Fuel Cell Vehicle Market to See Massive Growth by 2030

The implementation of strict emission norms and regulations regarding fuel-efficiency in several countries, on account of the escalating pollution levels and rapid deterioration of the environment, is positively impacting the worldwide demand for fuel cell vehicles. For example, the European Union intends to reduce vehicular emissions by as much as 80% by 2050, from the levels reported in 1990, by promoting the deployment of green automobiles. Furthermore, the U.S. Environmental Protection Act (EPA) was enacted for encouraging the adoption of fuel cell electric vehicles (FCEVs) in order to mitigate carbon dioxide emissions.

Several countries are also planning to ban the manufacturing and sales of diesel and gasoline-powered vehicles in the coming years. For example, the U.K., France, Norway, the Netherlands, and India aim to ban the manufacturing and sales of diesel and gasoline-powered vehicles in the coming years (over 2025–2040 period). These measures will support the expansion of the fuel cell vehicle market during 2019–2024. Apart from enabling environment-friendly transportation and providing higher fuel efficiency, fuel cell vehicles also provide an enhanced driving experience.

Geographically, the sales of fuel cell vehicles were observed to be the highest in North America during the last few years. The U.S. dominated the North American fuel cell vehicle market in the years gone by, as per the observations of P&S Intelligence, a market research company based in India. As the U.S. government is fully focused on stopping the manufacturing and sales of oil and gas-powered vehicles in the coming years, it is providing various financial incentives and implementing supportive policies for encouraging the adoption of new energy vehicles in the country.

Thus, it can be said with surety that the sales of fuel cell vehicles will surge in the coming years, primarily because of the growing requirement for eco-friendly vehicles and the increasing implementation of stringent emission regulations by the governments of several countries in order to reduce the emission of greenhouse gases and mitigate the escalating pollution levels.

Connected Truck Market Set to Exhibit Tremendous Growth in Coming Years

 The European Union (EU) mandates the inclusion of alcohol interlock installation facilitation solutions, distraction recognition/prevention features, event (accident) data recorders, emergency stop signals, intelligent speed assistance systems, tire pressure monitoring systems, and reversing cameras or detection systems in trucks being adopted in European nations, from 2022. Similarly, the U.S. Department of Transportation (USDOT) is working with local and state transportation agencies, automobile and device manufacturers, and public to evaluate and test technologies that will allow trucks and associated infrastructure, and smartphones and other devices to exchange information with one another, under its Connected Vehicle Program.

Thus, the increasing implementation of vehicle safety and security norms and the rising integration of technologically advanced features in vehicles will boost the connected truck market growth during 2018–2023. Connected trucks offer real-time information about accidents and congestion and automatically update routes to facilitate smooth driving. Additionally, automated parking suggestions, interaction assistance, and hazard warning being offered by connected trucks enhance their safety quotient. Moreover, the increasing installation of advanced driver assistance systems (ADAS) helps in improving fleet efficiency, reducing fuel costs and down-time of vehicles, and streamlining deliveries.

According to P&S Intelligence, North America is expected to lead the connected truck market in the upcoming years. This will be due to the improving communication infrastructure, accelerating digitization rate in fleet management services, and mounting public concerns on cyber security and update, in the region. Additionally, the increasing implementation of data security and vehicle safety regulations in the U.S. and Canada will also encourage the adoption of connected cars in North America. For instance, the USDOT drafted the Automated Vehicles Comprehensive Plan to prioritize safety, while preparing for the future of transportation in the country.

Thus, the growing focus of government organizations and international agencies on vehicle safety and surging technological advancements in connectivity features will propel the production and adoption of connected trucks, worldwide.

How Are Technological Improvements Driving Automotive Data Logger Market?

Factors such as the rising integration of intelligent, compact, lightweight electrical and electronic systems in passenger vehicles and the surging need to monitor and analyze real-time automobile data to optimize passenger and vehicle safety will boost the automotive data logger market growth during the forecast period (2021–2030). According to P&S Intelligence, the market revenue reached ~$3 billion in 2020. Nowadays, the mounting investments being made by market players in the advancement of automotive data logger systems have become a prominent market trend.

One of the key growth drivers for the market is the booming demand for in-vehicle connectivity features worldwide. To meet this demand, automakers are increasingly integrating in-vehicle connectivity solutions in their offerings, through partnerships with consumer electronics and software vendors. The installation of advanced features such as automotive data logger solutions enables automobile manufacturers to collect data and then provide information about the functions of systems such as lane assist and automatic brake. 

