Passenger cars maintenance, repair, and overhaul (MRO) market is anticipated to grow at a significant CAGR of 14.2% during the forecast period (2024-2031). The market growth is attributed to pivotal factors such as an expansion of aftermarket services and products, e-commerce growth in auto parts and services, rising consumer awareness of vehicle safety and reliability, growing demand for enhanced vehicle performance, and a shift toward electric and hybrid vehicles. According to the Australasian Fleet Management Association (AfMA), in July 2024, Global electric vehicle (EV) sales reached 14.1 million units, with battery electric vehicles (BEVs) accounting for 70.0% and plug-in hybrid electric vehicles (PHEVs) for 30.0%.
Car recycling and dismantling market is anticipated to grow at a significant CAGR of 12.1% during the forecast period (2024-2031). The market growth is attributed to increasing economic and environmental benefits in recovering materials from End-Of-Life Vehicles (ELVs), and remanufacturing of Waste Steel Sheets (WSS) from ELVs into useful Mesh Steel Sheets (MSS) for metal forming applications drive the growth of the market. According to the World Steel Association AISBL, the average recycling rate for steel and iron in cars is about 90.0%. Each year, the steel industry recycles more than 14 million tons of steel from ELVs. This is equivalent to nearly 13.5 million automobiles. When comparing the amount of steel recycled from automobiles each year to the amount of steel used to produce new automobiles that same year, automobiles maintain a recycling rate of nearly 100.0%. By weight, the typical passenger car consists of about 65.0% steel and iron.
Green tires market is anticipated to grow at a significant CAGR of 12.0% during the forecast period (2024-2031). Green tires are a sustainable tire industry framework that focuses on environmental sustainability throughout the entire lifecycle of tire production, use, and disposal. These tires use environmentally friendly materials, such as natural rubber from sustainable plantations, renewable synthetic rubber blends, and eco-friendly additives, to minimize resource extraction, energy consumption, and greenhouse gas emissions.
Vehicle scanner market is anticipated to grow at a considerable CAGR of 6.2% during the forecast period (2024-2031). Vehicle scanners are used by various government and private organizations to enhance the security and safety of their premises. It is used to screen or diagnose any external or internal threat by a vehicle such as ammunition, weapons, smuggled material, or any abnormality within the vehicle. It is widely used in airports, ports, crowded gatherings, corporate complexes, national borders, and other places.
OTR tire market is anticipated to grow at a CAGR of 14.7% during the forecast period (2024-2031). The market growth is attributed to the increasing infrastructure projects globally and an increased need for heavy machinery in the mining, construction, and agricultural sectors accelerating the demand for OTR tires globally driving the market growth. Furthermore, increasing tire technology innovation including improved tread patterns and durability stimulates market expansion by increasing equipment operator productivity and decreasing downtime.
Automotive seat frame market is anticipated to grow at a moderate CAGR of 3.8% during the forecast period (2024-2031).Manufacturers of automobiles are trying to lighten their cars in order to meet emission regulations and increase fuel economy. So, lightweight materials like carbon fiber, magnesium, and aluminum have been developed and are being utilized more often in the manufacturing of vehicle seat structures.
Automotive brake pads market is anticipated to grow at a considerable CAGR of 8.2% during the forecast period (2024-2031). Automotive brake pads are components that create friction against brake discs when you press the brake pedal, slowing down or stopping the vehicle and are made of materials like organic compounds, semi-metallic compounds, or ceramics.
The catalytic converter market is anticipated to grow at a CAGR of 8.3% during the forecast period (2023-2030). The growth of the industry is anticipated to be driven by technological progress and the rising production of automobiles in emerging economies like China and India. Market expansion is also influenced positively by stringent emissions-related regulations imposed by governments globally and the increasing awareness among automobile users.
Hub motor market is anticipated to grow at a moderate CAGR of 4.9% during the forecast period (2023-2030). The market is driven by the increasing demand for electric vehicles. As the electric vehicles sector is growing significantly, there is a growing focus on enhancing their efficiency, power, and overall performance. Hub motors which are primarily used for direct power delivery to the wheels bring several advantages.
Automotive film market is anticipated to grow at a CAGR of 7.8% during the forecast period. Increasing demand for heat reduction and UV protection from the automotive industry, increasing demand for paint protection owing to higher maintenance costs, technological advancements, growing automotive industry and concerns for safety and security are driving the market for automotive films.
