India Electric Two-Wheeler Market to Grow at 29.07% CAGR in terms of value by 2028

Increasing demand for zero emission vehicles and technological innovation drives the India electric two-wheeler market through 2028.

According to TechSci Research report, “India Electric Two-Wheeler Market - Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2018- 2028F”, India electric two-wheeler market is anticipated to reach USD 1,028.04 million at a CAGR of 29.07% by 2028 because of rapidly increasing adoptability and technological advancements in electric vehicles. The growth of electric two-wheelers in the country is primarily due to an increase in per capita income resulting in purchasing power as well as concerns over rising pollution levels generated by ICE vehicles. Also, the government provides subsidies under FAME II along with state EV policies for rapid acceptance of electric two-wheeler throughout the country. Additionally, increasing focus on research and development by leading companies as well as many emerging players to develop advanced technology and features while keeping an affordable price range is anticipated to attract more customers, which will result in increasing sales of electric two-wheelers. Electric vehicles can help India reduce air pollution, carbon emissions, and reliance on oil. Electric two-wheelers require less maintenance and service and overall lower operating costs than ICE vehicles because they have fewer moving parts. In addition, other important elements driving the growth of electric two-wheeler sales include the high cost of fossil fuels, growing preference for personal mobility, an increase in alternatives, enhanced charging infrastructure, EV financing options, and incentives under government schemes. However, the lack of charging infrastructure, lack of awareness, and the high initial cost is hampering the growth of the electric two-wheeler market in India. The COVID-19 pandemic had an effect on public health and sparked a global economic crisis. The pandemic had a significant impact on production and the supply chain. During the pandemic, the production of two-wheeler was impacted due to a shortage of auto components. On the contrary, electric vehicles cost between 35 and 50 percent more than traditional cars. Indian vehicle buyers will be hesitant to invest money in EVs or two wheelers until they demonstrate considerable benefits in terms of fuel savings and tax rebates. Another common reason given for the adoption of EVs is the lengthy charging durations of EV batteries compared to the quicker refueling times of ICE vehicles. Even yet, to improve its range while maintaining affordability, the market is seeing more investment and cooperation as it strives for zero emissions and green energy. The sales of electric two-wheeler have increased in 2022, and it is expected to grow by CAGR of 27.62% through 2028 in terms of volume.

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India electric two-wheeler market can be segmented on the basis of vehicle type, battery type, voltage capacity, battery capacity, range, region and company. On the basis of vehicle type, currently, electric scooter/moped segment dominates the India electric two-wheeler market with a majority of market share. However, the motorcycle segment is expected to grow at 47.72% CAGR by 2028. On the basis of battery type, Lithium-ion battery dominates the India electric two-wheeler market with more than 90% of the total market share due to many emerging players with their advanced technology, which offers zero-emission, high battery capacity and high overall performance. It has been forecast that the same trend will continue in forthcoming years. On the basis of voltage capacity, the 48-59 v category dominates with nearly 70% of the total India electric two-wheeler market share. This is mainly to keep prices of electric two-wheelers competitive and affordable as per the Indian market. On the basis of battery capacity, the <2 KWh segment is leading the market, followed by the 2-2.5 KWh segment. On the basis of vehicle range per charge, the 50-100 km segment gets the highest share, followed by the 101-150 km segment.

Some of the major companies operating in India Electric Two-Wheeler Market include:

• Hero Electric Vehicles Pvt. Ltd.
• Okinawa Autotech Pvt. Ltd.
• Greaves Electric Mobility Pvt. Ltd.
• Ather Energy Pvt. Ltd.
• PuREnergy Pvt. Ltd.
• Ola Electric Technologies Pvt. Ltd
• TVS Motor Company
• Revolt Intellicorp Pvt. Ltd.
• Bajaj Auto Ltd.
• Benling India Energy & Technology Pvt Ltd.