At present, the companies operating in the automotive data logger market are primarily focusing on product launches to march ahead in the competition. For instance, in March 2019, Vector Informatik GmbH launched Indigo 6 for comfortable editing, strong debugging support, and smooth testing of diagnostic sequences. Likewise, in April 2021, Xylon d.o.o. introduced logiRECORDER, an automobile video data logger equipped with NVIDIA DRIVETM AGX scalable artificial intelligence (AI) platform. This AI-enabled video data logger helps in speeding up the validation of robust AI-supported automotive systems.

Globally, the North American automotive data logger market is expected to generate the highest revenue during the forecast period. This will be due to the increasing integration of advanced features in automobiles and booming demand for enhanced customer experience in the region. Moreover, the strong presence of leading market players in the U.S. and Canada also contributes to the market growth in the region. Additionally, the rapid introduction of new and improved products in North America will also facilitate the market growth in the foreseeable future.

Therefore, the rising demand for in-vehicle connectivity features and accelerating technological advancements in the automotive sector will drive the market growth in the forecast years.

On-Board Charger Market to Witness Robust Growth in Coming Years

The mushrooming demand for electric vehicles is encouraging electric vehicle charging system manufacturers to focus on developing technologically advanced and innovative variants. Moreover, with the surging concerns being raised over the deteriorating environmental conditions, many electric vehicle manufacturers are making huge investments in research and development (R&D) projects in order to fuel advancements in the electric vehicle technology. For instance, Fiat Chrysler Automobiles N.V. announced in July 2019 that it intends to make an investment of $788 million (EUR 700 million) for developing a manufacturing line for the newer models of its Fiat 500 minicar.

This manufacturing line will enable the production of around 80,000 units every year. These investments are causing a sharp fall in manufacturing costs, which is, in turn, leading to the production of affordable electric vehicles. This is subsequently pushing up the demand for on-board chargers. These projects have led to the development of batteries having increased power densities. Besides, the increasing deployment of alternating current (AC) charging stations in emerging economies is also fueling the expansion of the on-board charger market.

This is primarily ascribed to the deployment of numerous AC chargers, as they are majorly used at homes for charging electric vehicles. As these chargers are cheaper than the other variants, they are being preferred by people throughout the world. Some of the major on-board charger manufacturing companies across the world are NXP Semiconductors N.V., Delta-Q Corporation, Delphi Technologies PLC, Eaton Corporation plc, Delta Electronics Inc., Avid Technology Inc., Toyota Motor Corporation, Infineon Technologies AG, and LG Chem Ltd.

Hence, it can be said without any doubt that the demand for on-board chargers will surge sharply in the forthcoming years, primarily because of the growing deployment of electric vehicles and the development of technologically advanced charging systems, on account of the surging investments being made by industry players across the world. 

Huge Surge Expected in India Electric Rickshaw Battery Market till 2024

With the soaring sales of electric rickshaws in different cities and towns, on account of the rising popularity of eco-friendly vehicles, the demand for electric rickshaw battery is growing steeply in India. According to statista, more than 380,000 electric rickshaws were sold across India in 2018. This is credited to the fact that e-rickshaws have lower operating costs than the other variants, such as the conventionally used auto-rickshaws. Additionally, the government is providing strong support, in the form of financial incentives, for boosting the deployment of these economical vehicles in the country.

For example, under the second phase of the Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles (FAME-II) scheme, that came into effect in April 2019, the government provides $735 (INR 50,000) each to five lakh electric rickshaws having ex-factory prices of up to $7,351 (INR 5 lakh). Besides, the increasing average age of electric rickshaws in India is also fueling the demand for electric rickshaw batteries in the country. Initially, the industry was mainly dominated by local and unorganized players.

As a result, the rickshaws were of poor quality and had an average lifespan of 1.8 years. However, after the launch of the Goods & Services Tax (GST), the industry has witnessed the entry of several organized manufacturers. As the rickshaws manufactured by these companies have an average lifespan of 3.5 years, their surging production is propelling the demand for electric rickshaw batteries in the country, thereby driving the progress of the Indian electric rickshaw battery market.