Automotive image sensors market is anticipated to grow at a CAGR of 11.3% during the forecast period (2023-2030). With the growing demand for smart features and autonomous driving in automobile sectors, the demand for image sensors in the automotive industry is also growing at a significant scale. In the automobile industry, image sensors have a critical role in applications such as advanced driver-assistance systems (ADAS) and autonomous driving and are also used to improve safety and functionality.
Automotive LED Market is anticipated to grow at a CAGR of 7.3% during the forecast period (2023-2030). Automotive LED is essential in cars to improve the vision of drivers which helps for detecting uneven road tracks, other vehicle movements, and road hazards. Globally increasing production and sale of vehicles is the driving factor of the global automotive LED market For Instance, China continues to be the world’s largest vehicle market by both annual sales and manufacturing output, with domestic production expected to reach 35 million vehicles by 2025.
Auto parts and accessories market is anticipated to grow at a CAGR of 12.7% during the forecast period (2023-2030). The growing production and adoption of technologically upgraded auto parts and accessories is the key factor supporting the market growth globally. For instance, in August 2020, Advance Auto Parts, Inc. launched MotoLogic® Repair & Diagnostics tool, which makes it easier for automotive technicians and repair shops to offer value-added services to the customers.
Automotive battery sensor market is anticipated to grow at a CAGR of 6.5% during the forecast period (2023–2030). The growth of the market is attributed to the growing demand for consumer awareness and safety. Consumers are increasingly conscious of the performance and safety of their vehicles. By eliminating anticipated battery failures and accidents driven by electrical problems, battery sensors contribute to making driving safer. Accordingly, market players are coming up with new products to cater to the demand for electric vehicle battery Sensors.
Transmission coolers market is anticipated to grow at a CAGR of 10.0% during the forecast period. The growth of the market is attributed to factors such as increasing demand for efficient cooling systems in vehicles to enhance performance and prevent overheating. Factors such as rising commercial vehicle sales and increasing consumer awareness about the benefits of transmission coolers are anticipated to fuel the demand for transmission coolers.
Truck and bus radial (TBR) tire market is anticipated to grow at a CAGR of 6.0% during the forecast period. The growth of the market is attributed to factors such as the increasing demand for commercial vehicles, expanding transportation and logistics industry, and technological advancements in tire manufacturing. Furthermore, factors such as the need for fuel efficiency, improved vehicle performance, and increased safety standards are expected to drive the demand for TBR tires.
Bicycle accessories market is anticipated to grow at a CAGR of 7.5% during the forecast period (2023–2030). The market growth is attributed to the growing demand for technological advancements across the globe. The implementation of load-lugging into bicycle accessories and their accessories has created new opportunities for improving the cycling experience. Hence, the market players are coming up with new products to cater to the rising demand for bicycles.
Automotive glass market is anticipated to grow at a considerable CAGR of 4.0% during the forecast period. Major factors projected to propel the growth of the automotive glass market include increased passenger safety concerns and the development of smart glass technologies to improve sunlight protection, comfort, and visibility. For instance, in September 2021, Gauzy partnered with LG Display to bring smart, dynamic, transparent displays to various types of vehicles.
Radial forging machines market size was valued at $160 million in 2022, and is projected to reach $262 million by 2030, registering a CAGR of 7.3% during the forecast period (2023-2030). The market growth can be attributed to the increasing demand for radial forging machines from the automotive industry and other end-user industries. Radial forging machines are used for producing high-quality components with precise dimensions and excellent surface finish.
Outboard electric motors market is anticipated to grow at a CAGR of 5.1% during the forecast period. The rising concern to minimize the increasing air pollution across the globe is the major factor that contributes to the growth of the market. The key players are inclined to launch electric-driven products to reduce air pollution and stay competitive in the market. For instance, in March 2022, Rim Drive Technology BV, offers a rim drive electric outboard motor; launched a 15-kilowatt (?25 HP) model to extend its current line-up of 4 outboards.
Car tire market is anticipated to grow at a considerable CAGR of 2.2% during the forecast period. The growing focus on fuel economy, rising demand for convenience, and high maintenance or replacement costs of conventional tires are driving the growth of the car tires market. Another factor that is contributing to the growth of the industry is the adoption of cutting-edge manufacturing technology by OEMs to offer product differentiation through sustainability, durability, and affordability.
