Rising vehicle production rate to fuel automotive logistics market share
With automakers looking to offer a wide range of vehicle models to cater to varying customer demands, global automotive logistics market is projected to experience substantial business growth over the forthcoming years. Apparently, a single car series model from a premium German vehicle brand can be available in approximately 1,017 possible variations. The unprecedented level of complexity, driven by product variety and the immense pressure exerted on industry players due to tough international competition makes it considerably difficult for automakers to ensure efficient logistics operations.
U.S. Automotive Logistics Market, By Vehicle, 2018 & 2025, (USD Billion)
Supplying auto parts to global customers entail some of the prominent factors endorsing the importance of automotive logistics industry. It is also the reason why automobile manufacturers today maintain vehicle assembly plants across the world. Instead of manufacturing and shipping entire vehicles to regional markets overseas, automakers prefer to manufacture and ship vehicle components to local manufacturing facilities and then assemble the components into a vehicle. This practice delivers substantial savings on import duties, reinforcing global automotive logistics market share.
The benefits offered by automotive logistics service providers, while enabling automakers in creating an international footprint, also frees resources up to focus on any new opportunities and challenges. Subsequently, automotive logistics industry has become a major influence on domestic and international automotive sector, supporting the development of many small and medium enterprises.
Automobile and auto parts shipping services are typically hired by private owners, being a convenient means to transport customers’ vehicle from one place to another. The entire process involves loading the vehicle on a dedicated truck and shipping it to its destination. In extreme cases vehicles can also be shipped on freight carriers or cargo planes, a prominent example being the UK’s supercar season, annual phenomenon wherein wealthy individuals, especially from Gulf regions, ship their supercars to the UK for vacationing and exhibitions. Apart from licensing and custom fees, shipping a car using cargo planes costs approximately £20,000 per vehicle per trip.
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Growing intensity of vehicle production would be further providing a sizable boost to the automotive logistics market. According to a 2019 report by Volkswagen, deliveries by VW Commercial Vehicles division in 2018 amounted to approximately 500,000 vehicles, an increase on the numbers from the preceding year. The positive growth which leading companies like VW are experiencing, even in a slowing market landscape, would be providing further growth opportunities to the automotive logistics industry players.
Asia Pacific is projected to emerge as one of the dominant customer base for auto parts, with the anticipated demand being credited to the domestic auto manufacturing sector and a strong presence of global automobile manufacturers. India, specifically, is estimated to contribute substantial revenues to automotive logistics market over the forecast timeframe. The Society of Indian Automobile Manufacturers stated that passenger vehicle sales increased by 2.70% over March-April 2019 in India. The nation’s commercial vehicles segment also recorded a 17.55% growth in the quarter, as compared to the same period the previous year.
Japan will be a key market for domestic automotive logistics services and the country’s contribution is being attributed to well-established automobile manufacturers such as Toyota, Nissan and Honda that call Japan their home. Toyota, for instance, has its parts and logistics division network spanning across 38 countries, with over 177 dedicated sites that are operated by more than 79 overseas business entities and subsidiaries. Such vast networks are exactly why Japanese automakers enjoy a strong presence in different countries and will drive the expansion of the regional automotive logistics industry.
Owing to a gradual increase in automobile production and the robust development of automotive sector in APAC, global automotive logistics industry is slated to record tremendous revenues in the imminent future. Key industry participants expected to lead the growth include DHL International, CEVA Logistics, SNCF Group, XPO Logistics and Imperial Logistics. Global Market Insights, Inc. has predicted that automotive logistics market size will exceed an annual valuation of $170 billion by 2025.
Author Name : Akshay Kedari
3 major trends influencing global smart lighting market through 2025
Rise in smart city projects and innovations in home automation are driving smart lighting market forecast significantly. The growing urban population has triggered initiatives by the government to provide access to efficient LED lights, along with deploying AI and IoT in building automation systems for commercial, residential and industrial spaces. The Ministry of Housing and Urban Affairs in India had set up a smart cities mission with a view of developing over 100 cities in the country over a span of five years.
Regional authorities are increasingly partnering with technology companies to implement their vision of a smart and connected city. Intel and the City of San Jose, California have collaborated on a public-private project to deploy the company’s smart city demonstration platform to boost the Green Vision initiative of the city. Smart city infrastructure facilitates efficiency, cost reduction and provides an improved livelihood for city occupants. Rise in smart city initiatives worldwide has led to increased impetus for smart lighting market size.
