incomes, that has resulted in the popularity of UTVs growing exponentially for recreational activities, such as fishing, hunting & off-roading.
Global UTV market | Impact of USA’s expanding outdoor recreation market
The United States’ outdoor recreation market is known to be one of the nation’s largest economic sectors. The sector represents a sizable economic growth avenue that supports thousands of communities in America by facilitating millions of job opportunities for workers. The industry is largely supported by the nation’s bountiful waters, inspiring landscapes and iconic natural beauty. Thus, investments in this sector on public waters & lands are capable of earning compounding returns, promoting healthier economies, communities & people. According to the Outdoor Industry Association, the U.S. outdoor recreation industry annually generates over $887 billion in consumer spending that supports more than 7.6 million jobs and rakes in over $124.5 billion in federal, state & local taxes, making it one of the nation’s most lucrative investment ground.
It goes without saying that the UTV market accounts for a sizable chunk of this thriving industry. Unlike other off-road vehicles recreational UTVs are a unique blend of comfort & power, wherein the vehicle operator can perform any of the off-road activities with considerably more comfort. Moreover, UTVs also boast of larger cabin spaces that allow for greater number of passengers and also come with superior safety features such as roll-cages & bucket seats, giving these vehicles an edge over other off-roaders & further supporting market growth by eliminating the customer hesitancy factor in terms of vehicle safety.
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Global UTV market | Impact of increasing UTV adoption in agricultural activities
Traditionally ATVs were used to carry out a majority of agricultural activities, ranging from hauling fertilizer, wire & lumber, however, these practices were quite inefficient in terms of getting work done & lessening physical effort as the vehicle’s small size limited its load bearing & hauling capacity and the lack of power steering made the task very strenuous for the vehicle operator, defeating the purpose of using the vehicle in the first place. These limitations have started to drive individual farmers & other agricultural corporations away from ATVs, and most of them now prefer to invest in well-equipped UTVs, further propelling UTV adoption across the utility landscape in recent years.
Apart from offering these benefits, the UTVs also comfortably sit between a basic quadbikes (ATV) and a fully-fledged tractors or pickup trucks, thus, providing the UTV market with ample growth opportunities from agriculture, without having to compete with others for the position. Moreover, unlike their bigger as well as smaller counterparts, the UTVs, owing to the diverse array of accessories & additional attachments available in the market, can perform different activities ranging from transporting supplies and mowing grass to managing livestock and plowing the fields, ensuring their dominance across the field of agriculture. Thus, powered by their deployment in agriculture and landscaping activities, UTV industry size from the utility sector is slated to depict a CAGR of 6% over 2019-2025.
As is evident from the aforementioned trends, the global UTV market has clearly positioned itself in an extremely lucrative spot and is bound to exhibit sustained growth in the ensuing years. The growth prediction is further supported by a research report from Global Market Insights, Inc., which estimates that the global UTV market size would be surpassing the $9 billion renumeration mark by 2025.
Author Name : Akshay Kedari
U.S. off-road vehicles market to accumulate sizable returns from Arizona, industry valuation to cross USD 13.5 billion by 2024
The U.S. off-road vehicles (ORVs) market size, in recent times, has been the recipient of sizable gains, owing to the proliferation of outdoor activities in conjunction with the improving economic condition. ORVs are becoming increasingly popular especially among the youth across the U.S., as is obvious from the rising sales of SUVs, off-road dirt bikes & motorcycles, all-terrain vehicles (ATVs) and snowmobiles.
Arizona Off-Road Vehicles Market, By Vehicle, 2017 & 2024, (USD Million)
The mounting interest in off-road adventure activities is rather overt from the progress that the ATV industry has registered in the last few years. In 2017, the ATV Safety Institute (ASI) claimed that close to 35 million Americans use ATVs in the U.S., which would prove to majorly impel the U.S. off-road vehicles market size. ATV are bound to be used extensively in the agricultural sector for several tasks performed on farms and ranches such as general transportation, animal handling, weed control and fence mending.
The agricultural sector even now, remains one of the largest occupational arenas in the U.S. As per reliable estimates, 78% of ATVs are used for recreational purposes while 22% are used in occupational settings. In addition, the versatility of ATVs has also resulted in their use in small scale construction, manufacturing, search and rescue operations, police, utilities, mining and land management. The utility, affordability and ease of use associated with these vehicles has led to their massive adoption by the agricultural community, in turn facilitating the growth of U.S. off-road vehicles industry from ATVs.
