Automotive & Transportation
APAC to majorly drive automotive collision repair market growth, Global revenue to surpass USD 200 billion by 2022
Global automotive collision repair market has become massive being directly influenced by the ever-expanding automotive industry and is slated to draw a trajectory growth curve over the years to come. Technology adoption in automobiles where on one hand has enhanced the value-add of the vehicles has also increased the complexities demanding for regular maintenance and repair. This trend is emerging as one of the prominent drivers of the automotive collision repair industry growth. Moreover, the economic stability of the consumers and the upliftment in the living standards is anticipated to push the automobile sales, and consequently the automotive collision repair market value. It is projected that global automotive collision repair market will surpass a revenue of USD 200 billion by 2022.
Germany automotive collision repair market size, by vehicle, 2012-2022 (USD Billion)
Over the past few years, the sale of heavy-duty vehicles has seen an upsurge in response to the depleting trend of personal vehicles. This has again created a lucrative roadmap for the automotive collision repair industry, owing to the high probability of wear & tear and increased level of complexities in this section of automobiles. In addition to this, light-duty vehicles will also contribute an appreciable share in the automotive collision repair market, with a revenue surpassing USD 150 billion by 2022.
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The increasing traffic, mainly in the urban regions, has increased the frequency of automotive collisions significantly. These collisions usually end up in causing minor dents and scratches on the vehicles, which hampers its aesthetic value. In response to this fact, paint & coatings have emerged as a vital product segment of the automotive collision repair industry, which nearly contributed 20% to the overall share in 2015. Consumables is another lucrative product segment accounting for a major share of the automotive collision repair market.
The automotive collision repair is mainly implemented via three channels- authorized channels, small workshops, and independent channels. Authorized channels gain a noticeable profit margin through the repair of technologically advanced vehicles including sensors, etc., as this category of vehicles needs expertise and the authenticity of the small and independent workshops becomes questionable in this scenario. However, the latter gains a major traction when it comes to vehicles aged more than 8 years, owing to the lesser availability of automobile parts and high expense incurred at the authorized channels.
Asia Pacific will be one of the prominent regions partaking in the automotive collision repair industry growth. High automobile sale in this region coupled with a slow-paced adoption of safety technologies, particularly in the developing countries, have supported the regional demand. India is estimated to be the major revenue pocket for APAC.
Despite having a strong profitable roadmap ahead, the automotive collision repair industry may suffer a setback due to the advent of new safety automotive technologies such as forward collision repair, automatic emergency braking (AEB), etc. However, the expanding automotive industry will likely draw a steady growth chart for the automotive collision repair market in the years ahead. Key industry participants include 3M, ABRA Auto Body & Glass, Continental AG, BASF, Service King, and Caliber Collision.
Author Name : Shikha Sinha
Rapid technological advancements along with supportive government regulations have significantly stimulated automotive filters market growth over the recent years. In addition to this, accumulation of dirt and debris in vehicles tend to consume more amount of fuel which will drive the necessity of filter installations, in turn favoring automotive filter industry trends. According to Global Market Insights, Inc., “Global automotive filters market share is expected to register a CAGR of 8.4% over the period of 2016-2023”. Rising concern over pollution control of vehicles will further drive the automotive filter market revenue over the coming timeframe.With the expansion of the automotive industry, there has been a rapid surge in the environmental pollution. Therefore, the government worldwide is actively encouraging the use of automotive filters to curb the environmental hazards from the vehicles. Moreover, these filters prevent the vehicles from drivability issues by ensuring proper air flow to the engine, maintaining the air-fuel mixture, and facilitating the emission control systems. Huge adoption of the filters by the automobile manufacturers to ensure prolonged engine life of the vehicles will further enhance automotive filters industry growth over the coming years.
