Autonomous Commercial Vehicles the Future of Logistics and Public Transportation?

As more people are becoming financially sound, the number of automobiles around the world is growing. This is leading to a lot of traffic congestion, which is made worse by large automobiles, such as buses and trucks. Another sad outcome of traffic growth is road accidents, which, according to the World Health Organization (WHO), lead to more than 1.3 million human deaths each year. This factor has awakened people’s consciousness, and they are now beginning to demand more safety features in vehicles.

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P&S Intelligence credits this and the fact that most road accidents are a result of human error while forecasting that the autonomous commercial vehicle market will grow at a CARG of 8.2% between 2020 and 2030. A key development that is enabling the rollout of autonomous vehicles is the integration of connectivity features in automobiles. Connected vehicles feature roadside assistance, smartphone connectivity within themselves, automobile diagnostics, traffic and collision warnings, and real-time traffic monitoring. Many of these vehicle-to-vehicle (V2V) and vehicle-to-infrastructure (V2I) connectivity features are a prerequisite for autonomous driving; thus, the evolution of connected vehicles is considered the first step in the direction of driverless vehicles.

Of all applications, including logistics, construction, and public transportation, level 1–3 autonomous commercial vehicles are currently used the most for logistics. This is why between buses and trucks, autonomous trucks have witnessed higher sales till now. The expansion in the manufacturing, retail, and e-commerce industries is leading to the rising demand for freight transportation services, which is driving the expansion of logistics fleets. In the coming years though, autonomous buses will witness the faster rise in sales owing to their integration in public transportation fleets.

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Presently, the North American autonomous commercial vehicle market accounts for the highest sales of such automobiles, on account of the early integration of self-driving technologies here than elsewhere in the world. Moreover, many companies, including General Motors Co., Waymo LLC, Tesla Inc., and Ford Motor Co., are involved in autonomous commercial vehicle designing, development, and testing projects in the continent. In the coming years, Asia-Pacific (APAC) will likely witness the fastest increase in the adoption of autonomous commercial vehicles due to its vast automotive sector and technological advancements in regional countries.

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Hence, it can be said with full surety that the market will demonstrate huge expansion all over the world in the coming years, primarily because of the rising deployment of fully autonomous vehicles in the logistics industry and the growing demand for advanced vehicular safety systems and features in several countries.

LAMEA Set to Witness Explosive Last Mile Delivery Demand in Near Future

The last mile delivery market is expected to witness a CAGR of 20.3% during the forecast period (2020–2030) due to the surging use of omnichannel retailing and increasing penetration of the internet in developing countries, such as India, Indonesia, and Thailand. Moreover, the booming e-commerce industry due to the soaring trust among online customers, improving website experience, and rising comfort level for online shoppers will facilitate the market growth. Owing to these factors, the market value is projected to rise from$15.7 billion in 2019 to $117.9 billion by 2030.

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One of the key factors fueling the growth of the last mile delivery market is the increasing investments in last mile delivery startups by various venture capitalists, which is helping the former expand their business. For instance, in October 2018, Deliv, a U.S.-based company, received funding of $40 million. Similarly, in 2019, a Hong Kong-based on-demand logistics company, Lalamove, raised $300-million funding in its series D round to expand its operations in the Asia-Pacific (APAC) region.

The Latin American, Middle Eastern, and African (LAMEA) market will register the fastest growth during the forecast period due to the rapid economic development in countries like Brazil and Mexico. The logistics and e-commerce industry in these countries is expected to observe a considerable improvement in the forecast years, which will, in turn, facilitate the market growth. Brazil is expected to register the highest adoption of last mile delivery services in this region owing to the existence of a highly adaptive customer base and constant technological innovations.

Thus, the surging investments in logistics startups and increasing integration of the real-time tracking technology in this industry will fuel the market growth in the foreseeable future.

Why Demand for Automatic Self-Piercing Rivets Depends on Lightweight Cars?

Self-piercing rivets (SPR) offer better fastening solutions in instances where spot welding is not practical. It is the process of forming a mechanical interlock between multiple pieces of similar or different materials. The interlocking is done by forcing a rivet through the top sheet through the piercing and then fortifying the top one with the one on the bottom, without piercing it. The process of applying automatic SPRs incorporates four steps— clamping, piercing, flaring, and compression. It is used to interlock pre-painted metals (white goods), zinc-coated steel (heating, ventilation, and air conditioning [HVAC] industry, construction sector, and automobile sector), and aluminum (signs).

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The demand for such fasteners is expected to grow from 8.1 billion units in 2015 to 45.0 billion units by 2022, with the automatic self-piercing rivets market growing at a CAGR of 26.2% during 2016–2022. This projected increase would be the result of the growing popularity of lightweight premium vehicles. Luxury marques, such as Porsche, Daimler AG, and Audi AG, are developing aluminum-intensive vehicles by making use of automatic SPRs. Other automobile giants, such as BMW, Ford, Land Rover, and Renault, are also focused on lightweight hatchbacks and sedans. All these manufacturers are using automatic SPRs in the trunk lids, hoods, boot lids, doors, and window regulators.

