ADAS Sensor Market to Witness Robust Expansion by 2030

Bosch claims that its fourth-generation long-range radar (LRR) for automobiles has a detection range of up to 250 meters, while Continental’s fifth-generation LRR is claimed to have a range of 300 meters. Many more automotive technology companies are bringing innovations in their radar, light detection and ranging (LiDAR), ultrasonic, and camera sensors considering the rising demand for autonomous vehicles. This is because autonomous vehicles require advanced driver assistance systems (ADAS) to drive on their own, which, in turn, require all these kinds of sensors to function.

Therefore, with the increasing popularity of self-driving vehicles, P&S Intelligence expects the ADAS sensor market value to escalate to $40.8 billion by 2030 from $11.5 billion in 2019, at an 11.7% CAGR between 2020 and 2030. The demand for autonomous vehicles is itself being driven by the rising number of road accidents, which already kill more than 1.3 million people each year, according to the World Health Organization (WHO). Since human error is the cause of most such mishaps, not letting humans have the driving control could help lower the road accident and mortality rates.

As a result, Europe and North America have been among the largest contributors to the ADAS sensor market till now. Moreover, the regions are home to numerous semiconductor and automotive technology companies, as well as automakers, who are all working together on the enhancement of the autonomous driving technology and making it a reality. For instance, in its pilot program conducted in 2019, Waymo ferried 6,299 passengers in its robotaxis across California. Similarly, France, Switzerland, the Netherlands, Sweden, Norway, and Spain have modified their road transportation laws to encourage the testing and future adoption of self-driving vehicles.

Hence, with efforts being made on a global level to make roads safer, the integration rate of ADAS sensors in vehicles will boom. 

India Interior Design Market is Set for Lucrative Growth During 2021–2030

A number of factors, such as the rising number of real estate activities, growing population, rapid urbanization, surging disposable income, and increasing government initiatives to boost the construction sector, are projected to propel the growth of the Indian interior design market during the foreseeable period (2021–2030). According to P&S Intelligence, the market generated revenue of $22,939.7 million in 2020, and it is projected to witness significant growth in the coming years. Moreover, the market is witnessing a trend of the increasing demand for theme-based offices and home interior designing, in the country.

One of the prime factors propelling the market growth in India is the surging government support to boost the construction sector. For instance, the construction industry in the country grew at a CAGR of 5.6% during 2016–2020 and it attracted institutional investments of $5 billion in 2020. Moreover, the industry is projected to appear as the third-largest market in the world by 2025. Thus, it is essential for the central government, in association with state governments, to support the development in the real estate sector, which, in, turn, driving the need for interior designing services.

The decoration type segment of the Indian interior design market is classified into new and renovations. Of these, the new category held the larger revenue share in 2020 in the market, and it is also projected to witness the same trend in the coming years. This is ascribed to the surging need for residential and commercial spaces, due to the growing population and rising urbanization, in India. Moreover, increasing spending power of people, shifting in work culture, and improving lifestyle are leading to the high demand for well-designed, elegant homes and offices, in the country.

Furthermore, the end use segment of the Indian interior design market is classified into residential and commercial. Between the two, the commercial category accounted for the larger market share in 2020. This is due to the flourishing commercial real estate industry in India. With the undergoing transition in work culture, interiors of commercial spaces are becoming vital. Specialized interior designers are able to make the spaces functional, comfortable, and aligned with a viewpoint of a client’s brand. Also, they can come with improved designs on how to best utilize these spaces and enhance the working environment.

Geographically, North India held the largest share in the Indian interior design market in 2020, and it is projected to lead the market during the forecast period as well. This is ascribed to the growing urbanization rate, surging investments in the real estate sector, mounting number of national and international corporate offices in the Delhi-National Capital Region (NCR), and rising number of housing projects introduced by public organizations and private builders, in the region.

Thus, the rising need for residential and commercial spaces and the increasing government support for the construction industry are projected to propel the market growth in India during the foreseeable period.

