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The electric scooter market is estimated to be worth US$ 10.4 billion in 2023 and is projected to be valued at US$ 24.8 billion by 2033. Between 2023 and 2033, the market is expected to register a CAGR of 9.1%. The electric scooter market is expected to grow due to the implementation of government regulations to promote the adoption of electric bikes and consumer preference for using e-bikes as an eco-friendly.
The increasing adoption of electric scooters with lighter weight and more excellent battery life is expected to generate profitable revenue during the forecast period friendly & efficient commute solutions. The increased consumer awareness and rising demand for environmentally friendly forms of transportation are expected to boost the market growth during the forecast period.
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Growing environmental awareness and concerns about air pollution and carbon emissions have led to the adoption electric vehicles. Electric scooters produce zero emissions, making them an eco-friendly alternative to gasoline-powered vehicles. Advances in battery technology have increased the range and performance of electric scooters. Lithium-ion batteries have become more affordable and efficient, leading to longer-lasting and faster-charging scooters.
Key Takeaways
From 2018 to 2022, the electric scooter market demand expanded at a CAGR of 7.1%
Based on product type, the maxi electric scooter segment is expected to account for a CAGR of 9.0% during the forecast period.
Global electric scooter demand in the United Kingdom is predicted to account for a CAGR of 8.9% through 2033.
In the United States, the market is expected to account for a CAGR of 9.0 % between 2023 and 2033.
China is projected to expand by a value CAGR of 8.7% between 2023 and 2033.
By 2033, the electric scooter market in India is anticipated to record a CAGR of 8.5% during the forecast period.
“The increasing awareness of environmental issues, urbanization, and the need for affordable and efficient mobility solutions is anticipated to drive the market growth during the forecast period," - says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.)
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Competitive Landscape
Leading electric scooter manufacturers increasingly focus on expanding their product offerings to strengthen their customer base. They are adopting growth strategies such as new product launches, partnerships, acquisitions, mergers, collaborations, etc. They expand their global footprint and gain a competitive edge in the market by following these strategies.
Several industry participants in the global electric scooter market also concentrate on providing their customers with interchangeable battery technologies for a more extended range.
The global electric cargo bike market is expected to attain a valuation of US$ 2.1 billion in 2023 and is projected to reach US$ 6.2 billion by 2033, expected to rise at a CAGR of 11.4% during the forecast period.
The rise of e-commerce has sparked an increased need for last-mile delivery services, a demand that electric cargo bikes are well-positioned to meet. In urban areas, where congestion and limited parking spaces can hinder delivery vans or trucks, electric cargo bikes offer an efficient solution. These bikes enable quicker and more cost-effective deliveries, addressing the challenges of congested urban environments. With the continued growth of e-commerce, the demand for electric cargo bikes is expected to rise further.
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The demand for electric cargo bikes is anticipated to rise due to increased investments from key players driven by the growing e-commerce industry. For example, on November 24, 2022, Amazon, specializing in e-commerce, announced plans to expand its United Kingdom electric-cargo bike fleet in the coming years. This expansion aims to enhance foot-based deliveries, contributing to the decarbonization of the transportation network used for package deliveries across the country.
The rise in e-commerce and the impact of the pandemic have led to an increased demand for home deliveries of products and services. In response, businesses and industries are investing more in improving logistics and transportation to minimize downtime, save costs, and enhance customer satisfaction.
Key Takeaways
“The thriving e-commerce industry and use of electric cargo bikes for fast parcel deliveries are expected to drive market growth during the forecast period,” comments an FMI analyst.
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Competitive Landscape
The market for electric cargo bike is highly competitive, with numerous prominent industry players making substantial investments in their production.