According to P&S Intelligence, the European automatic self-piercing rivets market generated the maximum demand for these fasteners in the recent past. Among the European countries, Germany demanded the maximum number of such rivets, as it is the home of major luxury carmakers. As for the Asia-Pacific region, China consumed the maximum number of automatic rivets. In North America, the U.S. showcased the higher demand for automatic SPRs. Other countries that are witnessing an increase in the requirement for these fasteners are Brazil, Iran, and South Africa.

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Thus, the increasing demand for lightweight vehicles will lead to the rising usage of automatic self-piercing rivets. A shift toward the adoption of environment-friendly and energy-conserving vehicles will pave the way for the increasing usage of automatic SPRs around the globe in the foreseeable future.

Electric Truck Market in US to Boom in Coming Years

The U.S. electric truck market growth is driven by low operational and maintenance costs of electric trucks, declining battery costs, and favorable government policies. These factors will accelerate the market at 51.6% CAGR during the forecast period (2020–2030). The market generated $211.5 million in 2019 and it is projected to reach $15,084.3 million by 2030. Currently, it is exhibiting the trend of deployment of such vehicles in the logistics sector, on account of the growing e-commerce industry. Several logistics companies are electrifying their fleet to optimize their operations.

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The country is replacing conventional diesel trucks with electric trucks, as the latter have lesser operational and maintenance costs in comparison to the former. The electric trucks help in saving a large amount in overall component cost, as these do not require the replacement of fuel filters, spark plugs, and oils. Owing to these advantages, fleet owners are focusing on electrifying their fleets. Moreover, these trucks incorporate regenerative braking systems to attain substantial reductions in the wear and tear of breaks.

Additionally, the U.S. electric truck market growth is also facilitated by declining price of battery. The battery pack is a key component of electric trucks and reducing cost of this component will eventually curtail the overall price of these vehicles. The cost of the battery pack depends on the battery chemistry used in electrochemical cells, and this chemistry determines several performance parameters of batteries that include battery lifetime, charging time, and energy-to-weight ratio. Moreover, advancements in electric vehicle (EV) battery technology will reduce the price of batteries in the future.

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According to P&S Intelligence, California will adopt the highest number of electric trucks in the U.S., in the foreseeable future. This will be ascribed to the extensive support from the state government in the form of financial incentives and policy formulation to promote the deployment of these EVs in the state. For example, in June 2020, the California Air Resources Board (CARB) formulated the Advanced Clean Truck initiative that aspires to convert all new trucks sold by 2045 into its electric variants.

Thus, the formulation of supportive government policies and the improved features of electric trucks will promote these EVs in the U.S. in the upcoming years.

Demand For Automotive Parts and Components in the Aftermarket

A number of factors, such as the increasing number of do-it-yourself (DIY) customers, growing customer convenience and awareness, surging vehicle sales, and rising number of road accidents, are projected to boost the growth of the U.A.E. e-commerce automotive aftermarket at a CAGR of 14.8% in the forecast period (2020–2025). At this growth rate, the market size is expected to reach$634.4 million by 2025from $318.2 million in 2020. Moreover, the government initiatives to drive the e-commerce sector and rise in the digitization rate in the country propel the market growth.

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The primary factor improving the U.A.E. e-commerce automotive aftermarket growth prospects is the rising customer convenience and awareness. The availability of several products, easy transaction, timely delivery as per consumers’ need, and extensive offers and discounts on e-commerce portals result in a shift from buying parts from traditional stores to online parts purchasing. Thus, several sellers are now trading their automotive parts online, for better accessibility. Also, the portals offer wide-ranging product details to allow customers to understand the specifications and compare products of a similar kind.

Moreover, the increasing number of DIY customers is driving the growth of the U.A.E. e-commerce automotive aftermarket. Due to the rise of the DIY culture in the country, auto enthusiasts and customers have been upgrading their vehicles by themselves. This propels the demand for automotive parts and components in the aftermarket, which are widely being purchased from online portals. Apart from the enthusiasts, maintenance and service centers and mechanics are also buying the products through thee-commerce channel, which, in, turn, drives the market growth.

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Thus, the rising customer convenience and awareness regarding online parts purchasing and the expanding DIY culture in the U.A.E. are expected to propel the growth of the market during the forecast period. 

Why will Automotive Lithium-Ion Battery Market Register Rapid Advancement in Europe During 2019—2024?

One of the major factors fuelling the rise in the requirement of automotive lithium-ion batteries is the increasing adoption of electric vehicles (EVs) all over the world. As per the International Energy Agency (IEA), the number of electric cars in the world increased from 2.0 million in 2017 to more than 5.1 million in 2018. Moreover, the utilization of electric vehicles is expected to further surge in the coming years, on account of the increasing pollution levels and massive fluctuations in oil prices across the world. 