Automotive lighting market is anticipated to grow at a CAGR of 10.1% during the forecast period. Increasing global production of commercial and passenger vehicles is likely to propel the automotive lighting market during the forecast period. According to the International Organization of Motor Vehicle Manufacturers (OICA), South Africa recorded a 3.5% increase in vehicle production in 2019 as compared to 2018.
Marine battery market is anticipated to grow at a CAGR of 18.5% during the forecast period. The growing establishment of start-ups across the globe is the major factor driving the growth of the market. Start-up companies are increasingly inclined towards the development of marine battery in the market. For instance, in June 2022, Alsym Energy Inc, the US start-up company announced the development of energy storage solutions for electric vehicles (EVs), stationary storage, and marine applications
Dashboard camera market is anticipated to grow at a CAGR of 20.1% during the forecast period. The key players are launching new products across the globe which considered as the major factor responsible for driving the market growth. For instance, in August 2022, Garmin International, Inc. launched Garmin DriveCam 76 and RVcam 795 all-in-one navigators with a built-in, high-definition dashboard camera. Both models are featured with sharp 7-inch display, 1080p HD video recording and wide 140-degree field of view to capture a picture of the road.
Heat-treated steel plates market is anticipated to grow at a CAGR of 3.2% during the forecast period. The rising demand for heat-treated steel plates from end-user industries such as construction, energy, metalworking, industrial machinery & equipment, and others is the major factor that is accelerating the industry growth. Apart from these, the rising demand for heat-treated steel plates from the shipbuilding industry globally is another prominent aspect of the market growth.
Car care products market is anticipated to grow at a considerable CAGR of 4.5% during the forecast period. The rising demand for used cars is anticipated to support the growth of the car care products market. The demand for used cars is rising due to factors such as low cost, immediate purchase, and others. According to the Indian Used Car Market Study commissioned by Volkswagen India to Frost & Sullivan, the used car market to touch 8.2 million units by 2025 from 3.8 million units of 2021.
Automotive radar sensors market is anticipated to grow at a CAGR of 20.4% during the forecast period. The factors responsible for the growth of the automotive radar sensors market includes various technological innovation, increased requirement for safety, and the inclusion of stringent government regulations. The radar sensors technology is majorly dependent on the growth of the automotive industry. The increase in the production of passenger and commercial vehicles will directly impact the growth of the radar sensors market.
Automated passenger counting system market is anticipated to grow at a considerable CAGR of 11.9% during the forecast period. The major factor driving the demand for automated passenger counting systems includes the rising number of smartphone users, technological development in the field of passenger information systems, and growing demand for real-time transit information about passengers.
The global automotive selective catalytic reduction (SCR) market is to grow at a CAGR of 8.5% during the forecast period. One of the key factors that are fueling the market is the growing restrictions on the transportation norms in most countries across the globe. This has pushed the vehicle manufacturers to add all the components for the diesel exhaust fluid (DEF) system such as SCR unit, urea tank, and others in the diesel vehicle for reducing the NOx emission. As per Euro 6 norms, a diesel vehicle cannot emit more than 80mg/km of NOx gases which had pushed manufacturers to implement solutions to reduce NOx emission.
The global automotive tinting film market is anticipated to grow at a CAGR of 4.8% during the forecast period. The rising consumer concern for protecting their vehicles from scratches and other paint damages is a major factor driving the growth of the automotive tinting film market. With the use of tinting films, the vehicle can be laminated to keep its new aesthetic appearance for a long time. Dyed window tint, metalized window tint, ceramic window tint, carbon window tint, hybrid tint, and crystalline tint are some of the most common automotive tinting films in the market.
Shock absorber market is anticipated to grow at a CAGR of 4.1% during the forecast period (2024-2031). The rise in ride comfort and vehicle stability, especially in challenging road conditions, is driving the integration of advanced suspension systems and specialized shock absorbers. Technological advancements, the rise of electric vehicles, and regulatory pressure for safety are driving market growth. The automotive industry is additionally focusing on lightweight and sustainable materials which creates demand for recycled shock absorbers.
