Chemical Industry

  The global  automotive vacuum brake booster industry  reached a value of USD 316.1 million in 2023 and is expected to grow at a CAGR of 7.4% during the forecast period. The market is projected to expand from USD 333.5 million in 2024 to USD 680.9 million by 2034. Camshaft-driven vacuum brake boosters dominate the market, holding the largest value share, and are expected to account for 58.8% of the market by 2034, growing at a CAGR of 6.8%. The rising installation of brake boosters in modern vehicles, which utilize vacuum-aided brake systems, is expected to drive demand. Additionally, the ability of vacuum brake boosters to enhance vehicle safety is anticipated to further fuel market growth. Key Takeaways from Automotive Vacuum Brake Booster Industry North America holds a significant market share. This could be attributed to the countries like Canada and the US being subject to strict norms by the regulatory bodies regarding implementation of vacuum brake boosters all ac...

  The global  vehicle electrification industry  is projected to grow at a robust compound annual growth rate (CAGR) of 10.3% from 2022 to 2032. Valued at USD 72 billion in 2021, the market’s growth is largely driven by the increasing focus on eco-friendly solutions in the automotive industry. Key factors contributing to this growth include rising fuel prices and a sharp increase in electric vehicle sales. Heightened environmental awareness, stringent emission regulations, and growing consumer demand for fuel-efficient vehicles further accelerate the market’s expansion. Additionally, government incentives such as tax breaks and subsidies are helping to promote vehicle electrification across the globe. Technological advancements, such as the development of e-axles in electric vehicles, are also key drivers. The increasing demand for lightweight, fuel-efficient vehicles is expected to further support the vehicle electrification market’s growth over the coming years. Key Take...

  The global  automotive spacer ring industry  is expected to reach USD 565.5 million by 2024, with a projected Compound Annual Growth Rate (CAGR) of 15.8% during the forecast period, eventually attaining a value of USD 2,451.9 million by 2034. Automotive spacer rings are highly valued for creating a gap between the wheel hub and the rim, ensuring proper alignment and spacing between components, which is crucial for vehicle safety and performance. Typically made from metal or durable plastic, these rings are designed to endure high loads and stresses encountered in vehicles. By preventing direct contact between press-fitted components, spacer rings reduce wear and tear, prolonging the lifespan of the parts and improving overall vehicle performance. Additionally, they allow better airflow through the exhaust system, further enhancing efficiency. Key Takeaways from the Automotive Spacer Ring Industry Report: With the increased usage of automotive spacer rings in dual pipe e...

  The  turbofan engines industry  was valued at USD 1.05 billion in 2022, experiencing a 6.3% year-on-year growth. The market is forecasted to expand at a robust Compound Annual Growth Rate (CAGR) of 17.2% from 2022 to 2032, reaching an estimated USD 5.1 billion by the end of the forecast period. Strong demand is expected to continue in the commercial sector, particularly for wide-body aircraft engines. North America is anticipated to lead the turbofan engines market throughout the assessment period, maintaining its dominant position. Keys to success for Turbofan Engine Industry Growth With rapid urbanisation and global passenger traffic, an accelerated and more comfy mode of transportation is obligated. To encounter this demand, the airline business is growing at a rapid pace. A rapid way to transport goods is also required by the burgeoning transportation sector. The most effectual mode of transportation is air transport. As the airline industry expands, so does the dem...

  The global  off-road all-terrain e-scooter industry  is expected to grow at a CAGR of 4.8% during the forecast period, with its market value projected to rise from USD 1.7 billion in 2024 to USD 2.7 billion by 2032. Increasing concerns over pollution and declining urban air quality have sparked a new demand for electric vehicles, including electric scooters built for rugged terrains. This trend has driven a surge in the sales of off-road all-terrain e-scooters globally. The growing demand for these scooters is fueled by their improved performance and lightweight designs. Additionally, the rising popularity of off-road biking events is expected to open up new market opportunities in the coming years. Government incentives supporting the sale of off-road all-terrain e-scooters, along with the development of infrastructure for electric vehicles, are also contributing to the market’s growth, creating favorable conditions for future expansion. Key Takeaways from the Off Road...

  The global  connecting rods industry  is expected to grow at a CAGR of 4.7% during the forecast period, reaching a value of USD 11.7 billion by 2032. The rising vehicle production, particularly driven by the increasing demand for electric vehicles, is set to boost the demand for connecting rods in the coming years. According to FMI, East Asia is projected to lead the global connecting rod market, with total sales reaching USD 4.5 billion by 2022. Connecting rods play a vital role in vehicle engines, as they transmit the piston’s power to the crankshaft, ensuring smooth operation between the two components. Both light and heavy commercial vehicles equipped with internal combustion engines use various types of connecting rods. Manufacturers are focusing on research and development to introduce new technologies, which is expected to further propel market growth. Key Takeaways: By material type, the steel segment is projected to hold approximately 51.8% of the tot...

  The  driver monitoring system (DMS) industry  is projected to grow at a steady compound annual growth rate (CAGR) of 7.5% between 2023 and 2033, with its value expected to increase from USD 4.5 billion in 2023 to USD 9.3 billion by 2033. The rise in demand for self-driving and semi-autonomous vehicles, both in the passenger and commercial sectors, is driving the adoption of DMS technologies. These systems enhance vehicle safety through the use of advanced cameras, infrared sensors, lasers, and other sophisticated sensors. Improved road infrastructure and updated safety regulations, particularly for electric and autonomous vehicles, are also expected to support market growth. Additionally, the incorporation of technologies like artificial intelligence (AI) and advanced driver-assistance systems (ADAS) is increasing the popularity of driver monitoring systems. New startups are introducing innovative solutions such as alarm systems and smartphone integration, offering pers...

  The  automotive emergency braking system industry  was valued at around USD 29.5 billion in 2022 and is projected to reach USD 31.6 billion by the end of 2023. With a forecasted compound annual growth rate (CAGR) of 8%, the market is expected to grow significantly, reaching USD 68.3 billion by 2033. This expansion is largely driven by the rising incidence of traffic accidents and the growing adoption of advanced braking technologies. Innovations like radar and camera sensors are enhancing the effectiveness of emergency braking systems, allowing them to detect a wider range of potential hazards. These advancements are key drivers of market growth, especially as semi-autonomous and autonomous vehicles become more common, increasing the demand for sophisticated braking systems that can complement these advanced driving modes. The global focus on road safety, spurred by the rising number of traffic accidents, highlights the critical role of emergency braking systems in redu...

  The  two-wheeler aftermarket components and consumables industry  is poised for substantial growth, with a projected compound annual growth rate (CAGR) of 7%, reaching an estimated market value of USD 58 billion by 2033. This significant expansion is driven by the increasing use of two-wheelers, especially in urban areas where motorcycles and scooters are popular for their convenience and fuel efficiency. Additionally, the rising consumer demand for enhanced performance and customization is propelling the market, as riders seek high-quality replacement parts and consumables like tires, brake pads, and engine oils. The growth of e-commerce platforms has also played a crucial role by making a wide array of aftermarket products more accessible to consumers. As a result, businesses in the two-wheeler aftermarket components and consumables market are well-positioned to take advantage of these trends, ensuring a dynamic and prosperous future. The market is expected to benefit...