Low Speed Electric Vehicle Market Expected To Reach Highest CAGR by 2025

The global low-speed electric vehicle (LSEV) market revenue stood at $35.2 billion in 2017, and it is predicted to rise to $68.0 billion by 2025, due to the growing government support being provided toward the deployment of low-speed electric vehicles and the surging concerns being raised over the escalating pollution levels all over the world. According to the forecast of the market research organization, P&S Intelligence, the market will advance at a CAGR of 8.7% from 2018 to 2025 (forecast period).

The increasing government support being provided, in the form of grants and subsidies, to encourage the deployment of these vehicles is a major growth driver of the market. The governments of many countries, especially those in the Asia-Pacific (APAC) region, intend to electrify their public transportation fleets in the coming years. To achieve this goal, they are providing financial incentives and subsidies on the purchase of these vehicles. Besides, many major players operating in the LSEV market are making huge investments in the manufacturing and development of affordable and improved three-wheelers.

These investments are being made for increasing the manufacturing capacity via expansion of production plants in order to address the ballooning customer needs. Currently, the cost of an electric three-wheeler, even after being subsidized, is greater than that of a conventionally used oil and gas-powered three-wheeler. Owing to this reason, several market players are taking measures for bringing down the price of electric three-wheelers and making them on par with that of fossil fuel-powered three-wheelers.

Depending on product, the market is divided into three-wheeler, four-wheeler, and two-wheeler categories. Out of these, the two-wheeler category contributed the highest revenue to the market in the past and it is predicted to be the fastest-growing category during the forecast period as well. This will be because of the soaring deployment of LSEVs in shared and personal mobility services. Geographically, the APAC region dominated the LSEV market in the years gone by. Whereas, in the coming years, the European region is predicted to be the fastest-growing region in the market.

Hence, it can be safely said that the sales of LSEVs will surge in the forthcoming years, primarily because of the rising requirement for eco-friendly vehicles and provision of government subsidies all over the world.

Taiwan Micromobility Market Future Estimations Till 2030

The Taiwanese micromobility market is expected to advance at an exceptional CAGR of 61.3% during the forecast period (2021–2030), due to the increasing need to reduce traffic congestion and air pollution, mounting public focus on curtailing transportation costs, and burgeoning demand for efficient transportation systems for short distance commute in the country. According to P&S Intelligence, the market was valued at $47.3 million in 2020, and it is expected to generate $5,981.6 million revenue by 2030. 

At present, the people of Taiwan are constantly searching for efficient transportation systems for commuting short distances, owing to which, the market is growing at a considerable pace. City dwellers are consistently adopting transportation systems that bridge the surging gap between first- and last-mile connectivity, owing to the vast population, excessive traffic congestion, high vehicle cost, and scarce parking space in the country. To cater to this need, micromobility service providers are providing e-rickshaws, bikes, cycles, e-scooters, shared pods, and skates for the Taiwanese population. Currently, dockless bike sharing is one of the most preferred last-mile transit modes in the nation.

At present, the companies operating in the Taiwanese micromobility market are expanding their facilities to stay ahead of their competitors. For instance, in October 2019, WeMo Technology Co. Ltd., an e-moped rental share service providing company, expanded its reach in Kaohsiung city in Taiwan. In the initial phase, the player introduced 300 e-mopeds in the highly populous areas of Kaohsiung, such as Cianjhen, Nanzih, and Zuoying districts. Additionally, the company also plans to expand its fleet to 5,000 vehicles by 2022.   

Thus, the burgeoning demand for efficient mobility options for first- and last-mile connectivity and soaring need to curtail air pollution and decrease transportation costs will augment the demand for micromobility services in Taiwan in the years to come.

What are Factors Pushing Up Demand for Automotive Ultrasonic Sensors in Future?

The World Health Organization (WHO) estimates the annual mortality associated with road accidents at 1.35 million at least. It is common knowledge that humans are themselves responsible for most such mishaps, by over-speeding, not keeping their eyes on the road, or talking on the phone while driving. This is why several countries in Europe and the two in North America are mandating the installation of advanced driver assistance systems (ADAS) that can aid the human drivers and reduce the likelihood of a road crash.