The increasing number of incentives and financial benefits being provided on the purchase of electric vehicles by the governments of many countries in order to promote the adoption of these vehicles is another important factor pushing the demand for automotive lithium-ion batteries across the globe. Due to these factors, the revenue generated from the worldwide sales of automotive lithium-ion batteries is expected to increase from $24.2 billion to more than $74.3 billion from 2018 to 2024. The global automotive lithium-ion battery market is predicted to advance at a CAGR of 15.9% during the forecast period (2019—2024).

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Lithium-ion batteries are used in electric passenger cars, two-wheelers, and commercial vehicles. Out of these, the passenger cars recorded the highest usage of lithium-ion batteries in the past, mainly because of the huge push given by the governments of the largest automobile selling nations in the world such as the U.S. and China for the manufacturing of electric passenger cars. Moreover, the soaring number of financial incentives being provided to the users and passenger car manufacturing companies by the governments of several countries is further boosting the sales of lithium-ion batteries all over the world.

One of the prominent trends presently being witnessed in the automotive lithium-ion battery market is the rising incorporation of lithium nickel manganese cobalt oxide (NMC) batteries in electric vehicles across the globe. This is primarily attributed to the ability of the NMC batteries to provide high energy density and the rising requirement of vehicles having high ranges throughout the world. In addition to this, the declining prices of the NMC batteries, their lesser space requirements, and lighter weights are further boosting their sales across the world.

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Geographically, Europe is expected to register the fastest growth in the usage of automotive lithium-ion batteries during the forecast period, on account of the increasing sales of electric vehicles and the presence of various associations in the region such as Association of European Automotive Industrial Battery Manufacturers, that are encouraging the usage of lithium-ion batteries in automobiles. Additionally, the region is home to major automobile manufacturers such as Volkswagen Group and BMW AG that are making huge investments in advanced technologies for EVs, which will further create huge demand for lithium-ion batteries in the region in future.

Hence, it can be said with full surety that the sales of automotive lithium-ion batteries will increase significantly all over the world over the coming years, due to the rising adoption of electric vehicles in several countries and the presence of favorable government policies and regulations for the usage of electric vehicles in many countries all around the world. 

Factors that Impact on the India Electric Rickshaw Battery Market in Upcoming Years!

Different transportation systems all across the globe are still mostly dependent on fossil fuels, however, with the surging concerns regarding the environment, the focus is predicted to shift towards electric vehicles eventually. In India, the transportation system consumes about 70% of petroleum products, and the fact that the country is relied on other nations for the procurement of fuel has been taking a toll on gross domestic product. Owing to this, the Indian government is increasingly focusing towards encouraging the adoption of electric vehicles in the country. Moreover, since the pollution levels in urban cities is off the charts, the need for electrifying the transportation system is pressing. 

Due to all these factors, the adoption of electric rickshaws in the country is growing, which, in turn, is resulting in the rising need for electric rickshaw batteries. According to a P&S Intelligence report, in 2019, the Indian electric rickshaw battery market generated a revenue of $385.0 million and accounted for the sale of 4,290.0 thousand units. The market is further projected to reach a value of $722.3 million in 2024, advancing at a 13.2% CAGR during the forecast period (2020–2024). 

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Two types electric rickshaws that operate in the country are load carrier and passenger carrier. The demand for batteries was higher for passenger carrier vehicles in the past, which can be ascribed to the larger usage of these vehicles by commuters. As electric rickshaws have low travel cost, people prefer these over other transportation modes for short distances. Other than this, the demand for batteries for load carrier vehicles is also expected to rise in the near future. This is because of the growing e-commerce industry in the country and low total ownership cost of these vehicles.  

Batteries utilized in electric rickshaws have battery capacity of either <101 Ah or >101 Ah. Between these two, the demand for batteries with capacity less than 101 Ah was higher in the past, which is attributed to their low cost. This being said, the need for electric rickshaws which have the capacity to travel for longer distance, without needing to be charged frequently, is growing in India, which is why the demand for batteries with capacity more than 101 Ah is predicted to increase in the coming years. Batteries are required for replacement of older batteries and by original equipment manufacturers. 

The higher demand for batteries in the years to come is projected to be created for replacement purposes. This is because an electric rickshaw goes through three or four battery replacement cycles throughout its lifetime. Within the country. Delhi has been the largest Indian electric rickshaw battery market up till 2018. However, the demand for batteries is expected to rise significantly in Uttar Pradesh in the coming years, owing to the rising usage of electric rickshaws by daily commuters in small towns in the state. 

Hence, the demand for electric rickshaws batteries in India is growing due to the growing adoption of electric rickshaws and surging air pollution levels.