Press Releases from MarketsandMarkets™ INC. (921 total)
Revving Up for 2024: Total Automotive Sales to Cross 96 million units in 2024, p …
According to a research report, "Global Automotive Industry Outlook 2024 " published by MarketsandMarkets, the global automotive sales is estimated to grow from over 91 million units in 2023 to cross 96 million units by 2024 at a steady Y-o-Y growth rate of 5-7% backed by strong recovery in commercial vehicles and electrification trend in passenger cars. The new research report discusses range of ongoing trends ranging from China's EV…
Automotive Paints Market Set to Reach $9.9 billion by 2028
The automotive paints market is projected to grow from USD 8.4 billion in 2023 to USD 9.9 billion by 2028, at a CAGR of 3.2%. The key factors driving the automotive paints is increase in production of passenger cars, EVS and increase in sales of SUVs is driving. Also, there is increase in adoption for powder coating and water-borne coating technologies in automotive sector to reduce the environmental impact. Hence…
Construction Equipment Market Set to Reach $194.7 Billion by 2030
The Construction Equipment market is projected to grow from USD 149.7 billion in 2023 to USD 194.7 billion by 2030, at a CAGR of 3.8%.
The sales of Construction Equipment are observed to have dropped due to the recession impact between 2023 and 2025 and hence show a declining trend in China, the US, Russia, and South Africa. This downside is due to inflation, a severe issue throughout 2022, and…
Advanced Tires Market Estimated to Reach $3.2 Billion by 2030
According to a research report "Advanced Tires Market by Type (Pneumatic, Run-Flat, Airless), Technology (Self-Inflating, Chip-Embedded, Multi-chamber, All-in-one, Self-Sealing), Vehicle (ICE, Electric, Hybrid, Off-highway), Niche Technology, Material & Region - Global Forecast to 2030" published by MarketsandMarkets, the advanced tires market size is estimated to grow from USD 1.3 billion in 2023 to reach USD 3.2 billion by 2030 at a CAGR of 14.4% over the forecast period.
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Battery Swapping Market Set to Reach $11.8 billion by 2027
the global Battery Swapping Market is projected to grow from USD 1.7 billion in 2022 to USD 11.8 billion by 2027, at a CAGR of 46.9% during the forecast period. Battery swapping is an alternative method of powering an electric vehicle and involves exchanging discharged batteries for charged ones. This swap method removes the direct relation between the vehicle and the battery, thus decreasing the initial cost of buying an…
Automotive Turbocharger Market worth $22.2 billion by 2028
The Automotive Turbocharger market is estimated to grow from USD 15.0 billion in 2023 to USD 22.2 billion by 2028 at a CAGR of 8.1% over the forecast period.
The growth in the automotive turbocharger market is attributed to the growing fuel-efficiency targets & decreasing emission limits, and the trend toward high-performance vehicles. Due to the growing vehicle parc of turbocharged vehicles, the demand for turbochargers in the aftermarket is also…
Automotive Operating System Market Estimated to Reach $25.8 billion by 2030
The global automotive operating system market is projected to grow from USD 12.7 billion in 2022 to USD 25.8 billion by 2030, at a CAGR of 9.2%.
Factors such as growing numbers of ECUs/domain controllers in vehicles, paired with increasing demand for high-end vehicles are expected to augment revenues for the automotive operating system market. Advent of software-defined vehicles, in conjunction with development in autonomous vehicles are likely to create…
Cell to Pack Battery Market Set to Reach $79.0 billion by 2033
The global cell to pack battery market is projected to grow at a CAGR of 15.5% during the forecast period, from an estimated market size of USD 18.7 billion in 2023 to USD 79.0 billion by 2033.
The cell to pack battery market growth is influenced by factors such as the increase in the electric vehicle sales equipped with high energy density, fast charging and light weight batteries. These batteries can…
Electric Vehicle Tires Market Projected to Reach $11.2 billion by 2030
the global electric vehicle tires market size is projected to grow from USD 2.8 billion in 2023 to USD 11.2 billion by 2030, at a CAGR of 21.7%. The rise in focus towards e-mobility is expected to increase the demand for electric vehicle tires. Also, the strong policies set by the regulatory bodies and governments to combat carbon effluents from passenger and commercial vehicles is anticipated to promote the revenue…
Mobility as a Service Market Set to Reach $40.1 Billion by 2030
Mobility as a Service market is projected to grow from USD 5.7 billion in 2023 to USD 40.1 billion by 2030, at a CAGR of 32.2% over the forecast period.
