Market Research Blog

The global EV coolants market size is figured out to be around US$ 297.2 million in 2023 and is expected to grow at a rate of 28.7% in the coming decade. A report on the EV coolants market predicts the overall valuation to reach up to US$ 3,704.9 million by the year 2033.

The EV sector had substantial growth in the preceding years, which is regarded to have raised the sales of EV coolants in recent times. Since pollution has become a major concern for the urban centers, FMI predicts an upsurge in EV sales further strengthening the market. Furthermore, throughout the medium-term market predictions, tax incentives and phasing out of IC cars would drive the global EV coolants market further.

Compared to any conventional fuel car, a battery electric vehicle or hybrid electric vehicle, for instance, require 2 to 3 times less coolant. An EV uses approximately 10-20 liters of coolants throughout its lifespan even though the demand for EV coolants for drivelines is comparable. However, water-glycol EV coolants are used in the majority of EVs currently on the road and give good enough functionality making it the better-performing segment than others.

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Key Takeaways from the EV Coolants Market Study Report

• Germany is the leading producer of coolants for EVs in the world and captured a market share of 11.2% in the year 2022.
• The United States follows Germany in the production and consumption of EV coolants and is figured out to have contributed 9.3% of the overall market.
• In Europe, the United Kingdom is witnessing an upsurge in demand for EV coolants over the years. FMI predicts the annual growth rate for this country at 20.5% during the forecast period.
• In Asia Pacific, China is the leading producer of EV coolants and is also developing at a robust growth rate of 21.9% through 2033.
• Meanwhile, India is projected to show a higher growth trend in demand for EV Coolants. As per the analysis report, this regional market is anticipated to register a CAGR of 29.6% over the forecast years.
• Based on the coolant type, glycol-based coolants are the dominating product in the market. As per the market report, it captures a market share of 73.2% of the total market size.

Competitive Landscape for the EV Coolants Market

BASF SE, Dober Chemical Corporation, Shell plc, TotalEnergies SE, Valeo SA, Chevron Corp., Exxon Mobil Corp., Lukoil Petronas, Ashland Corporation, Sinclair Oil Corporation, Blue Star Lubrication Technology are some of the major players in the global EV coolants market.

Due to the entry of the automotive coolants market players in this sector, the global EV coolants market can be considered fairly fragmented. The development of region-specific coolant products has been a major strategy for most EV coolant companies to penetrate the market. For instance, the Shell Group introduced a new coolant for an electric motor in August 2022 that is appropriate for the EV coolant requirements on Indian roads

Recent Developments in the EV Coolants Industry

• In November 2022, Glysantin, which is a subsidiary of BASF SE, introduced a newly created EV battery coolant first into the Chinese car marketplace. This EV coolant was created particularly for indirect cooling systems and offers increased dependability and stability. This ready-to-use coolant, sold under the trade name ® G22 E+TM, has a low conductivity and generates low and steady currents being exposed to a current source.
• Valvoline Cummins Company unveiled Valvoline Advanced Coolant in August 2022, which is a glycol-based full-antifreeze coolant with OAT Technology. The use of this new technology extends the useful life of EV coolants and is expected to strengthen the market position of the enterprise.

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Key Segments

By Vehicle Type:

• Battery Electric Vehicle (BEV)
• Hybrid Electric Vehicle (HEV)
• Plug-in Hybrid Electric Vehicle (PHEV)
• Fuel Cell Electric Vehicle (FCEV)

By Category:

• Coolants for Electric Passenger Cars
• Coolants for Electric Commercial Vehicles
• Coolants for Electric Two Wheelers
• Others

By Coolant Type:

• Ethylene Glycol
• Polypropylene Glycol
• Others

By Region:

• North America
• Latin America
• Europe
• East Asia
• South Asia and Pacific
• The Middle East and Africa (MEA)

Author

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

Contact Us:        

Nandini Singh Sawlani   

Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube

The global diagnostic tools for EVs market is expected to rise at a sturdy growth rate of 12.8% during the forecast years as per a report by FMI. The overall market valuation of total sales of diagnostic tools for EVs in 2022 was US$ 1,437 million which is further projected to reach US$ 5,401.6 million by 2033.

EV sales have seen a significant rise giving impetus to the requirement for other related products and services for its advancement, over the last few years. Furthermore, tremendous progress has been made in the electric vehicle repair and maintenance business creating a huge opportunity for the market.

