Fuel cell electric vehicle market to garner hefty proceeds from long distance traveling automobiles over 2017-2024, rising investments and product launches to drive industry expansion
Fuel cell electric vehicle market share is anticipated to display a marked ascent in the forthcoming years, owing to the fact that governments across a host of nations are undertaking various initiatives to bolster the utilization of zero-emission automobiles in a bid to lower greenhouse gas emissions and contain the ever-rising pollution levels. Moreover, it would be prudent to mention that the painstaking efforts being put in by automobile manufacturers in enhancing the existing fuel cell technology and revamping the current infrastructure of fuel cell EV platforms, has invariably created an unprecedented exuberance pertaining to the growth prospects of the global fuel cell electric vehicle industry.
U.S. Fuel Cell Electric Vehicle Market, By Vehicle, 2016 & 2024, (USD Million)
Citing an instance to highlight the same, one of the foremost fuel cell electric vehicle market player Ford Motor Company has recently announced that it would amplify its current investment in electric vehicle manufacturing by over two times, taking the figure to a staggering USD 11 billion. Moreover, a range of other dominant fuel cell electric vehicle industry giants including Toyota, General Motors, and Volkswagen have already carved out aggressive plans to manufacture more such vehicles in the next few years. Apparently, the aforementioned declarations undoubtedly showcase a favorable progression path of the worldwide fuel cell electric vehicle market, which garnered a total remuneration in excess of USD 728 million in the year 2016.
In the recent times, it has been observed that the leading fuel cell electric vehicle industry players are being benefitted immensely from the noteworthy increase in consumer preference for fuel cell-powered vehicles over battery-powered ones. Apparently, the major advantage of fuel cell-powered vehicles is that they can be charged in lesser time duration than the vehicles running on batteries. Furthermore, fuel cell electric vehicles are known to cover longer distance after a single charge, possess greater off-road mobility, better torque, and enhanced field configuration than the battery-powered vehicles. This goes on to explain the increased focus of a number of fuel cell electric vehicle industry giants on manufacturing fuel cell-powered long-distance trucks and SUVs. As a consequence, long distance traveling automobiles are set to apportion over USD 880 million of revenue share of the overall fuel cell electric vehicle industry by 2024.
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Speaking along similar lines, Toyota Motor North America, Inc, has recently released its concept truck heavy-duty truck equipped with advanced hydrogen fuel cell system that is expected to broaden the application of zero-emission fuel cell technology. Moreover, the fully functional truck, named as Project Portal, has an exceptional torque capability to seamlessly carry out port drayage operations and transport goods over short and long distances. Needless to mention, the launch of such innovative vehicles would provide a vigorous boost to the global fuel cell electric vehicle market size expansion over the estimated time frame.
Meanwhile, it would be prudent to take note of the major factors that are likely to hamper the fuel cell electric vehicle market size progression over the next few years. Establishing a robust network of fueling stations has always been a matter of contention across the globe as it requires a substantial amount of investments. Taking this shortcoming into consideration, the renowned fuel cell electric vehicle market player General Motors Company has recently unveiled a new fuel cell platform, christened as Silent Utility Rover Universal Superstructure (SURUS), which has reportedly been designed for variegated vehicle models. The latest platform is being described as a significant development considering the use of microgrids in military applications. Furthermore, the platform has been developed in such a manner that it would double up as a stationary power source to charge the electric vehicle. The US Army is expected to be the first to utilize SURUS on a wide scale, given that it is already experimenting with semi-autonomous convoys to strengthen its existing fleet of fuel cell electric vehicles that cover long distances.
As regional and international regulatory agencies are determined to reduce carbon emissions coupled with the extensive efforts being deployed by leading fuel cell electric vehicle participants, the popularity of fuel cell-powered vehicles is anticipated to soar over the next seven years. In addition to this, the robust growth being witnessed across global renewable energy sector would favorably influence the fuel cell electric vehicle market size that is estimated to surpass 300 thousand units by 2024 in terms of volume, with a remuneration portfolio of over USD 9 billion over the same time span.