The increasing need to reduce carbon emissions and awareness of environmental issues have driven a growing interest in sustainable transportation options. MaaS promotes the use of shared mobility services, electric vehicles, and public transit, which are generally more eco-friendly than private…
Automotive Software Market Estimated to Reach $32.3 Billion by 2030
The global automotive software market size is projected to grow from USD 19.0 billion in 2023 to USD 32.3 billion by 2030, at a CAGR of 7.8%. The rise in focus towards software-defined vehicles paired with increasing penetration of ADAS features in vehicles are expected to increase the demand for automotive software solutions. Also, the strong government support for vehicle safety paired with rising adoption of software-over-the-air (SOTA) updates are…
Farm Equipment Market's $136.3 Billion Projection by 2028
The global farm equipment market is projected to grow from USD 107.7 billion in 2023 to USD 136.3 billion by 2028, at a CAGR of 4.8% from 2023 to 2028.
Growing demand for mechanization in agriculture with supporting subsidies & incentives from governments is projected to drive the demand for farm tractors. The market is set to grow, driven by the increasing popularity of electric and autonomous tractors, as well…
Train Battery Market Estimated to Reach $378 Million by 2030
The global train battery market is projected to grow from USD 277 million in 2023 to USD 378 million by 2030 at a CAGR of 4.6% from 2023 to 2030. The growth in the train battery market is primarily driven by factors such as development in the rail network, strengthening emission norms, and growing operating costs of the urban rail network, which are considered the most significant drivers of the…
Hypercharger Market Set to Surge: Projected to Reach 273.7 Thousand Units by 203 …
The Hypercharger market size is projected to grow from 10.4 Thousand Units in 2023 and projected to reach 273.7 Thousand Units by 2030, at a CAGR of 59.5%. The Hypercharger demand is primarily driven by the growing popularity and adoption of electric vehicles (EVs). As more consumers and businesses transition to electric mobility, there is a heightened need for charging solutions that offer ultra-fast charging speeds. Hypercharger addresses the time…
Automotive Software Market Estimated to Reach $32.3 Billion by 2030
The global automotive software market size is projected to grow from USD 19.0 billion in 2023 to USD 32.3 billion by 2030, at a CAGR of 7.8%. The rise in focus towards software-defined vehicles paired with increasing penetration of ADAS features in vehicles are expected to increase the demand for automotive software solutions. Also, the strong government support for vehicle safety paired with rising adoption of software-over-the-air (SOTA) updates are…
Automotive V2X Market Set to Reach $19.5 Billion by 2028
The global automotive V2X market is projected to grow from USD 2.6 billion in 2022 to USD 19.5 billion by 2028, at a CAGR of 39.7%. Factors such as developments in connected car technology, paired with increasing focus towards traffic safety are expected to augment revenues for the automotive V2X market. Advancements in 5G technology, in conjunction with development in autonomous vehicles will create favorable opportunities for this market.
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EV Charging Station Market worth $76.9 billion by 2027
The EV Charging Station market is projected to grow from USD 11.9 billion in 2022 to USD 76.9 billion by 2027, registering a CAGR of 45.0% from 2022 to 2027. Factors such as rising EV sales worldwide, along with government support and policies for mass EV adoption, are positively driving the growth of the EV charging station market. Furthermore, the reduction in EV prices over the years and decreasing EV…
Electric Bus Market Projected to Reach $48.1 Billion by 2030
The global electric bus market is projected to grow at a CAGR of 14.5% during the forecast period, from an estimated market size of USD 18.6 billion in 2023 to USD 48.1 billion by 2030.
Rising GHG emissions and the increasing need for sustainable mobility solutions influence the electric bus market growth. Furthermore, the transport sector is one of the largest contributors to GHG emissions globally. For these reasons, many countries…
E-Bike Market worth $77.2 billion by 2028
The global E-Bike market is projected to reach USD 77.2 billion by 2028 from USD 51.5 billion in 2023, at a CAGR of 8.4% from 2023 to 2028. The growth in the E-Bike industry is expected mainly because E-Bikes offer a healthy, eco-friendly solution for commuting at a much lower price than electric two-wheelers and help deal with increasing traffic congestion. The E-Bikes are mainly popular in European and American…
Electric Scooter and Motorcycle Market Projected to Reach $14.7 billion by 2028
The global electric scooter and motorcycle market, by value, is estimated to be USD 4.9 billion in 2023 and is projected to reach USD 14.7 billion by 2028, at a CAGR of 24.8% from 2023 to 2028. The market for electric scooters and motorcycles is expected to rise as a result of reasons including rising fuel prices, the adoption of emissions-free transportation, and advantageous government policies including subsidies and tax…
EV Battery Market Estimated to Reach $134.6 Billion by 2027
The global EV battery market is projected to grow at a CAGR of 19.0% from USD 56.4 billion in 2022 to USD 134.6 billion by 2027.
