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The automotive wheel bearing aftermarket size is growing steadily with the rise in production of higher load carrying commercial vehicles, high performance vehicles, and others. Maintenance of wheel bearings is important to maintain smooth wheel functioning and free rotation of the wheel hub. This is creating increasing demand for automotive wheel bearing aftermarket services.

A new study by Future Market Insights (FMI) states that the global automotive wheel bearing aftermarket is expected to rise at ~3.4% CAGR during the forecast period.

Due to the rise in industrialization and economic growth, the demand for automotive wheel bearings is rising. In order to meet necessities of customers, market players are focusing on developing hybrid bearings with improved stiffness and load capacity. With researches underway to improve overall functionality, the demand in automotive wheel bearing aftermarket is expected to surge in the coming years.

Despite facing hindrances caused by COVID-19 pandemic, the global automotive wheel bearing aftermarket is set to witness impressive growth during the forecast period.
FMI offers an exhaustive overview of the automotive wheel bearing aftermarket, its potential, growth drivers and restraints.

Some of the key takeaways from the report are highlighted below-

Independent aftermarket have emerged as preferred sales channels
The rising sales of passenger vehicles are fuelling demand for automotive wheel bearing aftermarket
The demand for tapered roller bearing is expected to rise at a higher pace among products available in the market
Application of automotive wheel bearings in rear will continue accounting for the maximum sales in the market
East Asia automotive wheel bearing aftermarket will remain dominant through the forecast period
“The increase in sales of passenger cars and two wheelers is expected to drive the global automotive wheel bearing aftermarket. Furthermore, the usage of advanced technologies and materials in automotive manufacturing has increased the average operational age of vehicles significantly which in turn is catering to the growth of automotive wheel bearing aftermarket,” says an FMI analyst.

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Who is Winning

With competition getting fiercer, market players are focussing on launching of extensive range of products with improved flexibility and load carriage capacity.

For instance, NSK Ltd. Has launched their new hub unit bearings with integral sensor located between the rows with a very small air gap in the recent year. They have also launched hub unit bearings with angular passive sensor with integral high-output sensor in the current year.

NRB Bearings Ltd. has launched their exclusive needle roller bearing with high load capacity and flexibility in the current year.

Some of the leading automotive wheel bearing suppliers in the market are NTN Bearing, The Timken Company, Continental Group, AB SKF, NSK Ltd, Schaeffler AG, JTEKT Corp, among others.

Key Segments

Sales Channel

Original Equipment Supplier
Independent Aftermarket
Vehicle Type

Passenger Car
Compact
Mid Sized
SUV
Luxury
Light Commercial Vehicle
Heavy Commercial Vehicle
Product Type

Ball Bearing
Precision Ball Bearing
Roller Bearing
Tapered Roller Bearing
Others
Application

Front
Rear

The report presents the value and volume forecasts of the MENA commercial vehicles (trucks) market and provides key insights into the factors driving market growth as well as the factors restricting the market growth.

The estimates point to a revenue growth from nearly US$ 5,250 Mn in 2021 to nearly US$ 8,500 Mn by 2027 end, resulting in a CAGR of 5.0% during the period of assessment. In terms of volume, the MENA commercial vehicles (trucks) market was pegged at 152,191 units in the year 2021 and is poised to reach a figure of 212,232 units in 2027, and display a CAGR of 3.4% in the forecast period.

Rapid development and growth of oil and gas industry in the rest of Middle East region to boost market revenue growth

Commercial vehicles are commonly used as a medium of transport for different types of end use industries and they are helping in tasks such as unloading, loading and transportation of goods. The construction industry is exhibiting a fast growth due to the vast number of projects in the pipeline in each country of the Middle East and this also has connection with the plans of the countries in the Middle Eastern region to diversify their economies.

These developments are also related to the large scale international events that are going to be held in this region such as World Expo 2020 to be held in Dubai and the FIFA World Cup 2022 to be held in Qatar.

The construction industry in Iran was estimated to be valued at US$ 154.4 billion in 2016 from US$ 88 billion in the year 2013 and due to this upward growth, the market for heavy trucks is likely to boost in this country. Also, due to the rising urbanization, the construction industry is experiencing rapid growth in rest of the countries in the Middle East which is further expected to boost the demand for commercial vehicles in building and construction activities in the region.