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“Many companies are investing in advanced technological research and development, which increases performance per charge, decreases charging time, and improves infrastructure for charging stations, making electric two-wheelers more acceptable to people.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“India Electric Two-Wheeler Market By Vehicle Type (Scooter/Moped, Motorcycle), By Battery Type (Lithium-Ion, Lead Acid), By Voltage Capacity (48-59 V, 60-72 V, 73-96 V), By Battery Capacity (<2 KWh, 2-2.5 KWh, >2.5 KWh), By Range (<50 km, 50-100 km, 101-150 km, >150 km) By Region, Competition, Forecast & Opportunities, 2028” has evaluated the future growth potential of India Electric Two-Wheeler Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the India Electric Two-Wheeler Market.

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Electric Vehicle Market to Register Growth at a CAGR of 21.20% in terms of value until 2027

 

Increasing environmental concerns, supportive government policies, and regulations on EV adoption along with subsidies, coupled with decreasing battery prices, and advancement in charging technologies is expected to lead to the growth of electric vehicle all over the world during the forecast period.

According to TechSci Research report, Electric Vehicle Market - Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2017-2027, Global Electric Vehicle Market is anticipated to register a CAGR of 21.20% in terms of value and USD 1,657.10 billion during the forecast period, owing to sustainable government regulations. China, being the largest electric vehicle producer and market in the world, it is expected to grow at a CAGR of 18.17% in terms of volume during the forecast period. According to the government of China, China is planning to improve the productivity of electric vehicles. The government has taken initiative, including providing subsidies for EV buyers, enacting laws requiring all automakers to produce EVs in proportion to the volume of vehicles they produce, providing significant funding for the installation of EV charging stations throughout major cities, and enacting regulations against excessively polluting vehicles. The EV market has also been expanding in Japan and South Korea. The governments of these countries installed EV charging stations, created pollution standards, established deadlines for switching from ICE vehicles to full or hybrid EVs, and other measures to assist the growth of EV demand. India is striving to enhance its EV market demand.

Global Electric Vehicle market is classified based on vehicle type, propulsion type, range, battery capacity, and region. Based on propulsion type, the market is segmented into battery electric vehicle, plug-in hybrid electric vehicle, and fuel cell electric vehicle.  Based on vehicle type, the market is segmented into two wheelers, passenger car, light commercial vehicles, and medium and heavy commercial vehicle. Increase in sales of electric passenger cars due to presence of huge population and growing disposable income is driving the growth of passenger car segment.

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In terms of propulsion type, FCEV is expected to be the fastest growing segment during the forecast period. and the battery electric vehicle segment is expected to account for the highest volume of the market. During the forecast period, the battery electric vehicle market is expected to grow at a CAGR of 19.61%.

On the basis of battery type, market is segmented into less than 50 kWh, 51 kWh to 100 kWh, 101 kWh to 200 kWh, 201 kWh to 300 kWh, above 300 kWh. The widespread usage of electric trucks and buses, particularly for applications in public transportation and freight services, is primarily responsible for this market segment's rapid expansion. A wide range of EVs, including passenger cars and light commercial vehicles such as vans, pickup trucks, and utility vehicles, have power outputs between 100kW and 250kW. The surge in fuel prices and government measures to reduce fleet emissions of buses and vehicles are driving the global electric vehicle market.

By region, the market is distributed into Asia-Pacific, Europe, North America, South America, Middle East & Africa. With China accounting for the largest market share in 2021, APAC is expected to register the fastest CAGR in the global electric vehicle market. Moreover, China's Ministry of Finance has reduced the subsidies for hybrid, hydrogen-powered, and plug-in electric vehicles by 20%. With 50% of global sales, China has become the world's largest market for electric vehicles. After the Shanghai Gigafactory opened in 2019, Tesla surpassed other local suppliers to become one of China's top providers of electric vehicles. In the following years, it is predicted that these factors would increase the sales of electric vehicles in Asia-Pacific.

USA is expected to register a CAGR of 26.14% in terms of value and will help boost the market during the forecast period.

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Due to the implementation of lockdown to prevent COVID-19 pandemic, sales of electric vehicles at the end of first quarter and substantially in second quarter fell in most of the countries, affecting current year’s performance. Nevertheless, in most of the regions across globe, the market rapidly recovered rapidly during the end of the second quarter and almost completely in the third quarter. Hence, giving positive outlook to the market forecast of year 2022.