According to the estimates of the market research company, P&S Intelligence, the market revenue will grow from $385.0 million to $722.3 million by 2024. Moreover, the market is predicted to progress at a CAGR of 13.2% from 2020 to 2024. Depending on vehicle, the Indian electric rickshaw battery market is bifurcated into passenger and load carriers. Between these, the passenger carrier category held the largest share in the market in the years gone by.

However, Uttar Pradesh overtook the capital city and became the largest market in 2019. This is ascribed to the soaring adoption of these vehicles by commuters, especially in the small towns, because of their lower fare than the other public transport vehicles. In addition to this, many cities in the rural-urban fringes and tier-2 cities also adopted these vehicles for improving feeder services and last-mile connectivity, thereby causing a sharp surge in electric rickshaw battery demand in the state. 

UUVs Market to Witness Robust Expansion by 2030

The surging defense expenditure of countries and burgeoning demand for seafloor mapping data will drive the unmanned underwater vehicles market growth during the forecast period (2021–2030). According to P&S Intelligence, the market generated a revenue of ~$4 billion in 2020. Moreover, the rising advancements in underwater inspection techniques and soaring demand for maritime security will facilitate the market growth in the foreseeable future. Currently, the market players are undertaking several creative approaches to augment the effectiveness of UUVs.

The mounting defense expenditure is one of the primary growth drivers for the UUVs market. UUVs play an important role in naval warfare as they provide significant clandestine and standoff capabilities and can intelligently adapt to the changes in tactical situations. The onboard systems of UUVs can adapt to the mission plan and identify changes without requiring human assistance. Owing to the benefits offered by UUVs, the navy and other departments of defense of various countries are partnering with private companies to conduct research and development (R&D) for developing next-generation UUVs.

At present, the UUVs market is consolidated in nature, with the presence of few players such as Teledyne Technologies Inc., Lockheed Martin Corporation, Subsea 7 S.A., Saab AB, Oceanserver Technology Inc., Kongsberg Gruppen, Oceaneering International Inc., The Boeing Company, and Fugro. These market players are entering into partnerships to gain a competitive edge. For instance, in December 2019, Saab AB won a contract from the Swedish Defence Materiel Administration (FMV) for the development of a new self-propelled naval mine, which is based on autonomous underwater vehicle technology.

Thus, the growing defense budgets and escalating focus on maritime security will support the market growth during the forecast period.

Why Is Asia-Pacific (APAC) Most Lucrative Electric Truck Market?

The electric truck market is expanding on account of the low maintenance and operational costs of these automobiles, reducing prices of batteries, and support by governments. These factors would drive the industry at an 18.5% CAGR between 2018 and 2025, at which rate the sales volume in the industry will rise to 1,508.1 thousand units by 2025. Instead of, or in combination with an internal combustion engine (ICE), which is majorly fueled by diesel, these vehicles have an electric motor and battery.

Electric Truck Market Outlook 

Based on propulsion, the electric truck market divisions are hybrid electric vehicle (HEV), battery electric vehicle (BEV), plug-in hybrid electric vehicle (PHEV), and fuel cell electric vehicle (FCEV). Among these, the highest CAGR during the forecast period will be witnessed by the BEV category, as governments around the world are offering strong manufacturing and purchase support for pure-electric vehicles (EV). This is because BEVs only have a battery and motor, which makes them operationally non-polluting over PHEVs and HEVs.

The categories under the application segment of the electric truck market are municipal, logistics, and others. Among these, the logistics category held the largest share in the industry during the historical period (2013–2017), and the situation till 2025 will be the same. This is owed to the increasing trade activities, which are leading to the rising demand for the transportation of cargo. Within a country, road transport is the cheapest, which is why logistics companies employ large truck fleets. As ICE-based trucks lead to high-volume carbon emissions, logistics companies are shifting to electric variants.

The Asia-Pacific (APAC) electric truck market witnessed the highest sales in 2017 because of the strong government support for their production and usage, local laws to have the desired quality of air, and government initiatives to replace conventional automobiles with cleaner alternatives. Additionally, APAC, led by China, is the largest producer of lithium-ion batteries, which results in their easy and cost-effective availability. The high battery prices have made EVs expensive till now, but efforts are on to produce cheaper batteries, at the same time increasing their energy density for a longer driving range.

Hence, government support and emission laws will continue pushing up the sales of electric trucks across the globe.