Iran is also one of the biggest markets for trucks in the MENA region, and with the economic sanctions lifted up from Iran, it is experiencing a huge growth in its economy and is likely to be one of the prominent markets for heavy duty commercial vehicles.

On the other hand, other countries in the region like UAE and Oman are also becoming attractive markets for commercial vehicles due to their vast use in end-use industries such as the petrochemical industries, and this is expected to boost the overall demand for trucks in the Middle East region.

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MENA Commercial Vehicles (Trucks) Market: Segmentation and Forecast
The MENA commercial vehicles (trucks) market is segmented on the basis of class type and region. On the basis of class type, the market is segmented into light duty, medium duty and heavy duty. On regional basis, the market is segmented into Middle East (Saudi Arabia, Turkey, Rest of Middle East) and North Africa.

The heavy duty segment was estimated to be valued at nearly US$ 3,200 Mn in 2021 and is likely to reach a valuation of nearly US$ 5,300 Mn in 2027 and in the process exhibit a CAGR of 5.1%.
The medium duty segment was estimated to be valued at nearly US$ 1,850 Mn in 2021 and is anticipated to reach a valuation of nearly US$ 3,000 Mn in 2027 and exhibit a CAGR of 4.8%.
MENA Commercial Vehicles (Trucks) Market: Regional Forecast

The commercial vehicles (trucks) market in Saudi Arabia was estimated to be valued at nearly US$ 560 Mn in 2021 and is likely to reach a valuation of nearly US$ 900 Mn in the year 2027 and exhibit a CAGR of 4.6% during the assessment period.
The commercial vehicles (trucks) market in Turkey was estimated to be valued at nearly US$ 1,350 Mn in 2021 and is anticipated to reach a valuation of nearly US$ 2,150 Mn in 2027 and exhibit a CAGR of 5% during the period of forecast.
Market Taxonomy

Class Type

Light Duty
Unto 2.5 T
2.5 T – 4.5 T
4.5 T – 6.5 T
Medium Duty
6.5 T – 7.5 T
7.5 T – 9 T
9 T – 12 T
Heavy Duty
2 T – 15 T
15 T & Above

The global electric vehicle battery market is anticipated to reach a valuation of US$ 18.09 Bn in 2032, with the market growing at a positive CAGR of 8.5% over the forecast period of 2022 to 2032. Scaling up from an estimated US$ 8.68 Bn in 2022, the electric vehicle market is driven by technological advancements, the growing usage of lithium-ion batteries, and increasing fuel prices. A surge in the sales of hybrid/ electric vehicles also augment the market growth of electric vehicle batteries during this period.

The rising adoption of new and advanced battery management systems and improved batteries coupled with the increasing preference for EVs due to high fuel prices are propelling the market growth of electric vehicle batteries. The heightened adoption of EVs has resulted in more and more innovations in the industry. Many manufacturers are upgrading EV components like batteries, motors, and others. This, too, contributes to the growth of the target market.

The cost of running is much lower in EVs, compared to petrol and diesel vehicles, as these vehicles use electric fuel. Electric vehicles are battery and motor-dependent. These vehicles do not rely on fossil fuels. Charging an EV battery is far more cost-effective than filling petrol or diesel and it also makes use of renewable and regenerative energy. EV batteries can be charged through renewable energy sources like solar panels. Hence making the market sustainable and environmental-friendly. All these factors promote market growth for electric vehicle batteries during this period of observation.

Low running and maintenance costs, low pollution, and environmental friendliness foster an environment of growth for the target market. With no tailpipe emission, EVs have a massively positive impact on carbon footprints. Further, EVs do not consume fuels which makes them a sustainable vehicular option. Governments across the world, too, are providing various tax and financial benefits to popularize the adoption of electric vehicles. All of these factors work together to facilitate an environment of growth for the electric vehicle batteries market during the forecast period.

"Low running and maintenance costs, incorporation of technological enhancements and environment-friendly properties of the product will likely propel the market growth of electric vehicle battery over the forecast period," says an FMI analyst.