COVID-19 Impact on the Automotive Tire Market

 Factors such as the booming automobile industry and the surging lifespan of vehicles are expected to drive the automotive tire market at a CAGR of 7.7% during the forecast period (2019–2024). The market registered sales of 1,866.7 million units in 2018, and it is projected to sell 2,894.4 million units by 2024. Moreover, the growing preference of automakers for private labeling will create ample growth opportunities for market players in the forthcoming years.

One of the primary factors behind the market growth is the increasing lifespan of vehicles, owing to the constant technological advancements being made in the automotive sector. Over the years, automobile manufacturers have been making constant efforts to improve the durability and reliability of vehicles, primarily on account of the rising implementation of stringent government regulations and growing competition among automakers. Besides, the amplifying chances of wear and tear of tires, due to the increasing mileages being offered by vehicles, will also augment the need for automotive tires in the forecast years.

According to P&S Intelligence, Asia-Pacific (APAC) held the largest share in the automotive tire market in 2018, wherein China was the major contributor. The leading position of China can be attributed to the presence of the world’s largest automobile manufacturing hub in the country. According to the International Organization of Motor Vehicle Manufacturers (OICA), China produced 19,994,081 units of passenger cars and 5,231,161 units of commercial vehicles in 2020. Whereas, Thailand will demonstrate the fastest growth in the coming years, due to the presence of around 35% of global reserves of raw rubber in the country.

Therefore, the flourishing automobile sector and growing lifespan of vehicles will supplement the market growth in the upcoming years.

Truck Platooning Market: What are the Key Growth Factors?

In recent years, the popularity of truck platooning has surged massively. This has been primarily because of the various advantages offered by this technology, such as safer, cleaner, and more efficient road transport. Moreover, truck platooning assists in reducing the emission of carbon dioxide (CO2) and the consumption of fuel by trucks. As per the European Federation for Transport and Environment, emissions produced by trucks contribute around 25% of the total road transport emissions currently. 

Furthermore, according to an Intelligent Transportation System for Commercial Vehicles (ITS4CV) study conducted by the European Road Transport Telematics Implementation Coordination (ERTICO), platooning can massively reduce CO2 emissions, with up to 8% reduction in emissions from the leading truck and 16% reduction from the trailing truck. In addition, truck platooning can also massively improve the safety levels in truck transportation. For instance, braking under the truck platooning system is automatic and immediate, with the trucks following the lead truck needing less time (around one-fifth) than the normal human reaction time to brake. 

Apart from this, platooning also assists in route optimization, which helps drivers in increasing the truck’s driving range. It also enables the driver to perform other work-related tasks, such as doing paperwork and making calls. Owing to these factors, the demand for truck platooning is surging sharply, which is, in turn, fueling the expansion of the global truck platooning market. Truck platooning basically involves the optimum usage of autonomous driving technologies, which not only mitigates the chances of road accidents, but also, improves the trucks’ overall operational efficiency and assists fleet operators in making significant savings on maintenance and fuel costs. 

Hence, it is safe to say that the demand for truck platooning will soar in the coming years, primarily because of the various benefits of this technology and the growing requirement for greater vehicle safety across the world. 

EV and Robotics in Mining Market - Pre & Post COVID-19 Impact Analysis, Key Players and Growth Analysis

The mushrooming requirement for automated systems in mining operations is fueling the use of electric vehicles and robotics in the mining sector. Historically, the mining industry has been a highly labor-intensive industry. However, with rapid technological advancements, the increasing implementation of government regulations aimed at promoting workforce safety, and the hurdles and obstacles associated with finding skilled workers, the adoption of automation is rising in the industry. Besides, the rapid digital transformation and the surging incorporation of advanced technologies are also providing lucrative growth opportunities to mining companies.

Moreover, many mining companies are increasingly focusing on enhancing production, improving efficiency, making the overall work environment less hazardous and safer, and reducing the overall cost. Additionally, several mining firms are leveraging the industrial internet of things (IIoT) in order to ensure a highly connected network among different stakeholders in the mining industry and allow autonomous control in various processes while building sustainable value chains. This is predicted to fuel the expansion of the global electric vehicle and robotics in mining market in the coming years.