The key industry players are Jiangsu Xinri E-Vehicle Co. Ltd., Jinhua Jobo Technology Co., Ltd., CERO ELECTRIC CARGO BIKES, Worksman Cycles, DOUZE Factory SAS, XYZ CARGO, Butchers & Bicycles ApS, NIHOLA, Babboe, Yuba Electric Cargo Bikes, BODO Vehicle Group Co., Ltd. (LUXMEA), Chongqing Mobimax Technology Co., Ltd., Carqon (Accell Group N.V.), XCYC (Gemeinnützige Werkstätten und Wohnstätten GmbH ), Riese & Müller GmbH, Urban Arrow, Rad Power Bikes Inc., Tern Bicycles (Mobility Holdings, Ltd.), Pedego Electric Bikes, Xtracycle Inc, Amsterdam Bicycle Company, Triobike.
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Automotive Back-up Camera Market
Automotive Performance Accessories Market
The boat trailers market worldwide reached a consensus value of US$ 978.7 million in 2022. The estimated market value in 2023 will probably be close to US$ 1,023.9 million. A sluggish 4.5% CAGR between 2023 and 2033 seems likely to push the market to US$ 1,590 million in 2033.
Boat trailers have a number of unique selling points (USPs), including customising choices, a variety of load capacities, and separate low-speed and high-speed trailers. Increasing marine tourism and expanding boat fleets are two major factors propelling the boat trailer market's rise.
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The market for boat trailers is expanding quickly due to the growth of marine tourism and recreational water activities. Rising boat trailer sales are also a result of an increase in maritime tourism activities including boating, yachting, kiteboarding, water skiing, and so forth.
Additionally, tourism is growing in countries having access to rivers. As a result, both emerging and developed nations are seeing an increase in demand for boats and other water-related equipment for recreational purposes.
Increasing Boat Sales for Recreational Activities
The boat trailers market growth is directly correlated with increasing fleet of boat and new sales of boats. With the increase in the growth of marine tourism and water activities, the demand for new boats is expected to rise, which in turn, fuels the sale of boat trailers.
The main advantage offered by the boat trailer is to provide the flexibility for transport boats to various places such as inlets, rivers, lakes, bays, & the sea. There are two types of boat trailers, bunk and roller type trailers, which are used by end users. With the increase in boat parc, the demand for boat trailers also increased as boat trailers provide safety to boats and increases the life of a boat.
Boat trailers also prevent salt water boats from rust formation due to coatings and change of materials. Such features have led to the growth of the global boat trailer market.
Moreover, increasing average life of the boat and growing maintenance and services of boats, increases the sales of boat trailers for old boats. In 2017, more than 10 million boats were registered in the U.S. and this number is estimated to grow with ~ 1% growth rate in the nearby future. With the increase in the U.S. boat fleet, the sales of boat trailers also increases as the U.S. holds ~43% share in the global boat trailer market.
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Market Attractiveness of the South Asia-East Asia-ASEAN Cluster Surging
In the global boat trailers market, South Asia and East Asia are estimated to grow with high growth rate over the forecast period due to the increasing number of marine tourists and also, increases the sales of boats and boat parc across regions. In East Asia, China is one of the prominent countries and holds a significant share in the market due to the presence of several manufacturers in the country.
China is expected to drive the growth of the East Asia boat trailer market. In South Asia, India and ASEAN countries are estimated to boost the growth of the market due to the increasing disposable income of the middle class population. The North America market is projected to be a prominent market in the global boat trailers market, owing to the high demand and use of boat trailers for personal and commercial applications.
Moreover, Latin America and Middle East & Africa markets are also estimated to grow with healthy CAGR throughout the forecast period. We have also considered the Caribbean region in Latin America. All prominent macroeconomic and forecast factors are included while calculating the boat trailers market size.
The global bicycle market in 2022 was US$ 1,300 million and is estimated to be US$ 2,650.23 million in 2023. The bicycle market is expected to increase at a CAGR of 8.92% between 2023 and 2033, totaling around US$ 6,229.4 million by 2033.
