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The two wheeler accessories aftermarket is predicted to be valued at US$ 19,987.20 million in 2023 and US$ 45,608.96 million by 2033. Over the projection period, sales in the two wheeler accessories aftermarket are expected to increase at a CAGR of 8.60%. With the surge in electric two wheelers, there is a growing demand for specialized accessories like portable chargers, enhanced battery packs, and regenerative braking systems to cater to the unique needs of electric riders.
The integration of technology into two wheelers opens doors for smart accessories. GPS navigation systems, connected helmets with heads up displays, and theft prevention devices are areas ripe for innovation. As environmental consciousness grows, there is an opportunity for accessories such as sustainable, biodegradable seat covers and eco-friendly cleaning products that resonate with eco conscious riders.
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Offering tailor made accessories and customization services, such as paint jobs or personalized leather seats, can cater to the desire for individuality among riders. The aftermarket can explore recycling and upcycling options for old accessories, contributing to sustainability and reducing waste.
Key Takeaways from the Two Wheeler Accessories Aftermarket
"The two wheeler accessories aftermarket is a dynamic sector, offering riders a diverse range of customizations, from safety gear to aesthetic enhancements, catering to their unique needs and preferences."
How Key Players are Revolutionizing the Two Wheeler Accessories Aftermarket?
In the fast paced world of two wheeler accessories, key players are at the forefront of a revolution. They are reshaping the aftermarket with innovation and customer centric strategies. These industry leaders are embracing technological advancements, offering a wide range of high quality, customizable accessories that cater to diverse consumer preferences.
Key players are streamlining distribution channels, enhancing e commerce platforms, and creating robust supply chains to meet the growing demand efficiently. They also invest in R&D, developing innovative safety and style solutions, from smart helmets to advanced riding gear.
By focusing on sustainability, quality, and affordability, they are making two wheelers safer, more stylish, and personalized for every rider, setting new industry standards and redefining the two wheeler accessories landscape.
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Product Portfolio
The auto ventilated seats market size is projected to be valued at US$ 8,560.1 million in 2023 and is expected to rise to US$ 18,429.3 million by 2033. The sales of auto ventilated seats market are expected to grow at a significant CAGR of 8.0% during the forecast period.
The auto ventilated seats market has witnessed significant growth in recent years, driven by the increasing demand for enhanced comfort and driving experiences in automobiles. Auto ventilated seats, equipped with built-in ventilation systems, provide a higher level of comfort by regulating airflow and temperature, ensuring a pleasant seating environment for passengers.
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The rising consumer preference for premium and luxury vehicles has created a demand for advanced comfort features, including ventilated seats. These seats offer improved air circulation, reducing discomfort caused by hot weather or extended periods of sitting.
The adoption of powered seats in mid-segment cars and SUVs has further contributed to the market's growth. Auto ventilated seats are increasingly becoming a standard or optional feature in mid-range vehicles, enhancing their appeal and competitiveness in the market.
Additionally, the aftermarket segment has played a significant role in the expansion of the auto ventilated seats market. Consumers are increasingly seeking aftermarket solutions to upgrade their existing vehicles with ventilated seats, as retrofitting options become more accessible and affordable.
Technological advancements have also been instrumental in driving the auto ventilated seats market. Manufacturers are incorporating innovative features such as adjustable airflow, intelligent controls, and customizable settings to enhance the overall comfort and convenience of auto ventilated seats. Integration with vehicle climate control systems further optimizes the functionality of these seats.
Axial fans dominate the auto ventilated seats market with a market share of more than 31.2%. These fans play a vital role in ensuring effective airflow and ventilation within the seats, maintaining a comfortable seating experience. They draw air from the surrounding environment and direct it towards the seat surface, facilitating proper circulation and cooling.
The mid-size car segment holds a significant value share of 26.7% in the market, driven by the growing demand for auto ventilated seats in mid-size car models.
The United States commands a prominent share of 15.1% in the market, benefiting from a strong automotive industry and consumer demand for comfort features.
Germany contributes an 11.2% value share in the European market, driven by consumer preferences for advanced comfort features and Germany's automotive prowess.