Author Name : Saif Ali Bepari
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 Market, By Sensor, 2017 & 2024 (USD Million)
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.
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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.
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 exceed USD 67 billion by 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 2018-2024
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 Technology, 2017 & 2024 (USD Million)
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.
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. As per the estimates, PCVs are expected to stand as a dominant vehicle segment in automotive turbocharger market landscape over 2018-2024.
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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 : Saipriya Iyer
APAC automotive brake caliper market to amass hefty proceeds by 2024, increasing production of automobiles to drive the regional industry growth
Powered by the rapidly expanding automotive industry across myriad geographies, automotive brake caliper market has indeed gained tremendous popularity in recent times. The automotive sector is also rife with a plethora of highly unique innovations that have undeniably had an impact on this business sphere. Indeed, given the pivotal significance of braking systems, technological advancements form the crux of automotive brake caliper industry. Recently for example, Brembo unveiled an aesthetically revolutionary brake caliper at the 2018 NY Auto Show. Apparently, this product helped achieve substantial weight savings – around 400 g per wheel. Brembo’s product launch is indicative of the fact that automotive brake caliper market will continue to be characterized by highly innovative solutions that would optimize performance and improve aesthetics.
U.S. Automotive Brake Caliper Market, By Vehicle, 2016 & 2024, (Million Units)
The automotive industry has registered an extremely appreciable CAGR in the Asia Pacific region since the last decade or so. This growth can be essentially credited to the rise of the middle-class populace with increasing disposable incomes and a growing inclination toward leading a more comfortable lifestyle. Due to the presence of affordable and efficient production facilities and increased rate of automobile production, Asia Pacific automotive brake caliper market is poised to grow by 3% over 2017-2024. China, India, Japan, and South Korea are projected to be the major contributors toward this regional market, powered by the enhanced automotive manufacturing technologies now prevalent across these economies.
Speaking along similar lines, the increasing demand for automobiles among the middle-class consumers has led to a significant requirement of passenger carrying vehicles. For instance, in 2017 alone, 73.46 million units of PCVs were sold – a marked increase of 1.08 million units. Driven by the increased consumer spending and the subsequent rise in vehicle production, automotive brake caliper market size from PCVs is expected to increase by 3% over 2017-2024.
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While PCVs take the cake in terms of popularity, it is prudent to mention that two-wheelers are also being increasingly preferred lately, especially in the emerging economies. Two wheelers offer a means of cost effective transportation and are the preferred choice not only in congested cities but also in remote locations. This would perpetually augment automotive brake caliper industry outlook in the ensuing years.
Stringent safety and environmental policies have encouraged technological advancements in the automotive brake caliper market of late. For instance, the French auto manufacturer Bugatti has brought forth a unique innovation in automotive brake caliper industry with the use of 3D printing to print titanium brake calipers. Incidentally, 3D printing of brake calipers helps in reducing the overall weight of the vehicle while maintaining torsional stiffness – a highly sought-after parameter in the automotive industry today. Traditional aluminum alloy brake calipers on Bugatti vehicles weigh 4.9 kg each, however, 3D printing of brake calipers makes each caliper weigh just 2.9 kg, which goes a long way in reducing overall vehicle weight and meeting environmental regulations.
Though 3D printing of brake calipers has not yet become a mainstream procedure owing to the time-consuming nature of the process, the concept has gained sufficient traction. Other methodologies for the reduction of caliper mass, improved styling and performance maintenance are also being researched currently to reduce particulates and carbon emission in the atmosphere.
The emergence of electric vehicles and hybrids is expected to add a new vertical to automotive brake caliper industry, as these vehicles will invariably use a whole new braking system that has little resemblance with the conventional braking system. With the introduction of the Tesla Model 3, electric passenger cars are poised to become the dominant trend for the future. It is rather overt that such cars are being designed to have only one paddle for moving or stopping the vehicle. While the brake system will not be made entirely obsolete, it is certain to undergo some highly innovative changes, that would certainly have an influence on automotive brake caliper market outlook.
