Automotive Traction Inverter Market Pegged for Robust Expansion by 2028

 According to the new research report on "Automotive Traction Inverter Market Forecast to 2028 – COVID-19 Impact and Global Analysis," published by The Insight Partners, the Automotive Traction Inverter Market is expected to reach US$ 39140.79 million by 2028, registering a CAGR of 17.2% from 2022 to 2028.

The Asia Pacific region is home to several developing economies, such as China, India, and South Korea, and developed economies such as Japan and Australia. The region's economy is gaining traction, owing to the numerous technological and infrastructural developments. The region has a robust automotive sector, supported by the growing automotive manufacturing hubs in countries such as China, India, and South Korea. Countries such as India, China, South Korea, and Japan are the leading vehicle manufacturing countries globally. Growing environmental concerns (due to rising exhaust emissions), enactment of stringent emissions and fuel economy norms, and increasing government initiatives, such as subsidies and benefits, to improve the adoption rate of electric vehicles and to replace heavy-duty diesel and gasoline-run buses with zero-emission electric buses, are expected to propel demand and growth of the high-performance vehicles which in turn drives the automotive traction inverter market growth. Variations in government policies and subsidies, on the other hand, are likely to impact the development of electric vehicles, which can affect automotive traction inverter sales.

The demand for electric vehicles is fueled by the global electrification trends and government legislation posing lucrative opportunities for the expansion of automotive traction inverters in the global market. For example, the government of China extended subsidies for electric cars for two years after the COVID-19 pandemic, with a plan to reduce the subsidies by 10% and 20% in 2021 and 2022, respectively. Despite the reduced subsidies, sales growth in 2021 implied that China’s EV market might begin to mature. Overall, the Chinese EV market looks promising for further expansion in the forecast period, propelled by the inclination of consumers towards new product offerings, state subsidies, and ongoing municipal preference for EVs. In China, EV-only premium vehicles accounted for 300,000 sales of vehicles produced by Chinese startups, of which Wuling Honggunag Mini EV held the largest share in sales with just under 40000 units sold in 2021. In India, the government approved 5095 electric buses for intra-city commuting in 64 states, 400 e-buses for interstate operations, and 100 e-buses for last-mile connectivity. The goal is to produce electric buses at the most affordable prices feasible. India and China make up the most sales in Asia Pacific region. The region's automotive traction inverter market is predicted to grow because of favorable regulations for electric vehicles, lower-cost electric and electronic components, and rapidly increasing EV charging infrastructure.

Automotive Smart Key Market : Business Overview and Global Development Trends

 According to our latest market study on “Automotive Smart Key Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Application and Technology,” the market is expected to grow from US$ 8,023.9 million in 2021 to US$ 12,020.4 million by 2028; and is estimated to grow at a CAGR of 5.9% from 2021 to 2028.

The rise of advanced technologies that use radio frequency (RF) signals and convert them to digital information is driving the prevalence of smart keys in the automotive sector. Increase in vehicle thefts, and demands for advanced and enhanced features have accelerated the development of automotive telematics and advanced driving assistance systems (ADAS). Telematics is a communication technology that provides navigation, safety, security, and communication in an automobile. The rising demand for an electronic technologies that assist drivers through a safe human–machine interface has propelled the growth of ADAS. The use of digital or radio frequency identification (RFID) technologies for signaling or information handling has been providing lucrative growth opportunities for smart key market vendors. The advanced telematics navigation and tracking systems are increasingly becoming a standard on vehicles. In March 2020, NXP Semiconductors announced an automotive Digital Key Solution that enables smartphones, key fobs, and other mobile devices to securely communicate, authenticate, and share digital keys with vehicles. The solution is built on near-field communication (NFC) chipsets, and it features key sharing, multi-car access, and configurable driving rights, among other capabilities. The increasing contribution of high-end technologies in the passenger car segment, owing to supporting legislation and consumer awareness, is projected to boost the smart keys market in Europe, North America, and Asia Pacific in the coming years.

Based on Application, the automotive smart key market is segmented into single function and multi-function. The market for the single function segment was valued at US$ 4,610.66 million in 2020. On the basis of technology, the automotive smart key market is segmented into remote keyless entry and passive keyless entry.

Impact of COVID-19 Pandemic on Automotive Smart Key Market
According to Organisation Internationale des Constructeurs d'Automobiles (OICA), the global automotive production reduced by 15.8% from 91.8 million in 2019 to 77.6 million in 2020 during to the COVID-19 pandemic. However, as countries have begun reopening their industries sectors in 2021, and manufacturing units and facilities are up and working again, the number of new vehicle registrations is anticipated to grow rapidly in the coming years. Technological advancements and upgrades in the automotive sector is anticipated to boost the demand of vehicles with enhanced security features, which will encourage the development and adoption of automotive smart keys. Increasing trend of keyless authorization and innovative keyless systems is anticipated to propel the market growth during the forecast period. The global automotive sector is further projected to grow on the account of rising economies, reflecting positively on the global automotive smart keys market proliferation.

ALPHA Corporation; Continental AG; Denso Corporation; Honda Lock Mfg. Co., Ltd.; Hyundai Mobis; Silca S.p. A.; TOKAIRIKA,CO, LTD.; TOYOTA MOTOR CORPORATION; Valeo; and HELLA GmbH and Co. KGaA are a few major companies operating in the automotive smart key market.