As per P&S Intelligence, the increasing focus on making roads and vehicles safer will help in the growth of the automotive ultrasonic sensors market from $3,461.9 million in 2019 to $6,096.2 million in 2030, at a 5.1% CAGR between 2020 and 2030. This is because several types of ADASs, such as blind spot detection systems and self-parking systems, depend on ultrasonic sensors to determine the distance between the vehicle and another object. Moreover, with the increasing demand for self-driving vehicles with level 1, 2, and 3 autonomy, the installation of ultrasonic-sensor-driven ADAS is rising.

In this regard, a lot of countries are taking initiatives to allow for the functioning of semi-autonomous vehicles and encourage research, development, and testing activities for fully autonomous vehicles, which are those with level 4 and 5 autonomy. For instance, the Directorate General of Traffic (DGT) of Spain has allowed the operation of cars with up to level 5 autonomy. Similarly, in 2017, 33 U.S. states implemented vehicle-autonomy-related legislations, followed by 15 more the next year. Apart from implementing legislations, governments are working with automakers and automotive technology vendors to get their transportation infrastructure ready, which would fuel the demand for automotive ultrasonic sensors.

Similarly, automotive technology vendors, on their part, are making efforts to increase the efficiency of these instruments. The biggest disadvantage with automotive ultrasonic sensors currently is that they are not effective beyond a speed of 10 kilometers per hour. With the demand for vehicles with higher speeds rising, extensive R&D is being conducted to make these sensors functional at higher speeds. This is also important because on highways, people generally drive at higher speeds, which is one of the biggest causes of road accidents.

This is one of the reasons ultrasonic sensors are majorly integrated in passenger cars. Further, any new advancement in the automotive technology is first deployed in passenger cars, which account for over 70% of the automobiles produced around the world. In the coming years, the installation rate of ultrasonic sensors will rise rapidly in commercial cars, with the growing demand for freight transportation services. Fleet owners are expected to purchase trucks and buses with these instruments to improve their logistics and public transportation operations.

Thus, as autonomous vehicles become more popular and focus on road and automobile safety increases, so will the demand for ultrasonic sensors.

Boom Predicted in Automotive Plastics Market in Asia-Pacific in Future

The International Organization of Motor Vehicle Manufacturers (OICA) recorded that a total of 21,787,126 commercial vehicles and 55,834,456 cars were manufactured in 2020. The manufacturers of these vehicles are increasingly shifting from heavy metals to lightweight plastics for vehicle interiors, to reduce the overall vehicle weight. The reduction of the vehicle weight helps in enhancing the fuel efficiency. With the rising awareness on the alarming air pollution levels and depleting fossil fuel reserves, customers are increasingly opting for lightweight vehicles.

Thus, the booming demand for lightweight vehicles will add to the prosperity of the automotive plastics market in the foreseeable future. Automakers use polybutylene terephthalate, polyurethane, polypropylene, acrylonitrile butadiene styrene, polyvinyl chloride, polycarbonate, high-density polyethylene, and polyamide to reduce the automobile weight. In the coming years, automobile manufacturers will adopt a significant volume of polypropylene due to the high durability, excellent flexibility, and exceptional abrasion resistance exhibited by it.

At present, automobile manufacturers are using all these materials in the exterior, chassis, electrical components, powertrain, and under-bonnet components, apart from the interiors. In the forthcoming years, the largest volume of automotive plastics will be used in the interior of vehicles, owing to the exceptional aesthetic appearance offered by them. Plastics are used in the production of seats and storage areas owing to their ability to reduce vibration in case of vehicle collisions. The shock absorbing properties of automotive plastics also help in mitigating the number of road accident cases.

Automakers across the world are procuring plastics from Covestro AG, Magna International Inc., Lear Corporation, Adient plc, SABIC, Borealis AG, BASF SE, Quadrant AG, Teijin Limited, Akzo Nobel N.V., Evonik Industries, and Hanwha Azdel Inc. These companies use three major techniques to produce these materials: injection molding, thermoforming, and blow molding. The rapid advancements in vehicle designing, owing to the evolving needs of customers and growing preference and transition toward aesthetically appealing vehicle interiors, are creating a huge requirement for automotive plastics worldwide.

According to P&S Intelligence, the Asia-Pacific (APAC) automotive plastics market is expected to advance at the highest rate in the upcoming years, owing to the presence of a vast manufacturing base in India, China, Thailand, Indonesia, and South Korea and the availability of affordable transportation options and cheap raw material in China. Additionally, the increasing focus of automobile manufacturers on shifting their production base from North America and Europe to Thailand, Vietnam, and China, owing to the availability of low-cost labor in such countries, accelerates the production and consumption of automotive plastics here.