It is vital to mention that the U.S. off-road vehicles industry has received massive support from the regional regulatory landscape. Organizations like the ATV Safety Institute have been training the youth and providing education regarding safety gears. The surging adoption of safety gears will also lead to the U.S. off-road vehicles market gaining substantial momentum in the years ahead. Even the Texas legal framework permits under-14s to drive ATVs under supervision. The enforcement of norms to enhance driver and passenger safety will boost the demand for ATVs, majorly propelling U.S. off-road vehicles market size from ATVs.
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Regionally speaking, California, Texas, and Arizona stand as the chief revenue pockets for the U.S. off-road vehicles industry. According to Global Market Insights, Inc., in 2017, California held around 10% of the U.S. off-road vehicles market share owing to the presence of several state parks and recreational areas for driving. Organizations such as California Department of Parks and Recreation’s Off-Highway Motor Vehicle Recreation Division (OHMVR) are also introducing Grants & Cooperative Agreements Program to encourage OHV adoption.
Arizona is also anticipated to witness steady growth in the ensuing years, essentially on account of the favorable regulations enforced in the region that now permits the usage of California-registered vehicles in its state parks. Indeed, Arizona, boasting of 365 riding days per year, is likely to emerge as one of hotspots for the expansion of the U.S. off-road vehicles market. The state is home to some of most iconic road trails that attract tourists across the globe, namely, the Harquahala Mountain Byway, Backway to Crown King, Broken Arrow Trail, and Cinder Hills OHV Area, every one of which boasts of being a popular off-roading community. As the popularity of these trails in addition to the many hundreds of trails that the state houses, increases by the day, U.S. off-road vehicles market players are likely to target Arizona as their potential investment hub.
Capable of driving effectively on paved or gravel surfaces, off-road vehicles have increasingly become popular owing to their versatility. The use of such high traction, higher clearance vehicles enables users to access trails and forest roads that define a rough terrain. Aided by a supportive regulatory framework and the robust demand across a slew of end-use domains, U.S. off-road vehicles market will depict a commendable growth graph ahead.
Author Name : Mateen Dalal
Four major trends fueling railway management system market outlook: unveiling the impact of cloud adoption and PIS sales on the industry landscape
The growing prominence of IoT & its intense adoption in the railways prompted by government initiatives are driving railway management system market lately. The increased IoT adoption rate can be aptly credited to the technology’s ability of providing rail operators with precise information on the train’s location with regards to other trains in its vicinity, facilitating increased passenger safety. The system is also capable of regulating the locomotive’s speed automatically based upon the real-time information delivered by the IoT system, significantly reducing the probability of collisions, further fueling the adoption of IoT, subsequently impelling the global railway management system market size.
MEA Railway Management System Market Revenue, By Rail Traffic Management System, 2017 & 2024 (USD Billion)
Driven by the railway authorities’ increased focus on facilitating a more enhanced customer experience, railways are also deploying a number of digital technologies and services to provide more value-added services to the passengers. This has indeed propelled the safety, reliability, efficiency and overall performance of the railway services, fueling the railway management system market trends.
Rising number of government initiatives to aid the expansion of APAC railway management system market:
The Asia Pacific railway management system market is projected to witness exponential growth in the years to come, primarily powered by the surging number of strategic initiatives adopted by regional governments to up the economic ante of the continent. That said, the increasing GDP of the Asian nations and the vast majority of smart city initiatives that typically revolve around the region’s public transportation networks are also expected to boost APAC railway management system industry.
According to a 2018 report by The Economic Times, under the Indian Government’s smart city initiative the total amount of investment proposed across 4,500 projects in over 99 cities was approximately INR 203,979 crores with a large chunk of it being utilized in development of smart stations. Attributing to these factors, the APAC railway management system market is anticipated to register a CAGR of 14% over 2018-2024.
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Surging popularity of passenger information systems to expedite the industry growth:
Driven by the increasing level of competition in the industry coupled with rising passenger expectations, the Passenger Information System (PIS) solution holds the largest growth potential in the global railway management system market. The growth of this segment can also be aptly credited to the high level of urbanization coupled with the increased use of smartphones and rapid evolution of technologies.
The popularity PIS components has also triggered a number of partnership agreements in the industry. For instance, back in December 2018 KeTech Systems Limited (KeTech) partnered with Luminator Technology Group (LTG) to develop a real-time enhanced Passenger Information System.
System integration & deployment services to gain traction in railway management system market:
As railway systems work on adopting IoT and bringing in an overall digital transformation to the market, system integration & deployment services are expected to garner intense momentum, as railways replace conventional network systems with new & innovative IP-based technologies. Railway management system market size from system integration and deployment services was pegged at around $1 billion in 2017, and the industry is projected to acquire significant gains from these services in the years to come.