The increase in global bicycle market rises as customers prefer bicycles as a form of leisure increase. Maintaining an active and healthy lifestyle, and a life free from numerous ailments, bicycles are considered to be a handy method of exercise that is in great demand among consumers.
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Expansion in the demand for bicycles is rising globally as a result of a boost in public awareness of the health benefits of cycling. Dockless bicycle-sharing programs are gaining popularity at a significant pace among the general public, which is anticipated to support the expansion of the world bicycle market.
Market Competition
Key players can create and advertise new, better goods at high price points to obtain a continuous competitive edge in the bicycle market. Additionally, a few significant bicycle market players are increasing their bicycle market share by choosing techniques including mergers and acquisitions, partnerships, and collaborations.
Key Players Profiled in the Bicycle Market
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Recent Developments Contributing to the Growth of the Bicycle Market
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Ship Repair and Maintenance Services Market
In 2023, the autonomous vehicles market is expected to be worth US$ 30,539.0 million. The revenue from sales of autonomous vehicles is anticipated to reach around US$ 70,331.5 million by 2033, growing at a CAGR of 8.7% between 2023 and 2033.
A diverse range of drivers is propelling the rapid growth of the autonomous vehicles industry. One of the key factors is the growing focus on ensuring road safety and the aspiration to minimize mishaps resulting from human fallibility. The utilization of autonomous vehicles presents the possibility of improved safety using sophisticated driver-assistance systems (ADAS) and state-of-the-art sensors that can identify and react to potential dangers with heightened effectiveness compared to human drivers.
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One of the factors contributing to this trend is the increasing need for enhanced transportation efficacy and decreased traffic blockage. The adoption of autonomous vehicles can enhance the efficiency of road networks, diminish traffic buildup, and shorten commute durations through the utilization of cutting-edge tools like live data interpretation, anticipatory formulas, and astute navigation mechanisms. The heightened efficacy may yield a noteworthy influence on conveyance frameworks' comprehensive output and comfort.
In addition, the increasing emphasis on sustainability and ecological awareness propels the adoption of self-driving electric cars. With the growing apprehension about the impact of climate change and air pollution, it has become imperative to shift towards cleaner transportation alternatives. The adoption of self-driving electric cars presents a promising chance to notably diminish greenhouse gas release, enhance the air's purity, and foster a more enduring tomorrow.
Although the potential of autonomous vehicles is optimistic, the sector is not immune to obstacles and limitations. The intricate regulatory framework encompassing autonomous vehicle technology poses a significant challenge. With the increasing prevalence of autonomous vehicles, it is imperative to establish uniform standards and regulations to guarantee safety, tackle liability issues, and ascertain accountability in mishaps or glitches. The establishment and execution of resilient regulatory structures will be pivotal in surmounting this impediment.
The autonomous vehicles industry offers a plethora of prospects that can unleash its full capabilities. An immense prospect exists in enhancing and evolving sophisticated AI algorithms and machine learning capabilities. The capacity of autonomous vehicles to swiftly and accurately handle copious amounts of information is imperative for their secure and effective functioning. Investing in AI research and development can lead to breakthroughs in autonomous vehicle technology, enhancing their performance and reliability.
Establishing resilient communication networks, like the advanced 5G technology, and constructing intelligent urban areas equipped with exclusive lanes, charging facilities, and other essential infrastructure will enable the effortless assimilation and functioning of autonomous vehicles. It is imperative to foster partnerships among governmental bodies, tech corporations, and car makers to leverage this prospect and establish a conducive atmosphere for autonomous vehicles.
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What are Key Players Doing to Thrive in the Autonomous Vehicles Market?
The competitive landscape of the autonomous vehicles industry is characterized by intense competition and a diverse range of players vying for market share and technological supremacy. This industry attracts established automotive manufacturers, technology companies, startups and emerging players focused on autonomous driving technologies. Some key players in the autonomous vehicles industry include:
With ongoing advancements in technology, collaborations, and strategic partnerships, the industry is poised for rapid growth and further competition as companies strive to lead the way in the future of transportation.