The growth of the EV battery market can be attributed to the increasing demand of electric vehicles, improvement in battery technology, supporting government policies and regulations, and launch of new plug-in EV models.
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The lithium-ion battery segment is expected to be…
Automotive Actuators Market Projected to reach $29.3 billion by 2030
The Automotive Actuators Market is projected to grow from an estimated USD 20.9 billion in 2023 to reach USD 29.3 billion by 2030 at a CAGR of 4.9% during the forecast period.
Automakers are highly focused on developing new and improved components to increase the fuel efficiency of vehicles owing to growing concerns over environmental changes. Automotive actuators play a significant role in reducing emissions and enhancing vehicle efficiency. Electric…
Automotive Wiring Harness Market Surge to reach $59.5 billion by 2030
The global automotive wiring harness market is projected to grow from USD 48.7 billion in 2023 to USD 59.5 billion by 2030, at a CAGR of 2.9% from 2023 to 2030
The market is driven by factors such as increasing vehicle production, increased adoption of electric vehicles, increased number of new features in modern vehicles, etc. The shift towards electric & hybrid vehicles and vehicles with ADAS features drives the…
Connected Car Market Projected to Reach $56.3 billion by 2026
The connected car market size is projected to reach USD USD 56.3 billion by 2026, from an estimated USD 23.6 billion in 2021, at a CAGR of 19.0%, from 2021 to 2026. The growth of the connected car market is influenced by factors such as the increasing trend of in-vehicle connectivity solutions, the development of smart city infrastructure, 5G infrastructure, and intelligent transportation systems. The developments and popularity of Mobility-as-service…
Electric Vehicle Market Size, Share, Growth, Forecast, Report, 2030
The global EV market is projected to grow from USD 388.1 billion in 2023 to USD 951.9 billion by 2030, registering a CAGR of 13.7%. The electric vehicle (EV) market is currently experiencing a transformative phase of rapid growth and innovation. With increasing global concern over climate change and air pollution, coupled with advancements in technology and supportive government policies, the adoption of EVs has gained tremendous momentum. Consumers are…
EV Charging Station Market Value Predicted to Reach $76.9 Billion by 2027
The EV Charging Station market is projected to grow from USD 11.9 billion in 2022 to USD 76.9 billion by 2027, registering a CAGR of 45.0% from 2022 to 2027. Factors such as rising EV sales worldwide, along with government support and policies for mass EV adoption, are positively driving the growth of the EV charging station market. Furthermore, the reduction in EV prices over the years and decreasing EV…
The Electric Vehicle Boom: A Global Paradigm Shift in Transportation
Stringent emissions regulations have shifted the global focus on electric vehicles, resulted in an exponential growth of these vehicles in recent years. According to IEA publication, though car sales dropped by ~16% during the pandemic, electric vehicle sales increased by 41%. According to IEA, number of on-road electric cars by the end of 2021 was about 16.5 million globally, three times the number of EVs in 2018. As per latest…
BATTERY SWAPPING TO EMERGE AS THE GAME CHANGER FOR RAPID EV ADOPTION
Battery swapping is one of the most promising charging concepts being adopted in the EV sector to address the concerns related to conventional charging infrastructure. This includes replacing the depleted battery from the vehicle with a fully charged one. Since there is no charging involved for the user, battery swapping is comparable to refueling ICE engines, thereby making it more feasible. Considering the continued concerns on EV driving range, battery…
Automotive Fuel Cell Market Projected to reach 724 thousand units by 2030
The automotive fuel cell market is projected to grow from 25 thousand units in 2022 to 724 thousand units by 2030, registering a CAGR of 52.4%.
The growing growing demand of zero-emission commercial and passenger vehicles, increasing hydrogen infrastructure, flourishing long-range freight transport industry, and rising commercial transport are expected to increase the demand for fuel cell electric vehicles. Fuel cell operated vehicles such as buses, LCVs, passenger cars, and…
Automotive Camera Market Projected to reach $13.9 billion by 2028
The automotive camera market is projected to grow from USD 8.0 billion in 2023 to USD 13.9 billion by 2028, at a CAGR of 11.7% during the forecast period. The cameras are used as advanced safety devices for enhancing the visibility of the surrounding environment to improve vehicle safety. The growing demand for Advanced Driver Assist Systems (ADAS) in developed and developing nations is attributed to using automotive cameras in…
Automotive Turbocharger Market Surge to reach $22.2 billion by 2028
The automotive turbocharger market is projected to grow from USD 15.0 billion in 2023 to USD 22.2 billion by 2028, at a CAGR of 8.1%. The automotive turbocharger market is driven by decreasing emission limits and increased demand for high-performance vehicles. With the shift from diesel to gasoline in light-duty vehicles and growing vehicle hybridization, gasoline and electric turbochargers would be the future potential markets for turbocharger manufacturers.
