Electric Trucks Market Trends and Growth Factors Analysis

 According to our latest market study on “Electric Trucks Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Propulsion, Vehicle Type, Range, and Level of Automation,” the market is expected to grow from US$ 4,592.55 million in 2021 to US$ 26,542.90 million by 2028; it is estimated to grow at a CAGR of 29.4% from 2022 to 2028.

The electric trucks market is growing due to the rising trend of self-driving trucks. Autonomous driving and electromobility are the two key future trends in the field of transportation. Although the combination of these two is likely to exhibit huge economic and ecological potential, especially in the truck and transport industries, combining these two is a bit challenging. Top original equipment manufacturers (OEM) in the automotive sector—such as Tesla, Volvo, Vera, and Daimler—have developed self-driving electric trucks. Moreover, Embark, Einride, TuSimple, and Ike (Nuro) are among the startups that have begun developing self-driving electric trucks. Waymo started testing its self-driving trucks in January 2020. TuSimple planned to operate autonomous routes between Pheonix and Tucson in Arizona and some areas in Texas, in December 2021. Einride started testing its driver-less trucks in May 2019. In January 2019, Daimler announced an investment of US$ 570 million for self-driving electric trucks. Self-driving electric truck technology will create market opportunities for electric truck manufacturers in the long run due to advantages such as easy use and value-added features.

Based on propulsion, the electric trucks market is segmented into BEV, PHEV, and FCEV. In 2021, The BEV segment led the market with the largest share. Based on vehicle, the electric trucks market is categorized into LCV, and Medium and HCV. In 2021, the LCV segment led the market with a larger share. Based on range, the electric trucks market is bifurcated into less than 200 miles and more than 200 miles. In 2021, the more than 200 Miles segment accounted for a larger share of the market. Based on the level of automation, the electric trucks market is segmented into semi-autonomous and fully autonomous. In 2021, the semi-autonomous segment led the market with a larger share. By geography, the electric trucks market is primarily segmented into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM). In 2021, Europe accounted for a significant share of the market.

Impact of COVID-19 Pandemic on Electric Trucks Market

The COVID-19 pandemic has been severe to the global economy due to low output and consumption. Supply-side constraints such as port backlogs, semiconductors scarcity, and supply chain disruptions during the initial phase of COVID-19 had an enormous impact on the global automobile industry. According to International Council on Clean Transportation, China, the UK, Germany, the US, and India experienced a sharp decline in new vehicle registrations, as the year-to-year sales volume declined in these countries. However, most automobile industries in developing and developed economies show a V-shaped recovery. According to the World Bank Group of the US, the global GDP is expected to be 3.2% in 2021, which is below the pre-pandemic projection. A slow recovery in the global economies has benefitted the automobile industry.

In the first half of 2021, relaxations in restrictions on merchandise trade led to the revival of global economic activities above their pre-pandemic peak. According to the World Trade Organization, the trade volume increased upon the introduction and surge in the vaccination process. With such favorable economic conditions, the electric trucks market is likely to revive in the coming years.

AB Volvo; BYD Company Ltd; Daimler AG; FAW Group Co.,Ltd; Navistar, Inc.; PACCAR Inc.;  Proterra Inc.;  Rivian; Scania; and Tesla, Inc. are a few of the key players operating in the electric trucks market. The performances of several other companies have been analyzed to understand the entire market.

Automated Parking System Market Key Manufacturers, Development Trends and Competitive Analysis

 According to the latest research report titled “Automated Parking System Market Forecast to 2028 – COVID-19 Impact and Global Analysis,” published by The Insight Partners, the market is expected to reach US$ 3,543.77 million by 2028, registering a CAGR of 14.1% during 2021–2028.

According to the World Economic Forum, the number of cars in the world is estimated reach 2 billion mark by 2040. Industry experts anticipate most of this growth to happen in emerging markets such as China and India, owing to the rapid increase in population. With the surge in number of vehicles, people are facing issues such as traffic congestion and parking space insufficiency. Fully automated parking systems are capable of parking and retrieving a car automatically. Consumers demand for comfort and convenience, which has propelled the adoption of automated parking systems that increase capacity, efficiency, and safety of the occupants. Reduced cycle time up to 30–35% is augmenting the growth of the market for non-palleted parking solutions. Growing technological innovations and integrations in parking guidance systems, license plate recognition systems, sensor-based parking recognition systems, and RFID systems are further likely to raise the sustainability of APS systems.