BYD Auto Co., Ltd. company holds the largest share in the global electric vehicle market followed by The General Motors Company, Tesla, Inc., SAIC Motor Corp., Ltd., BMW AG, Vmoto Soco Group, Jiangsu Xinri E-Vehicle Co.,Ltd, Tailing Electric Vehicle Co., Ltd., Gesits Technologies Indo, Voltz Nikola Motor Co., Rivian Automotive, Inc., and Volvo Trucks.

BYD Auto Co., Ltd. dominated the market in the year 2021, due to its remarkable dealership network, which offers a wide range of economical yet qualitative products with adaptive technological demands of their customers as well as withstanding government’s safety norms. The demand for electric vehicles is anticipated to increase globally during the coming years, on account of increased awareness toward environment and increasing adoption of green energy is expected to drive the market.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research- based global management consulting firm.

“Electric Vehicle Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027F, Segmented By Vehicle Type (Two Wheelers, Passenger Cars (PC) Light Commercial Vehicle (LCV), Medium & Heavy Commercial Vehicle (M&HCV)), By Propulsion Type (Battery Electric Vehicle (BEV), Plug-In Hybrid Electric Vehicle (PHEV), Fuel Cell Electric Vehicle (FCEV)), By Range (0-50 Miles, 51-150 Miles and 151-200 Miles, 201-400 Miles and Above 400 Miles), By Battery Capacity (Less Than 50 kWh, 51 kWh to 100 kWh, 101 kWh to 200 kWh, 201 kWh to 300 kWh, Above 300 kWh), By Region” has evaluated the future growth potential of global electric vehicle market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Electric Vehicle Market.

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TechSci Research is a leading global market research firm publishing premium market research reports. Serving 700 global clients with more than 600 premium market research studies, TechSci Research is serving clients across 11 different industrial verticals. TechSci Research specializes in research-based consulting assignments in high growth and emerging markets, leading technologies and niche applications. Our workforce of more than 100 fulltime Analysts and Consultants employing innovative research solutions and tracking global and country specific high growth markets helps TechSci clients to lead rather than follow market trends.

 

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Saudi Arabia Electric Commercial Vehicle Market to register a robust CAGR of 20.07% in terms of value until 2027

Acceptance of hybrid vehicle technology, and advancements in charging technologies, along with rising environmental consciousness to drive the Saudi Arabia Electric Commercial Vehicle Market.

According to TechSci Research report, Saudi Arabia Electric Commercial Vehicle Market – By Region, Competition Forecast & Opportunities, 2017-2027,” the Saudi Arabia Electric Commercial Vehicle Market is anticipated to register a growth rate of 20.07% in terms of value and reach USD 283.42 million during the forecast period, owing to sustainable government investments and regulations for the adoption of green energy vehicles. To reduce greenhouse gas emissions and cut oil consumption, the Saudi Arabia government has announced that it will invest USD 7.2 billion in electric vehicle production. The country's Public Investment Fund will partner with manufacturers such as Tesla and Hyundai to build the first factories in the country that produce electric cars and trucks. The new investment is part of a larger plan by the Saudi government to reduce carbon emissions and move away from oil dependence which will boost the demand for electric commercial vehicles in the country in upcoming years. In June, Crown Prince Mohammed bin Salman outlined a new future for energy production in the country, including a pledge to end all oil exports in the next 25 years. Deputy Crown Prince Mohammed bin Salman unveiled a plan to invest up to USD 200 billion in renewable energy over the next ten years, including solar and wind power investments and focusing on hydropower projects.

Browse 27 market data Figures spread through 70 Pages and an in-depth TOC on" Saudi Arabia Electric Commercial Vehicle Market"

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Saudi Arabia Electric Commercial Vehicle Market is classified based on propulsion type, vehicle type, range, battery capacity, and region. Based on propulsion type, the market is segmented into hybrid electric vehicle, battery electric vehicle, plug-in hybrid electric vehicle. Based on vehicle type, the market is segmented into electric truck and electric bus. The increase in the adoption of trucks due to the increasing demand for light electric trucks in delivery services is driving the growth of light trucks.