Thus, the burgeoning demand for lightweight vehicles and increasing customer preference for aesthetically appealing vehicle interiors will fuel the consumption of plastics for auto production across the world.  

Technological Advancements Propelling Automotive HMI Growth in India

As per Organisation Internationale des Constructeurs d'Automobiles (OICA), India was the fifth-largest producer of automobiles in 2019, with a final tally of 4,516,017 units. Since the 1990s, the focus of the global auto sector has witnessed a paradigm shift to countries like India, China, Japan, and South Korea, on account of their increasing urban population, which is experiencing a rise in its disposable income. While most people in India still purchase automobiles out of need, many do it just as a status symbol.

Either way, the auto sector of India continues to grow, with the India Brand Equity Foundation (IBEF) saying, “India became the fourth largest auto market in 2019 displacing Germany with about 3.99 million units sold in the passenger and commercial vehicles categories. India is expected to displace Japan as the third largest auto market by 2021.” As per P&S Intelligence, with the increasing vehicle production and sales, the Indian automotive human–machine interface (HMI) market will grow from $466.9 million in 2017 to over $1,000.0 million by 2023, at a healthy 14.1% CAGR between 2018 and 2023.

In this regard, the integration of touchscreen displays is growing with the increasing demand for connectivity features in automobiles. Connected vehicles offer automobile diagnostics, smartphone connectivity, traffic and collision warnings, roadside assistance, and real-time traffic monitoring, by allowing for data exchange with other vehicles, road infrastructure, and the consumer devices inside. As this leads to the generation of vast amounts of information that passengers and drivers need to see, the integration of HMIs, especially touchscreen displays and digital instrument clusters, is increasing in India.

HMIs are majorly available in mid-priced and premium vehicles in the country. Presently, mid-priced cars integrated with HMIs witness higher sales in the country, owing to the cost-sensitive nature of most of the buyers. However, in recent years, the sale of premium cars has started rising here, with the increasing disposable income of people and resulting surge in the number of high-net-worth individuals. With luxury automakers, such as Audi, BMW, Porsche, Lamborghini, and Mercedes-Benz witnessing increasing sales, the integration of HMIs in premium vehicles is expected to pick up in the years to come.

The increasing sale of premium and mid-priced cars is also the reason the Indian automotive HMI market has historically benefitted the most from the western part of the country. Maharashtra accounts for the highest disposable income of all Indian states, which is why the demand for expensive vehicles here has been traditionally high. Mumbai, the state capital, is the country’s financial and entertainment center, therefore, home to a large number of millionaires, who can easily afford costly automobiles integrated with cutting-edge HMIs.

Thus, with the increasing demand for expensive vehicles, preferably those with vehicle-to-vehicle (V2V) and vehicle-to-infrastructure (V2I) connectivity, automakers will integrate HMIs in more of their models.

E-Mobility Services Market to Witness Robust Growth in Coming Years

Haze and smog, which were earlier predominantly winter phenomena, are now becoming common during summers too. The reason behind this is the increasing amount of greenhouse gas (GHG) being emitted from power plants, factories, houses, and vehicles. As air pollution is directly tied to respiratory diseases, such as asthma, lung cancer, cystic fibrosis, and chronic obstructive pulmonary disease (COPD), countries around the world have begun taking initiatives to achieve a carbon-free economy.

This is the primary reason that, as per P&S Intelligence, will propel the e-mobility services market from $3,189.8 million in 2019 to $78,898.3 million in 2030, at an explosive 40.7% CAGR during 2020–2030 (forecast period). The concept relates to the provision of shared transportation services exclusively via electric vehicles (EV). As these automobiles are a lot less polluting than conventional petrol and diesel alternatives, they are being promoted around the world. Countries are offering substantial incentives, purchase subsidies, and tax rebates to the buyers of these vehicles.

Another factor driving the popularity of e-mobility is the lower operating costs of EVs than conventional automobiles. Compared to the latter, EVs have a simpler drivetrain, which leads to easier and cost-effective maintenance. Moreover, electricity is cheaper than gasoline and diesel, thereby offering mobility service providers bigger cost advantages. Further, with the declining prices of lithium-ion (Li-ion) battery packs, the cost of EVs is expected to reach parity with those of conventional automobiles. All such cost advantages for fleet operators are expected to translate into cheaper transportation services for people.