Over the years, there has been a considerable rise in the infrastructural development of residential, commercial and industrial spaces owing to the rise in disposable incomes in both developed and emerging nations. Technological advancements and growing innovations aiming to simplify the condition of living is steering home automation. Energy savings, home security, enhanced comfort, home control monitoring and user convenience are some the vital factors resulting in the rising adoption of home automation globally.
With increasing implementation of home automation around the globe, smart lighting industry will witness a robust growth rate in the years to come, further driven by key factors listed below:
LED bulbs replacing traditional lighting systems
Owing to high energy efficiency along with development in lighting technologies, LED (light-emitting diode) has gained worldwide popularity for substituting the traditional incandescent lighting systems. Reportedly, residential LEDs use 75% less energy as opposed to its substitutes. LED has a wide application base in residential, industrial and commercial sectors.
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According to data, in United States the widespread usage of LED lights may save up to 348 TWh of electricity by 2027, resulting in cumulative savings of over USD 30 billion according to current electricity prices. In developing regions such as India, government is realizing the benefits of LED and is substantially promoting the usage of the same.
Ministry of Power in India had launched a which focuses on promoting efficient energy usage in residential sector, spreading awareness among consumers regarding energy efficient appliances and stimulating the use of LED lights. Till date, with the distribution of LED light by the government the country has saved over INR 18,623 crores. The vital features of LED and its assistance in energy cost efficiency is positively influencing smart lighting market share.
Increased deployment of light control sensors
According to the U.S. Energy Information Administration (EIA), the total electricity used for lighting residential and commercial sector in the United States was estimated at 232 billion kWh in the year 2018. Flourishing infrastructural development in different sectors is pushing the demand for lighting and innovations in lighting systems is extremely important for sustainable usage of electricity and reducing cost of operation.
Light controls sensors allow remote operations of lighting systems via mobile phones, that help in controlling the usage of lighting and eliminate wastage of the energy. Motion sensors for outdoor lighting, network lighting control systems and occupancy sensors for indoor lighting are some types of light control sensors that are witnessing rising demand in the market. Reduction in energy consumption, electricity cost savings, and simplified lighting solutions are some of the vital features of sensors which will complement smart lighting industry outlook.
Growing number of smart initiatives in Europe
Europe is expected to evolve as one of the most significant revenue pockets for smart lighting market, owing to the significant number of smart city projects and increased adoption of smart LED lighting systems. The European Union innovation partnership on smart cities and communities is a program established by the European Commission that brings together small businesses, industries and cities together. The aim of the program is to enhance the urban lifestyle through sustainable solutions and addresses specific challenges across varied policy areas such as mobility, energy and transport.
Additionally, Europe is witnessing a rise in usage of LED owing to widespread awareness of sustainable sources of energy. Reports estimate that global smart lighting market size will surpass USD 23 billion valuation by 2025, with Europe accounting for a notable portion of the overall share.
Author Name : Shreshtha Dhatrak
Smart transportation market to register a double-digit CAGR of 20% over 2018-2024, IoT and government initiatives to be the driving forces behind industry growth
With the robust penetration of smart technologies in the transit space, smart transportation market has been progressing at a prodigious pace in the recent years. The growth can be aptly credited to the efforts of the automotive industry players that have been striving to bring in innovative products to the masses. However, the governmental bureaucracy is also to be accredited with some appreciation, given that these authorized bodies have been extensively adopting smart technologies to solve traffic problems, in addition to providing substantial financial support for modernizing transportation.
Smart Transportation Market Size, By Mode of Transportation, 2017 & 2024 (USD Million)
Urban planners along with technology experts are focusing on building smart cities that will use automated transportation, smart grids, artificial intelligence and digital sensors. Such cities are expected to become a hub for the expansion of the smart transportation industry. Furthermore, the advent of the Internet of Things (IoT) and artificial intelligence (AI) will also be playing a major role in popularizing smart transport, extending its reach across the masses. Indeed, it is being speculated that smart transportation market will emerge as one of most revolutionizing business spaces of the 21st century.