Automotive chips market is anticipated to grow at a significant CAGR of 9.1% during the forecast period (2024-2031). The adoption of electric vehicles (EVs) globally is developing a huge demand for power management and charging system chips. Government incentives and battery management systems play an essential role in EV battery management. High demand is additionally seen for advanced driver-assistance systems (ADAS) owing to the safety features. The increasing use of ADAS technologies such as adaptive cruise control, automatic emergency braking, and lane-keeping assist necessitates the use of high-performance chips for sensor data processing and decision-making. The automotive system-on-chip design is necessary for real-time processing and decision-making in autonomous vehicles. IoT and connected cars require connectivity and infotainment-related chips.
The global head up display market is anticipated to grow at a considerable CAGR of around 27.8% during the forecast period. A head-up display is in the embryonic stages of development and deployment. Several automobile manufacturers have developed and marketed basic HUD systems offering a glimpse of the capabilities that such systems offer. In addition, a HUD solution has confronted the unique challenges of the commercial vehicle, off-highway vehicle, and train industries to offer solutions tailored for their unique geometrics.
The global hands-free power liftgate market is anticipated to grow at a significant CAGR of 8.1% during the forecast period. One of the crucial factors that are fueling the market is the growing technology and its demands. Technology has been growing exponentially over the years, and in the past few years, competitiveness in the market has fuelled traction of customers. Market players in the vehicle industries, which were once given only basic features, are offering advanced features such as ADAS (Advance Driver Assistance System), sunroof, navigation, a hands-free power liftgate, and others.
The global vehicle accessories market is anticipated to grow at a significant CAGR of 5.3% during the forecast period. One of the major factors behind the anticipated growth is the rising automobile market across the globe. With the rise in the demand for the vehicle, the accessories demand is also growing since most of the consumers customize their vehicles as per their convenience, and taste to make the vehicle more personal for them. As per the data of Organisation Internationale des Constructeurs d'Automobiles (OICA), all types of vehicles sales reached 44,401,850 units from January-June 2021, globally, which is more than 29% of sales from January-June 2020.
The global commercial telematics market is anticipated to grow at a significant CAGR during the forecast period (2021-2027). Telematics is defined as a method of monitoring the location and movement of vehicle through various systems such as Global Positioning System (GPS) and on boards diagnostics systems.
The global automotive varistor market is expected to grow at a significant CAGR during the forecast period (2021-2027). The use of IoT has risen dramatically in recent years, resulting in a significant surge in the development of wireless communication devices.
The global automotive tyre pressure monitoring systems market is anticipated to grow at a significant CAGR during the forecast period. The major factor propelling the growth of the global automotive tyre pressure monitoring systems market includes the growing number of road accidents prompting the government authorities to impose safety regulations and norms globally.
The global automotive smart antenna market is expected to grow at a significant CAGR during the forecast period 2021-2027. The automotive smart antenna is built in a vehicle or automobile for transmission and receiving of various signals from electronic vehicle devices.
The Bluetooth Beacons Market is expected to grow at a significant CAGR during the forecast period (2021-2027). Bluetooth beacons are a type of short-range wireless communication technology. BLE beacons are ideal for applications that require a regular data transfer and need to save a lot of battery power.
The global low-frequency sound-absorbing insulation material market is estimated to grow at a CAGR of nearly 1.6% during the forecast period. Noise is associated with the annoyance experienced by humans owing to the machines and appliances used in everyday activities.
The Global Connected Car Solutions Market is expected to grow at a significant CAGR during the forecast period (2021-2027). A connected car can communicate with other systems outside of the vehicle in both directions. It has internet access and, in most circumstances, a wireless network.
The global vehicle to vehicle (V2V) communication systems market is anticipated to grow at a significant CAGR during the forecast period. The vehicular communication system uses a wireless channel to convey data between automobiles.
The Global Airline Passenger Communications System Market is estimated to grow at a CAGR of 8.77% during the forecast period. The market for airline passenger communication systems includes products and services for commercial and military aeroplanes, that allow passengers to communicate via digital technology.
The global vehicle inertial sensor market is expected to grow at a significant CAGR during the forecast period (2021-2027). Inertial measurement units (IMUs) are used with high-performance sensors (gyroscopes, magnetometers, and accelerometers) in inertial systems to offer high-accuracy information on the surrounding environment through relative movement.
The global automotive acceleration sensor market is expected to grow at a significant CAGR during the forecast period (2021-2027). Accelerometers are used in a variety of safety systems in modern automobiles.
The global resin-coated sand (RCS) market is estimated to grow at a significant CAGR during the forecast period. Resin coated sand is mostly used in the shell casting process to create molds and cores.