Two-wheeler sharing, ride-hailing, carsharing, and car rental are the various categories when the market is segmented based on service type. Among these, the two-wheeler sharing category held the largest share in the e-mobility services market in 2019, as these services are cost-effective, convenient, and time-saving. Additionally, two-wheeler sharing is being considered important in solving the issue of first- and last-mile commute. The rise-hailing category is predicted to witness the fastest growth during the forecast period due to service providers rapidly including EVs in their fleets.

These services are availed of for occasional commuting,daily commuting, last-mile connectivity,and other purposes. Most people opt for e-mobility for last-mile commuting, such as between their home, college, or office and bus stop or metro station. However, in the coming years, the popularity of these services among daily commuters will rise at a rapid rate too. Young professionals and students are shunning their personal vehicles and going for shared mobility to save costs and ownership hassles. With the availability of EVs, the services are becoming cheaper.

Additionally, with even automakers entering the shared mobility space with their own EV fleets, the availability of these services is expected to become easier. For instance, at the 2018 Consumer Electronics Show, Toyota Motor Corp. announced plans to enter the e-mobility space and by 2020, launch the e-Palette self-driving EVs for the services. Similarly, service providers are partnering with government agencies to set up charging stations, the lack of which is one of the major challenges for mass EV adoption. For instance, in November 2019, Bombay Suburban Electric Supply (BSES) and ANI Technologies Pvt. Ltd. (Ola Electric) came together for installing charging infrastructure in Delhi.

Owing to such initiatives, Asia-Pacific (APAC) dominated the e-mobility services market during the historical period (2014–2019), and it will continue doing so till 2030. China is the largest producer and user of EVs in the world, driven by the stringent government emission control targets and strong support for clean-fuel automobiles. Moreover, China also manufactures Li-ion batteries in the largest numbers, which is a key reason behind the relative cost-effectiveness of EVs here compared to the rest of the world.

Hence, with governments going all out to reduce GHG emissions and clean up the environment, the popularity of the e-mobility concept is bound to increase.

Japan Micromobility Market Analyzed With Trends And Opportunities By 2030

The Japanese micromobility market reached a value of $39.4 million in 2020, and it is predicted to demonstrate a CAGR of 78.7% from 2021 to 2030 (forecast period). According to the estimates of P&S Intelligence, a market research organization based in India, the market will generate a revenue of $11,663.0 million by 2030. The market is being driven by the soaring concerns being raised over the rising air pollution levels and transportation costs, surging need for efficient transportation systems for commuting short distances, and increasing demand for lesser road congestion.

In Japan, the popularity of micromobility services has increased massively over the last few years. This has been mainly because of factors, such as their greater ease of functioning, low pricing, and high availability. Moreover, these services are highly convenient for daily commuters, as these services not only reduce the overall cost of travel, but also reduce the travel time, owing to their swift and compact nature. The option of low-cost travelling also encourages consumers to avail these services for last-mile or first-mile connectivity.

The Japanese micromobility market is also divided, based on model, into multimodal and first- and last-mile. Between these, the first- and last-mile category is predicted to contribute higher revenue to the market in the forthcoming years, due to the entry of various players in the industry and the enactment of favorable government policies in the country. When sharing system is taken into consideration, the market is divided into dockless and docked categories. Of these, the dockless category will demonstrate faster growth throughout the forecast period, primarily because of the surging adoption of the dockless bike sharing model by several companies, owing to its fewer capital requirements than the docked systems.

Hence, the market will register massive growth in the coming years, mainly because of the surging road congestion levels and the rising requirement for better first- and last-mile connectivity and convenient mobility solutions in the country.

North America Electric Scooters and Motorcycles Market to Record CAGR of 25.1% and Increase in Revenue by 2025

After China, the U.S. emits the highest amount of greenhouse gases (GHG) into the atmosphere, with the transportation sector accounting for almost 28% of the total emissions in the country in 2018, according to the Environmental Protection Agency (EPA). Similarly, as per the Canadian government, this sector released 186 Megatonnes of Mt CO2 equivalent (eq) of GHGs into Canada’sair, accounting for a 25% (second-largest) share in the total emissions, in 2018. As a result, numerous initiatives are being taken in North America to increase the number of electric vehicles on the roads.