How China is contributing toward smart transportation market share
China, the biggest automotive market across the globe, has been highly proactive in improvising its automobiles, thereby emerging as a pivotal contributor in smart transportation market. The nation has seemingly deployed intelligent transportation systems such as traffic signal control systems, variable message signs, car navigation, speed cameras and automatic number plate recognition. This is being done primarily to update transportation systems and resolve various social issues that are often indirectly related to poor transportation. In fact, one of the most iconic instances demonstrating China’s proactiveness in smart transportation industry is the construction of an intelligent highway equipped with battery chargers, solar panels and mapping sensors all along the 1.08 km stretch.
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China also aims at ensuring that at least 10% of all automobiles across the country are electric vehicles. This would warrant that smart highway projects such as the aforementioned are always on the run, thereby providing an added growth avenue for smart transportation industry. The Intelligent Transport System Association of China has recently even declared an investment of USD 30 billion in the intelligent transport industry by 2020 that would help construct electronic charging systems and encourage green transport system.
Dubai: Revolutionizing the dynamics of MEA smart transportation industry
Dubai has recently joined the trend of smart city development. Apparently, under the umbrella of the Dubai Plan 2021, the government is aiming at transforming infrastructure, designing ambitious projects and providing citizens with enhanced benefits. The regional smart transportation market has witnessed increased investment under the Dubai Plan, as transportation is being viewed as a key pillar to the development of a smart city.
The Roads and Transport Authority of Dubai has implemented unique smart car rentals that can be collected by tech-savvy commuters on an hourly basis and returned to kiosks located close to metro stations. Apparently, estimates claim that 40% of slow traffic movement in Dubai is caused by drivers looking for a parking spot. On these grounds, intelligent parking systems are being developed that will guide drivers to find parking spots near their destination. Safety of bus commuters is also being developed by the installation of a system of buses that will assess the physical condition of the driver and identify signs of exhaustion or illness. It has been estimated that IoT technologies can amplify Dubai’s potential value to reach $5 billion by 2019.
Smart technology, ideally, is still a long time away from reaching market maturation. Besides, even regulatory systems have much progress to make with regards to helping existing roads adapt to the new smart mode of travel. However, smart transit systems offer ubiquitous connectivity, remote sensors, dynamic traffic signals and vehicular communications – commendable social and economic benefits that are certain to aid smart transportation industry emerge as a mainstream vertical.
Experts point out that between 2035 and 2045, the advent of autonomous vehicles can save around 585,000 lives while reducing commuting time by 250 million hours per year on a global basis. Also, machine directed vehicles are likely to stray from distractions and will contribute towards improving highway safety. According to certain statistics, autonomous vehicle technology is expected to add $7 trillion to the global economy by 2050 when they will come to constitute more than half the new vehicles sold worldwide.
In the forthcoming years, vehicle ownership is likely to be displaced with the rapid proliferation of Mobility-as-a-Service technology. Smart transportation market is expected to witness an altogether new scenario of ride-hailing services and pilotless vehicle options, revolutionizing the automotive & transportation space in its entirety. As per estimates, smart transportation industry size is anticipated to increase commendably in the ensuing years, with a target valuation of USD 130 billion by 2024.
Author Name : Paroma Bhattacharya
North America bitumen market to accrue substantial proceeds by 2025, rising number of waterproofing projects to drive the regional industry growth
The global bitumen market is expected to show an exponential growth curve with the rising road construction, maintenance, and repair activities. Bitumen, also known as asphalt is a necessary binder used in the road construction activities as the product offers high stickiness, viscosity, and superior water resistance properties. Bitumen is also utilized as a sealant and adhesive and finds huge demand in the construction of damns, water tanks, and bridges.
The growing construction expenditure, which as per estimates, is likely to touch USD 13 trillion over the coming seven years has in turn accelerated the growth of bitumen industry across the globe. Bitumen market is also witnessing other lucrative growth avenues, owing to exclusive product demand from tire, paints & coatings, battery manufacturing, thermal & acoustic insulation sectors. According to a report compiled by Global Market Insights, Inc., the global bitumen industry size is projected to register a y-o-y growth of 3.7% over the period of 2018-2025.
U.S. Polymer Modified Bitumen (PMB) Market size, by Application, 2013 – 2024 (USD Million)
The growing trend of constructing wider roads and flyovers, owing to rising city traffic and population has impelled the growth of global bitumen market share from roadways applications. Indeed, roadways accounted for a prominent 80% of the overall bitumen market share in 2017 on account of the increased number of road construction projects. In this context, it is prudent to mention that polymer modified bitumen is a majorly used product in road surfacing and helps in maintaining the right consistency and strength, thus making the mixture more sustainable to various stresses.