Growth of economies, and improvements in production and manufacturing infrastructures, especially in the developing countries, have bolstered the automobile market growth. According to the European Automobile Manufacturers Association, 77.9 million motor vehicles were produced in the world in 2020. After witnessing a significant drop in 2020 due to the onset of COVID-19, the automotive market has begun witnessing a gradual recovery in consumer demand for cars since the last quarter of 2020. According to several automotive industry associations and organizations, the automotive sector experienced ~20–25% loss in production and more than 30% loss in sales in 2020. The component manufacturers observed significant tremors in 2020, indicating decline in automotive manufacturing. However, as per industry experts, the demand for mobility is expected rise in the next few years. The lower traffic on road in 2020 severely hindered the revenue of the parking industry, which reduced the demand for APS.

Key Findings of Study:

The global automated parking system market is segmented into five major regions—North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). Europe and North America are leading regions in the automotive production across the world. The regions are witnessing a significant evolution in the parking access and revenue control systems (PARCS) technology, which is becoming a standard in parking facility operations. Automated and semi-automated garages have gained significant popularity in New York, Philadelphia, Miami, and Los Angeles. There is a rising demand for automatic garages with hydraulic pallets and computerized shelving, which park up to 250 cars per hour, with 32 cars in motion at any time. The cost of parking has increased with rapid urbanization, which is making cities denser. The installation of automated parking garages is likely to surge in the region due to their high efficiency. Automated parking enables the close parking of vehicles as it reduces the space needed for manual parking maneuvers. Moreover, nobody can access the cars while they are parked, which reduces the need to build ramps, lanes, stairs, or elevators for occupants to enter and leave. Market players in North America are largely focused on the development of robotic garages to reduce operating costs. The “Smart Cities” initiative of the US government was initiated in 2015 with an aim to improve city services; it granted US$ 160 million in funding. Most of the automated parking structures in the US are funded as a part of the larger real estate development projects. Government support and public private partnerships is anticipated to boost the growth of the automated parking system market in North America.

Asia Pacific is the world’s fastest-growing region in terms of automobile manufacturing. Large manufacturing facilities in countries such as China, India, and Japan; presence of a large consumer base; and the presence of key market players contribute significantly to the large-scale automotive production in the region. China recently introduced its first robotic diagonal parking garage in the city of Nanjing in East China to address the issue of space insufficiency. The garage is based on the mechanical model of common storage and retrieval system. The system eliminates the structures such as driving lanes, ramps, pedestrian walkways, and shorter ceiling heights, thus freeing up space for developmental or commercial purposes. Japan’s Eco Park is an automated car storage system that uses a turntable lift to lower vehicles into the silo-shaped garage, further storing them automatically. There is a growing trend of automated multilevel parking systems in Asia Pacific countries. Technological advancements are further encouraging the introduction of design-efficient automated parking lots for residential, commercial, and mixed-use parking purposes in this region.

E-Commerce Automotive Aftermarket Market Insights Shared in Detailed Report

 According to our new research study, titled " E-commerce Automotive Aftermarket Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product Type, Consumer Type, and Geography," the E-commerce Automotive Aftermarket Market is projected to reach US$ 1,60,985.4 million by 2028 from US$ 57,301.1 million in 2022. It is estimated to grow at a CAGR of 18.8% from 2022 to 2028.

The automotive aftermarket is concerned with the custom manufacturing, remanufacturing, distribution, retailing, and installation of all vehicle parts, chemicals, equipment, and accessories following the sale of the automobile to a consumer by the original equipment manufacturer (OEM). However, OEMs can fail to produce components and accessories for sale.

The E-commerce automotive aftermarket market refers to an internet-based e-commerce platform where car components are offered to do-it-yourself customers and service professionals. The aftermarket includes all automotive spare parts, equipment, accessories, and services purchased through e-commerce platforms following regular vehicle usage. Customers' broad usage of e-commerce services has boosted the global e-commerce automotive aftermarket.

Furthermore, the rapidly increasing electric vehicle industry will likely create new possibilities for e-commerce automotive aftermarket market participants in the coming years. The growing influence of digital transformation is transforming the global automobile sector. The automotive aftermarket is also changing from conventional legacy systems to digitalized systems powered by big data, predictive analytics, mobility, and IoT. E-commerce development is predicted to provide opportunities for all industry participants, including original equipment manufacturers (OEMs), original equipment suppliers (OESs), workshops and garages, distributors, end customers, non-auto stakeholders, and mobility startups. The continued trend of people customizing and creating automobile interiors and exteriors based on their preferences adds to the market development.