China Automotive Filters Market size, by product, 2012-2023 (USD Million)
Automotive filters are being adopted heavily across the various automobile segments such as passenger cars, two-wheelers, and light and heavy commercial vehicles. In 2015, passenger cars dominated the automotive filters application landscape by accounting for over 50% of the overall market share. As per the study, automotive filters market size in passenger cars application is predicted to register a CAGR of 8.9% over the coming seven years. Expanding passenger cars industry due to high disposable income of the consumers along with rising health concerns due to automotive fuel emissions will boost the automotive filters industry size across passenger cars.
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Two-wheeler applications are another lucrative sector influencing the global automotive filters industry share. Heavy demand for two-wheelers, particularly from emerging countries such as India, China, etc. along with aftermarket for these vehicles in BRICS nations will augment the automotive filters market demand in two-wheelers. Automotive filters application in two-wheelers is anticipated to register a CAGR of 8.5% over 2016-2023.
Automotive filters product mainly comprises air, fuel, and oil filters. Automotive air filters market dominated the automotive filters product landscape and is forecast to exhibit an annual growth rate of 7.8% over the coming six years. Fuel filters market will witness a CAGR of 10.5% over 2016 to 2023, driven by its rising demand across two-wheeler and passenger cars applications. Oil filters market are poised to witness significant growth trends over the coming years, owing to its heavy adoption to ensure prolonged vehicle life.
Automotive filters market will also attain noticeable surge, driven by the revenue generated from end-use segments such as aftermarket and OEMs. Aftermarket automotive filters industry was worth USD 3.71 billion in 2015 and is predicted to contribute towards 70% of the global share by 2023. Growing trend of replacing the outdated filters will support the industry growth over the coming years.
Considering the global trends, Asia Pacific automotive filter market is projected to record a CAGR of 9% over the period of 2016-2023, having had 45% share in 2015. The growth can be credited to the rapid expansion of the automotive industry, mainly across India, China, and Japan.
Europe automotive filters industry share is predicted to surpass USD 2 billion by 2023, primarily driven by stringent government regulations and high demand for OEM products across the European region.
Over the coming years, key growth strategies adopted by the market participants will revolve around mergers & acquisitions and strategic alliances to strengthen their position in the automotive filters industry. Key industry players include Cummins, Mann+Hummel, Mahle GmbH, Denso, Lydall, Inc., and Ahlstrom. Few other prominent industry players include Parker Hannifin Corporation, Toyota Boshoku Corporation, and K&N Engineering.
Author Name : Sunil Hebbalkar
Increasing technology penetration in the automobile industry will dynamically impact Automotive Radar Market size over the coming years. Rising concerns over passenger and vehicle safety will build huge growth opportunities for the automotive radar industry. As per Association for Safety International Road Travel (ASIRT), on an annual basis approximately 1.3 million people die as a result of road accidents. To reduce these fatal accidents, cars are featured with collision prevention systems, which in turn will fuel global industry growth trends. According to Global Market Insights, Inc., “Automotive radar market size is anticipated to register an annual growth rate of 18.7% over the period of 2016-2024.” As per the Insurance Institute for Highway Safety, one of the three fatal accidents can be dodged if collision avoidance systems are incorporated into the vehicles. This will in turn generate heavy surge in the automotive radar business space over the coming years.
Favorable government norms towards preventing fatal accidents will play a vital role in influencing the automotive radar industry trends. For example, the U.S. National Highway Traffic Safety Administration announced the deployment of Automatic Emergency Braking Systems (AEBS) in cars with model year 2018, to prevent road crashes. Moreover, shifting consumer preferences towards safer and technically sound vehicles has led the manufacturers to launch automobiles featured with safety equipment. In addition to this, the growing trend of IOT, which is poised to revolutionize the automotive space will further fuel the technology deployment in vehicles. Automotive electronics market will be another business space gaining heavy momentum over the coming years.
