Smart Highway Market to Witness Widespread Expansion by 2028

 The smart highway market is expected to grow from US$ 24,885.5 million in 2021 to US$ 81,335.6 million by 2028; it is estimated to grow at a CAGR of 18.4% from 2021 to 2028.

Insufficient availability of road space, and the lack of road sense and discipline are the key factors leading to traffic congestions. Thus, highway authorities are focusing on implementing advanced traffic management solutions to overcome traffic problems in cities. Intelligent transportation systems, vehicle infrastructure, structural health monitoring, solar road panels, and wireless vehicle charging are crucial components of a smart highway. The integration of traffic control centers, access control, and route guidance systems offers a range of benefits within a smart transportation management system. Furthermore, assimilating AI and Big Data with physical infrastructures, such as sensors and solar panels, has bolstered the demand for smart roads across the world. Edge computing enables low latency that powers the smart road infrastructure, including adaptive traffic lights and integrated roadways. Traffic lights can automatically adjust their timing based on sensor data, enhancing the flow of traffic and changing signals to effectively manage highway traffic.. The AAEON Atlas, supported by Intel Vision Products, is an edge computing node that consolidates data from smart lighting, environmental monitoring, and video sensors to shape future smart cities.

The rising deployment of smart streetlights, smart traffic lights, smart parking, and/or e-tolling stations has augmented the processing capabilities that are needed to monitor traffic congestion. While smart roads may still be in their infancy in North America, significant initiatives are currently being introduced in the region to accelerate the use of data analytics. The US government is set to incorporate smart road technology along Highway 285 in Colorado. Road surface covered with factory-made concrete slabs will feature Wi-Fi connectivity; they’ll be embedded with fiber optic cables acting as pressure sensors that can monitor road’s wear-and-tear to alert motorists on traffic conditions.

Key Findings of Study:

The global smart highway market is segmented into five major regions—North America, Europe, APAC, the MEA, and SAM. Based on technology, the market is sub segmented into smart transport management system, smart traffic management system, communication system, monitoring system, and others. In 2020, the smart transport management system segment accounted for the largest market share. Based on component, the smart highway market is segmented into software and hardware. In 2020, the hardware segment accounted for a larger share of the market. 

EGR Cooler Market: Technological Growth Map over Time to Understand the Industry Growth Rate

 According to the new research report titled "EGR Cooler Market - Market Forecast to 2027- COVID-19 and Global Analysis," published by The Insight Partners, the market is projected to reach US$ 527.8 millionby 2027, registering a CAGR of 1.5% during 2020-2027, the forecast period.

APAC Accounted for Highest Share ofEGR CoolerMarket in 2019

The EGR coolers market in Asia Pacific has been analyzed in the basis of historical, current, and future trends in various countries, including China, Japan, India, South Korea, and Rest of APAC. The EGR coolers market players in the region are experiencing significant demand for their products, the automotive sector being the major contributor to this demand. Most of the countries in the region are economically developing and are focusing majorly on the rising environmental issue; thus, they are focusing their investment in advanced technologies, including EGR sysrems, to precisely deal with this concern.

China and Japan are the frontrunnners in the EGR coolers market in APAC. The key factors raising significant demand in these countries include the steep rise in the production of the passenger as well as commercial vehicles in the region. However, the recent occurrence of the COVID-19 pandemic is impacting the production, export, and sale of vehicles, majorly in China. Previously, in 2019, the automotive manufacturers focused extensively on the development and integration of advanced automotive components to meet the customer requirements, along with tackling the growing environmental issues. For instance, in 2019, Toyota partnered with Chinese automotive major-BYD-for the development of electric vehicles across China. The two automotive manufacturers are working together on the production of electric sedans and sports utility vehicles (SUVs), while collaborating on developing EGR coolers.

A few of the key EGR coolers market players in APAC are ERAE Automotive System, HANAN System, Korens, MARUYASU Industries, and Radiator Mfg. Apart from these market players, several other multinational EGR cooler providers are also operating in the region, and all these companies are together enabling the APAC EGR coolers market growth over the years.