The projected growth can be attributed to the fact that rail companies continue to adopt more efficient system integration & deployment services in an effort to successfully integrate their present legacy systems with new, innovative technologies while also rolling-out new systems to create highly-scalable, cost-effective solutions to facilitate an enhanced end-to-end connectivity.
Rising adoption of the cloud deployment model to positively influence the industry trends:
The various benefits offered by the cloud would be responsible for enabling railway management system market from the cloud deployment model to register the fastest growth rate over 2018-2024. The model helps rail authorities to perform their operations in a highly efficient & greatly convenient manner as it allows for over-the-air updates, easy remote access through a browser while also being highly scalable & secure. These attributes make the model highly sought after, further augmenting its demands across the global railway management system market.
With the rising need to better serve the tech-savvy customers who are demanding for more efficient & easier to access services and the inherent requirement to make the rail authorities’ operations more convenient & less complex, the global railway management system market is projected to record significant gains in the forthcoming years. According to Global Market Insights Inc., the increasing rate of IoT adoption across the global rail industry is projected to impel the remuneration scale of railway management system market, slated to cross a valuation of $64 billion by 2024.
Author Name : Akshay Kedari
Unveiling autonomous cars market outlook in terms of the vehicular spectrum, global industry to surpass 60 million units by 2024
The growth of the autonomous cars market can be aptly credited to the exponentially growing automotive sector across the globe. Having sold around 24 million units in 2017, autonomous cars industry has been consolidating its stance significantly in the automotive space, the future of which has been touted to be transformed owing to the rising popularity of connected cars that have lately been revolutionizing the mobility sector.
Europe Autonomous Cars Market, By Type, 2017 & 2024
Autonomous cars, which can be operated with minimal or no driving input in any capacity from a human, indeed, are rapidly becoming a reality because of the rising number of research & development (R&D) programs carried out by renowned automobile manufacturers and technology companies. The R&D efforts are mainly fueled by the lucrative opportunities offered by the sector, which has been largely unevolved – in the way the automobiles are operated – since its inception.
The intensive R&D efforts by industry leaders along with the support received from regional governments due to the added road-safety feature of the technology, would be responsible for the expansion of the global automotive market. Moreover, the environment-friendly feature of these vehicles would also contribute toward increased sales numbers in coming years.
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Unveiling autonomous car market trends in terms of the vehicle landscape:
Level-1 autonomous cars:
Known as the first generation of autonomous vehicles – level-1 autonomous cars are the ones that incorporate an advanced driving assistance system (ADAS). The system acts as an extension of the driver and helps the vehicle operator operate the car safely. According to a 2018 report by the Victoria Transport Policy Institute (VTPI), many of the level-1 autonomous vehicles incorporate technologies like hazard warning, cruise control, collision avoidance as well as automated parallel parking that take over some of the driver’s responsibilities.
The level-1 based autonomous cars market is primarily driven by the rising road-safety concerns around the world as more and more vehicles are added to the roads each year. The increasing road-safety concerns have prompted governments across the world to introduce programs that mandate the incorporation of ADAS inside vehicles to ensure passenger safety. Programs such as the National Highway Traffic Safety Administration (NHTSA) in the U.S and the New Car Assessment Program (NCAP) in the European Union have impelled vehicle manufacturers to deploy vehicles that include a built-in level-1 semi-autonomous system. Amidst this scenario, it comes as no surprise that level-1 autonomous vehicles account for over 90% of the autonomous cars market share.
Level-4 autonomous cars:
The level-4 autonomous vehicles – currently under the research phase – are expected to be commercially made available in the market by 2022. The rapidly increasing number of research & development efforts by industry leaders in the automated driving domain would be responsible for the growth of level-4 based autonomous cars market in the years to come. According to a 2018 report by Bloomberg, Waymo – an autonomous car initiative by Google’s parent company – Alphabet Inc., is a leading contender that is much ahead of its nearest competitor in the race to deploy an autonomous level-4 vehicle to the market. To bring this accomplishment to fruition, the firm has entered into an agreement with Chrysler to acquire thousands of Chrysler Pacifica minivans that the company intends to modify by retrofitting autonomous driving systems that use LiDAR sensors to drive the cars.
However, other industry players are rapidly closing the gap by making significant inroads in this vertical. For instance, automobile manufacturer General Motors Co. has made considerable investments in the sector with the intention of rolling-out a fully-autonomous ride-hailing service that uses a modified version of the company’s Chevrolet Bolt – a car that does not incorporate a steering wheel or control pedals – by the final quarter of 2019. To attain this goal, GM has received a significant investment worth $2.25 billion from the SoftBank Vision Fund. Moreover, companies are also working towards acquiring licenses from concerned authorities to carry out road-tests to test their respective self-driving vehicles.