Drive By Wire Market its Future Outlook and Trends

Due to the increasing enactment of stringent vehicular emission norms by the governments of several countries, advent of autonomous vehicles, and the development of connected infrastructure, the global drive by wire market revenue surged to ~$23 billion in 2020 and it is predicted to rise even more in the coming years. The development of autonomous vehicles is a major market growth driver. These vehicles offer various advantages such as improved vehicular safety, less fuel consumption, and low emissions. 

Industry Outlook for Drive By Wire Market

As these vehicles are equipped with several sensors and consist of electrical terminals and connections, their increasing deployment is driving the demand for drive by wires across the world. Besides, the implementation of strict vehicle emission norms by several governments, on account of the escalating pollution levels, is also propelling the demand for drive by wires. Because of the enactment of these regulations, automobile manufacturers are incorporating lightweight materials in automobiles as these materials increase the fuel efficiency. This is fueling the requirement for drive by wire controls, which is, in turn, causing the growth of the drive by wire market. 

Geographically, Asia-Pacific dominated the drive by wire market between 2015 and 2020, as per the observations of the market research company, P&S Intelligence. This was credited to the high disposable income of the middle-class populace and the various cost advantages experienced by automakers and original equipment manufacturers (OEMs), on account of the low costs of labor and raw materials, in the region. Further, the implementation of stringent emission norms and soaring popularity of luxury and premium vehicles are also contributing to the market growth in the region.

Hence, it is clear that the demand for drive by wires will surge in the coming years, primarily because of the enactment of strict vehicle emission norms in several countries, rapid deployment of autonomous vehicles, burgeoning requirement for lightweight and fuel-efficient vehicles, and increasing adoption of off-highway vehicles, due to soaring construction activities across the world.

Massive Growth in Kick Scooter Market Research Report by Forecast 2030

The increasing adoption of kick scooters in kick scooter sharing services is fueling their sales across the world. As compared to the other types of vehicles used by shared mobility service providers, electric kick scooters can be easily leveraged for solving the issue of last-mile connectivity and they can also be hyper-localized. Moreover, these vehicles are highly compact, easy to operate, and do not need any physical exertion, which further boost their popularity among shared mobility service providers.

Additionally, many companies have started providing their scooter sharing services in different locations, which has also propelled the growth of the kick scooter market. For example, Sharing Muving SL, which is a Spanish electric scooter sharing company, announced in 2018 that it has started offering its service in Atlanta, the U.S. Furthermore, Neutron Holdings Inc., which operates under the name LimeBike, launched dockless electric kick scooters and bikes for sharing in many cities in the U.S. in 2017.

Furthermore, the declining prices of these batteries are also boosting their sales across the world. Geographically, the demand for kick scooters is currently the highest in the Asia-Pacific (APAC) region, as per the observations of P&S Intelligence, a market research company based in India. This is attributed to the large-scale deployment of these scooters in China. The existence of many major electric kick scooter manufacturing companies, rapidly developing electric vehicle value chain, implementation of favorable government policies, availability of affordable batteries, and the presence of a large customer pool are the main factors propelling the sales of these vehicles in the country.

Hence, the demand for kick scooters will surge sharply in the upcoming years, primarily because of their soaring adoption in shared mobility fleets, growing popularity of micromobility solutions, owing to the increasing road congestion levels, rising requirement for better last-mile connectivity, and falling prices of lithium-ion batteries all over the world.

Automotive Differential Market its Future Outlook and Trends

A number of factors such as the rising adoption of all-wheel-drive (AWD) vehicles, surging need for enhanced fuel efficiency and road traction, and burgeoning demand for heavy-duty and commercial vehicles will support the automotive differential market growth during the forecast period (2021–2030). According to P&S Intelligence, the market revenue stood at ~$20 billion in 2020. At present, the increasing electrification of vehicles is becoming a prominent market trend, due to the mounting focus on mitigating vehicular pollution.

The burgeoning need for AWD vehicles, owing to the enhanced safety, drive control, and stability offered by them, will augment the demand for automotive differentials in the coming years. AWD systems were initially used in high-end vehicles, but due to the escalating consumer focus on vehicle safety, automakers are rapidly integrating such systems in passenger cars as well. Additionally, the surging installation of AWD systems in electric vehicles (EVs) will also facilitate the market growth in the foreseeable future.

Geographically, Asia-Pacific (APAC) is expected to account for the largest share in the automotive differential market throughout the forecast period. This can be attributed to the presence of the world’s largest automobile production hub—China—in the region, due to the easy availability of raw materials, the existence of a vast workforce, and huge demand for automobiles in the country. According to the OICA, China produced 5,231,161 commercial vehicles and 19,994,081 passenger cars in 2020.