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Key Takeaways

• As per the market estimate figures, the United States is the leading region in providing diagnostic tools for EVs. In the year 2022, the total revenue generated by the companies of diagnostic tools for EVs operating in the country was nearly US$ 184 million.
• In Europe, Germany has remained the leading market for electric vehicles and tools and other products and services associated with EVs. Currently, the net worth of the total sales of diagnostic tools for EVs achieved by Germany is estimated to be around 8.9% of the global market.
• Interestingly, the United Kingdom has witnessed higher demand for diagnostic tools for EVs than any other country in the European Union in recent years. As per the market statistics, this country is anticipated to witness an overall annual growth rate of 12.4% during the time period between 2023 and 2033.
• China is projected to lead the manufacturing and sales of diagnostic tools for EVs in the Asia Pacific region. By the virtue of having a high manufacturing base, it is projected to develop its diagnostic tools for the EVs market at a rate of 10.1% over the next ten years.
• Japan is also a key market for the production and export of diagnostic tools for EVs, its annual growth rate in this sector would remain lower than that of China. In the previous year, the total valuation of this market in Japan was US$ 22.5 million which is further projected to reach US$ 76 million by 2033.
• Australia is emerging as a key region with demand for diagnostic tools for EVs gaining traction over the recent years. For the present year 2023, the net worth of the total diagnostic tools for EVs sales in the country is estimated to be around US$ 13 million and it would reach up to US$ 43.5 million by 2033.
• Contrastingly, India is observed to be having a year-on-year growth rate for sales of diagnostic tools for EVs higher than any other country. In comparison to the CAGR of other countries, the demand for diagnostic tools for EVs in India is poised to register a CAGR of 14.2% through the forecast years.
• In terms of value, the hardware segment of the market generates higher revenue in comparison to software and services. As per the diagnostic tools for EVs market report, this segment contributed 68.3% of the total revenue generated by the market in 2022.

Competitive Landscape for the Diagnostic Tools for EVs Market

Actia Group SA, Autel Intelligent Technology Corp., Ltd., AVL List GmbH, BMW AG, Bosch Automotive Service Solutions Inc., Continental AG, Daimler AG, Delphi Automotive Plc, Denso Corporation, Fluke Corporation are prominent players in the global diagnostic tools for EVs market.

The global diagnostic tool for electric vehicles market looks to be fragmented and competitive, with both regional and global participants advancing at a constant rate.

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Key Segments of Diagnostic Tools for EVs Market

By Offering:

• Diagnostic Hardware
  • Scanner
  • Code Reader
  • Tester
  • Analyzer
  • Others
• Diagnostic Software
  • ECU Diagnosis Software
  • Vehicle Tracking Software
  • Vehicle System Testing Software
  • Others
• Diagnostic Services
  • Vehicle Maintenance and Repair Services
  • Custom, Training, Support, and Integration Services
• Others

By Tool Type:

• Professional Diagnostic
• DIY Diagnostic
• OEMs Diagnostic
• Others

By Application:

• Automatic Crash Notification
• Vehicle Tracking
• Vehicle Health Alert & Roadside Assistance
• Repair & Maintenance
• Others

By Vehicle Type:

• Passenger Vehicle
• Commercial Vehicle
• Others

By Region:

• North America
• Latin America
• Europe
• East Asia
• South Asia and the Pacific
• Middle East and Africa (MEA)

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

Contact Us:        

Nandini Singh Sawlani   

Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube

The total value of electric commercial vehicle MRO market in the previous year 2022 is figured at around US$ 513.9 million. During the projection period, the FMI report predicts that the overall market would develop at an amazing pace of 23.8% per year. Meanwhile, the total market value is anticipated to grow from US$ 638.7 million in 2023 to over US$ 5,401.6 million by 2033.

Logistics and transport businesses have indeed been facing the cost surcharges connected with the maintenance and repair of their electric vehicles. End users quickly adopted the introduction of companies providing such maintenance, repair, and overhaul services, making it a high-potential business soon.

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Fleet owners around the world are adopting electric cars (EVs) as a more and more common means of logistics and transportation these days. Moreover, Federal governments are extending sufficient support to this sector as it is projected to produce many employment opportunities in the hinterlands.