P&S Intelligence credits these government efforts while forecasting a massive 28.4% CAGR for the North American electric scooters and motorcycles market between 2019 and 2024, whereby the sales worth of these automobiles will increase from $154.8 million in 2018 to $675.7 million by 2024. For shorter distances, at least, the government is encouraging the public to switch to electric two-wheelers, by offering purchase subsidies and tax rebates. For instance, in 2017, the Californian government announced a federal tax credit of 10% on every electric motorcycle costing up to $2,500.

In addition, under the Clean Vehicle Rebate Project (CVRP), California offers a $900 rebate on the purchase of electric motorcycles. Similarly, in Canada, the British Columbia Specialty-Use Vehicle Incentive (SUVI) Program offers a rebate of almost $1,524 (CAD 2,000) on electric motorcycles. As a result, the sale of electric motorcycles in North America is expected to rise more rapidly in comparison to those of electric scooters and kick scooters, the latter of which have historically witnessed the highest adoption in the region on account of their incorporation in public sharing fleets.

In the same way, the adoption of electric scooters is increasing in the region, with shared mobility companies incorporating them quickly into their fleets. Available since 2012, the popularity of scooter sharing services has burgeoned in the continent in the last 2–3 years, as they are cost-effective, thus a better option for first- and last-mile traveling than hiring a cab. Moreover, since electric scooters do not suffer as many problems as full-fledged electric cars due to the shorter trip distance, fleet owners are offering more of them every year.

Yet another emerging application area that North American electric scooters and motorcycles market players can see as a lucrative opportunity is food and beverage and grocery delivery. With the rising disposable income of people, they are eating out more often and having food and beverages delivered to them. This, along with the growth of the e-commerce sector, is leading to the expansion of delivery fleets, which generally consist of two-wheelers. Due to the low maintenance costs of electric two-wheelers, they are replacing internal combustion engine (ICE)-based ones in the fleets of regional short-distance delivery service providers.

On the individual level, the adoption of electric two-wheelers in the continent is increasing for almost the same reasons as among fleet owners…low maintenance! Compared to conventional, ICE-based two-wheelers, the electric variants have a simpler drivetrain, therefore, fewer moving parts. This not only leads to a low downtime but also helps consumers save on regular repair and servicing expenditure, which often ends up making automobiles costlier in the long run than they wereto initially purchase.

However, electric vehicles (EVs) are still out of the reach of the masses, as they are expensive, majorly because of the battery. This is why extensive research is being put, which has now reduced the price of automotive batteries to around $209per kilowatt-hour (kWh) in 2017 from $642/kWh in 2012. Apart from making the batteries cheaper, research and development (R&D) has also given them a higher energy density, which offers the vehicle a longer driving range. As range anxiety is another major factor that discourages people from buying EVs, more-powerful batteries are the key to propelling EV adoption.

Therefore, with regional governments offering support for EV adoption and R&D, sales of electric scooters and motorcycles in the U.S. and Canada will increase even further.

Automotive Software Market its Future Outlook and Trends

Growth drivers such as the mushrooming demand for connected cars, surging research and development (R&D) in autonomous driving (AD), and rising adoption of innovative technologies for advanced user interfaces will accelerate the automotive software market at a CAGR of 12.4% during the forecast period (2020–2030). The market was valued at $28,214.6 million in 2019 and it is expected to reach a revenue of $78,894.2 million by 2030. In recent years, the increasing practice of updating automobile systems by using over-the-air (OTA) technology has become a prominent market trend.

One of the key factors behind the automotive software market growth is the soaring demand for connected cars, primarily on account of the rapid urbanization across the world. The rising demand for such cars can also be credited to the escalating concerns for vehicle safety and security, booming demand for an enhanced driving experience, and surging integration of the internet of things (IoT) technology in the automobile industry. Automakers are using IoT to attain pathbreaking results in the connectivity solutions integrated into connected cars.

Globally, the Asia-Pacific (APAC) automotive software market generated the highest revenue in 2019 and it is expected to retain its position throughout the forecast period. This can be credited to the factors such as rapid economic development, the presence of the largest automobile market, and the soaring purchasing power of customers in the region. The flourishing economy of APAC countries is fueling the demand for advanced applications, such as auto-park assist, human-machine interfaces (HMI), and keyless entry, which are dependent on automotive software.