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The global polymer modified bitumen market is projected to witness lucrative gains over the coming years, subject to its enhanced elasticity and viscosity properties. Paving bitumen is another type of product used in roads and highways construction. This product is specifically used in the construction of barn floors, running tracks, railway beds, bicycle paths, and tennis courts. As per estimates, paving bitumen held an astonishing 70% of the overall bitumen market share and is projected to expand at a commendable growth rate over 2018-2025.
An outline of North America bitumen market trends: waterproofing applications to gain ground in the region
Rising government spending and initiatives for redevelopment and repair of roads and highways in North America have set the regional bitumen market in motion. The region will witness a substantial rise in product demand especially in the waterproofing application, owing to the rapidly growing number of residential remodeling projects. As per estimates, in 2017, waterproofing applications held the second-highest share of the overall bitumen market. Driven by the massive deployment in numerous establishments across North America and other geographies, bitumen market size from waterproofing applications will grow at a CAGR of 4% over 2018-2025.
Estimates claim that North America accounted for 30% of the overall bitumen market share in 2017. Driven by the rising number of suburban remodeling projects across the United States and the subsequently growing product demand for waterproofing applications, especially across the U.S., North America bitumen market size, in terms of volume, will register a CAGR of 2.5% over 2018-2025.
The competitive landscape of bitumen market is slated to be highly ferocious, and inclusive of prominent industry players such as Chevron Texaco, Exxon Mobil Bouygues S.A, British Petroleum, Petroleos Mexicanos, Indian Oil Corporation, Marathon Oil, NuStar Energy, Nynas AB, JX Nippon Oil & Energy, Villas Austria GmbH, and Total S.A. Brainstorming highly advanced asphalt technologies is a standard tactic adopted by players such as Kraton Corporation, that believes in bringing forth newer products to meet the ever-rising product demand for roofing and paving applications. As per Global market Insights, Inc., the overall bitumen market size is slated to cross a mammoth USD 112 billion by 2024.
Author Name :Saipriya Iyer
Unveiling a succinct overview of LiDAR market from the application perspective: mechanical LiDARs to gain massive traction by 2025
With an escalating upsurge in the demand for 3D imaging solutions, the growth graph of LiDAR market is poised to remain exponential in the forthcoming years. The application of LiDAR spans a stream of sectors such as the automobile, construction, archeology, land surveying, and river surveying industries. Perpetual advancements in automation, construction, flood modelling, cartography, navigation, meteorology etc. have also been driving the demand for LiDAR technology. The augmented use of LiDAR technology by governments for different activities, like topographical surveys, pollution modelling, flood modelling, mapping and surveillance, is expected to majorly propel LiDAR market growth ahead.
U.S. LiDAR Market Revenue, By Product, 2018 & 2025
In initial times, heavy scanners were used for surveys, which called for an airplane with an entire managing team to compile the survey in question. The whole process was expensive and required a lot of manpower to complete the survey in a week. Only major government agencies could afford to conduct airborne LiDAR surveys, while the others had to rely on the data compiled by these official agencies.
Now however, with the advent of lightweight, low-cost scanners, equipped with advanced technological developments, the picture of the global LiDAR market has changed considerably. Many companies are incorporating LiDAR technology in their operations to embark on their own surveying activities. The continuous demand for LiDAR is bound to enhance its adoption, thereby fueling LiDAR market growth.
Back in day, companies struggled to procure detailed data for tropical surveys and other purposes due to scarce reliable alternatives. LiDAR however, has documented a revolution in terms of geospatial data and mapping. Currently, companies have started using LiDAR systems mounted onto a UAV for detailed and steadfast 3D mapping. Formerly, large historical sites used to take years for surveying, but now, entire cities can be mapped in 3D in a matter of minutes leveraging UAV aided with LiDAR technology. Versatility and ease of use, and the lure of accurate and visible details with effective mapping will further propel the expansion of LiDAR industry in the years ahead.
