Automotive Industry Report

  U.S. Car Wash Service Industry Overview The U.S. car wash service market size was valued at USD 14.21 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 4.8% from 2021 to 2028. The demand for car wash services has been rising over the past decade due to their increased convenience and a greater array of budget and luxury options. The increasing environmental regulations prohibiting residential car washing practices are anticipated to expand the customer base for professional car washes, thereby driving the demand for the services. The market is primarily attributed to the increasing focus of consumers on vehicle maintenance and rising spending power. Busy schedules and time constraints have also led to consumers giving their vehicles to professional car washes rather than cleaning them at home. In the U.S., more than 72% of drivers use professional car wash services frequently and conveyor car wash is the most revenue-generating service. The on...

  Australia Kids Scooter Industry Overview The Australia kids scooter market size was valued at USD 3.78 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 4.9% from 2021 to 2028. The growing concerns among parents with regard to improving child health are expected to be one of the main factors driving the demand for kids' scooters. Various health experts have recommended that scooting can improve body functionalities, such as metabolism, cardiopulmonary health, and blood circulation. In addition, this activity helps in increasing height, mobility, and immunity, which aids in the prevention of several diseases, such as obesity and related disorders. Revised safety laws in different cities have also led to an increasing number of kids riding scooters. In December 2019, the Australian Capital Territory (ACT) Government announced the legalization of the use of electric scooters on footpaths and shared paths, following increased public demand. With th...

  Automotive Smart Display Industry Overview The global automotive smart display market size was valued at USD 11.37 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 6.2% from 2021 to 2028. The increasing demand for advanced functions, including navigation, multimedia systems, driver assistance, and connected car features, and the improving driver-to-vehicle communication are anticipated to boost the use of the smart display in the automotive sector. Furthermore, the growing demand for enhanced safety, comfort, and convenience in automobiles, especially in developing and mature economies, is anticipated to propel the market growth over the forecast period. The rise in the demand for autonomous and semi-autonomous vehicle technology and the growth of the high-end and luxury car segments, especially in the emerging markets, are also expected to offer growth avenues for the market over the forecast period. The use of smart displays for automotive ...

  Road Safety Industry Overview The global road safety market size was valued at USD 2.87 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 12.4% from 2021 to 2028. During the COVID-19 pandemic, road fatalities witnessed a sharp decline. However, in the second quarter of 2020, traffic volume witnessed a rise with ease in lockdown restrictions. This period witnessed an increase in road fatalities caused mainly by drivers engaging in risky behavior by violating speed limits, failing to wear seat belts, and being under alcohol influence. Therefore, traffic management and safety authorities worldwide kicked off a program to mitigate such incidences by investing in new road safety solutions. Although the pandemic hindered the growth in 2020, the market was expected to reach pre-COVID levels by the end of 2020 and a steady recovery in 2021. Road safety future is uncertain and not the same for all regions worldwide. For instance, countries in Europe ha...

  Car Rental Industry Overview The global car rental market size was valued at USD 98.14 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 4.6% from 2021 to 2028. A significant rise in the number of people taking business and leisure trips across the globe is driving the demand for car rental services, thereby propelling the industry’s growth. Rising internet penetration across developing as well as developed countries have further helped companies in the market capture a larger customer base with the help of dedicated mobile apps for the convenience of customers. Technology is considered to be a crucial factor driving market growth. The impact of technological advancements has revolutionized the industry in the recent past. Improved customer and corporate information management and hassle-free internet booking applications are the two prominent ways assisting car rental service operators to offer enhanced services to their customers. The increas...

  Car Rental Industry Overview The global car rental market size was valued at USD 98.14 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 4.6% from 2021 to 2028. A significant rise in the number of people taking business and leisure trips across the globe is driving the demand for car rental services, thereby propelling the industry’s growth. Rising internet penetration across developing as well as developed countries have further helped companies in the market capture a larger customer base with the help of dedicated mobile apps for the convenience of customers. Technology is considered to be a crucial factor driving market growth. The impact of technological advancements has revolutionized the industry in the recent past. Improved customer and corporate information management and hassle-free internet booking applications are the two prominent ways assisting car rental service operators to offer enhanced services to their customers. The increas...

  Automotive Natural Gas Vehicle Industry Overview The global automotive natural gas vehicle market demand was valued at 29,793.76 thousand units in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 3.3% from 2021 to 2028. Natural gas is gaining popularity across the world as an alternative fuel owing to easy availability, lower vehicular emissions, and lower costs compared to conventional fuels, such as gasoline and diesel. The growing need for alternative fuel solutions in the transportation sector is encouraging the players in the transportation industry to adopt Liquefied Natural Gas (LNG) trucks to run their operations. Subsequently, the demand for LNG vehicles is increasing in the transportation industry. Moreover, the growing government initiatives for the development of natural gas distribution infrastructure are expected to boost the demand for natural gas vehicles (NGVs) over the forecasted period. Gather more insights about the market drivers, res...

  Automotive Electronics Industry Overview The global automotive electronics market size was valued at USD 217.86 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 7.9% from 2021 to 2028. The increasing integration and implementation of advanced safety systems such as automatic emergency braking, airbags, parking assistance systems, and lane departure warning to decrease road accidents is expected to favor demand over the forecast period. Moreover, features such as emergency call systems, alcohol ignition interlocks, and accident data recorder systems are rapidly adopted to safeguard in-vehicle passengers and are expected to drive market growth over the forecast period. Automotive manufacturers are making substantial capital investments in research and development activities to develop energy storage technology and high-performance electronics at a reasonable cost. Moreover, OEMs are becoming more dependent on electronics to deliver a high safet...