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Automotive Smart Display Market Projected to Reach $10.9 billion by 2025
The Automotive Smart Display Market is estimated to be worth USD 7.2 billion in 2020 and is projected to reach USD 10.9 billion by 2025, at a CAGR of 8.8% during the forecast period. The market is driven by increased customer awareness about road and vehicle safety, demand for improved consumer experience in vehicles, and high growth in the luxury and high-end cars segments, mainly in the emerging markets.
Automotive…
E-Bike Market Set to Search $77.2 billion by 2028
The global E-Bike market is projected to reach USD 77.2 billion by 2028 from USD 51.5 billion in 2023, at a CAGR of 8.4% from 2023 to 2028. The growth in the E-Bike industry is expected mainly because E-Bikes offer a healthy, eco-friendly solution for commuting at a much lower price than electric two-wheelers and help deal with increasing traffic congestion. The E-Bikes are mainly popular in European and American…
Automotive Filters Market Set to Reach $13.1 Billion by 2027
The automotive filters market is projected to grow from USD 11.1 billion in 2022 to USD 13.1 billion by 2027, at a CAGR of 3.3% for the same period. Increasing global vehicle production is the key factor driving the demand for automotive filters. Additionally, rising stringency in emission, fuel economy, and safety regulations will fuel the demand for automotive filters such as brake dust, DPF, GPF, & Urea. In addition,…
Automotive Cybersecurity Market Surge to reach $6.0 billion by 2028
The global automotive cybersecurity market size is projected to grow from USD 2.5 billion in 2023 to USD 6.0 billion by 2028, at a CAGR of 18.5%. The automotive cybersecurity market is driven by the increasing demand for ADAS technology in vehicles along with growing demand for vehicle-to-everything technology. In addition, the increasing penetration of electric vehicle paired with rising demand for semi-autonomous/ autonomous vehicles are anticipated to bolster the…
Electric Vehicle Market Set to Reach $951.9 billion by 2030
The global electric vehicle market size is projected to grow from 8,151 thousand units in 2022 to 39,208 thousand units by 2030, at a CAGR of 21.7%. Factors such as growing demand for low emission commuting and governments supporting long range, zero emission vehicles through subsidies & tax rebates have compelled the manufacturers to provide electric vehicles around the world. The rapidly growing sales volume of EV's in Asia Pacific,…
Recreational Boat Market Projected To reach $25.9 billion by 2028
The global recreational boat market, by value, is estimated to be USD 18.9 billion in 2023 and is projected to reach USD 25.9 billion by 2028, at a CAGR of 6.5% from 2023 to 2028.
The market for recreational boat is expected to rise as a result of reasons including, the adoption of emissions-free transportation, and advantageous government policies including subsidies, rise in boat industry electrification.
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Yacht segment…
Brake System Market Estimated to Reach $28.1 billion by 2027
The brake system market is projected to reach USD 28.1 billion by 2027 from an estimated USD 22.2 billion in 2022, at a CAGR of 4.8% during the forecast period.
The brake system market growth is mainly driven by the regulations on stopping distance and safety standards in countries such as China, India, Brazil, European Union, the US, and Canada, among others. In addition, increased demand for luxury cars would boost…
Mobility as a Service Market Set to Reach $40.1 billion by 2030
Mobility as a Service market is projected to grow from USD 5.7 billion in 2023 to USD 40.1 billion by 2030, at a CAGR of 32.2% over the forecast period.
The increasing need to reduce carbon emissions and awareness of environmental issues have driven a growing interest in sustainable transportation options. MaaS promotes the use of shared mobility services, electric vehicles, and public transit, which are generally more eco-friendly than private…
Automotive Operating System Market Projected to Reach $25.8 Billion by 2030
Automotive Operating System Market worth $25.8 billion by 2030. Factors such as growing numbers of ECUs/domain controllers in vehicles, paired with increasing demand for high-end vehicles are expected to augment revenues for the automotive operating system market. Advent of software-defined vehicles, in conjunction with development in autonomous vehicles are likely to create favorable opportunities for the automotive operating system market during the forecast period.