China, one of the lucrative markets, is expected to witness a growth trajectory of 9.0%, driven by its significant automobile production and exports. The global demand for auto-ventilated seats is influenced by factors such as the global economy and environmental regulations impacting vehicle exports from China.
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Recent Development
General Motors said in November 2022 that automobiles affected by the recent withdrawal of heated and ventilated seats due to a semiconductor shortage will be eligible for a refit process the following year.
Tata Harrier new top models without ventilated seats with connected car technologies will be offered in May 2022. The new variations will slot immediately below the top-spec XZ+ versions and the Harrier SUV's Kaziranga Edition. The driver seat now offers six-way power adjustment as well as lumbar support that may be adjusted. However. Tata has not included items such as ventilated seats and iRA linked car technologies in the latest Harrier versions.
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.
According to forecasts, the car battery chargers market is expected to be US$ 22.09 billion in 2023 and US$ 43.47 billion by 2033.
The use of smart charging for electric vehicles to optimize energy usage based on energy cost, grid constraints, and renewable energy availability is projected to assist battery charger market expansion.
Energy technology advances due to the Internet of Things (IoT) being used to gather much data from distributed nodes. The smart farm in the agricultural sector collects information from several nodes dispersed around the farmed field on weather, soil moisture content, evaporation, and other factors. These nodes run on batteries and rely on intelligent solar-powered battery charging devices.
The market for battery chargers is anticipated to develop due to the adoption of smart charging for electric vehicles to optimize energy use depending on energy pricing, grid constraints, and the availability of renewable energy. Due to internal enthalpy changes, electrochemical polarization, and resistive heating, the batteries' reduced performance is impeding the market's growth.
Key Takeaways
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Competitors Winning Strategies
Models for vehicles such as cars, motorcycles, ATVs, delivery trucks, and snowmobiles are among the new car battery chargers. Electric vehicles are expected to be utilized regularly for commercial and private transportation in this new era of mobility. Also, technical cooperation has significantly impacted the entire expansion of the car battery charger sector.
Recent Development:
The global zero emission vehicle market is valued at US$ 248 billion as on 2023. The market is expected to grow at a CAGR of 25.4% during the forecast period, and is anticipated to reach a valuation of US$ 2,384.66 billion by 2033.
One of the key factors that has led to an increase in the demand for zero emission vehicle is the fact that these do not emit harmful gases. Thus, the governments worldwide have started incentivising consumers who make use of the zero emission vehicles.
Apart from that, the noise generated by the zero emission vehicles is much less as compared to traditional fuel-based cars, which might as well increase their sales during the forecast period.
Moreover, a lot of zero emission vehicles run on electricity, which is a renewable source of energy, unlike the fuel-based vehicles, which are typically non-renewable source of energy. Therefore, the manufacturers are of the view that the production of electricity of much easier as compared to fuels, which takes millions of years in order to form.
Apart from that, the automobile manufacturers who were into manufacturing fuel-based vehicles are gradually transitioning towards zero emission vehicles. Furthermore, the manufacturers are also carrying out intense marketing campaigns to convey the benefits of these vehicle, which would have a positive impact on zero emission vehicle adoption trends.
Furthermore, on comparing with the fuel-based cars, the operational cost of zero emission vehicle is almost one-tenth the price of the fuel-based counterparts. This might as well increase the market share of zero emission vehicle.
Thus, from the insights provided by FMI researchers, it can be concluded that “the ability to contain air and noise pollution, coupled with increasing government initiatives to tackle pollution, and a number of other factors are expected to surge the zero emission vehicle market growth during the forecast period.”
Key Takeaways:
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Competitive Landscape
The key players in the zero emission vehicle market are investing huge amounts in the process of mergers and acquisitions. This is done in an effort to lay more emphasis on knowledge sharing and technology sharing. Apart from that, the focus is also on expanding the footprints in order to garner a huge market share.
Some of the recent developments in the zero emission vehicle market are:
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).
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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The global power liftgate market in 2022 was US$ 1,300 million and is estimated to be US$ 2,650.23 million in 2023. As per an FMI researcher, the power liftgate market is anticipated to expand at a CAGR of 8.92% between 2023 and 2033, totaling around US$ 6,229.4 million by 2033.