Globally, the Asia-Pacific (APAC) region will hold the largest share in the electric vehicles and robotics in mining market in the coming years, as per the estimates of the market research company, P&S Intelligence. This is ascribed to the fact that China is one of the largest producers of coal in the world, with the country accounting for around 47% of the total coal produced across the world. Indonesia and Australia are the other major coal producers in the region. The use of electric vehicles and robotics will also shoot up in the mining industry in Latin, America, Middle East, and Africa (LAMEA) in the upcoming years.

Thus, the use of electric vehicles and robotics is set to surge in mining operations in the years to come, primarily because of the growing requirement for automation in the mining sector and mushrooming demand for advanced technologies and mining techniques all over the world.

What are Key Factors Driving the Growth of Automotive Aftermarket?

With the rise in the average age of automobiles, the demand for automotive parts and components manufactured by aftermarket companies is growing rapidly across the world. This is fueling the sales of these components, especially in the Latin America, Middle East, and Africa (LAMEA) and Asia-Pacific countries. For example, the average age of automobiles in China grew from 4 years in 2010 to 6 years by the end of 2020.

This increment was primarily because of the provision of stretched car loans for around 4¬–5 years and the rapid improvements and advancements being made in the manufacturing processes of automobiles in the country. Moreover, the adoption of technologically advanced and innovative products in vehicles has also contributed toward the increased lifespan of vehicles in the country. Apart from China, the average age of automobiles is also rising in Brazil and India.

This is, in turn, driving the expansion of the automotive aftermarket. Additionally, the growing deployment of electric vehicles in several countries is also propelling the sales of these parts and components across the world. Due to the escalating air pollution levels and the rising consumer preference for environment-friendly modes of transportation, the sales of electric vehicles are surging sharply, which is subsequently creating lucrative growth opportunities for aftermarket companies around the world.

Due to the above-mentioned factors, the global automotive aftermarket is registering huge growth. As a result, the value of the market is predicted to grow from $803.22 billion in 2019 to $1,370.17 billion by 2030. Furthermore, the market is predicted to advance at a CAGR of 5.07% between 2020 and 2030. Drive transmission and steering parts, engine parts, suspension and braking parts, electrical parts, and equipment are the major aftermarket components sold across the world.

Hence, it can be said with full surety that the demand for vehicular parts and components manufactured by aftermarket companies will shoot up all over the world in the forthcoming years, mainly because of the increasing average age of automobiles and the growing deployment of electric vehicles in various countries around the world. 

What are Key Factors Driving the Growth of Electric Off-Highway Vehicles Market?

Due to the implementation of strict emission norms by the governments of several countries, the demand for eco-friendly vehicles has increased massively. This is driving the expansion of the global electric off-highway vehicles market. As a result, the market generated a revenue of ~$7 Billion in 2020. Moreover, with the enactment of these regulations, many automotive manufacturing companies are shifting their focus from internal combustion engine-powered vehicles toward automobiles having alternative powertrains.

Additionally, the surging requirement for emission-free and low-noise construction machines, especially in residential areas, is also fueling the growth of the electric off-highway vehicles market. Due to these factors, the electrification of off-highway vehicles, including those used in the construction industry, is rising rapidly. This is because of the fact that the necessary technologies are rapidly becoming affordable and mature. For example, AB Volvo is providing a range of electric compact equipment such as L25 electric compact wheel loader and ECR25 electric compact excavator.

Across the globe, North America is predicted to hold the largest share in the electric off-highway vehicles market till 2030. This is attributed to the implementation of environmental protection initiatives for controlling the carbon footprint and reducing the emissions generated from the construction industry in the region. For example, 15 states and the District of Columbia have aimed to have 100% of all new heavy- and medium-duty vehicle sales to be of emission-free variants by 2050. Further, the rising demand for electric mining dump trucks, electric tractors, electric lawnmowers, electric loaders, electric excavators, and electric dozers is massively augmenting the sales of electric off-highway vehicles in the region.