Key findings of study:

Every vehicle requires the specific design of EGR cooler to accommodate in the engine bay. Unlike conventional solutions that must be specially designed for each application, a modular EGR cooler embeds an adaptable standard design for the highest flexibility, covering a wide range of engine sizes from 2.0 to 16.0 L displacement. This type of cooler can be a perfect match for the commercial vehiclessegment, which is a low-production and high-durability segment. This segment also needs highly durable and less complex systems that are easy to mend.

With the continuous growth in the demands for improving fuel consumption, passenger comfort, emissions, and engine, the complexities of thermal management during the cooling task are progressively increasing. The market players are constantly focusing on developing as well as implementing all-inclusive cooling circuit solutions for engines, interior air conditioning systems, and charge air as well as hybrid components, which include the electric motor, power electronics, and battery. Also, with the rising emission standards globally, the implementation of EGR coolers is gradually increasing as these coolers permit the extraction of a portion of the gasses that flow between main exhaust, engine outlet, and turbine, thus cooling the heat exchangers and transferringthe portion back to the intake air downstream of the charge air cooler. Consequently, it lowers the combustion temperature of the engine, thereby decreasing the formation of nitrogen oxides (NOx).

Ride-Hailing Service Market Emerging Factors, Future Demands, and Key Players

 The Ride-Hailing Service Market is expected to grow from US$ 48,922.78 million in 2021 to US$ 98,745.11 million by 2028; it is estimated to grow at a CAGR of 10.6% from 2021 to 2028.

Finance, fuel, upkeep, registration/taxes, and maintenance & repair, as well as depreciation, all contribute to the cost of owning a car. The expense of owning a vehicle rises year after year. The depreciation accounts for 43% of the total ownership cost, according to the American Automobile Association (AAA), however the other costs, such as maintenance and gasoline, account for 25%. Fuel prices and maintenance expenses have risen dramatically in recent years, and the trend is expected to continue without any decline. Owning a car has become more of a liability than an asset as cities become increasingly congested with people and cars. As the millennial generation has little to no interest in owning a car, the percentage of people aged 18 to 35 who own a car has decreased over time. Other factors contributing to the fall in car ownership include poor public transportation connectivity in major cities and the growing popularity of internet shopping, among others. Though car ownership increased during the pandemic, it is anticipated to decline after 2021, returning to pre-pandemic levels. As a result, ride-hailing service providers can profit from these demographics, as the new tech-savvy generation is one of the most active users of these services.

Key Findings of Study:

The global Ride-Hailing Service market is segmented into five major regions—North America, Europe, APAC, MEA, and SAM. Based on Service Type, the Ride-Hailing Service market is characterized into e-hailing, car sharing, car rental, and station-based mobility. In 2020, the E-hailing segment accounted for a larger share in the market. Based on Vehicle Type, the Ride-Hailing Service market is characterized into two-wheeler, three-wheeler, four-wheeler, and others. In 2020, the Four-Wheeler segment accounted for the largest share in the market. Based on Location, the ride-hailing service market is characterized into urban, and rural. In 2020, the urban segment accounted for the largest share in the market. Similarly, based on end-user, the Ride-Hailing Service market is segmented into institutional, and personal. In 2020, the Institutional segment accounted for the largest share in the market.

Pontoon Boat Market Research Insights Shared in Detailed Report

 With generous room aboard and rising versatility of deck and pontoons boats, the boat manufacturers are endlessly working to give a pleasant boating experience to consumers. The high inclination toward integrating advanced sensor and automation technologies throughout recreational boats is also driving the development phase of pontoon boats. Development in pontoon helps in providing a better and improved riding experience. The demand for pontoons is propelling across the globe due to the rising interest in outdoor and leisure recreation activities, such as lounging, cruising, and water-based adventurous activities. According to the regional government, the boating and tourism industries are well-developed and positioned to benefit from new opportunities prevailing in recreation and tourism. The well-positioned tourism and boating industries drive the penetration of pontoon and deck boats as these boats are used for the recreational and outdoor lounging purposes.