Factors Accelerating the Power Liftgate Market Growth
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Growth in the number of car sales, especially in developing economies, a surge in disposable income, and a substantial rise in demand for luxury passenger car models help in the expansion of the automotive sector by positively affecting the power lift market.
Improvement of the quality of the material used and design of unique systems, in response to product launch thus, extends profitable opportunities to the power lift market players in the forecast period
Key Takeaways from the Market Study
“A steady increase in the sales of luxury and SUV-style passenger vehicles is one of the key trends of the power liftgate market”, comments a Future Market Insights analyst.
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Competitive Landscape
The global market is highly fragmented with the presence of leading key players. The majority of these players are striving to expand their portfolios by launching cutting-edge products. Meanwhile, a few other companies are tying up with reputed power liftgates to deliver their in-house products and gain a competitive advantage in the market.
Key Companies Profiled
The global automotive AC compressor market is projected to experience a Compound Annual Growth Rate (CAGR) of 3.9% throughout the forecast period, driven by the increasing demand. By 2033, it is expected to reach a valuation of approximately US$ 14.1 billion, compared to its current worth of US$ 9.6 billion in 2023.
Latest Trends in the Global Market
Several trends are shaping the global market by constantly evolving. A few of the trends are as follows:
These significant trends are increasing the market revenue during the forecast period.
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Key Takeaways:
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How are Key Companies Adding Value to the Global Market?
The present prominent players in the globe highly fragment the global market. These players are focused on innovating unique and improved products by investing heavily in research and development activities. These players are adopting various advanced technologies to provide high-quality, sustainable, and better-performance AC compressors to satisfy consumers' desires.
They design light weighted and compact compressors without lacking their performance. Key players adopt various commonly used marketing strategies to expand the global market to another height. These marketing tactics are mergers, acquisitions, collaborations, product launches, and partnerships.
Key Companies Profiled
Toyota Industries, TD Automotive Compressor, Gardner Denver, Delphi PLC., SANDEN USA, Denso Auto Corporation, Michigan Automotive Compressor Inc., General Auto, OMEGA Environmental Technologies, Yantai Shougang TD Automotive Compressor Co. Ltd., HELLA KGaA Hueck & Co., Zhejiang Santian A/C compressor Co. Ltd., Valeo S.A., Calsonic Kansei Corporation, Mitsubishi Heavy Industries, Highly Marelli Holdings Co. Ltd., Dunair Smiths Manufacturing PTY Ltd., Behr Hella Service GmbH, Keihin Corporation, Continental AG, Robert Bosch GmbH, SANTIAN A/C COMPRESSOR CO. LTD., etc.
According to forecasts, the automotive soft trim interior materials market is expected to be US$ 6,007.8 million in 2023 and US$ 9,601.3 million by 2033.
The market's rising demand has encouraged the ongoing development of manufacturing procedures for vehicle interiors. Future vehicle interior producers need to adapt to shifting consumer preferences and grow in a varied, distinctive, and branded way while maintaining high standards for quality and safety.
Also, top automakers are competing to add climate-controlled car seats to hybrid vehicle models, which use energy to heat or cool the seats. A limited number of the market's electric and hybrid vehicles already have some.
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The number is anticipated to rise shortly as consumers and automakers look for more environmentally friendly options, boosting demand for hybrid and electric vehicles.
Key Takeaways
Competitors Winning Strategies
As the importance of sustainability increases, businesses are creating soft-trim materials that are recyclable, environmentally friendly, and derived from renewable resources. This trend towards eco-friendly methods is consistent with rising consumer awareness and legislative obligations.
In the automobile sector, mergers and acquisitions are frequently used to increase product diversity and consolidate market dominance. Companies either buy out or merge with comparable enterprises to access cutting-edge technology, customer growth, and market position.
Key Players
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The automotive radar market is anticipated to expand its roots at a steady CAGR of 13.2% between 2023 and 2033. The market is expected to have a market share of US$ 18.0 billion by 2033, while it is likely to be valued at US$ 5.2 billion in 2023
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Key Points
Competitive Landscape
The key vendors try to work on enhancing the network bandwidth, vivid imaging, and flexible functionality. The competitors also merge, acquire, and partner with other companies to increase their supply chain and distribution channel.
Key Players
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Recent Market Developments