In terms of propulsion type, the plug-in hybrid electric vehicle is the fastest growing segment in the forecast years. In the forecast period, the plug-in hybrid electric vehicle segment will account for the 8.75% volume of the market as these vehicles' batteries can also be charged through regenerative braking and by outsourcing power. During the forecast period, the hybrid electric commercial vehicle and battery electric commercial vehicle market are anticipated register CAGR of 15.50% and 42.40%, respectively.

On the basis of battery capacity, the market is segmented into <100 kWh, 100 kWh - 200 kWh, 201 kWh to 300 kWh, and> 300 kWh. The widespread usage of electric trucks and buses, particularly for applications in public transportation and freight services, is primarily responsible for this market segment's rapid expansion. A wide range of electric commercial vehicles, including light commercial vehicles like vans, pickup trucks, and utility vehicles, have power outputs between 100kW and 250kW. To reduce country’s oil dependency the government of Saudi Arabia is also taking initiatives to reduce fleet emissions from buses and vehicles, driving up the use of electric commercial vehicles.

In addition to that, on the basis of regional analysis, the Northern and Central Region accounted for the largest market share in 2021. To boost the revenue of electric commercial vehicles, the Saudi Arabia government has said that a significant portion of its investment will go toward building electric vehicles and battery production plants in the country. The Public Investment Fund has already signed a deal with Tesla to build a USD400 million solar panel and battery factory in the country. It is also in talks with South Korea's Hyundai to build electric cars and batteries in Saudi Arabia.

The northern and central region will grow at a CAGR of 18.80% in terms of volume, followed by the Eastern Region, Western Region, and Southern Region with CAGR of 21.92%, 20.58%, and 20.27%, respectively.

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IVECO company holds the largest share in Saudi Arabia Electric Commercial Vehicle market, followed by Scania AB and VOLVO AG. Companies such as Lucid Motors are planning to enter the market of Saudi Arabia in the upcoming years.

Due to its impressive dealership network, which serves a range of affordable yet high-quality products that satisfy governmental safety standards, IVECO led the market in 2021. The demand for electric commercial vehicles is anticipated to increase in the country in the coming years, on account of strict government policies for electric vehicle adoption and welcoming of vehicle manufacturers to operate in the country.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Saudi Arabia Electric Commercial Vehicle Market By Propulsion Type (Hybrid Electric Vehicle (HEV), Battery Electric Vehicle (BEV), Plug-In Hybrid Electric Vehicle (PHEV)),  By Vehicle Type (Electric Truck and Electric Bus), By Range (0-150 Miles, 151-250 Miles, 251-400 Miles, Above 400 Miles), By Battery Capacity (<100 kWh, 100 kWh - 200 kWh, 201 kWh to 300 kWh, > 300 kWh), By Region Competition Forecast & Opportunities, 2017- 2027F” has evaluated the future growth potential of Saudi Arabia Electric Commercial Vehicle Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Saudi Arabia Electric Commercial Vehicle Market.

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About TechSci Research

TechSci Research is a leading global market research firm publishing premium market research reports. Serving 700 global clients with more than 600 premium market research studies, TechSci Research is serving clients across 11 different industrial verticals. TechSci Research specializes in research based consulting assignments in high growth and emerging markets, leading technologies and niche applications. Our workforce of more than 100 fulltime Analysts and Consultants employing innovative research solutions and tracking global and country specific high growth markets helps TechSci clients to lead rather than follow market trends.

 

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Global Hybrid Electric Vehicle Market to register a CAGR of 9.10%, in terms of volume, until 2027

 

Increasing concern for environment and rise in electrification of vehicles coupled with sustained focus of the government on EV adoption, along with subsidies in manufacturing will lead to the growth of hybrid electric vehicle all over the world during the forecast period.

According to TechSci Research report, “Hybrid Electric Vehicle Market – Global Industry Size By Hybridization Type, By Vehicle Type, By Powertrain, By Propulsion, By Region, Competition, Forecast & Opportunities, 2017-2027F”, Global Hybrid Electric Vehicle Market is anticipated to register a CAGR of 9.10%, in terms of volume 13.32 million during the forecast period, owing to sustainable government regulations. China, being the largest hybrid electric vehicle producer and market in the world, is expected to grow at a CAGR of 7.75% during the forecast period. According to the government of China, the country is planning to improve the productivity of hybrid electric vehicles, providing subsidies to ease purchasing of vehicles and hence, sustained growth is expected in the country. Strengthening of financial state of global automotive industry by loan waivers, availability of subsidized rate of commodities and growing popularity of bank financing will be the key factors responsible for the growth of hybrid electric vehicle market worldwide for next five years.