Key Takeaways from the Electric Commercial Vehicle MRO Market Study Report

• The United States contributes 18.4% of the revenue generated from MRO services for electric commercial vehicles. It is higher than any other country and this trend is projected to remain unharmed for some more years ahead.
• Germany is second in the overall ranking for its regional electric commercial vehicle MRO market value at around US$ 62 million in 2023. It is nearly 9.7% of the global market revenue share making Germany the leading market in the whole European Union.

• On the other hand, the United Kingdom is a remarkably growing region in terms of demand for the electric commercial vehicle MRO market. By following the predicted growth rate of 28%, this country is anticipated to emerge as a key region against Germany.
• Among all the forefront Asia Pacific nations, China holds the major share of electric commercial vehicle MRO services. It is going to witness a year-on-year growth rate of 21.1% and retain its dominance in the Asia Pacific regional market.

• Japan is the strong competitor for China in this region and has established sufficient infrastructure for many types of MRO services. In the previous year 2022, the total revenue generated by the Japan electric commercial vehicle MRO market was nearly US$ 4 million.
• India is another remarkably growing region in terms of the adoption of the electric commercial vehicle MRO market. As per the recent report, currently, it is experiencing a year-on-year growth rate of 25.2% which is expected to continue through the forecast years.
• Among the different types of electric commercial vehicles operating in the real world, buses create the most demand for MRO services. As per the electric commercial vehicle MRO sector statistics, this segment constitutes an astounding 78.6% of the overall market size.

Competitive Landscape for the Electric Commercial Vehicle MRO Market

Name of some of the leading players operating in the global electric commercial vehicle MRO market is Robert Bosch GmbH, LKC Corporation, The Hybrid Shop, Hyundai Motor Company, Singapore Technologies Engineering, Performance Consulting Associates, Inc., Micron Technology, Inc., TMD Mobility PTE. Ltd., Fraunhofer Gesellschaft, and NM and E Co., Ltd. among others.

Recent Developments in the Electric Commercial Vehicle MRO Services Industry

Custom masking options that are highly tailored particularly for E-Coating, Insulation Coating, and Class-A Paint Coatings make up Echo’s MRO expertise for the EV sector.

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Key Segments of Electric Commercial Vehicle MRO Service Sector

By Vehicle Type:

• Battery Electric Vehicle (BEV)
• Plug-in Electric Hybrid Vehicle (PEV)
• Hybrid Electric Vehicle (HEV)
• Fuel Cell Electric Vehicle (FCEV)
• Others

By Service Provider:

• Franchise General Repairs
• OEM Authorized Service Centres
• Other Service Providers

By Region:

• North America
• Latin America
• Europe
• East Asia
• South Asia and the Pacific
• Middle East and Africa (MEA)

Author

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

Contact Us:        

Nandini Singh Sawlani   

Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube

In the current year 2023, the net worth of the global EV tire market is estimated to be around US$ 9,444.1 million. As per the market analysis report projections, EV tire sales are to grow at a CAGR of 26.6% during the next 10 years. This report also predicts that the total valuation of the market would be around US$ 99,884.7 million by 2033.

Electric car tires vary from conventional vehicle tires in that they are designed to minimize road noise and increase range while accommodating the greater load within an electric engine. That said, they, like traditional tires, fulfill the same standards such as steering accuracy, and other factors making it a wise choice for other vehicles as well.

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More average vehicle life by greater attention to performance and safety, technical advancements resulting in longer tire durability, and other reasons are driving the EV tire industry.

Key Takeaways from the EV Tires Market Study Report

• Germany is the leading region in the manufacturing of EV tires and contributes around 11.2% of the market share alone. In the previous year 2022, it generated a revenue of US$ 832.2 million from the production and sales of EV tires.
• The United States comes in second in the production of EV tires and is figured out to be contributing up to 9.3% of the market share. In the year it contributed a revenue share of nearly US$ 691 million through the presence of some leading manufacturing companies here.
• On the other hand, the United Kingdom is the fastest growing market for sales of EV tires in the Europe region. The year-on-year growth rate for the UK EV tire market is predicted to be around 22.4% from 2023 to 2033.
• China, with a strong manufacturing base, is an emerging market for EV tires that is growing at an annual rate of 20.8%.
• India is the fastest-growing market in demand for EV tires and is expected to register an above-average CAGR of 30.4% through 2033.
• Contrarily, Australia for strengthening its electric mobility is witnessing a substantial increase in demand for EV tires over these years. The overall market in Australia is anticipated to grow promisingly and achieved an EV tire business of US$ 1 billion by 2033.