Attributing to such advancements, the autonomous cars market is projected to continue garnering exponential growth in the forthcoming years. According to a report by Global Market Insights, Inc., driven by the massively growing demand for these vehicles, autonomous cars market size is expected to surpass 60 million units by 2024.
Author Name : Akshay Kedari
Unveiling automotive communication technology market trends with respect to the competitive spectrum: global industry revenue to cross $18 billion by 2024
The global automotive communication technology market has lately been emerging as a highly pivotal vertical of the overall automotive space, primarily owing to the robust innovations pertaining to automotive electronics. Incidentally, post the introduction of electronic control units (ECUs) in the automotive industry, vehicles had begun to come equipped with numerous wires, circuits with enormous dedicated wiring, which led to complex, bulky and expensive wiring equipment. However, with the deployment of noteworthy advancements, the technologies used in automobiles have transformed drastically, paving the way for the expansion of automotive communication technology industry.
Latin America Automotive Communication Technology Market Revenue, By Bus Module, 2017 & 2024 (USD Billion)
Some of the recent tech-based inventions in the auto space include anti-lock brakes, telematics, infotainment capabilities and automatic transmission, that are revolutionizing the automotive industry, further encouraging automotive communication technology market players. One of the most important factors that will drive the automotive communication technology market growth is the stringent regulatory landscape established by regional governments regarding safety standards. Automotive systems aligned with these regulations include blind spot detection, lane chase assist and adaptive cruise control, that are being incorporated by manufacturers in order to adhere to regulatory standards, that would further serve to impel automotive communication technology industry. A gist of the contribution of prominent vendors has been enumerated below:
According to statistics, about 95% of automobile fatalities are caused by driver distractions. If all the cars could communicate their status with each other, automotive systems would ideally be able to alert the driver and respond on its own preventing any kind of collision. Having considered the plausibility, the California based chip maker Qualcomm Technologies had announced 9150 C-V2X cellular vehicle-to-everything (V2X) chip last year. This chip was able to send and receive information directly from the cars nearby about sudden braking, slippery roads, speed, signal and more.
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The vehicle-to-everything (V2X) communicates directly with nearby cars, which includes vehicle-to-infrastructure (V2I), vehicle-to-pedestrian (V2P) and vehicle-to-vehicle (V2V). Qualcomm’s product launch bears testimony to the fact that vehicles integrated with advanced technologies are likely to reduce automobile fatalities, which would further encourage automotive communication technology market players to work on their existing product portfolios.
It is rather overt that advancements in automotive technology, such as ECUs sharing information and cars equipped with the ability of communicating with each other and the cloud, would raise the possibility of car-hacking. The threat of hackers invading any vehicle via a single ECU, and then taking control over the vehicle or stealing personal information is expected to be a crucial issue in the years to come. To tackle such issues, the second-largest Germany-based manufacturer of automotive chips, Infineon Technologies, introduced its trusted platform module (TPM) which is targeted at automotive ECUs. The Optiga TPM microcontroller would assist manufacturers in detecting manipulated software or faulty components running inside the vehicle.
Such efforts taken for increasing safety of the automotive systems would further drive their adoption paving way for the expansion of the automotive communication technology market. As of now, the circuit manufacturers are trying to make the infotainment systems more flexible to transport packet, stream and control content. Implementations that already exist are either complicated and costly, or quite limited in bandwidth with packet data capabilities for supporting internetworking requirements and system updates.
Microchip Technology Inc.
Owing to the aforementioned glitch, the leading provider of microcontrollers and circuits, Microchip Technology Inc., has recently launched an efficient automotive infotainment networking technology called ‘Intelligent Network Interface Controller networking (INICnet) technology’. It is a scalable, synchronous solution which largely simplifies building audio and infotainment systems. Utilization of such features in the vehicles enhances the infotainment systems and their features as well as increases its demand.
To tap into this segment, a subsidiary company of NXP Semiconductors has surged its production of automotive and specialty chips in its Singapore facility, with an investment of S$300 million. The chipsets produced in this facility are used by the automotive manufacturers in car infotainment, vehicle to infrastructure communications and more.
With such efforts undertaken by key industry players, it is evident that automotive communication technology market would depict a notable growth rate in the upcoming years. Comprising prominent companies such as Intel, Vector Informatik, Rohm Semiconductor, Broadcom, Toshiba, Texas Instruments, Robert Bosch and more, the competitive spectrum of automotive communication technology market is quite diverse. For the record, Global Market Insights, Inc., anticipates this industry to exceed a valuation of $18 billion by 2024.
Author Name : Saurav Kumar