Moreover, the easy availability of cheap replacement parts and simple procedures, such as changing oil, tires, and mirrors with little tool requirements, are increasing the size of the DIY sales outlet business, thereby positively influencing the e-commerce automotive aftermarket market. Increased e-commerce platforms and collaboration between e-commerce platform providers and brick-and-mortar retailers are expected to boost the global e-commerce automotive aftermarket market over the forecast period.

Based on product type, the e-commerce automotive aftermarket market is classified into braking (brake pads, hydraulics and hardware, and rotor and drum), steering and suspension (ball joints, tie rods, sway bar links, bearings/seals, and others), and hub assemblies, universal joints, gaskets, filters, spark plug, and others. Based on consumer type, the market is bifurcated into B2B and B2C. Based on geography, the market is segmented into 5 major regions: Asia Pacific (APAC), North America, Europe, Middle East & Africa (MEA), and South America (SAM).

Automotive Lighting Market: Global Market Revenue and Share by Manufacturers

 According to the new research report published by The Insight Partners, titled "Automotive lighting Market - Global Analysis and Forecast to 2027", the global automotive lighting market is expected to reach US$ 40.41 Bn in 2027, registering a CAGR of 3.3% during the forecast period 2019-2027.

In 2018, Asia Pacific was estimated to hold the largest market share and is expected to be fastest region with a CAGR of 3.9%.

The increasing sales of premium and luxury car owing to rising disposable income, and stringent government regulations regarding automotive lighting are the major factors driving the market. The rise in the sales of vehicles, in particular passenger cars, can be attributed to the steady increase in the disposable incomes of consumers, especially during the post-recession era. In the western countries where consumers have high disposable incomes, it has been observed that with the rise of the vehicular population, consumer preferences for buying passenger cars differs.

The automotive industry in APAC region has witnessed growth in past years, and the western OEM and automotive manufacturers have shifted their focus toward strengthening their position in the region. The rapidly growing economies have translated into rising per-capita incomes and consumer expenditures. As a result, APAC witnessed high growth in automobile sales in recent times. The higher number of automobiles on the road demands higher production of vehicles and thus present large potentials for vehicle lighting manufacturers to expand their business base in APAC.

The demand for automotive lighting in North America is growing owing to the increasing demand for passenger cars in the region. The automakers in the region are focusing on integrating advanced lighting solutions in vehicles to provide better driving experience and avoid accidents that are caused due to low lights. The market for automotive lighting in North America is competitive, and the automotive lighting manufacturers are focusing on gaining a significant market share by taking various business initiatives. For instance, in 2019, Varroc announced the opening of State-Of-The-Art Manufacturing Hall in Nový Jiín. Through this new facility indulged in the manufacturing of rear lamps and fog lamps to reach the highest standards of production logistics, automation, and safety across the Europe region. Similarly, in 2018, Lumileds developed new Philips Ultinon LED headlights, which is 160% brighter than the usual light that permits the driver to see more and react faster, as well as up to 6,200 K color temperature delivers the vehicle with a new and slick modern look.

Key findings of the study:
APAC held the largest market in 2018 in the automotive lighting market. China led the automotive lighting market in the region. China is the largest automotive manufacturing country across the world, and the country produced 27,809,196 vehicles in 2018. The country houses a few major automotive manufacturers such as SAIC Motor, Dongfeng, FAW, and Chang'an. Also, a few western automakers are focusing on expanding in China to cater to a broader set of audiences. Also, regional players are focusing on developing an efficient lighting solution to achieve a strong market position. Therefore, a strong automotive sector and increasing focus of western automakers toward expansion to the country are the major factors that are expected to drive the growth of the automotive lighting market in the country.

The global automotive lighting market is anticipated to witness impressive growth during the forecast period, as Audi, BMW, and General Motors are adopting efficient lighting systems to provide differentiated services to their customers. These luxury carmakers already have an established market in developed countries. Further, these automakers have also witnessed a surge in the sales of their premium cars segment in emerging markets, such as India and China. During the forecast period of 2019 to 2027, interior lighting is expected to drive the demand for automotive lighting worldwide. Passenger Car by vehicle type in 2018 led the automotive lighting market, whereas LCV is expected to be the fastest-growing vehicle type during the forecast period 2019-2027 growing at a high CAGR value.

Natural Gas Vehicle Market Overview and Regional Outlook Study

According to our latest market study on “Natural Gas Vehicle Market Forecast to 2027 - COVID-19 Impact and Global Analysis- by Fuel Type (CNG and LNG),Application (On Road and Off Road), and Vehicle Type (Passenger Vehicles, Light and Commercial Vehicles, and Heavy Commercial Vehicles),” the market was valued at US$ 17,100million in 2019 and is projected to reach US$ 28,805.75million by 2027; it is expected to grow at a CAGR of 6.9% from 2020 to 2027.