Research & development programs are rampant across the automotive industry of late and are likely to majorly transform automotive brake caliper market trends. With the robust growth of automated technologies and the increasing requirement for better mobility, automakers are leaving no stone unturned to bring forth newer and enhanced brake systems. In consequence, this would have a commendable impact on automotive brake caliper market size, anticipated to cross $25 billion by 2024.
Author Name : Paroma Bhattacharya
Tech innovations to drive steering wheel switches market by 2024, OEMs to emerge as a prominent distribution channel
With the automotive industry adhering increased importance to the driver’s comfort and convenience, steering wheel switches market is projected to witness massive growth in the years ahead, in terms of sales and volume. Traditionally, these wheels were designed only with one button for honking, however, with consumers demanding increased functionality in the car such as controls for playing music and handsfree talking on the phone, steering wheels have come to include more switches that can help the driver operate different functions without having to get distracted from driving, thus helping to prevent accidents. Steering wheel switches are more prevalent in passenger vehicles and light commercial vehicles, though they are also gaining prominence in heavy commercial vehicles. Owing to the comfort and functionality that these switches provide, automotive industry players are looking forward to incorporating more such switches in the steering wheel with varied styles, which would eventually boost steering wheel switches industry trends.
U.S. Steering Wheel Switches Market, By Vehicle, 2016 & 2024, (USD Million)
It is imperative to mention that in the countries where the demand for luxury cars are greater, such as Germany, Italy, UK, US and France, steering wheel switches industry giants have designed wheels to accommodate as many as 10 switches. This trend has been followed in mid-range cars as well, with switches like infotainment, phone connectivity and volume control that can keep drivers from operating the distracting touchscreen for any kind of function control. Many auto manufacturers are also adding a joystick-like push button controller on the left of the steering wheel, which is intuitive and can be operated without the driver having to seek out the touchscreen display first. The rising demand for such easily functional switches will indeed boost the steering wheel switches market share. Many automobile designers and manufacturers are also working to design a uniform steering wheel switch layout so that it is easier for users to operate controls using intuition and feel, thereby propelling the steering wheel switches industry further.
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Elaborating further on the design, it is prudent to state that steering wheel switches market size will grow at a CAGR of 3% over 2017-2024 from the OEM segment, as original equipment manufacturers are able to offer unique and customized designs for steering wheel switches that are amply suited to the customer’s specific desires. Also, OEMs have greater capacity for investing heavily in innovation that would lead to better steering wheel designs. The high costs associated with steering wheels designed by OEMs will also drive the aftermarket steering wheel switches industry, estimated to be worth $600 million by 2024. Aftermarket steering wheel switches are easier to afford and incorporate into the existing design of the vehicle. The consumer also gets a wider choice of what to incorporate and what to avoid when steering wheel switches are purchased and installed through the aftermarket. Widespread presence of the e-commerce industry and easy availability of the product in online auto stores will further drive the aftermarket steering wheel switches industry.
Considering the fact that they ensure driver’s safety, steering wheel switches might be made mandatory in the near future. The ease of operation the product provides is also a reason for the rising popularity and demand of steering wheel switches. Automotive manufacturers in the rapidly developing region of Asia Pacific have duly acknowledged this growing demand. Driven by the massive increase in automotive manufacturing and sales in this region, APAC will contribute over 40% toward steering wheel switches industry share by 2024.
Though the growth prospects of steering wheel switches market are indeed impressive, it is expected that the emergence of autonomous vehicles technology and innovative cars that may come without steering wheels may hinder the steering wheel switches market progress. Nonetheless, it has been forecast that driverless cars would take a while to go mainstream, on the grounds of which it is justified to state that steering wheel switches market would continue to experience an exponential growth graph in the ensuing years.
Author Name : Paroma Bhattacharya