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According to Future Market Insights (FMI), the automotive window regulator market will be worth more than US$ 21.2 Billion by 2031. During the projection period, a strong 4.5% CAGR is predicted during forecast period.
Increasing shifts of global automobile manufacturers toward imparting a number of automated features into vehicles has led to many developments automation of vehicles. Manual window regulators being replaced by automated ones has become a common sight in current automotive world.
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APEJ will Remain Largest Market for Automotive Window Regulators
In terms of volume, Asia Pacific Excluding Japan (APEJ) is projected to remain the largest market for automotive window regulator, expanding at 4.4% CAGR during the forecast period. Sales of automotive window regulator in APEJ will reach 211,633 thousand units in 2017; by 2027 this number is estimated to surpass 300,000 thousand units.
In addition, Middle East & Africa (MEA) is expected to be second-most lucrative region in the market by 2027-end. MEA market for automotive window regulator is projected to exhibit 4.3% CAGR through 2027.
OEM will remain the preferred sales channel in the market, in terms of volume. Global sales of automotive window regulator through OEM is estimated to reach nearly 500,000 units by 2027-end. In terms of volume, OEM and Aftermarket sales channels are projected to witness parallel expansion at 3.3% CAGR during the forecast period.
Aftermarket sales channel is expected to hold low market share by 2027. This is primarily attributed to low breakdown rate, replacement rate and consumer preference to stick to default automotive window regulator present in the vehicle.
Passenger Cars to Exhibit Highest Demand for Automotive Window Regulators by 2027-end
Adoption of automotive window regulator is expected to remain highest in passenger cars, based on vehicle type. Demand for automotive window regulator in passenger cars is expected to reach 530,539 thousand units by 2027-end. In contrast, HCVs are estimated to exhibit lowest demand for automated window regulator during the forecast period.
By construction, cable type automated window regulators will remain preferred in the market. In terms of volume, demand for double rail cable is projected to grow at 3.9% CAGR through 2027.
On the basis of product type, automated window regulators will remain dominant in the market, with their sales projected to exceed 500,000 thousand units by 2027-end. This is attributed to functionality and lightweight characteristics offered by automated window regulators.
In contrast, manual window regulators will witness a sluggish growth in sales during the forecast period. Frequent wear & tear off and complex structure of manual window regulators will impede their demand growth.
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Increasing Demand for Personal Vehicles to Sustain Market Growth in APEJ
India and China are prominent markets for car manufacturers owing to growing population and increasing need for personal vehicles. In addition, many banks and financial institutes are offering various loan schemes, making it easy for people to own a car. These factors are expected to sustain market growth in APEJ. In contrast, people in this region are shifting toward power window regulator, owing to their better functionality. This is estimated to restrain growth of the market in APEJ.
Demand for aftermarket is witnessing a surge in MEA, owing to absence of manufacturing plants in this region. GCC countries import cars form other regions for sale. Increasing consumer dependence on aftermarket is projected to fuel market growth in MEA. In contrast, factors such as political unrest and sluggish demand for automotive industry are expected to impede market growth in MEA during the forecast period.
Key market players identified in FMI’s report include:
Brose Fahrzeugteile GmbH & Co.KG, Grupo Antolin Irausa S.A., Hi-Lex Corporation, Imasen Electric Industrial Co. Ltd., Valeo SA, Magna International Inc., Shiroki Corporation, Robert Bosch GmbH, Kongsberg Automotive, Castellon Automotive SA, Johnan Manufacturing Inc., KÜSTER Holding GmbH, IFB Automotive Pvt. Ltd., Aditya Auto and Engineering Pvt. Ltd., Kwangjin Sang Gong Co. Ltd., Futuris Group of Companies.