Key Takeaways:

Supply chain disruptions may hinder the market growth.
The passenger car segment will exhibit a robust CAGR of 9% over the forecast period.
Hybrid electric vehicles (HEV) will dominate the market over the assessment period.
Asia Pacific is expected to hold a major portion of the market share.
Competitive Landscape

The top key electric vehicle battery manufacturers are: Automotive Energy Supply Corporation, Panasonic Corporation, BYD Company Limited, GS Yuasa Corporation, LG Chem Ltd., Samsung SDI Co., Ltd, Tesla Motors, Inc., Hitachi Chemical Company, Ltd., Narada Power Source Co. Ltd., Johnson Controls International Plc., Tianneng Power International Co., Ltd., Crown Battery Corporation, Furukawa Electric Co., Ltd., EnerSys, Wanxiang Group Corporation, East Penn Manufacturing Co., Toshiba Corporation, Leoch International Technology Ltd., and others that are profiled in the full version of the report.

Major market players are keen on product development and expanding their operations. These organizations are engaging in partnerships and collaborations to enhance the technology they are using and gain a competitive advantage.

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More Insights into Electric Vehicle Battery Market Report

In its latest report, FMI offers an unbiased analysis of the global electric vehicle battery market, providing historical data from 2016 to 2021 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and range, the market is segmented on the basis of battery capacity (less than 20 kWh, 21-40 kWh, more than 41 kWh), vehicle technology (HEV, PHEV, BEV), vehicle type (passenger cars, light commercial vehicles, heavy commercial vehicles, others), battery type (lithium-ion, lead acid, nickel hydride, others), and region.

According to the latest FMI reports, based on region, the Asia Pacific is expected to account for a major portion of the global electric vehicle battery market. High adoption of electric mobility and the strong presence of big and small players in India are propelling the regional market growth during the forecast period. Apart from Asia Pacific, Europe is predicted to register the fastest regional market growth.

Based on segmentation, the passenger car segment is expected to lead market growth in terms of the most preferred vehicle type while hybrid electric vehicle (HEV) segment will also contribute to the overall market growth.

Key Segments

By Battery Capacity:

Less than 20 kWh
21-40 kWh
More than 41 kWh
By Vehicle Technology:

HEV
PHEV
BEV
By Vehicle Type:

Passenger Cars
Light Commercial Vehicles
Heavy Commercial Vehicles
Others
By Battery Type:

Lithium Ion
Lead Acid
Nickel Hydride
Others

Automotive bearings are accountable for smooth, economical and frictionless running of automobiles. They are present in almost every part of the automobile to ensure movement safety, load handling as well as balance. Several types of bearings are used in automobiles. To name a few, thrust bearings, ball bearings, roller bearings, housed units, needle roller bearings, plummer blocks, plain bearings, spherical roller bearings, slim section bearings, ball thrust bearings, tapered roller bearings and specialized bearings are used. These bearings are made up of different material such as metal-polymers, engineered plastics, metals and bimetals and fibre reinforced composite.

The growth of the automotive bearing market is driven by various aspects such as rising technological developments, increasing production of vehicles across the globe, increasing demand for advanced bearings from emerging economies, increasing use of bearings in luxury cars etc. However, high pricing and counterfeiting are main challenges faced by the global market for automotive bearings.

The global automotive bearing market is poised to grow at a CAGR of 4.9% throughout the period of assessment 2017-2022.

5 Key Highlights on Global Automotive Bearing Market
Ball thrust bearings segment by bearing type category to represent significant share in the coming years. This segment is also expected to gain a high BPS by the end of the assessment period and is poised to register a CAGR of 5.3% throughout the 2017-2022 period
Fibre reinforced composite segment by material type is expected to be the fastest growing segment during the assessment period. This segment is projected to reflect a high CAGR of 5.2% with a significant market share. It holds high potential in the coming years
Asia-Pacific excluding Japan (APEJ) region is the most lucrative region for the growth of the automotive bearing market. This region is ahead of other regions with respect to growth rate as well as market valuation during the period of assessment. This region is poised to register CAGR of 5.2% through 2017-2022
OEM segment by sales channel is expected to grow at a high pace during the assessment period. However, the aftermarket segment in this category, as of 2017, holds a high market share of 63.4%
Light commercial vehicles segment by vehicle type is a potential segment with respect to the use of automotive bearings and is expected to register the highest CAGR of 5.3% throughout the period of assessment
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Key Player Profiles in the Global Automotive Bearing Market

The research report on global market for automotive bearings has included profiles of key players such as The Timken Company, Schaeffler AG, RKB Bearing Industries, NTN Corporation, NRB Bearings Ltd., Minebea Mitsumi Inc., JTEKT Corporation and ILJIN Bearing Co., Ltd.
Market segmentation