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QNX segment is…
EV Battery Market Projected to Reach $134.6 Billion by 2027
The global EV battery market is projected to grow at a CAGR of 19.0% from USD 56.4 billion in 2022 to USD 134.6 billion by 2027. The growth of the EV battery market can be attributed to the increasing demand of electric vehicles, improvement in battery technology, supporting government policies and regulations, and launch of new plug-in EV models.
The passenger cars segment is expected to be the largest vehicle type…
EV Charging Cable Market Estimated to Reach $3.9 Billion by 2030
The global EV charging cable market is projected to grow from USD 1.3 billion in 2023 to USD 3.9 billion by 2030, registering a CAGR of 16.7%. The Electric Vehicle (EV) charging cable market is currently undergoing a dynamic transformation driven by the rapid proliferation of electric vehicles. As the global consciousness shifts toward eco-friendly transportation and governments worldwide incentivize electric mobility, the demand for innovative charging solutions has reached…
Electric Scooter and Motorcycle Market Projected to Reach $14.7 billion by 2028
The global electric scooter and motorcycle market, by value, is estimated to be 4.9 USD Billion in 2023 and is projected to reach 14.7 USD Billion by 2028, at a CAGR of 24.8% from 2023 to 2028. electric Governments' backing of electric two-wheelers through subsidies and tax breaks, as well as factors like rising demand for energy-efficient commuting, have forced two-wheeler OEMs to look beyond the usage of traditional internal…
Construction Equipment Market Projected to Reach $194.7 Billion by 2030
The Construction Equipment market is projected to grow from USD 149.7 billion in 2023 to USD 194.7 billion by 2030, at a CAGR of 3.8%.
The sales of Construction Equipment are observed to have dropped due to the recession impact between 2023 and 2025 and hence show a declining trend in China, the US, Russia, and South Africa. This downside is due to inflation, a severe issue throughout 2022, and while…
Wireless Charging Market for Electric Vehicles Projected to Reach $377 million b …
The global Wireless Charging Market for Electric Vehicles is projected to grow from USD 15 million in 2022 to USD 377 million by 2027, at a CAGR of 88.4%. Factors such as rising sales of EVs around the world, coupled with the growing focus towards autonomous vehicles will boost the demand for the wireless charging market electric vehicles. The Wireless Charging Market for Electric Vehicles is dominated by major players…
Farm Equipment Market Projected to Reach $136.3 Billion by 2028
The global farm equipment market is projected to grow from USD 107.7 billion in 2023 to USD 136.3 billion by 2028, at a CAGR of 4.8% from 2023 to 2028.
Growing demand for mechanization in agriculture with supporting subsidies & incentives from governments is projected to drive the demand for farm tractors. The market is set to grow, driven by the increasing popularity of electric and autonomous tractors, as well…
EV Charging Station Market Projected to Reach $76.9 billion by 2027
The EV Charging Station market is projected to grow from USD 11.9 billion in 2022 to USD 76.9 billion by 2027, registering a CAGR of 45.0% from 2022 to 2027. Factors such as rising EV sales worldwide, along with government support and policies for mass EV adoption, are positively driving the growth of the EV charging station market. Furthermore, the reduction in EV prices over the years and decreasing EV…
Automotive Tire Market Projected to Reach $21.6 billion by 2028
Automotive tire market is estimated to grow from USD 19.6 billion in 2023 to USD 21.6 billion by 2028 at a CAGR of 2.0% over the forecast period.
The increasing demand for mid- & full-size SUVs and luxury cars will drive the automotive tires market. Also, the replacement market is primarily driven by the rising average life of vehicles and average annual miles traveled by light-duty vehicles. In the commercial vehicle…
E-Bike Market Projected to Reach $77.2 Billion by 2028
the global E-Bike market is projected to reach USD 77.2 billion by 2028 from USD 51.5 billion in 2023, at a CAGR of 8.4% from 2023 to 2028. The growth in the E-Bike industry is expected mainly because E-Bikes offer a healthy, eco-friendly solution for commuting at a much lower price than electric two-wheelers and help deal with increasing traffic congestion. The E-Bikes are mainly popular in European and American…
Thermal Systems Market Surge to reach $41.7 billion by 2027
The thermal systems market is projected to reach USD 41.7 billion by 2027 from USD 37.6 billion in 2022, at a CAGR of 2.1%. The growing stringency in emission regulations, rising demand of mid & full size SUV and luxury vehicle with enhanced cabin comfort will drive the thermal systems market. Moreover, rising adoption of electric & hybrid vehicles and the advancements in semi-autonomous and autonomous vehicles would bring tremendous…