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Construction Equipment Maintenance and Repair Market
The global automotive wheel rims market in 2022 was US$ 44.5 billion and is estimated to be US$ 46.2 billion in 2023. Future Market Insights has mentioned in its reports that the automotive wheel rims market will expand at a CAGR of 6.01% between 2023 and 2033, totaling around US$ 82.83 billion by 2033.
The outer edges of a wheel are named wheel rims and are mainly designed in such a way that it firmly holds the tire in place as it is important for wheel rims to be strong enough for supporting vehicle weight that can also withstand operating forces.
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Alloy wheels are becoming a more popular choice as it owes to their attractive appearance and comparatively lighter weight than steel wheels. Heat, thus, when dissipates from tires in alloy wheels and brakes are considerably more effective as compared to steel wheels because aluminum conducts heat, therefore has a significant impact of wheel rims on a vehicle’s braking system.
Key Takeaways from the Automotive Wheel Rims Market Study
“Escalating preference for light-weight vehicles to boost market growth is considered one of the major drivers of the automotive wheel rims market”, comments a Future Market analyst.
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Competition Landscape
Leading players operating in the global automotive wheel rims market are focusing on launching novel products to expand their product portfolio and strengthen their market footprint. Some of the other players are aiming at expanding their global presence to increase their market share. For instance,
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Tire Pressure Monitoring System Market
The automotive tire market demand is expected to grow at a CAGR of 6.6% from 2023 to 2033. The market is valued at US$ 503.9 Billion as of 2023, and by 2033, the market is expected to hit a valuation of US$ 958.8 Billion.
The stringent safety norms pertaining to road are expected to surge the sales of automotive tires during the forecast period. A sharp increase in the number of accident cases owing to bad quality tires has motivated the investors to spend huge amounts behind the development of top-notch tires.
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Rise in the disposable income, coupled with rapid urbanisation is also expected to surge the demand for automotive tires during the forecast period. Apart from that, low production cost and lenient emission rules in certain parts of the world is also expected to have a positive outlook on the market.
Moreover, the current generation automotive tires have been designed on the grounds of latest technology. This has led to the development of properly mounted, correctly inflated, and balanced automotive tires. This is expected to have a positive effect on the automotive tires market key trends and opportunities.
Furthermore, an increase in the sales of passenger cars is also expected to bring about optimism in the market. The SUVs in general are having a strong penchant in Asia Pacific, particularly in India and China. Even the technological advancements are expected to surge the market share of automotive tires. Owing to this, the manufacturers have developed green tires which are gaining traction especially amongst the youngsters.
Thus, from the insights provided by FMI researchers, it can be inferred that “increasing focus on safety norms, technological innovation in the automobile sector and a number of other factors are expected to surge the automotive tires market share during the forecast period.”
Competitive Landscape
The key players operating in the market are focusing on the mergers and acquisitions. The companies are merging with one another mainly to access the technologies available with both parties. Apart from that, the market expansion strategy also happens to be one of the key reasons. The key players are also collaborating with the manufacturers from the electric vehicles niche as the market of electric vehicles has a lot of scope going ahead.
The Major Manufacturers of Automotive Tires Market Are:
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Some of the Recent Developments in the Automotive Tires Market Are:
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Automotive Ignition Coil Market
The automotive suspension system market is anticipated to exceed US$ 64,956.8 million in 2023 and is likely to attain a valuation of US$ 100,875.9 million by 2033. The automotive suspension system market share is expected to rise at a CAGR of 4.5% from 2023 to 2033.
With the development of multi-link systems, rear suspensions are evolving. Multi-link rear suspensions offer better handling, stability, and ride comfort in performance and luxury automobiles. Multi-link rear suspensions are becoming increasingly popular as manufacturers work to improve vehicle dynamics and cornering skills while retaining ride comfort.