Express Delivery Market Outlook for Major Applications/end Users, Consumption, Share and Growth Rate 2027

 According to a latest research report titled “Express Delivery Market to 2027-COVID-19 Impact and Forecast and Global Analysis,” published by The Insight Partners, the express delivery market was valued at US$ 239337.5 million in 2019, and it is expected to grow at a CAGR of 6.3% during 2020-2027 to reach US$ 378233.7 million by 2027.

APAC Express Delivery Market to Grow at Highest CAGR during Forecast Period
APAC is the fastest-growing region in the express delivery market. The region has a growing economy, which is leading to growth in a wide variety of sectors, including retail and e-commerce, transportation and logistics, automotive, and pharmaceuticals. The adoption of advanced and innovative technologies across the region is high. The deployment of express delivery services has increased in Asian countries due to investments by the governments and various initiatives for the development of the retail and e-commerce industry. Asia is referred to as the global economy's growth engine with countries, such as China, India, Japan, and Singapore. Several manufacturing industries for automotive, pharmaceuticals, and retail sectors have enhanced the acceptance of advanced technologies across these sectors. The continuous development in the economy and rapid digitalization, rise in education awareness, increase in incomes of the middle class, and adequate government support are factors that have ensured a smooth transition of the developing economies from the developing stage towards a developed stage.

Key Findings of the Study
Increase in adoption of smartphones and high penetration of Internet across the globe is positively influencing the adoption of e-commerce across the global population. This has also influenced businesses to adopt online selling channels to reach a higher customer base. For instance, according to GSMA, the top countries with the highest percentage of smartphone users are China (63.4%), India (31.8%), the US (81.6%), Indonesia (58.6%), Brazil (51.4%), Russia (68.5%), Japan (59.9%), Mexico (54.4%), Germany (77.9%), and Vietnam (63.1%). Additionally, the Internet penetration across these countries is influencing the population to adopt online buying. Express delivery is being highly adopted by brands and e-commerce websites to offer better customer service by delivering parcels in less time.

Due to increase in Internet penetration and online shopping, B2C e-commerce in the globe is witnessing growth. For example, the US B2C e-commerce industry contributed about 10% of total retail revenue in 2019. Moreover, end users who place orders for food and luxury products, such as jewelry, are prepared to spend more on quick product delivery services. By implementing a shortened lead time, e-tailers are also gradually attempting to gain a competitive advantage. These factors are driving the demand for same-day delivery services, where manufacturers pick up and deliver goods from e-tailer warehouses to consumers on the same day. For instance, A1-SameDay Delivery Service Inc. operates in different divisions, such as Local Courier Service, National Courier Service, Scheduled Delivery, and Bike Messenger Service. Same-day delivery services for small and large packages are provided by the company. Some other companies operating in the market are Deliv, Deutsche Post AG, Express Courier, and FedEx Corp., among others.

Terminal Tractor Market: Business Growth, Development Factors, Applications, and Future Prospects

 The global terminal tractor market is estimated to account US$ 623.8 Mn in 2018 and is expected to grow at a CAGR of 4.5% during the forecast period 2019 - 2027, to account for US$ 908.1 Mn by 2027.

The global terminal tractors players are anticipated to witness impressive growth rate during the forecast period. Advancements in the manufacturing sector and their focus laid on core competencies is expected to be a major driving factor for the growth of terminal tractors worldwide. In addition to this, the growing need of transportation amongst the increasingly complex supply chains is anticipated to fuel the demand of efficient terminal tractors among end users such as ports, terminals, and airports.

Asia Pacific is the fastest growing region in the global terminal tractors market. The demand for machines and equipment for container handling is increasing in the Asia Pacific region. Factors such as increasing logistics and distribution trade in the region and a growing number of container shipments in the Asia Pacific are driving the terminal tractor market growth. Asia Pacific region is observing a strong growth in the market during the forecast period as the region consist of a huge number of container ports where the demand for the terminal tractor is high. Due to such factors, the Asia Pacific region would continue to grow. The government of the region is continuously focusing on increasing spending in automotive and transportation industries so that companies would adopt an automated terminal tractor to ease its business process.

The adoption of smart connected devices have increased at a noticeable rate in the developing countries of APAC region. China is the world's largest hub for automotive manufacturing. Also, there has been increasing sales of commercial, and heavy duty vehicles in China, Japan, Australia, India, New Zealand, Taiwan and Singapore by the military, logistics & transportation, mining, and construction end-user sector owing to the increasing investments for advanced technology integrations. Moreover, the role of flowing internal logistics grows in pace with efficiency demands in all industries regardless of the product. It is important to transfer materials reliably and rapidly to the next stage of the production or supply chain.

Terminal Tractor Market - Geographic Breakdown, 2018

The report segments the global terminal tractor market as follows:

Global Terminal Tractor Market - By Type

• Automated
• Manual

Global Terminal Tractor Market - By Propulsion Type

• Diesel
• Electric
• Hybrid
• CNG

Global Terminal Tractor Market - By Application

• Material Handling
• Logistics and Distribution
• Conainer Terminals
• RoRo Terminals

Global Terminal Tractor Market - By Geography

• North America
o U.S.
o Canada
o Mexico

• Europe
o France
o Germany
o UK
o Russia
o Italy
o Rest of Europe

• Asia Pacific (APAC)
o China
o India
o Japan
o South Korea
o Australia
o Rest of APAC

• Middle EAST & Africa (MEA)
o South Africa
o Saudi Arabia
o UAE
o Rest of MEA

• South America
o Brazil
o Argentina
o Rest of South America (SAM)

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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).