In addition, various countries such as Australia, US, Italy, France, Germany, Denmark, and Sweden among others are the prominent tourist destinations. Owing the growing tourism industry in these destinations, there is an increase in recreational sailing and water sports on waterways across various region in the world. The snowballing effect of domestic and international tourist footfall in European countries is massively contributing to the recreational boating industry in Europe.

Key Findings of Study:

Geographically, the pontoon boat market is segmented into five key regions—North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA) and South America (SAM). North America held the largest revenue share in 2020, followed by Europe and APAC.  The pontoon boat market is segmented on the basis of type, tube type, propulsion type, size, application, and geography. Based on type, the market is segmented into bar boat, rear lounge, quad seating, arch models, double decker, and others. The rear lounge segment held the largest market share in 2020 because these types of pontoon easily accommodate several individuals. In terms of tube type, the pontoon boat market is bifurcated into double tube and triple tube. In 2020, the triple tube segment held a larger market share.

Dual Clutch Transmission Market Overview and Regional Outlook Study

 According to the latest research report titled “Dual Clutch Transmission Market Forecast to 2028 – COVID-19 Impact and Global Analysis,” published by The Insight Partners, the market is expected to grow from US$ 12,576.10 million in 2021 and is projected to reach US$ 20,372.75 million by 2028; it is estimated to grow at a CAGR of 7.1% from 2021 to 2028.

Increasing Concerns About Fuel Economy and CO2 Emission to Drive Market During Forecast Period

A DCT combines the convenience of an automatic transmission with the fuel efficiency of a manual transmission. The 21st century has observed refinement in vehicle design in terms of problems relating to aerodynamics. As per the US Department of Transportation (DoT) figures, the US has approximately 276,100,000 vehicles running on the roads as recorded during 2018. Furthermore, few hundreds are added every day. It is also worth noting from the Department of Energy (DoE) statistics that 16% of the energy produced in the US is consumed in overcoming the drag of road vehicles. The global scenario is not much different. Therefore, there is enormous scope for improving the aerodynamics of cars to conserve depleting oil reserves. Dual clutch transmissions (DCTs) refer to the double friction clutches; they are designed and operated fully automated in vehicles.

North America is among the worst-hit regions by the COVID-19 pandemic. The US, Canada, and Mexico have witnessed a significant rise in the number of COVID-19 infected patients. The continuous growth of infected individuals has led the North American governments to impose lockdowns. The majority of the manufacturing plants are shut down, municipalities are functioning slowly compared to the past, and the automotive industries are halted. The COVID-19 outbreak has negatively impacted the automotive sector in the region. Assembly plant closures are adding to the intense pressure on an increasingly distressed North American supply base in the US. Companies are at risk of defaulting on covenants, potentially requiring banks to step in. Further, according to the Accenture website data, sales forecast for the US estimated a decline of 9% annually as consumers are not buying new vehicles due to the pandemic. Thus, limited supply of vehicle parts, shutdowns of manufacturing plants, supply chain disruption, and drop in new vehicle sales have negatively impacted the North America dual clutch transmission market.

However, in 2021, with the relaxation of lockdown restrictions and the beginning of vaccination processes, automotive production has started again, and people are looking for purchase, which will help create a favorable scenario for the North America dual clutch transmission market.

Several companies have adopted different strategies to continue their operations and increase their annual sales statistics. Magna International Inc. has received its largest production order for transmission technologies from BMW Group. The contract includes all front-wheel-drive dual clutch transmissions, including hybrid transmission variants. Magna International Inc. manufactured a new dual clutch 8-speed transmission for Ferrari SF90 Stradale, Ferrari’s first plug-in hybrid and one of the most powerful sports cars. This new transmission system aims to provide improved torque and shifting.