Therefore, the burgeoning demand for AWD vehicles and increasing production of passenger cars and commercial vehicles will drive the demand for automotive differentials in the foreseeable future.

Commercial Electric Vehicle Market to Grow at a Healthy 13.3% Value CAGR Throughout 2025

The decreasing costs and improving operational efficiency of Lithium-ion batteries are some of the biggest factors causing the increasing adoption of commercial electric vehicles across the world. As per the industry experts, the average cost of lithium-ion battery packs for bulk orders decreased from approximately $642/kWh in 2012 to almost $209/kWh in 2017. As batteries account for nearly 40% of the total manufacturing cost of a commercial electric vehicle, their declining prices will significantly boost the manufacturing and sales of the commercial electric vehicles.

The other major factor responsible for the ballooning sales of commercial electric vehicles is the lower operational costs of these vehicles as compared to the conventionally used fossil fuels-powered vehicles. In addition to this, their numerous environmental benefits are increasing their popularity in several countries, especially the developing nations which are dealing with soaring pollution levels and environmental hazards. According to the Indian Infrastructure Publishing, an electric bus saves $365,000 of diesel fuel during its entire life cycle and $225,000 of compressed natural gas (CNG).

Driven by the above-mentioned factors, the revenue generated from the worldwide sales of commercial electric vehicles is expected to rise from $144.5 billion in 2017 to $362.7 billion by 2025. The global commercial electric vehicle market is predicted to advance at a CAGR of 13.3% during the forecast period (2018–2025). There are two types of commercial electric vehicles available in the market — electric buses and electric trucks. Of these, the electric trucks recorded higher sales in 2017. This is owing to the banning diesel trucks in many countries and the burgeoning demand for the transportation of goods around the world.

On the basis of batteries, the commercial electric vehicles are classified into lithium–nickel–manganese–cobalt oxide (NMC)-battery-powered vehicles and the vehicles running on lithium–iron phosphate (LFP) batteries. Between the two types of batteries, LFP batteries are predicted to register higher sales in the market during the forecast period. This is mainly ascribed to the fact that the LFP batters are safer than the others and are therefore preferred more by both manufacturers and consumers than the NMC batteries. 

Geographically, the Asia-Pacific (APAC) region is expected to observe the highest and fastest growth in the adoption of commercial electric vehicles during the forecast period. In this region, China is currently witnessing the highest sales of commercial electric vehicles, owing to the presence of favorable government policies for commercial electric vehicles in the country. The commercial electric vehicle market is also observing huge progress in other APAC countries such as India, on account of the existence of several government policies and measures promoting the deployment of electric buses in private and government fleets, in the country.

What is the Potential Demand for Autonomous Vehicle in Germany?

Germany is the first nation in the world to authorize semi- and fully autonomous driving features. In December 2016, the federal government announced its support for the development of autonomous driving infrastructure in the nation. In January 2017, the country amended the Road Traffic Act to allow drivers to transfer the control of vehicles to fully automated driving systems and permit these vehicles to be used on public roads. This amendment has allowed the public usage of level 3 autonomous features. Similarly, in February 2021, the government adopted a draft bill to allow level 4 features-enabled automobiles on public roads.

Additionally, the government is also offering grants, subsidies, and other financial benefits to producers and customers of semi- and fully autonomous vehicles. Owing to the surging government support, the German autonomous vehicles market will accelerate at a CAGR of 20.2% during 2023–2030. According to P&S Intelligence, the market is expected to reach $28.0 billion by 2030. The financial support and favorable policies are encouraging major original equipment manufacturers (OEMs) and technology providers to work on level 4 and level 5 autonomous vehicles. 

At present, the German autonomous vehicles market offers semi- and fully autonomous passenger cars, buses, and trucks for personal usage, ride-hailing services, transit services, and logistics applications. The semi-autonomous vehicles are equipped with level 1, level 2, and level 3 autonomous features, whereas fully autonomous vehicles are integrated with level 4 and level 5 solutions. In the coming years, fully autonomous vehicles will be adopted in the country at the highest rate, due to the soaring adoption of level 4 and level 5 autonomous features for personal and sharing service usages.  

Thus, the rising government support and growing focus on vehicle safety are supplementing the development and production of autonomous vehicles in Germany.