Competitive Landscape for the EV Tires Market

Continental AG, Bridgestone, Pirelli & C. S.p.A., Goodyear Tire & Rubber Co., Hankook Tire & Technology Co. Ltd., Yokohama Rubber Co. Ltd., Apollo Tyres, Michelin, Nokian Tyres, Cooper Tire & Rubber Company, and Falken Tyre are some of the major players in the global EV tire market.

Recent Developments in the EV Tires Industry

• Falken Company, located in Japan, created the Ecorun A-A Tires in May of 2018. Further, it has teamed up with Toyota to create an electric passenger automobile. In this case, A is the benchmark for wet grip performance as well as its efficiency on road.
• Michelin launched the development of a new tire type in March 2021, with the goal of reducing noise while the EV propulsion. In comparison to the previous state, this shift was over 20%. As a result, the user and customer may enjoy a more comfortable ride.
• P Zero All Season Plus in Elect product line was introduced in the United States in March 2022. It is Pirelli’s first replacement tires — tires that may also suit a car if the primary tires wear out — built exclusively for EVs.

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Key Segments

By Product Type:

• Radial Tires
• Bias Tires
• Composite Tires
• Others

By Tire Size:

• Up to 14”
• 15”-18”
• Above 18”

By Propulsion:

• BEV
• HEV
• PHEV
• Others

By Vehicle Type:

• Passenger Cars
• Commercial Vehicles

By Sales Channel:

• OEM
• Aftermarket
• Others

By Region:

• North America (USA, Canada)
• Latin America (Mexico, Brazil)
• Europe (Germany, Italy, France, UK, Spain, Russia)
• South Asia & Pacific (India, ASEAN, Australia & New Zealand)
• East Asia (China, Japan, South Korea)
• The Middle East and Africa (GCC Countries, South Africa, Northern Africa, Türkiye)

Author

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

Contact Us:        

Nandini Singh Sawlani   

Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube

The automotive headliner market size is projected to be valued at US$ 19,391.9 Mn in 2023 and is expected to rise to US$ 30,695.1 Million by 2033. The sales of automotive headliner market are expected to grow at a significant CAGR of 4.7% during the forecast period.

Rising demand for passenger vehicles, strict government regulations or initiatives encouraging the use of lightweight designed auto parts are the major factors proliferating market growth.

Rising demand for advanced and high-quality interior design or styling within vehicles, have all contributed to the growth of the automotive headliner market.

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In the long run, advances in the development of sustainable/Eco-friendly materials for automotive applications, as well as increased investments in electric vehicle development, are expected to increase demand for automotive headliners.

Furthermore, the growing trend of improving vehicle interior cabin appearances while maximising passenger comfort, rising demand for luxury or premium vehicles, and investments in autonomous vehicles will drive demand for automotive roof headliners in the coming years.

Automobile headliner suppliers have increased opportunities to supply enormous volumes of products and benefit from economies of scale, which will increase OEMs’ reliance on suppliers for growth.

The rising trend of adopting innovative technologies with concern of environment facilities would provide immense opportunities for market to grow.

Key Takeaways from the Automotive Headliners Market

• Passenger cars to dominate the segment with 84.3% share in global market. Automotive headliners play an important role in providing an attractive interior design for various passenger vehicles in order to attract customers in a competitive marketplace.
• The synthetic cloth segment will dominate the material segment with share of over 23.21%. As synthetic fabrics are versatile and long-lasting, they are a popular choice for automotive interiors and among manufacturers.
• Germany is set to grow at 6.4% by 2033 due to the favorable policies by European Union’s in implementing strict emission regulations and focusing on reducing the kerb weight of vehicles.
• The rising mergers and collaborations as well as the expansion in headliners manufacturing facilities among eminent manufacturers in U.K would lead its market growth trajectory to 4.3% by 2033.
• S. to dominate the revenue share with 15.3% contribution in the global markets. U.S.had witnessed high sales in sports and luxury vehicles due to growing disposable income and high availabilities.
• India would be the most lucrative market among other regions with a growth trajectory of 5.3% by 2033. Growing vehicle manufacturing facilities and high emphasis on vehicle safety and standards shows an opportunistic prospect for Indian market.

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Competitive Landscape

Continental AG, Magna International Inc., Denso Corporation, Faurecia, Adient, and others are key automotive interior market participants. The automotive interiors market is likely to face competition in the coming years as a result of various strategies used by major product manufacturers to gain a competitive advantage, such as focused research and development activities, new product developments, acquisitions, and so on.