 Key Findings of Study:

The global dual clutch transmission market is segmented into five major regions—North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM). North America is expected to hold a significant share of the market, owing to the region’s government policies for its automotive sector, coupled with one of the largest transportation infrastructures across the world. As per the International Organization of Motor Vehicle Manufacturers (OICA), the US is the largest manufacturer of commercial vehicles worldwide. In 2020, the country manufactured 8,156,769 units of new commercial vehicles. Further, the commercial vehicle transmission system in APAC is expected to grow at a notable rate as the region is witnessing rapid industrialization and urbanization, causing infrastructure development and rising demand for commercial vehicles. As per the OICA report, China is the second-largest country in the world to manufacture commercial vehicles. In 2020, the country manufactured 208,747 new commercial vehicles and is expected to dominate the market in the coming years. The market growth in Europe is attributed to the significant use of dual clutch transmission in the automobile industry. Also, the MEA and SAM are contributing significantly to the global dual clutch transmission market growth.

Electric Ships Market Overview and Regional Outlook Study

 According to the latest research report titled “Electric Ships Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Power, Range and Ship Type,” the market is expected to grow from US$ 3.82 billion in 2021 to US$ 7.76 billion by 2028; it is estimated to grow at a CAGR of 10.3% from 2021 to 2028.

Increasing Regulatory Support from Government Authorities and Industry Associations to Favor Market Growth
Several marine industry associations are focusing on reducing the gas emission from the shipping industry. As per a report published by the Norwegian Ministry of Climate and Environment, in April 2018, International Maritime Organization (IMO) adopted a plan to reduce greenhouse gas emissions from international shipping by ~50% compared with the level in 2008 by the end of 2050. Additionally, the IMO strategy aims to improve the energy efficiency of each ship and to reduce the carbon intensity of the whole marine industry by reducing emissions per unit of transport work done by ~40% by 2030, and further toward 70% by 2050, according to a report published by the Norwegian Ministry of Climate and Environment. Further, several governments are focusing on reducing the gas emission from the shipping industry. For instance, according to a report published by the Norwegian Ministry of Climate and Environment, in 2019, the Norway government’s focus is on reducing greenhouse gas emissions from domestic shipping and fishing ships by half by 2030 and promoting the development of zero- and low-emission solutions for all vessel categories. For this, the government had allocated NOK 7 million (US$ 0.77 million) to the Green Shipping Programme in the 2019 budget. Therefore, the increasing regulatory support from government authorities and industry associations for reducing greenhouse gas emissions in the shipping industry supports the growth of electric ships by adopting electric or hybrid propulsion systems.

North America has the highest adoption rate of advanced technologies due to governments’ favorable policies to boost innovation and strengthen infrastructure capabilities. The COVID-19 pandemic forced the US government to impose several limitations on industrial, commercial, and public activities in the initial phases to control the spread of COVID-19. The record-long US economic expansion came to an end as a result of the COVID-19 pandemic, with effect of a deep recession in 2020. The outlook remains highly uncertain, as it is difficult to determine the social and economic impact of the COVID-19 pandemic, which will depend on the success of containing the outbreak and the measures to restart economic activities. In 2020, the COVID-19 pandemic adversely affected the growth of the global electric ship market due to the shutdown of manufacturing facilities and trade restrictions. Ship manufacturers had faced short-term operational issues due to supply chain disruption caused by several government initiatives to slow the spread of COVID-19. The shipping industry had become a significant part of several countries’ supply chains; it was significantly affected by the COVID-19 pandemic. The shipping industry depends on production, which was discontinued to prevent people from being affected by SARS-CoV-2, resulting in significant challenges. A South Florida-based cruise ship was affected for the third time, as Florida recorded its highest number of COVID-19 cases. SARS-CoV-2 infected an undisclosed number of passengers and crew of the Carnival Freedom cruise, so the ship was denied entry to Bonaire and Aruba. The growing maritime tourism industry helps in supporting the electric ships market growth. Thus, during 2021 and 2022, the COVID-19 pandemic will positively impact the market growth. This is expected to normalize the electric ships market growth over the forecast period of 2021–2028.
Key Findings of Study:
The electric ships market has been segmented into five major regions—North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In North America and Europe, the demand for electric ships increases due to its rising demand for fully electric passenger vessels, tugs, yachts, and cruise vessels. Norway, Finland, the US, and Denmark are replacing conventional passenger ferries with fully electric passenger ferries. Significant developments in autonomous electric vessels that use fuel cells and remotely controlled electric vessels are also driving the market growth.
In APAC, the demand for electric ships increases due to the rising sea trade activities and growing government focus on reducing gas emissions from the shipping industry. This has resulted in ship integrators and owners switching the existing diesel-driven engines with electric or hybrid propulsion systems. Therefore, these factors create a vast opportunity for the APAC electric ships market players to produce more electric ships. According to the UN Merchant Fleet 2020 statistics, ~93% of the global new shipbuilding occurred in China, Japan, and South Korea in 2019. The global shipping and offshore energy equipment industry has shifted unequivocally toward Asia. South Korea, Japan, and China now dominate with ~80% of orders. According to IHS Maritime, 134 liquefied natural gas (LNG) tankers built since 2009—133 were built in Asia, 100 in South Korea, 20 in China, and 13 in Japan. While domination by Asian manufacturers is expected to continue, it is important to recognize that each of Asia’s shipping giants has distinct strengths and challenges. Shipbuilding in Japan is going through a renaissance. Focus on shipbuilding and port development is driving the growth of the electric ships market in the region.