Region

North America
Latin America
Europe
Japan
APEJ
MEA
Bearing Type

Ball Bearing
Roller Bearings
Ball Thrust Bearings
Roller Thrust Bearings
Tapered Roller Bearings
Specialized Bearings
Others
Material Type

Metal-Polymer
Engineered Plastics
Fiber Reinforced Composite
Metal and Bimetal
Sales Channel

OEM
Aftermarket
Vehicle Type

Compact Passenger Cars
Mid-sized Passenger Cars
Premium Passenger Cars
Luxury Passenger Cars
Light Commercial Vehicles
Heavy Commercial Vehicles
Two-Wheeler

Increasing use of advanced technology, such as sensors and traction control systems is boding well for the growth of the global Automotive Steering System Market size. However, according to an FMI study, the COVID-19 pandemic continues to obstruct automotive production activities, worldwide, as some of the most affected countries house major automotive production hubs, such as Germany, the UK, India, and the U.S.

The pandemic is likely to have a measurable impact on consumer demand in the short term, with automotive sales in Germany registering a 40% drop in Q1 of 2022. Tier-2, and especially tier 3 suppliers of automotive steering systems are poised to get adversely affected by pandemic-related disruptions.

The global automotive steering system market is likely to experience a V-shape recovery growth curve, owing to an increase in automotive production in emerging countries such as China, Mexico, and India. As such, the market will witness rapid resurgence post containment of the COVID-19 pandemic.

The global automotive steering system market value of US$ 23.2 Bn in 2022, and is projected to exhibit a CAGR of 4.6% during the forecast period (2022–2030).


“Autonomous vehicles and connected cars are rapidly becoming mainstays, and are expected to pave the way for future-proof systems where computers would replace human drivers, thus creating positive growth prospects for players in the automotive steering system market. In addition, the ongoing COVID-19 pandemic is likely to alter how key players establish their supply chains in the coming years, where, putting more focus on decentralization is likely to happen.”

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Automotive Steering System Market Participant Insights

The global automotive steering system market is highly consolidated, with the top ten players in the market holding nearly 70% value share. Leading players are looking to expand their business operations in emerging markets and increase value-addition in their product offerings through portfolio rationalization.
Launching advanced products that offer umpteen operational benefits in tandem with fulfilling existing safety regulations will help key players achieve product differentiation as well as scale-up their presence in the global automotive steering system market.

Some of the key players mentioned in the automotive steering system market study are JTEKT Corporation, Nexteer Automotive Group Ltd, Showa Corporation, ThyssenKrupp AG, Hitachi Automotive System Ltd, Robert Bosch GmbH, and NSK Steering System Co. ltd.

Key Takeaways of Automotive Steering Systems Study:

Active safety technologies such as antilock braking systems (ABS) and electronic stability control (ESC) are becoming commonplace in the automotive sector for improved safety; thus, fueling the demand for automotive steering systems.
Increasing adoption of advanced technologies and power steering systems in mid-size, compact, and light commercial vehicles (LCVs) is expected to positively influence the automotive steering system market.
Electric power steering is expected to be highly preferred over other technologies, as it offers simplified tuning, packaging flexibility, and engine-off steering assist.
Key manufacturers in automotive steering system market are innovating automotive steering systems to increase control and stability by using sensors and traction control systems for the detection of vehicle skidding movements as well as to counteract them, which complements the safety features of automotive steering systems.
Regional Insights

Rapid production of passenger cars and commercial vehicles in China is anticipated to drive the market over the assessment period. The East Asia automotive steering system market is likely to account for about 42.3% of the total market share in 2022, finds FMI.

The presence of numerous luxury automotive manufacturers, such as Aston Martin, Rolls-Royce, Land Rover, Bentley, McLaren, and Jaguar in the U.K. is set to drive the market over the assessment period. As per FMI, the Europe automotive steering system market is expected to account for around 23.4% of the total market share in 2022.

The global electric bike market is projected to reach a value of US$ 122.1 Bn in 2032, with sales growing at a robust CAGR of 10% over the forecast period of 2022 to 2032. In 2022, the electric bike market is likely to reach an estimated US$ 52.05 Bn. The convenient, adaptable, environmental-friendly transportation enabled by electric bikes is propelling the target market to grow during the projected period.