Hence, it can be said without any hesitation that the demand for electric off-highway vehicles will explode in the coming years, primarily because of the growing adoption of electric vehicles, on account of the surging air pollution levels and enactment of favorable government initiatives, and increasing construction and infrastructural development activities in several countries.

FCEV Industry is Set for Lucrative Growth During 2021–2030

The global fuel cell electric vehicle market generated ~$3 billion revenue in 2020. The market is being driven by the enactment of strict carbon emission regulations, such as those regarding fuel efficiency, by various governments and organizations, and the burgeoning requirement for environment-friendly vehicles, on account of the surging concerns being raised over the escalating carbon dioxide emissions all over the world. For example, the U.S. Environmental Protection Agency (EPA) is encouraging the adoption of fuel cell electric vehicles in order to reduce carbon dioxide emissions in the country.

Furthermore, the European Union has announced recently that it aims to reduce vehicular emissions by 80% by 2050 from the levels reported in 1990. The organization would achieve this objective by promoting the use of green vehicles. Besides, the mushrooming deployment of electric vehicles in several countries is also driving the growth of the fuel cell electric vehicle market. For example, as per the International Energy Agency (IEA), the sales of electric cars surpassed 2.1 million across the world in 2019, thereby propelling the global electric car fleet to 7.2 million.

Moreover, electric cars accounted for 2.6% of the worldwide electric car sales and around 1% of the global vehicle stock in 2019, recording a 40% year-on-year increment from 2018 to 2019. Depending on vehicle type, the fuel cell electric vehicle market is divided into commercial vehicle and passenger vehicle. Between these, the commercial vehicle category is predicted to exhibit faster growth in the market in the coming years. This will be because of the ballooning requirement for emission-free commercial vehicles for logistical and public transportation across the world. 

The market is also classified on the basis of range into long and short. Of these, the long category dominated the market in 2020, because of the large-scale adoption of heavy-duty automobiles for logistics and long-haul transportation. To mitigate the overall operational costs, several organizations operating in the logistics industry are adopting sustainable transportation methods and replacing the conventionally used vehicles with fuel-efficient, advanced, and eco-friendly alternatives. Geographically, the fuel cell electric vehicle market is predicted to demonstrate the fastest growth in Asia-Pacific in the forthcoming years.

This will be primarily because of the enactment of strict emission norms by the governments of China and Japan. Further, the existence of several major fuel cell vehicle manufacturing organizations such as Toyota Motor Corporation, SAIC Motor Corporation Limited, and Hyundai Motor Company, is also fueling the deployment of fuel cell electric vehicles in the region. Furthermore, the implementation of initiatives such as the promotion of zero-emission automobiles during major events like the 2020 Summer Olympics in Tokyo, is also propelling the market expansion in the region.

Hence, it is safe to say that the demand for fuel cell electric vehicles will surge sharply in the upcoming years, mainly because of the growing demand for environment-friendly vehicles, on account of the increasing air pollution levels and carbon dioxide emissions, and the enactment of favorable government initiatives regarding their deployment across the world. 

Baby Food Market Hit Almost $53.9 Billion Figure By 2030

Due to the growing population of working mothers, surging concerns being raised by parents over infant nutrition, falling infant mortality rate, soaring public awareness about innovative baby food products, and increasing urbanization rate and organized retail marketing activities, the global baby food market revenue is predicted to rise from $30.0 billion in 2020 to $53.9 billion by 2030. Furthermore, the market will progress at a CAGR of 6.1% from 2021 to 2030 (forecast period), as per the estimates of the market research firm, P&S Intelligence.

As working women are actively focusing on the nutritional needs of their babies, their mushrooming population all over the world is driving the sales of baby food products. As per the Office for National Statistics (ONS), in England, the share of working mothers in the total population of mothers rose from 69% in 2013 to 74% in September 2018. Additionally, as per the data released by the Catalyst, which is a non-profit organization that works with more than 800 companies across the world for accelerating women into leadership positions, in India, 20.3% of the women in the age group—15 years and older—were working in 2020.