Thus, the burgeoning demand for connected cars, rising integration of innovative technologies for advanced user interface, and mounting R&D activities being conducted in autonomous technology will drive the demand for automotive software in the foreseeable future.

Armored Vehicles Market Set to Flourish in Future

In recent years, the sales of armored vehicles have surged sharply, primarily because of the increasing prevalence of terrorist attacks across the world. Moreover, the surging number of cross-border disputes and wars has also pushed up the requirement for these vehicles. The Asia-Pacific (APAC) region has witnessed a massive rise in the defense expenditure of several countries, such as South Korea, India, Australia, and China, over the last few years, which has also boosted the sales of armored vehicles.

In addition, the increasing investments being made for the militarization of law enforcement agencies in many countries, as part of their modernization program and also for advanced counter-terrorist and combat operations are also fueling the sales of armored vehicles. Besides, the increasing incidence of armed violence, especially in various European countries, such as Russia, is also fueling the progress of the global armored vehicles market. Owing to this reason, the value of the market is predicted to grow from $24.8 billion in 2016 to $36.6 billion by 2023.

Furthermore, the launch of multilateral collaboration between the African Union and the North Atlantic Treaty Organization (NATO) for countering terrorism is driving the demand for advanced weaponry and equipment, including armored vehicles. These vehicles are equipped with bulletproof windows and are extensively used by law enforcement agencies, the military, celebrities, and VIPs. Depending on application, the armored vehicles market is classified into commercial and defense. Of these, the defense category contributed higher revenue to the market in the years gone by.

This is the major trend currently being witnessed in the market. The industry is highly competitive and boasts a large number of mining lubricants and quarrying producers. General Dynamics Corporation, Oshkosh Corporation, Elbit Systems Ltd., Lockheed Martin Corporation, Textron Inc., BAE Systems plc, Rheinmetall AG, INKAS Armored Vehicle Manufacturing, Denel Land Systems, International Armored Group (IAG), and Thales Group are some of the major companies operating in the armored vehicles market across the globe. These companies are also increasingly focusing on strategic expansion projects and product launches in order to expand their customer pool and augment their revenue.

Hence, it can be safely said that the sales of armored vehicles will soar in the coming years, mainly because of the growing prevalence of terrorism, increasing cross-border disputes, and rising defense expenditure of several countries across the world.

Boom Predicted in Automotive Telematics Market in LAMEA in Future

The global automotive telematics market revenue stood at $27.7 billion in 2019 and it is predicted to rise to $149.9 billion by 2030. According to the forecast of the market research company, P&S Intelligence, the market will demonstrate a CAGR of 16.6% during 2020–2030 (forecast period). The market is being driven by the soaring requirement for greater vehicle safety and more efficient road traffic, mushrooming deployment of connected vehicles, and the implementation of favorable government regulations regarding the adoption of automotive telematics systems across the world. 

Road accidents are one of the leading causes of deaths all over the world. According to the World Health Organization (WHO), road crashes claim the lives of 1.3 million people every year. Furthermore, the organization found that road accidents cost many countries around 3% of their gross domestic product (GDP). Thus, the rising incidence of these accidents is fueling the demand for greater vehicle and passenger safety and also more efficient and smoother road traffic. 

As telematics solutions massively improve the safety of vehicles by providing drivers with a safer driving option, their popularity is soaring sharply because of the growing prevalence of road crashes. The other major factor propelling the expansion of the automotive telematics market is the increasing adoption of connected cars across the world. Connected cars provide various benefits to users such as vehicle-to-infrastructure (V2I) and vehicle-to-vehicle (V2V) interfaces. Furthermore, the incorporation of telematics solutions in connected cars is very necessary, as these vehicles are equipped with V2I and V2V connectivity, which are two of the major components of automotive telematics solutions.

Additionally, connected cars are equipped with systems and features such as real-time traffic monitoring, automobile diagnostics, roadside assistance, smartphone connectivity, and traffic and collision warnings, which further boost their popularity and fuel the growth of the market. Based on system type, the automotive telematics market is divided into integrated, embedded, and tethered categories. Out of these, the integrated category is expected to register the fastest growth in the market throughout the forecast period. 

This will be because of the surging sales of electric vehicles and burgeoning requirement for internet connected infotainment units in premium and mid-range passenger vehicles. Geographically, Europe and North America held the cumulative share of more than 65% in the automotive telematics market in 2019. North America was the largest region in the market during the last few years, and it is predicted to retain its market dominance during the forecast period as well. This is credited to the surging incorporation of the in-vehicle connected technology in the region. 