Heavy Duty Truck Electrification Market is Expected to Expand at an Impressive Rate by 2027

 According to the new research report published by The Insight Partners, titled "Heavy duty truck electrification Market - Global Analysis and Forecast to 2027", the global heavy duty truck electrification market is expected to reach US$ 25.5 Bn in 2027, registering a CAGR of 14.3% during the forecast period 2019-2027.

In 2018, North America was estimated to hold the largest market share and is also expected to be fastest region with a CAGR of 17.9%.

The governments are encouraging and creating awareness associated with the advantages of electric vehicles, which influences the demand for heavy-duty truck electrification. Additionally, several governments have implemented strict rules and regulations to restrict the adoption of an internal combustion engine (ICE) vehicles, which has impacted the growth of the heavy-duty truck electrification market positively. In the US, there are about 28 million trucks and buses present and approximately 2 million trucks and buses in California. The government and market players globally are actively concentrating on the reduction of carbon emission from vehicles.

In Asia pacific, the region experiencing enormous opportunities for the manufacturers as well as providers of an electric vehicle. The region has several growing economies, which is leading the growth with a wide variety of sectors such as manufacturing, automotive, technology, construction, and others. Many emerging economies in the APAC region are considered to be developing economies and therefore attracting investment from the regulatory bodies of these countries to bring enhancement in their technologies. This would eventually propel the growth and adoption of heavy-duty electric vehicles across various countries, which drive the demand for better and enhanced transportation in the region.

In North America, the growing requirement of heavy-duty trucks for various applications such as the delivery of goods in cities and urban areas, regional distribution, and international and national transportation has demanded the manufacturer to focus more on the development of electrification of heavy-duty trucks. The demand of Class 4, 5, 6 - parcel delivery vehicle; Class 5, 6, 7 for regional transport; and Class 7 and 8 for international and national transportation is boosting with demand. Recently, in August 2019, Proterra, Inc. (US-based) announced the Proterra Powered vehicle electrification solutions leveraging the company's electric vehicle technology for permitting the OEMs design heavy-duty electric vehicles. In the region, the US led the heavy duty truck electrification market.

Key findings of the study:
Asia Pacific is the fastest-growing region in the heavy duty truck electrification market. China led the heavy duty truck electrification market in the Asian market. China is among the leading new energy vehicle markets, growing with 61.7 % year-on-year sales to a total of 1.25 million in 2018 within the overall car market. As per the China Association of Automobile Manufacturers (CAAM), the anticipated sales for the year 2019 expected to reach 1.6 million. China is the largest EV manufacturer in the world.

The global heavy duty truck electrification market is anticipated to witness impressive growth during the forecast period, owing to the increasing demands for electric vehicles to lower emission level, due to which rules and regulations are taking place in both developing and developed countries of the world. During the forecast period of 2019 to 2027, hybrid powertrain type is expected to drive the demand for heavy duty truck electrification worldwide. Electric power steering by component in 2018 led the heavy duty truck electrification market whereas; electric air conditioner compressor is expected to be the fastest-growing component during the forecast period 2019-2027 growing at a high CAGR value.