Small in size, electric bikes are gaining popularity among consumers as an alternative to scooters, public transportation, and smart cars. These bikes are convenient, stylish, and have the ability to travel far on a single charge, reduce traffic congestion, and are environmentally responsible. Increasing fuel costs, favorable governmental policies, and changing consumer preferences are some of the factors promoting the growth of the electric bike market.

Furthermore, the implementation of favorable policies that are beneficial to the establishment of relevant infrastructure is expected to supplement the market growth. Many European nations like Germany, France, and Spain, are focusing on making the construction of e-bike infrastructure a priority and are also trying to raise annual expenditure to quicken the creation of a connected and secure bike network. These initiatives are helpful in removing roadblocks to cycling and promoting multiple opportunities for electric bike manufacturers. Thus, the growing legislative contribution will presumably drive the electric bike market.

Other factors that foster an environment of growth for the electric bike market are municipal bike-sharing programs across the globe, awareness of the health benefits of riding an electric bike, and the rise of shared electric micro-mobility. In spite of a bright future, the market will likely face certain challenging factors. High purchase costs are expected to hinder the market growth of the electric bike market during the projected period.

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“Favorable government policies and initiatives coupled with growing awareness of related health benefits will propel the market growth of electric bike over the forecast period,” says an FMI analyst.

Key Takeaways:

Increasing shared mobility to generate more market opportunities.
High purchase costs hinder the market growth.
North America is expected to exhibit impressive market growth over the forecast period.
The Asia Pacific region will likely dominate the market over the assessment period.
By product type, pedestals are predicted to grow at a 3.2% CAGR.
Lead-based battery segment will account for 85% of the overall market share.
Competitive Landscape

ECCITY Motocycles, Hero Electric Vehicles Private Limited, Gogoro Inc., GOVECS GmbH, Vmoto Limited, Honda Motor Co. Ltd., Piaggio & C. SpA, Terra Motors Corp., Bayerische Motoren Werke AG, Jiangsu Xinri E-Vehicle Co. Ltd., Giant Manufacturing Co Ltd., Emotion Bikes USA, Pedego Electric Bikes, Volt, Energica Motor Company S.p.A., Zero Motorcycles, Inc., Mahindra Genze, Derby Cycle, and Accell Group among others are some of the major players in the electric bike market that are profiled in the full version of the report.

Major market players are focusing on product development, establishing new facilities, and portfolio expansion. These businesses are also employing tactics like mergers and acquisitions to enhance their market position.

The global automotive door latch market is expected to expand at a yearly growth rate of 4.8% and reach a value of US$ 7,647.8 Mn in 2027. Valued at US$ 5,762.5 Mn in 2021, the target market will likely reach an estimated US$ 6,040.2 Mn in 2022. The advancing automotive industry is contributing to the escalating demand for automotive components all over the world. This is expected to propel the growth of the automotive latch market over the forecast period.

A door latch system overlooks the general safety of driver and the passenger. These latches ensure in-time locking and unlocking of the doors and the storage trunk which protects property and lessens the risks for passengers in case of an accident. The rising demand for autonomous driving is fueling the need for savvier ways to unlock the car.

This is expected to positively influence the target market, transforming the automotive door latch landscape.

Moreover, the target market is much influenced by technological developments like touch-enabled locking systems and smart sensors. Incorporation of these technological advancements will drive the door latch industry. In addition to this, the expanding automotive sector coupled with high demand for automotive counterparts will amplify the market prospects for automotive latch.

Again, a preference for safe and secure vehicles by consumers will contribute to the growth aspect of the target market. Other factors like increasing disposable income, rise of the car industry as a result of population increase, infrastructure development, and suburbanization, and others will contribute to the growth of the automotive door latch market during the forecast period.

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"Extensive industrial applications as well as the heightened demand for automotive components will drive the global growth of the automotive door latch market over the forecast period," says an FMI analyst.

