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.