Germany Automotive Radar Market size, by application, 2013-2024 (USD Million)
Automotive radar finds applications across a broad spectrum of automobile systems such as Adaptive Cruise Control (ACC), Lane Departure Warning System (LDWS), Blind Spot Detection (BSD), Forward Collision Warning System (FCWS), and Parking Assistance (PA) system. Automotive radar market size in adaptive cruise control (ACC) application is projected to grow at a CAGR of 17.7% over the forecast period, driven by its ability to monitor the specified gap between vehicles.
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Blind spot detection (BSD) is another lucrative application area of automotive radar market. Automotive radar industry share in BSD industry is anticipated to grow at a rate of 19.1% over the coming seven years, owing to the collision sensing capability of this system, in case some other vehicle enters the blind spot. Automotive radar market size is also witnessing a favorable growth in forward collision warning system (FCWS), owing to the rising norms pertaining to the vehicle safety.
Asia Pacific automotive radar industry will attain significant growth over the estimated period, driven by the rapid expansion of the automotive industry across this region. China is likely to be the major revenue pocket for APAC, having accounted for 45% of the overall revenue in 2015. Europe market share is anticipated to record a CAGR of 17.5% over the forecast timeframe.
The automotive radar industry will witness innovative technological developments and strategic collaborations & partnerships over the coming years. Market players will focus towards improving their product and solution portfolios with respect to the cost features, to sustain the competitive business scenario. Key automotive radar industry participants include Valeo, ZF TRW Automotive, Hella, Fujitsu, Delphi Automotive LLP, Texas Instruments, Robert Bosch GmbH.
Author Name : Ojaswita Kutepatil
Favorable government norms regarding vehicle safety along with the growing demand for smart electronic devices will stimulate automotive relay market size. According to Global Market Insights, Inc., “Global automotive relay market size is predicted to surpass USD 14 billion by 2023”. Increasing usage of electronic equipment per vehicle to enhance safety & security and driving experience will boost the automotive relay industry trends significantly over the forecast timeline. Automated power grid will also play a vital role in the growth of automotive relay market share, owing to the increasing demand for relays across smart grid technologies.
Automotive relay market is witnessing huge adoption owing to its usage in Driver Information, Powertrain, Body & Chassis, Safety & Security, and convenience systems pertaining to the vehicles. Driver information automotive relay application is anticipated to grow at a rate of 7.9% over the period of 2016-2023. The growth can be attributed to the growing demand to modernize the vehicles with emerging features such as GPS, weather & traffic information and location services, web access, emergency assist, etc.
U.S. Automotive Relay Market size, by application, 2012 – 2023 (USD Million)
Surging smartphone industry will positively impact driver information automotive relay market
Moreover, automotive relay market share in safety & security applications will grow considerably over the forecast years, owing to the growing trend to buy vehicles equipped with security features such as car alarm, antilock braking system, and theft protection system. Convenience application is estimated to register a CAGR of 6.5% over the coming six years, owing to the increasing focus of consumers on the vehicles featured with new technologies such as electronic power steering, seat control, interior lighting, mirror control, keyless entry system, and sunroof control.
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Growing trend of miniature electronic devices will fuel PCB industry size
The major automotive relay products include PCB and Plug-In Relay. Printed circuit board (PCB) relay dominated the product landscape accounting for 80% of the global automotive relay market share in 2015. Plug-in relay market size will also witness considerable gains over the coming years, mainly driven by its increasing demand across powertrain system which are characterized by high vibrations and frequent voltage fluctuations and thereby require high switching capacities.
Mandatory safety equipment installation in vehicles will boost global automotive relay industry share
Taking into account global automotive relay market trends, Asia Pacific automotive relay industry share worth USD 4 billion in 2015, is anticipated to surpass a revenue of USD 7.5 billion by 2023, mainly driven by convenience and powertrain applications. China is likely to be the major revenue pocket for APAC automotive relay market. Moreover, cheap labor, availability of raw material, and favorable government rules will also favor the regional demand.