The global crankshaft position sensor market is estimated to grow at a significant CAGR during the forecast period. A variable reluctance magnetic sensor is a crankshaft position sensor (CPS).
Germany automotive heat shield market is projected to witness considerable growth during the forecast period. The major factors contributing to the growth of the market include the presence of the leading automotive manufacturers, such as Audi, BMW, in the country.
US automotive heat shield market is projected to witness considerable growth during the forecast period. The major factors contributing to the growth of the market include the rising sales statistics of passenger vehicles in the US along with the continuous focus of the government on the roll-out of electric vehicles.
The North America automotive heat shield market is projected to witness considerable growth during the forecast period. The major factors contributing to the growth of the market include the continuous rise in disposable income, leading to the rise in sales statistics of passenger vehicles in North America, primarily in the US.
The India automotive heat shield market is projected to witness considerable growth during the forecast period. The major factors contributing to the growth of the market include the rising production of passenger vehicles, electric vehicles, and on-road vehicle bases in the country.
The European automotive heat shield market is projected to witness considerable growth during the forecast period. The major factors contributing to the growth of the market include the presence of a range of automotive manufacturers, such as Audi, BMW, Ford Chevrolet, Porsche, and Volkswagen.
The Asia-Pacific automotive heat shield market is projected to witness considerable growth during the forecast period. The major factors contributing to the growth of the market include the presence of the largest producer of automotive ‘China’, and the continuously evolving economies, such as India and Indonesia, in terms of vehicle production.
The global automotive heat shield market is growing at a significant CAGR of around 3.8% during the forecast period (2020-2026). Automotive heat shield absorbs the excessive heat either by reflecting, dissipating, and through absorbing the heat directly from the surface.
The global port equipment market is predicted to grow at a CAGR of over 4% during the forecast period. Port Equipment includes various cranes such as ship-to-shore cranes, forklifts, horizontal & vertical outreach cranes, gantry cranes, overhead cranes; ship loaders; mooring systems; and others.
The global automotive dashboard market is growing at a significant CAGR of around 6.4% during the forecast period (2020-2026). The market for automotive dashboard moves along with the automotive market, as no vehicle can be manufactured without a dashboard.
The global precision gearbox market is estimated to grow at a CAGR of 6.2% during the forecast period. Factors that are augmenting the market growth include increasing automation in the major industry verticals such as food and beverages, automotive, consumer electronics among others. Precision gears are used to smooth the automation processes in these verticals.
The global automotive camera market is projected to grow at a significant CAGR of 9.4% during the forecast period. The major factor that is contributing to the growth of the market including the growing demand for safety vehicles coupled with advanced camera technology in automotive applications.
The global automotive
lightweight materials market is estimated to grow significantly, at a CAGR of 6.9%,
during the forecast period. The major factors contributing to the market growth
include the stringent regulations for the emission of fuel and growing
initiatives for weight reduction.
The global automotive
electronics market is estimated to grow significantly, at a CAGR of over 7%,
during the forecast period. The automotive industry is involved in the design,
development, manufacturing, marketing, and trading of motor vehicles. Electronic
components, from basic wave radars to temperature sensors are playing prominent
roles in new car models.
Air springs are a type of suspension systems used for providing smooth braking systems in automobiles. Due to their extra comfort and shock absorbing properties, the air springs are beneficial over mechanical leaf and coil springs.
Winter tires, also called snow tires, are tires which are designed specifically for use on ice and snow. These tires have a tread design with larger gaps as compared to that on summer tires. Such tread designs are employed to increase the traction of winter tires on ice and snow.
The global market for automotive contract manufacturing is projected to have a considerable CAGR of around 7.2% during the forecast period. In the automotive sector, contract manufacturing is highly prevalent owing to the ease of manufacturing the final product and increased productivity.
The Automotive Battery Market is expected to grow at a CAGR of 5.4% during the forecast period 2021-2027. With rising sales of automobiles such as electric vehicles, manufacturers of automotive batteries are focusing on extending the capacity of these batteries by adopting newer technologies and advancements.
The automotive air filter market is expected to witness a significant growth rate at a CAGR of 7.2% during the forecast period. Factors motivating the automotive air filter market include growth in automotive vehicle sales, strict government norms regarding the control of carbon dioxide emission, and increasing demand for cars equipped with HVAC in emerging economies.