Latest Developments in the Automotive Headliner Market

Oracle Lighting introduced the new StarLINER ColorSHIFT Fiber Optic hardtop headliner in October 2020. The product is intended for use in the Gladiator JT and Warngler JL vehicle models.

International Automotive Components (IAC Group) announced the expansion of its presence in the United Kingdom in July 2019. This will be accomplished by expanding the headliner manufacturing facility in Elmdon.

SEAT will reveal Ku-Fizz, a novel physical foam technology for automotive headliners that reduces the weight of plastic components, at its 2nd Innovation Day in November 2020, as part of an initiative to increase sustainable materials in the automotive sector.

Key Segments Covered in the Automotive Headliner Market Report

By Headliner Type:

• Soft Top
• Hard Top

By Material:

• Foam-backed Cloth
• Cotton-napped Cloth
• Synthetic Cloth
• Perforated Cloth

By Vehicle Type:

• Passenger Car
• Light Commercial Vehicle
• Heavy Commercial Vehicle

By Sales Channel:

• Hard Top
• Soft Top

Region:

• North America
• Latin America
• Western Europe
• Eastern Europe
• Asia Pacific excluding Japan (APEJ)
• Japan
• Middle East & Africa (MEA)

Author

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

Contact Us:        

Nandini Singh Sawlani   

Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube

The railway system market is valued at US$ 28,278.1 million as of 2023. The market is expected to advance at a CAGR of 4.8% during the forecast period. By 2033, the market is expected to cross an estimate of US$ 45,192.2 million.

Global urbanisation is accelerating, which has increased discretionary income. This has encouraged many people to start purchasing their own cars, which has increased traffic congestion. As a result, people in the workforce, especially, have begun using services like metro lines and electric trains. This could result in a rise in demand for railroad infrastructure during the forecast era.

Additionally, governments all over the globe are spending enormous sums of money upgrading the rail infrastructure. This is primarily due to an increase in freight transit. Additionally, the use of railroads is consistent with the use of sustainable energy sources. Many economies are placing a focus on “Green Transportation.” Since the investors would concentrate on electrifying railway transportation, this would eventually result in a rise in the use of railways. This would result in the decrease of greenhouse gases.

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Apart from that, even if the railways make use of fuel, the fuel consumption is way less as compared to airlines. In addition to that, the load capacity associated with railways is way higher than the airlines. Thus, the market might witness surge in the number of investors.

With the implementation of the internet of trains, the railway system industry is anticipated to experience a renaissance in the truest sense. The internet of trains provides everything on a silver platter, whether it be dependability, safety, or maintenance. In addition, it has the capacity to collaborate with AI, which would further revolutionise the market in the future. All of these elements are anticipated to increase railway system sales during the anticipated time.

However, massive investment, and long time to recover the invested amount are expected to challenge the market growth.

Thus, from the insights obtained from FMI analysts, it can be inferred that “surging urbanisation, increased government initiatives, application of internet of trains, and a number of other factors are expected to surge the market growth of railway system during the forecast period.”

Key Takeaways:

• The railway system market is holding a valuation of US$ 28,278.1 million in 2023.
• The market is expected to surge at a CAGR of 4.8% during the forecast period.
• By 2033, the market might reach a valuation of US$ 45,192.2 million.
• Based on the regional analysis, North America is expected to be the largest market during the forecast period.
• USA market has a share of 21.8%.
• Germany market has a share of 4.4%.
• Japan market has a share of 5.7%.
• Australia market has a share of 1.3%.
• China market is expected to grow at a CAGR of 5.7%.
• India Market is expected to grow at a CAGR of 7.1%.
• UK market is expected to grow at a CAGR of 4.1%.
• Based on the application, the passenger transportation currently has the largest market share of 64.8%.

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Competitive Landscape:

The key players operating in the railway system market are investing on profitable mergers and acquisitions. Apart from that, there are also massive investments being made on the R&D. Furthermore, the key players are also appointing some of the veterans who have not only served this niche, but related niches as well. Moreover, the manufacturers are also taking important steps to work on the sustainability goals.

In December 2022, Alstom had announced that it would be supplying an additional 49 Coradia Stream trains to Renfe in Spain.

Top Key Players are:
ABB, Alstom, Hyundai Rotem, CRRC, Siemens, Thermo King, Knorr Bremese, Mitsubishi Heavy Industries, Toshiba, and Hitachi.