Key Takeaways:

Functional and operational issues may hamper the market prospects.
Asia Pacific is predicted to offer many lucrative opportunities to the target market.
Germany will generate a growth opportunity of US$ 96.4 Mn in the target market during the forecast period.
The U.S. A's market will be driven by elevated investments in product development.
The electrically operated segment is expected to exhibit significant growth through 2027.
The mid-size automobile segment will grow at a 5.9% CAGR.
By sales channels, the OEM segment will create an absolute dollar opportunity of US$ 1,358.9 Mn.
Competitive Landscape

STRATTEC, Kiekert AG, Inteva Products LLC, Aisin Seiki Co. Ltd., Magna International Inc., WITTE Automotive GmbH, Brose Fahrzeugteile GmbH & Co. KG, U-Shin Ltd, Shivani Locks Private Limited, and MITSUI KINZOKU among others are some of the major players in the automotive door latch market profiled in the full version of the report.

Key market players are focusing on enhancing their product efficiency and capabilities. These businesses also employ several expansion tactics like mergers and acquisitions to help them meet the rising demand.

Automotive Door Latch Market by Category

By Latch Type:

Side Door Latch
Tailgate Latch
Hood Latch
By Function:

Electronically Operated
Mechanically Operated
By Vehicle Type:

Compact Car
Mid-Size
Luxury Car
SUV
HCV
LCV
By Sales Channel:

Aftermarket
OEM

The global electric scooters market is anticipated to grow at a CAGR of 9% during the forecast period. In 2021, the market valuation was US$ 8.8 billion. However, in 2022, the valuation jumped to US$ 9.59 billion, and by 2032, the market is expected to have a valuation of US$ 22.70 billion.

The electric scooters are believed to be one of the easiest modes of commutation. Therefore, they are being increasingly used by ridesharing companies. Moreover, the charges associated with the usage are also nominal.

Electric scooters are also popular amongst the investors, as they do not produce much noise while plying on roads, and this is something which the authorities across the world look out for. Additionally, they also do not emit greenhouse gases. Because of this reason, the governments and other governing authorities across the globe are putting huge amounts of money to promote the manufacturing of electric scooters. This is expected to increase the sales of electric scooters during the forecast period.

Moreover, the maintenance cost associated with electric scooters is much less as compared to conventional scooters or bikes. This as well might boost the electric scooters market during the forecast period.

It is a global news that the fuel prices at rising at a rate like never before. This presents a huge opportunity to the electric scooters and undoubtedly, the market is making the best use of this. As the name suggests, the electric scooters are operated using electricity.

Additionally, more and more players, be it local or global are entering into the electric scooters market because of the benefits associated. This might as well surge the demand for electric scooters.

Furthermore, rapid urbanisation is also one of the reasons which is fuelling the growth of electric scooters market. The reason being, because of construction and related activities, the pollution level tends to increase. To contain the rising pollution, the authorities encourage the usage of electric scooters.

Thus, the FMI researchers are of the view that rapid urbanisation, low cost of commutation and a number of factors are expected to drive the electric scooters market during the forecast period.

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Key Takeaways:

The electric scooters market had a value of US$ 8.8 billion in2021.
The electric scooters market has a valuation of US$ 9.59 billion as on 2022.
The electric scooters market is expected to be valued at US$ 22.70 billion by 2032.
The market is projected to grow at a CAGR of 9% during the forecast period.
Based on the battery type, Li-ion is expected to have the largest market share during the forecast period.
Based on the product type, maxi electric scooters are projected to have the highest market share during the forecast period.
Based on the technology, the battery technology is anticipated to be the most preferred during the forecast period.
Asia Pacific is expected to be the largest market throughout the forecast period.
USA market expected to grow at a CAGR of 8.4% during 2022–2032.
UK electric scooters market projected to grow at a CAGR of 8.8% during the forecast period.
China projected to be the largest market.
India market expected to grow at a good rate.
Competitive Landscape

With a lot of buzz generating around the electric scooters market, the key players are taking the necessary steps to develop consumer oriented electric scooters, like employing GPS in the electric scooters.