Whereas, the Latin America, Middle East, and Africa (LAMEA) region is predicted to be the fastest growing region in the market in the forthcoming years. This is ascribed to the fact that the market is still at the early growth stage in the emerging economies of LAMEA such as Mexico and Brazil and thus, relies heavily on infrastructure development projects and government policies. The market is also predicted to register rapid expansion in the Asia-Pacific (APAC) region in the upcoming years, mainly because of the rising customer demand for the incorporation of safety features in automobiles in the region.

Hence, it can be safely said that the market will grow massively in the coming years, primarily because of the surging requirement for greater vehicle safety and the mushrooming deployment of connected vehicles across the world. 

What are Major Factors Fuelling Revenue Growth in Germany Automotive Telematics Market?

The people of Germany are increasingly adopting automotive telematics solutions due to the increasing preference for smooth road traffic and safe driving alternatives. Road traffic, grave injuries, and mortality are a few unfavorable outcomes of road transportation, the major cause of which is human error. Failure to pay attention, speeding, and keeping a risky distance from the vehicle in front are primarily responsible for road accidents. The Federal Statistical Office (Destatis) reveals that 1,281 people lost their lives in the first half of 2020 in Germany due to such issues.

As a result, the Government of Germany has been supporting the deployment of telematics solutions in vehicles by implementing several regulations. The rising government support will accelerate the German automotive telematics market advance at a CAGR of 16.5% during 2020–2030. The market stood at $1,408.2 million in 2019, and it is expected to reach $7,748.0 million by 2030. For instance, the German Association of the Automotive Industry (Verband der Automobilindustrie [VDA]) and Conference of the German Federal and State Data Protection Authorities launched a joint declaration policy in January 2016 on the principles of data protection associated with the use of telematics in connected and conventional vehicles.

Apart from the Deutsche government and the European Union (EU), several automotive associations are encouraging the installation of telematics solutions in vehicles by standardizing the major versions of the solutions available. Urged by such initiatives, automobile manufacturers are increasingly adopting telematics solutions, majorly in off-highway vehicles presently. The aim behind this is to improve the productivity and efficiency of the vehicles, meet the burgeoning demand for off-highway vehicle data analysis, and reduce the operational costs associated with their maintenance and repair.

In the coming years, original equipment manufacturers (OEMs) will rapidly install telematics solutions in construction machines, a type of off-highway vehicle, to enhance their safety and security, which are the two primary requirements for these automobiles. Safety and compliance solutions encompass theft protection and accident communication features, which are imperative for such types of vehicles. Additionally, automakers are integrating telematics solutions in other automobiles like two-wheelers, passenger cars, and commercial vehicles.

In the coming years, the demand for passenger safety will amplify at a rapid pace due to the development of intelligent transportation systems and automated driving solutions. Apart from safety and security, telematics solutions are used to provide insurance telematics, remote diagnostics, infotainment and navigation,  fleet/asset management, and vehicle-to-everything (V2X) connectivity. To meet the spurring demand, companies in the German automotive telematics market are entering into collaborations and partnerships. 

For instance, in October 2019, HARMAN International Industries Inc. partnered with Volkswagen AG to offer its audio solutions for the latter’s vehicles. The audio solutions developed by HARMAN made its debut in the Golf 8 of Volkswagen at an event at Hafen 1 in Wolfsburg, Germany. Similarly, in October 2019, Geotab Inc. partnered with Volvo AB to provide the connected vehicle technology to the automaker. This technology is being used by Volvo to develop electronic logging devices (ELD), which have been mandatory in trucks in many countries, including the U.S.

Thus, the surging demand for safe driving solutions and escalating focus on reducing the number of road mishaps will boost the installation of telematics solutions in the vehicles offered in Germany.

South Korea Micromobility Market Future Estimations Till 2030

The South Korean micromobility market reached a value of $120.3 million in 2020, and it will generate $11,178.5 million revenue by 2030, as per the estimates of P&S Intelligence, a market research firm based in India. The market is being driven by the rising focus on mitigating traffic congestion in cities, burgeoning requirement for reducing air pollution and traveling expenditure, and soaring need for better first- and last-mile connectivity across the country. 

