Automotive Industry Report

  Used Car Industry Overview The global  used car market  size is expected to reach USD 2.67 trillion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 6.1% from 2022 to 2030. Rising technological advancements such as the implementation of digital technology in the market and the use of artificial intelligence to improve the online buying experience are expected to boost the market demand over the forecast period. Some of the other factors such as transparency between the owner and buyer and certified used vehicles programs also impacted the market for used cars. Furthermore, the growing adoption of used electric and hybrid cars has become one of the noticeable trends in the last few years. The increased number of new  Electric Vehicles  (EVs) and hybrid cars registered over the last few years is now flowing through into the market. For instance, European countries such as Germany, the U.K., Spain, ...

  Scooter Industry Overview The global  scooter market  is expected to reach USD 111.37 billion by 2030, expanding at a compound annual growth rate (CAGR) of 5.9% during the forecast period, according to a new report by Grand View Research, Inc. The rising demand for comfortable rides with a gearless driving system is propelling the growth of the scooter market. Scooters are lightweight, easy to drive, require low maintenance, and are cost-effective, thus widely preferred over other two-wheelers. Besides, the increasing adoption of rental  electric scooters  for local travel and sightseeing is expected to foster scooters' market growth. However, various factors drive demand for scooters; the pandemic severely impacted scooter sales from 2019 to 2020. The pandemic has stalled all manufacturing activities globally, which has cascading effects on the production and sales of new scooters. The demand for scooters witnessed an upsurge post-pandemic due to shifting c...

  Autonomous Vehicles Industry Overview The global  autonomous vehicles market  demand is expected to reach 3,195.5 thousand units by 2030, according to a new report by Grand View Research. The market is projected to expand at a CAGR of 53.6% from 2022 to 2030. An autonomous vehicle is a combination of various networking systems and sensors that assist the computer in driving the vehicle. The significant advancements in technology, such as sensor processing, adaptive algorithms, high processing maps, and enhanced AI, have contributed to companies increasing their production capacity and taking the autonomous vehicle market to the next level. Several technology providers such as Google LLC and Tesla Motors have also entered the market and have contributed toward the research and development of autonomous vehicles. The automobile industry is dynamic and changes with advancements in technologies. Several major players in the industry, such as General Motors Company, Volksw...

  Africa Electric Scooter Industry Overview The  Africa electric scooter market  size is expected to reach USD 84.3 million by 2030, registering a CAGR of 7.5% from 2022 to 2030, according to a new report by Grand View Research, Inc. The growing concern of increasing CO2 emissions, vehicular pollutants, and their environmental impact has shifted consumers from using Internal Combustion Engine vehicles to alternative propulsion systems such as Electric Vehicles (EVs). The introduction of technologically advanced vehicles by global EV manufacturers to Africa has made the region a part of the electric-powered transport wave. However, the high cost of EVs such as electric scooters is hampering growth. To make them cost-effective, various initiatives are taken by governments and private automobile manufacturers. Global electric scooter manufacturers are focusing on bringing innovation and technology to Africa. They are manufacturing and supplying advanced...

  All-Terrain Vehicle Industry Overview The global  all-terrain vehicle market  size is expected to reach USD 1.92 billion by 2030, registering a CAGR of 5.2% during the forecast period, as per a new report by Grand View Research, Inc. The development of off-road terrains, trails, and recreational parks is projected to boost the demand for All-terrain Vehicles (ATVs) by 2030. Moreover, governments’ initiatives to enhance tourism and recreational activities have supported the sales of ATVs. For instance, the Travel Management & Off-Highway Vehicle (OHV) Program announced by the U.S. Forest Service aims to increase the awareness and popularity of trails in North America. Factors such as the growing popularity of off-road racing events and increased advertising have fueled the demand for ATVs across the globe. For instance, in January 2019, the Desert Series Pro ATV tournament involved ATV enthusiasts and many off-road vehicles which contributed to the adoption of ATV...

  Smart Pole Industry Overview The global  smart pole market  size is expected to reach USD 39.72 billion by 2030, registering a CAGR of 20.8% from 2023 to 2030, according to a new report by Grand View Research, Inc. The major factor contributing to the growth is the increasing demand for upgrading existing lighting infrastructure with energy-efficient lights across cities under smart city projects. Moreover, the rising pollution levels have created a need for smart poles equipped with air quality sensors and cameras to monitor the air quality and traffic. Such factors bode well for the growth of the market.   The rapid adoption of electric vehicles across the globe is expected to lead to the growing trend of integrating electric vehicle charging stations with smart poles in the forthcoming years. Numerous countries are focusing on developing their EV ecosystem and electric mobility. European countries are among the frontrunners when it comes to buildin...

  Yacht Industry Overview The global  yacht market  size is expected to reach USD 13.95 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 5.8% from 2023 to 2030. The market is expected to witness significant growth owing to the increasing coastal and marine tourism activities across the globe. Furthermore, the rising standard of living and growing corporate tourism activities globally are expected to further drive the market. The sports segment is expected to exhibit high growth owing to its use in personal activities as well as sporting events. The increasing number of recreational sporting events, yacht trade shows, and events organized by OEMs are supporting the growth of the market in developed regions such as North America and Europe. A significant increase in the number of people participating year-on-year in marine recreational activities is also expected to further boost the market growth in these regi...

  Off-highway Vehicle Lighting Industry Overview The global  off-highway vehicle lighting market  size is projected to reach USD 1.83 billion by 2030, exhibiting a CAGR of 7.5% according to a new report by Grand View Research, Inc. The growing emphasis on public infrastructure development is expected to drive the demand for off-highway vehicles, which bodes well for the industry growth over the forecast period. Moreover, continued advancements in product technologies, coupled with stringent government regulations, are also anticipated to support market growth over the forecast period.   The growing population in Asian countries, such as China and India, is driving the need for better public infrastructure. Governments in these economies are aggressively investing in infrastructure development projects. For instance, in India, the government is expected to invest USD 670.5 billion (INR 50 trillion) to improve the country's public infrastructure. The country’s gover...

  On-highway Vehicle Lighting Industry Overview The global  on-highway vehicle lighting market  size is projected to reach USD 41.3 billion by 2030, according to a new report by Grand View Research, Inc. It is anticipated to register a CAGR of 4.9% from 2022 to 2030. The surge in the adoption of the latest technologies in automotive lighting and rising penetration of  LED lighting  in the automotive industry are expected to drive the demand for on-highway vehicle lighting in the coming years. Automotive lighting has continuously evolved over the years as manufacturers seek innovative ways to improve performance, enhance aesthetics and strengthen safety. Headlamps are particularly anticipated to witness developments in line with advancements in laser and LED technologies. Rapid increase in night driving owing to long work hours is anticipated to propel the demand for on-highway vehicle lighting. Ambient lighting is used to improve the visual appearanc...

  Advanced Driver Assistance System Industry Overview The global  advanced driver assistance system market  size is projected to reach USD 58.7 billion by 2030, registering a CAGR of 18.2% from 2022 to 2030, as per the study conducted by Grand View Research, Inc. The growing government initiatives toward deploying driver assistance systems to mitigate road accidents are anticipated to contribute to the market growth. The surge in the adoption of advanced driver assistance system (ADAS) in small cars is anticipated to further boost the growth of the market over the forecast period. Increasing levels of technological innovation and surge in the initiatives undertaken toward self-driving cars and vehicle automation have elevated the demand for driver safety and assistance systems over the past decade. For instance, the European Union has mandated automotive manufacturers to fit ADAS systems, including Autonomous Emergency Braking Systems (AEBS) and Lane Departure Warning S...