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Artificial intelligence (AI) and machine learning are being used to improve the predictive and adaptive skills of suspension systems. Artificial intelligence (AI) systems can evaluate data from several sensors to forecast impending road conditions and adjust the suspension as necessary. As a result, the ride is safer and more comfortable. Further personalizing the driving experience, machine learning enables suspension systems to adjust to different driving preferences. Enhancing suspension technology is mostly accomplished via AI and machine learning integration.
Autonomous vehicles (AVs) and electric cars (EVs) have particular suspension needs. For example, hefty battery packs in EVs need specialist suspension tuning in order to distribute weight properly and preserve handling characteristics. With their emphasis on passenger comfort, AVs require suspension systems that can deliver a supple and steady ride without the need for driver assistance. As a result, the development of novel suspension technology is being driven by these new vehicle categories.
Key Takeaways from Automotive Suspension System Market Report:
Recent Developments Observed by FMI:
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Note from the Analysts:
"The automobile suspension system industry is undergoing a considerable change, driven by the continued trend towards electrification, connectivity, and sustainability. The future of the industry is being shaped by developments in electric and autonomous vehicles, sustainability, connected suspensions, and customization. These dynamics place suspension systems as essential elements in defining the next generation of automobiles, paving the way for a promising and innovative future,” says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.)
The global automotive smart antenna market value is predicted to increase from US$ 6,643.2 million in 2023 to US$ 15,754.6 million by 2033. By 2033, global demand for automotive smart antennas is projected to surge at a CAGR of 9.1%. Automotive smart antennas are witnessing higher demand from diverse automobile sectors, and the trend is expected to continue through 2033.
The growing demand for reliable communication and connectivity for vehicles is fueling up the demand for automotive smart antennas. Similarly, the rapidly growing electric vehicle fleet and increasing government initiatives for vehicle electrification are key factors accelerating growth.
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Smart antennas facilitate the provision of enhanced in-car entertainment, allowing passengers to enjoy features such as music and video streaming, as well as interactive content, thereby creating a superior entertainment experience during their travels. The increasing desire for these entertainment capabilities is spurring the utilization of smart antennas.
Car owners have a growing expectation for uninterrupted access to an array of digital services while in motion. This encompasses real-time navigation, top-notch infotainment, and the capacity to maintain connectivity with their smart devices. Smart antennas empower vehicles to fulfill these requirements by delivering sturdy and dependable in-vehicle communication.
In terms of vehicle type, the passenger car segment is expected to dominate the global automotive smart antenna industry through 2033. It will likely hold a volume share of 56.9% by 2023. On the other hand, the HCV segment is set to thrive at a robust CAGR of 10.4% through 2033.
Key Takeaways from the Automotive Smart Antenna Market Report-
The global market for automotive smart antennas is projected to thrive at a 9.1% CAGR through 2033.
By vehicle type, the passenger car segment is expected to total a valuation of US$ 3,784.2 million by 2033.
By sales channel, the OEM segment is set to hold a market share of 85.9% in 2023.
East Asia is expected to account for a significant share of about 40.6% in 2033.
The United States market value is anticipated to reach US$ 1,137.3 million by 2033.
China is projected to attain a valuation of US$ 2,208.6 million by 2033.
Demand in Japan is predicted to rise at a 9.0% CAGR through 2033.
“The automotive smart antenna market is poised to witness healthy growth due to the escalating demand for reliable connectivity solutions, requirement of enhanced in-car entertainment, real-time navigation, demand for connectivity for telematics services, and rising popularity of autonomous vehicles across several vehicle types.” - says a lead analyst at Future Market Insights (FMI).
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Competitive Landscape
TE Connectivity, Continental AG, Laird Connectivity, Harada, Yageo Corporation, and TDK Corporation are the leading manufacturers in the automotive smart antenna market profiled in the full version of the report.
Key players are focusing on strategic partnerships with automotive manufacturers to provide cost-efficient solutions to consumers. They are also investing in developing new products and expanding innovations on the existing ones to meet end-user demand.
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