Some of the recent developments are:

In July 2022, Ather Energy appointed Sanjeev Kumar Singh as the new Vice President of manufacturing and Harendra Saksena as the Chief Procurement Officer.
In September 2022, Tech Mahindra and Tada Cognitive Solutions partnered to digitally transform the supply chain networks for enterprises in the US.
Key Companies Profiled

Alta Motors
Ather Energy
Bajaj Auto
BMW Motorrad International
Cezeta
Energica Motor Company
Evoke Motorcycles
Hero Eco
Johammer e-mobility GmbH
KTM AG
Mahindra GenZe
Ninebot Limited
Okinawa Autotech Pvt. Ltd.
Piaggio & C. SpA
ReVolt Electric Motorbikes
Xiaomi
Yamaha Motor Company Limited.
Key Segments Profiled in the Electric Scooters Market

By Product Type:

Standard
Folding
Self-Balancing
Maxi
Three-Wheeled
By Battery Type:

Li-Ion
NiMH
Lead-Based
By Technology:

Plug-In
Battery

The global hybrid vehicles market is expected to create a lucrative growth opportunity over the estimation period from 2022 to 2032 by registering a CAGR of 21.6%. The market is anticipated to be valued at US$ 192.7 Bn in 2022 and is expected to reach a valuation of US$ 1,362.3 Bn by 2032.

According to the historical analysis ranging from 2015 to 2021, the hybrid vehicles market exhibited growth at a robust CAGR of 11.4% and is projected to accelerate during the current estimation period at a phenomenal CAGR of 21.6% throughout the forecast period. This surging year-on-year growth in 2022 is expected to bolster even further as governments from all over the world are rapidly taking initiatives to reduce carbon footprints in the transportation sector.

The widespread adoption of luxury vehicles combined with the enforcement of severe emission-related regulations and high demand for electric vehicles are all contributing to the expansion of the hybrid vehicles market. The hybrid vehicle market is predicted to hold around 25% to 30% of the global electric vehicles market. The growing trend of plug-in hybrid vehicles is expected to push sales in the global hybrid vehicles market in the next decade.

Key Takeaways

The global hybrid vehicles market is witnessing fast-paced growth due to significant demand for electric mobility, increasing fuel prices, and stringent regulations framed by governments in various regions. Besides this, electric vehicles are known for their fuel efficiency and generate lesser noise than conventional vehicles. Owing to the attractive incentives and subsidies offered by government authorities in order to support sales of hybrid vehicles, their demand is expected to enhance during the forecast period.
Owing to the rising per capita income and disposable income across the globe, the demand for passenger cars and personal vehicles is surging with each passing day. With a surging fleet of automotive vehicles, the rate of carbon emissions is also on a rise. Due to surging fuel prices and rising awareness regarding global warming, the demand for substitute vehicles is growing at a rapid pace.
Hybrid vehicles are known to offer better fuel efficiency and have less carbon emission rates, and the demand for hybrid electric vehicles is surging across the globe. Several manufacturers are also paying more attention to the development and introduction of multiple models of hybrid vehicles in order to support the expansion of electro-mobility solutions.
A reasonable increase is witnessed in the sales of SUVs, luxury, and sports models. Customers are not just searching for performance, but they want their vehicles to be fully equipped with advanced technologies. Owing to the surging number of awareness campaigns held by government and private agencies in order to promote electric mobility, consumers all over the world are demanding electric vehicles.
Attributing the higher practical benefits of plug-in hybrid vehicles are responsible for their immense popularity, in comparison to hybrid and pure electric vehicles. Customers of this type of vehicle tend to suffer from low-range anxiety as the internal combustion engine acts as a backup power source when the batteries run out of charge. In addition to that, the batteries of these vehicles are able to be charged by both internal combustion engines and an external source with the help of a plug. Owing to these aforementioned factors, the demand for plug-in hybrid vehicles is increasing across the globe.
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Competitive Landscape

Over the last few years, there has been a surging number of acquisitions and growth strategies in order to increase the development & production of hybrid vehicles. Several major firms are meticulously working on innovations and new technological developments. Some of the growth strategies used by key firms include contracts & agreements, new product developments, and partnerships to strengthen their market positions.

Key Companies Profiled:

Tilley Inflatable Design & Engineering LTD
Ford Motor Company
General Motors Company
Honda Motor Co., Ltd.
Daimler AG
Volkswagen AG
Renault SAS
Toyota Motor Corporation
Nissan Motor Corporation
Mitsubishi Motor Corporation
Hyundai Motor Company
Bayerische Motoren Werke AG (BMW)
More Insights into the Hybrid Vehicles Market

The U.S. is expected to dominate the automotive market and incorporates high penetration of technologically advanced and high-cost products. The U.S. government is supporting growth in the hybrid vehicles market by investing in the construction sector since the adoption of electric vehicles increases the demand for charging infrastructure in a variety of settings, including homes, workplaces, and public places. As per FMI, the U.S. hybrid vehicles market is expected to surpass revenues worth US$ 36.5 Bn by the end of 2022.