Railway System Market Segmentation

By Transit Type:

• Conventional (Diesel Locomotive, Electric Locomotive, Electro-diesel Locomotive, Coaches),
• Rapid (Diesel Multiple Unit, Electric Multiple Unit, Light Rail/Tram)

By Application:

• Passenger Transportation,
• Freight Transportation

By System Type:

• Auxiliary Power System
• Train Information System
• Propulsion System
• Train Safety System
• HVAC System
• On-board Vehicle Control

By Region:

• North America
• Latin America
• Europe
• South Asia
• East Asia
• Oceania
• Middle East and Africa (MEA)

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

Contact Us:        

Nandini Singh Sawlani   

Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube

The locomotive traction transformer market is expected to grow at a CAGR of 4.4% from 2023 to 2033. The market is projected to reach a valuation of US$ 737.7 Million by 2033, from the current valuation of US$ 479.6 Million in 2023.

During the current forecast period, several factors positively influence the growth of the locomotive tractions market. Factors include rising investment in public transportation, the upgradation of railway infrastructure with new-age electrical systems, and the popularity of modern metro systems. The recent rise in sustainability concerns also pushes many to rely on public transportation systems and warranting their expansion.

Drivers and challenges have an impact on market dynamics, which can impact businesses. Find more insights in a sample report: https://www.futuremarketinsights.com/reports/sample/rep-gb-16393

Government Endeavors to Drive Market Expansion

Governments are striving to expand the railway systems propelling the market growth. Much recently, Public-Private Partnerships (PPP), have been aiding in the expansion of public transport infrastructure. As a result of government policies bolstering private ventures into transport infrastructure expansion, the market shows a positive growth outlook.

The demand for highly sophisticated, advanced railway transformers is driving market growth. Hence, key players are working towards meeting the demand for highly efficient and affordable railway transformers that enhance rail safety.

High Cost of Railways Electrification to Impede Market Growth

The mass-scale electrification of railways has emerged as a significant growth driver for the market. However, the high costs of railways electrification processes have emerged as a market growth deterrent. This is true for developing markets where public transport infrastructure lacks the necessary investment.

Key Takeaways from the Report:

• Between 2023 and 2033, the locomotive traction transformers market is expected to grow at a CAGR of 4.4%.
• The market is worth around US$ 479.6 Mn in 2023.
• By 2033, the locomotive traction transformer market is expected to reach a valuation of US$ 737.7 Mn.
• The United States market is expected to grow at the largest CAGR of 18.2% during the forecast period.
• The Australian market is expected to grow at a CAGR of 1.6% between 2023 and 2033.

Technological Innovation Key to Market Growth

Key players are investing heavily in research and development to manufacture efficient new-age variants. It is only through the introduction of new and innovative products that key players can fuel the demand rising from the rapidly evolving railway sector.

Recent Market Developments:

• Recently, Hitachi ABB Power Grids Ltd launched oil-free and plug-and-play traction transformers. The RESIBLOC® Rail dry-type traction transformer comes with an integrated cooling system that reduces CO2 emissions, as well as operating costs. The product is in demand due to its high energy efficiency attributes.
• In 2019, Siemens AG developed propulsion systems for public transport systems. This included the 9,000 HP electric locomotive, an indigenously developed integrated propulsion system equipped with a steel tank transformer. Recently, Alstom SA started the production of onboard transformers. It finds application in the electric locomotive as a part of an EKZ joint venture. Currently, the expected production capacity is about 300 transformers/per year.

Key Players:

• ABB
• Mitsubishi Electric Corporation
• Emco Ltd
• International Electric Co. Ltd.
• JST Transformateurs
• Hind Rectifiers Ltd
• Setrans Holding AS
• Wilson Transformer Company
• Wolong Electric
• Tianwei Group
• Sunten Electric
• TBEA
• China XD Group
• Sunlight Electric
• Dachi Electric
• Luneng Mount.
• Tai Electric

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Locomotive Traction Transformer Market by Category

Type:

• Tap Changing
• Rectifier

Overhead Line Voltage:

• AC System
• DC System

Mounting Position:

• Underfloor
• Machine Room
• Over the Floor

Rolling Stock:

• Electric Locomotives
• High-speed Trains
• Metros

Region:

• North America
• Latin America
• Europe
• Asia Pacific
• Oceania
• Japan

Author

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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