Europe market share accounted for 24% of the global revenue in 2015 and will exhibit relatively slow growth trends over the coming timeframe. Growing automotive sector followed by stringent government norms about passengers and vehicle safety will majorly drive the regional growth.
Market players will enhance their industry presence by increasing the brand awareness via proper product distribution channels. Moreover, mergers & acquisitions, strategic partnerships, and product portfolio expansion will be the other prominent focus areas over the coming years. Moreover, Key market players include ABB Ltd., American Zettler Inc., Deltrol Controls, Denso Corporation, Eaton Corporation, Fujitsu Ltd., Salzer Electronics Ltd., NEC Corporation, Panasonic, TE Connectivity Ltd., Nippon Aleph corporation, and Omron.
Author Name : Sunil Hebbalkar
Growing demand for operationally consistent and fuel efficient ships is expected to increase global marine propulsion engine market size over the coming years. Increasing use of renewable sources of energy such as wind energy, solar energy etc., for enhancing efficiency and reducing carbon emissions is projected to promote industry growth in near future. According to Global Market Insights, Inc., “Marine Propulsion Engine market size worth USD 9 billion in 2015, is anticipated to reach USD 13.3 billion by 2024, registering a CAGR of 4.3% over 2016-2024.” High emphasis on improving diesel engine capacity of the ships with large cargo carrying capability is predicted to boost the industry trends over the next few years. Today, shipping industry is largely focusing on developing new type of electric motors which will improve fuel efficiency and reduce environmental pollution.
Europe Marine Propulsion Engine Market size, by product, 2013-2024 (USD Million)
Major marine propulsion engine products include natural gas, diesel, fuel cell, steam turbine, wind & solar, and gas turbine engines. Wind & solar marine propulsion engine market, which contributed over 3.5 % of the overall revenue in 2015, is expected to grow at a rate of 5.9% over 2016-2024. The growth can be credited to favorable government policies supporting the product applications in shipping industry due to its eco-friendly nature. Diesel propulsion engine market price worth USD 6 billion in 2015, is expected to register a CAGR of 4.2% over the coming eight years.
The growth can be attributed to rapid advancements in various technologies such as fuel injection technology, firing pressures, brake mean effective pressure, and turbo charging efficiency. Gas turbine propulsion market share worth USD 900 million in 2015, is anticipated to witness a high surge over 2016-2024 due to accelerated sprint operation mode provided by these turbines. They also find extensive applications in naval and defense sectors. Fuel cell propulsion market is predicted to witness a substantial growth over the coming years as the product offers high growth potential for ship impulsion and can boost the performance of low-powered auxiliary impulsion machinery. Furthermore, high demand for electric transmission is predicted to increase the use of fuel cells over the next few years.
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Asia Pacific marine propulsion market size worth USD 4.5 billion in 2015, is predicted to record substantial gains of 4.8% over 2016-2024 owing to heavy investments by private players as well as the government. South Korea and China are predicted to make significant contributions to the regional share over the coming years.
North America market is expected to witness a significant growth over the coming eight years owing to the large use of LNG as a marine or ship fuel. U.S. is predicted to be a key revenue contributor of the region.
Rapid innovation in the market is expected to lead to the development of more strong and energy efficient products. Leading market players are constantly spending on R& D activities to increase their product portfolio and enhance ship capacity & handling needs. They will try to enhance their reputation and brand visibility by developing eco-friendly, sustainable, cost-effective, efficient, and viable solutions. Key industry participants include Yamaha Motor Company, Rolls-Royce, Exxon Mobil Corporation, Wärtsilä, Cummins Corporation, Shell Global, Idemitsu Kosan Company, MAN Diesel & Turbo, Mitsubishi Motors, Volvo Penta Company, Hydraulic Marine Systems Inc, Caterpillar Inc., Sinopec Company, and Hydrosta BV Company.
Author Name : Dhananjay Punekar