Due to their low cost, abundant availability, and ability to provide greater convenience than conventional transportation systems, the popularity of micromobility services is growing rapidly in South Korea. Moreover, the increasing concerns being raised over the escalating pollution and deteriorating air quality levels are also driving the requirement for micromobility services in the country. According to a study conducted in February 2017, South Korea recorded the second-worst air quality level out of all developed countries that are members of the Organisation for Economic Co-operation and Development (OECD).

As the adoption of micromobility services reduces the requirement for personal vehicle ownership, the soaring popularity of these services is predicted to solve the issue of road congestion, which will, in turn, mitigate the air pollution levels in the country. Besides this factor, the surging demand for better first- and last-mile connectivity is also expected to propel the growth rate of the South Korean micromobility market in the coming years. Depending on vehicle type, the market is classified into e-mopeds, bikes, scooters, e-bikes, e-pods, and e-scooters. 

The players operating in the South Korean micromobility market are actively focusing on partnerships in order to expand their operations and bolster their position in the industry. For example, KT Corporation announced in March 2021 that it has entered into a partnership with Omni System Co. Ltd. and the city authorities of Goyang for deploying 400 Tazo bikes near subway stations and other populated areas in the city. The organization also announced that it would start charging a fixed fee of $0.4 (KRW 500) for every 20 minutes from April 12, 2021.

Hence, it can be safely said that the market will register substantial growth in the coming years, mainly because of the rising requirement for better first- and last-mile connectivity and increasing road congestion in the country. 

What Will be the Future of Helicopters Industry?

The helicopters market generated $25.3 billion in 2016, and it is projected to reach $31.8 billion by 2023, displaying a CAGR of 3.4% during the forecast period (2017–2023). The market growth is driven by the surging demand for technologically advanced helicopters, declining accident rate, aging helicopter fleet, increasing anti-terrorism activities, and growing number of joint ventures between helicopter manufacturers. Players operating in this market have a huge potential for growth due to the frequent orders for technologically advanced helicopters from nations such as South Korea, India, and Indonesia.

Due to the increasing demand for technologically advanced helicopters, manufacturers have implemented several modifications in the engine, airframe, and emission system to make them more resilient and improve sustainability. These developments enable helicopters to perform efficiently in different environmental conditions, such as heavy rain and snow, strong winds, and blistering heat. These high-performance helicopters are being employed in the oil and gas industry to ferry personnel between the land and offshore rigs, as the winds above the seas often make ferrying people to and fro dangerous.

Additionally, the expansion of the aviation sector in developing nations is expected to drive the helicopters market growth during the forecast period. The original equipment manufacturers (OEMs) of the West are strengthening their presence in countries such as India and China because of the booming aviation industry in these nations. Additionally, countries such as the Philippines and Indonesia have showcased a strong growth potential due to the increasing demand for new helicopters and growing need to replace the aging fleet.

The type segment of the helicopters market is bifurcated into military and civil. Of these, the civil category is expected to display the faster growth due to increasing demand for helicopters from offshore rigs. On the basis of application, the military bifurcation is further divided into attack, heavy cargo, medium utility, reconnaissance, maritime, search and rescue, and light utility. Amongst these, the attack division accounted for the largest market share in the military helicopter category in 2016. During the forecast period, medium-utility helicopters will witness the fastest growth.

Geographically, the North American helicopters market generated the highest revenue in 2016, and it is expected to maintain its dominance during the forecast period. This can be ascribed to the gradual replacement of old helicopters with new ones and increasing activities in the oil and gas sector. Further, the Latin American (LATAM) market is expected to display the fastest growth during the forecast period due to the expansion of the aviation industry and fleet replacement. In this region, Mexico and Brazil will generate the maximum revenue in the future.

To cater to the surging demand for helicopters, companies such as Russian Helicopters JSC, Airbus SE, Bell Textron Inc., The Boeing Company, Lockheed Martin Corp., Leonardo S.p.A., and Textron Inc. are expanding their manufacturing capacity. Other players adding to the helicopters market revenue include Robinson Helicopter Co., MD Helicopters Inc., Kaman Corp., Gulf Helicopters Co., Vietnam Helicopter Corp., Volocopter GmbH, Petroleum Helicopters International Inc., and Hindustan Aeronautics Ltd. These companies have adopted methods such as collaborations, client order wins, and product launches to consolidate the competition.

Thus, fleet replacement and the availability of technologically enhanced helicopters are expected to boost the market during the forecast period.