The hybrid vehicle market in Japan is expected to be valued at about US$ 8,633.9 Mn in 2022. As per Japanese consumers, hybrid vehicles are known to be dependable, safe, and simple to use. They are also willing to pay a premium price as they believe these vehicles offer good value.

Key Segments Covered in Hybrid Vehicles Market Analysis

By Product Type:

Hybrid Vehicles
Plug-in Hybrid Vehicles
By Vehicle Type:

Passenger Car
LCV
HCV

By Engine Type:

Gasoline Electric
Diesel Electric
By Powertrain Configuration:

Parallel Hybrid
Series Hybrid
Power Split Hybrid

The global automotive brake system & components market is expected to showcase opulent growth over the forecast period from 2022 to 2032 by generating a stable CAGR of 4.7%. The global market is estimated to be valued at US$ 66,414.8 Mn in 2022 and is expected to reach a valuation of US$ 105,131.2 Mn by 2032.

As per the historical analysis, from 2017 to 2021, the automotive brake system & components market registered a stagnant growth at 1.0% CAGR but over the years, the market exhibited phenomenal growth and the CAGR reached 4.7% in the forecast period (2022-2032). This year-on-year growth in 2022 is attributed to the surging number of government initiatives in various countries in order to attract the attention of car owners toward vehicle safety. Government bodies are either promoting awareness regarding safety issues or enforcing stringent legislation.

Widespread acceptance of luxury hybrid vehicles, along with enforcement of several safety regulations and surging utilization of disc brakes in commercial vehicles are contributing to the expansion of the automotive brake system & components market. The automotive brake system & components market contributes to about ~12 to 15% of the global automotive parts and components market.

Key Takeaways

Being a significant auto part for automobile safety, automotive brake system & components are considered to be crucial components that can assist in reducing the speed of the vehicle or stop the vehicle altogether. Therefore, the growth of the automotive sector is predicted to create healthy opportunities for the companies present in the automotive brake system & components market. Furthermore, the surging vehicle parc would lead to growth in the automotive brake system & components market.
The utilization of electronic braking systems such as anti-lock brake systems (ABS), brake assist (BA), and electronic brake force distribution (EBD) assists in stopping. By enabling vehicle stability and directional control, ABS helps in stopping when brakes are forcefully applied. This is one of the major benefits that ABS has over traditional braking systems. ABS ensures that a vehicle can come to a stop in the shortest possible distance, according to the Royal Society for the Prevention of Accidents (ROSPA).
BA is often utilized in conjunction with ABS and is largely dependent on the vehicle’s ABS technology. BA consumes approximately 45% aiding in the reduction in stopping distance. Owing to this, regulatory standards for vehicle safety are likely to lead to increasing deployment of ABS and BA in the upcoming decade.
EBD, which functions as an extension of the ABS, is the head of applying a similar amount of force to each wheel. There are several benefits to EBD such as increased stability, shorter stopping distances, better grip on the road, and increased braking effectiveness. Owing to these benefits, developing nations like India and Mexico have declared their aim to use electronic stability control (ESC) and enhanced braking systems (EBD) in their newest automobiles.
Attributing to the rising sales of SUVs, luxury, and sports models, customers have not just limited their search to performance, but they also want their vehicles to be equipped with advanced technologies to ensure the safety of passengers while driving. Searching demand for safety systems in luxury cars is driving sales of passenger car in the global automotive brake system & components market.
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Competitive Landscape

In recent years, there has been a surging number of acquisitions and growth efforts in order to surge the supply of automotive brake systems & components. Several leading forms in the market are also working on technological developments. Contracts & agreements, new product development, and partnerships are some of the vital strategies adopted by renowned firms to maintain their market positions.

Moreover, ongoing research & development (R&D) activities focusing on introducing new technologies, along with the involvement of market participants in the launch of new & improved systems are some of the other factors fueling the automotive brake system & components market expansion. In addition to that, there is growing popularity witnessed in electrical vehicles, and accelerated demand for autonomous vehicles is expected to push the sales further.

Key Segments Covered in Automotive Brake System & Components Market Analysis

By Sales Channel:

OEM
Aftermarket
By Vehicle Type:

Passenger Car
LCV
HCV