Europe led the global natural gas vehicle market with 8.1% revenue share in 2019, followed by Asia-Pacific (APAC)and North America. Europe comprises Germany, Italy, Russia, the UK, France, and the Rest of Europe. Automotive is one of the major manufacturing industries in European countries as it considerably contributes to the countries’ gross domestic product. Also, several premium automotive manufacturers are based in the region. The vehicles and fuelling stations are constantly growing across Europe. LNG and CNG primarily consist of methane that is progressively generated from renewable sources in biomethane and synthetic natural gas. The rising production of commercial and passenger vehicles generates huge demand for natural gas vehicles. Moreover, growing investments in sustainable transport and increasing need for alternative fuel technology would accelerate the natural gas vehicle market growth across various European countries in the coming years.

In 2019, Asia-Pacific stood second in the natural gas vehicle market with a decent market share; it is anticipated to register a steady CAGR from 2020 to 2027.In the past five years, capital investment in technological development has grown by 6.3%in Europe, to reach US$ 7,313.09 million of capital investment in 2019.International Energy Agency stated that apart from South America, APAC is the leading region in the natural gas vehicle industry. The increasing disposable income of individuals and rising economy have bolstered the sales of passenger cars and commercial vehicles in the past few years. APAC has become a global manufacturing hub with the presence of a robust automotive and transportation industry. Government initiatives-such as Made in China 2025 and Make in India-propel the growth of this sector in APAC countries. Developing infrastructure, increasing domestic consumption, as well as low labor costs are the key factors attracting automotive and transportation companies in southeast Asian countries. Based on the pollutant emissions, natural gas vehicles perform exceptionally well than diesel vehicles-especially in heavy commercial vehicles. Optimizing air quality is expected to be a significant driver for natural gas in various APAC countries, such as India, Malaysia, Singapore, and Thailand. Expansion of gas markets, public transportation, and the economy in the region drives the growth of the market.

Companies adopt inorganic market strategies to expand their footprints across the world and meet the growing demand. The market players present in the natural gas vehicle market are mainly focusing on gaining approval by integrating advanced features and technologies. By signing partnerships, contracts, joint ventures, and inaugurating new offices across the world, companies are increasing their market share and brand presence. Most of the market initiatives were observed in North America, and Europe, which have a high potential for future market growth. For instance, in 2019,Agility Fuel Solutions for medium- and heavy-duty commercial vehicles received 2019 California Air Resources Board (CARB) certifications for its natural gas fuel system for installation on General Motors 6.0L gasoline engines.

Impact of COVID-19 Pandemic on Natural Gas Vehicle Market
The COVID-19 outbreak is adversely affecting the world and is continuing to shatter several countries. Until the outbreak, the automotive and transportation industry was experiencing substantial growth in terms of production and services; however, the outbreak is tremendously disrupting the supply chain and production of automotive and transportation. The automotive manufacturing and transportation industry is heavily dependent on manual labor. Owing to the strong lockdown regulations imposed by the majority of the countries across the globe, the industry is experiencing a significantly lower number of labors in respective manufacturing facilities. This factor is hindering the automotive and transportation industry, thereby restraining the growth of the natural gas vehicle market.

Natural Gas Vehicle Market - Geographic Breakdown, 2019

The report segments the global natural gas vehicle market as follows:
By Fuel Type
• CNG
• LNG
By Application
• On-Road
• Off-Road
By Vehicle Type
• Passenger Vehicles
• Light and Commercial Vehicles
• Heavy Commercial Vehicles

By Geography
• North America
o US
o Canada
o Mexico
• Europe
o France
o Germany
o Italy
o UK
o Russia
o Rest of Europe
• Asia Pacific (APAC)
o China
o India
o South Korea
o Japan
o Australia
o Rest of APAC
• Middle East and Africa (MEA)
o Saudi Arabia
o UAE
o South Africa
o Rest of MEA
• South America (SAM)
o Brazil
o Argentina
o Rest of SAM

Pontoon Boat Market Set to Record Exponential Growth by 2028

According to our latest market study on “Pontoon Boat Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Tube Type, Propulsion Type, Size, and Application,” the market was valued at US$ 2,132.97 million in 2021 and is projected to reach US$ 4,089.97 million by 2028; it is expected to grow at a CAGR of 9.7% from 2021 to 2028.

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 to Witness Widespread Expansion by 2029

 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.