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Consumer demands have undergone a major upheaval in the last decade or so. Many leading companies – specifically automakers are seen striving to come up with something innovative by the day for expanding their consumer base. Say for instance, of late, automotive companies have been working tirelessly to manufacture efficient self-driving cars. These autonomous cars are incorporated with LiDAR technology to deliver a high-definition inch-precision map of the area where the vehicle is driving.
Specifically, automakers are known to incorporate mechanical LiDAR devices in the vehicles, given their excellent efficiency. This has also been attracting investments from many automotive companies, expediting the growth of the global mechanical LiDAR industry. As a matter of fact, the continuous spate of R&D activities to commercialize this technology in cars is expected to propel mechanical LiDAR market size, slated to record a CAGR of 32% over 2019-2025.
LiDAR technology has also found its deployment in environment applications. Airborne LiDARs are used to detect and map vegetation, deep waters and dense clouds. LiDAR is being used in oceanography to estimate general biomass and phytoplankton fluorescence in the surface layers of the ocean. LiDAR also enables scientists to determine the biodiversity of the forest helping to preserve ancient trees. This in consequence, is expected to drive LiDAR market share from environment applications, projected to register a CAGR of 32% over 2019-2025.
Boasting of numerous applications across several industries, LiDAR industry is slated to gain commendable traction across the globe. Core companies are focusing on enhancing their existing LiDAR portfolio and several other have been adopting LiDAR in their base operations as well. Driven by the escalating demand to collect highly accurate data across various project sites, LiDAR market valuation is expected to exceed USD 10 billion by 2025.
Author Name : Anchal Solanki
Asia Pacific intelligent transport system (ITS) market to record abundant gains by 2025, expanding automotive sector in the region to characterize the industry growth
Asia Pacific Intelligent Transportation System (ITS) Market Revenue, By Country, 2018 & 2025 (USD Billion)
Traffic management has been a major challenge due to the growing number of vehicles and multimodal transport. The demand for safety, operational performance and transport efficiency is thus majorly driving the demand for ITS market. Moreover, rising environmental concerns as a result of pollutant emission and depleting fuel resources is also fueling the growth of ITS market to enable congestion free transport.
The system improves the transport efficiency by offering features like traffic prediction, traveler information, advisory services, analytics and decision support, ticketing and fare collection, roadside sensors, global positioning systems, and radio frequency tags. ITS services enable vehicles to share positions and data with each other as well as with the network and road infrastructures. On these grounds, ITS is being adopted worldwide to build improved transport strategies, thereby marching towards ‘smart transportation’.
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Developed economies North America and Europe have apparently made it compulsory for the vehicles to use ESC (Electronic Stability Control) in public as well as private transport. Indeed, the extensive traffic movement on roadways has led to a spurt in the demand for innovative traffic management methodologies.
Another major factor propelling the adoption of ITS is the extensive rise in the number of road accidents globally. As per the 2017 Road Safety Annual Report of the International Transport Forum, road fatalities in the U.S. surged by 6.3% between 2010-2016, that has been a matter of concern for the regional government agencies. The U.S. DOT (Department of Transport) as a matter of fact, has started a Federal ITS program that supports the manufacturing of intelligent vehicles and endorses the implementation of intelligent infrastructure. The growing adoption of ITS and the presence of favorable government norms and promotional activities will thus drive the growth of the U.S. ITS market over the coming years.
Speaking of the regional terrain though, it comes as no surprise that the Asia Pacific is one of the leading markets for the expansion of the ITS industry, given the widespread scope of the automotive sector in the region. According to Global Market Insights, Inc., APAC is anticipated to account for the second largest share of the overall ITS market by 2025, driven by the fact that the pivotal regional economies such as India, Japan, and China have been making hefty investments in megacities and have also been modernizing their transportation networks for facilitating enhanced trade exchanges.
The APAC is also remnant of major government initiatives that are being undertaken for to combat the rising air pollution levels, which would further add momentum to the growth of the APAC ITS market.
The robust implementation of the intelligent transport system in the automotive as well as other transportation sectors such as airways, railways, and maritime, will positively impact the commercialization graph of the overall ITS industry. The system is not just a software solution, but is indeed a much wider concept. The data collected by the deployment of ITS can be a major asset for the transportation industry, enabling manufacturers to get a detailed insight about their vehicle performance in various environments. Armed with a vision that targets ‘smart transport’, ITS market is all set to experience a remarkable rise in the coming years.
Author Name :Saipriya Iyer