This is credited to the growing public preference for buying baby food products via various e-commerce platforms over other distribution channels. Across the globe, the Asia-Pacific (APAC) region generated the highest revenue in the baby food market in 2020 and it is predicted to be the fastest growing region during the forecast period as well. This will be because of the surging population of working women, high birth rates, soaring disposable income of people, ballooning public awareness about baby food products, and increasing research and development (R&D) activities being carried out by several baby food producing companies in the region.

Hence, the sales of baby food products are certain to shoot up in the coming years, owing to the surging population of working women, growing disposable income of people, falling infant mortality rate, and rising public awareness about infant nutrition all over the world.

Driving Simulator Industry: What are the Key Growth Factors?

 Factors such as the burgeoning demand for vehicles, soaring number of research and development (R&D) initiatives in the domain of advanced driver-assistance systems (ADAS), and surging demand for skilled drivers, owing to the high road accident rate, will facilitate the driver simulator market during the forecast period (2020–2030). According to P&S Intelligence, the market revenue stood at ~$2 billion in 2020. Moreover, the surging need for skilled commercial vehicle drivers for logistics services will support the market growth in the foreseeable future.

In recent years, the advent of autonomous vehicles has become a prominent market trend. Automakers across the world are heavily investing in the development of components, such as sensors and processors, that are installed in autonomous vehicles. Nowadays, automotive original equipment manufacturers (OEMs) are using driving simulators to test the performance and capabilities of these components and features, as driving simulator systems deliver excellent testing competence in realistic surroundings. The rapid advancements being made in the autonomous technology will drive the demand for driving simulators in the coming years.

At present, the driving simulator market is moderately consolidated in nature due to the presence of few players, such as Cruden B.V., MTS System Corp., Ansible Motion Ltd., NVIDIA Corp., AutoSim AS, OKTAL SYDAC, CAE Inc., Mechanical Simulation Corp., Dallara Group Srl, and Moog Inc. Nowadays, these players are focusing on product launches to gain a competitive edge in the market. For instance, in July 2020, Anthony Best Dynamics Ltd. introduced a static driving simulator that delivers high levels of driver immersion.

Geographically, North America held the largest share in the driving simulator market in 2020, due to the surging number of vehicles on North American roads. Moreover, the rising implementation of stringent government regulations for road safety and traffic control facilitates the market growth in the region. Additionally, the increasing advancements being made in the driving simulator technology, to prevent potential failures that might lead to driver injuries, are also contributing to the market growth in the region.

Thus, the increasing adoption of autonomous vehicles and booming need for enhanced driving experience will facilitate the market growth in the forecast years.

Organic Trace Minerals Market: What are the Key Growth Factors?

Trace minerals play a vital role in several metabolic functions in the animal body. These minerals can be derived from organic as well as inorganic sources. Inorganic trace minerals, such as sulphates, carbonates, chlorides, and oxides of elements, interact with tannin, fiber, silicates, oxalate, phytate, and other minerals in the gastrointestinal tract of animals, thereby affecting the feed absorption process. As organic trace minerals such as selenium, zinc, copper, and manganese improve gut absorption in animals, they are being increasingly used in animal feed.

As organic trace minerals also include iron, the surging iron deficiency among poultry and ruminants will help the organic trace minerals market register significant growth in the coming years. Additionally, the mounting focus of animal farm owners on strengthening animal immunity will create a huge requirement for minerals such as copper and manganese in the foreseeable future. Furthermore, the surge in the number of animal farms is propelling the demand for organic trace minerals, as veterinarians are increasingly recommending using these products in animal feed.

According to P&S Intelligence, North America dominates the organic trace minerals market, due to the surging customer awareness about the advantages of organic products in the region. Additionally, the implementation of stringent environmental regulations is limiting the use of inorganic minerals, which is, in turn, fueling the adoption of organic trace minerals in the region. Furthermore, the Asia-Pacific (APAC) region is also adopting a considerable volume of organic trace minerals, due to the soaring consumption and export of milk products and meat in the region.

Thus, the rising emphasis on animal health and enhanced productivity, escalating demand for milk products and milk, and growing prevalence of iron deficiency among animals will encourage the use of organic trace mineral products in the coming years.