Global hybrid electric vehicle market is classified based on hybridization type, vehicle type, by powertrain type, by propulsion type, and by region. Based on hybridization type the market is segmented into mild-hybrid electric vehicle (MHEV) and full-hybrid electric vehicle (FHEV).  Based on vehicle type, the market is segmented into two wheelers, passenger car, light commercial vehicles, and medium and heavy commercial vehicle. Increase in sales of electric passenger cars due to presence of huge population and growing disposable income is driving the growth of passenger car segment.

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In terms of hybridization, FHEV was the fastest growing segment during the forecast period. During the forecast period, the mild-hybrid sector is expected to account for the highest volume of the market. During the forecast period, the full-hybrid market is anticipated to witness the faster growth at a CAGR of 9.18%. The expansion of the full-hybrid market can be ascribed to ongoing technological advancements that have improved fuel economy and decreased emissions.

On the basis of powertrain type, market is segmented among parallel hybrid, series-parallel hybrid, and series hybrid. Owing to the rising use of regenerative braking technology, this market is probably going to expand. When the brakes are applied, regenerative braking technology recovers the energy needed to recharge the battery. It lessens the need for external power infrastructure and as a result, the regenerative braking system is the most widely employed technology in hybrid automobiles. The market for parallel hybrids will increase due to the utilisation of the regenerative braking system and the lower cost of micro and mild hybrids compared to PHEVs.

By region, the market is distributed into Asia-Pacific, Europe, North America, South America, Middle East & Africa. With China accounting for the largest market share in 2021, APAC is predicted to have the quickest rate of growth for the hybrid car industry. The rising sales of hybrid automobiles in Japan, China, and South Korea are responsible for the market expansion in the area. Major participants in the market for hybrid vehicles, including Toyota Motor Corporation, Honda Motor Co., Ltd., Nissan Motor Co., are all based in the Asia-Pacific region. Worldwide sales of hybrid vehicles are dominated by Toyota Motor Corporation. Thus, the extensive use of hybrid car technology in China and Japan is expected to propel the demand for hybrid electric vehicles in APAC region. China is expected to register a CAGR of 7.75% and will help boost the market during the forecast period.

Due to the implementation of lockdown to prevent COVID-19 pandemic, sales of hybrid electric vehicles fell at the end of first and beginning of second quarter in most of the countries in 2021. Nevertheless, in most of the regions across the globe, the market recovered substantially at the end of second quarter and almost completely by the third quarter. Hence, giving positive outlook to the market forecast for the year 2022.

Toyota Motor Corporation company holds the largest share in the global hybrid electric, electric vehicle followed by Volkswagen AG, Honda Motor Co., Ltd., Nissan Motor Co., Ltd., Groupe Renault, BMW AG, Suzuki Motor Corporation, Wuling Motors Holdings Limited, AB Volvo, and The General Motors Company.

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Toyota Motor Corporation dominated the market in the year 2021, due to its remarkable dealership network, which offers a wide range of economical yet qualitative products with adaptive technological demands of their customers as well as withstanding government’s safety norms. The demand for hybrid electric vehicles is expected to increase globally in the coming years, on account of increased adaption of green energy technology, which is expected to drive market growth”, said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

“Global Hybrid Electric Vehicle By Hybridization Type (MHEV, FHEV), By Vehicle Type (PC, LCV, M&HCV), By Powertrain (Parallel Hybrid, Series-Parallel Hybrid, Series Hybrid), By Propulsion (Diesel Hybrid, Petrol Hybrid), By Region, Competition, Forecast & Opportunities, 2017-2027F” has evaluated the future growth potential of global hybrid electric vehicle market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Global Hybrid Electric Vehicle Market.

 

About TechSci Research

TechSci Research is a leading global market research firm publishing premium market research reports. Serving 700 global clients with more than 600 premium market research studies, TechSci Research is serving clients across 11 different industrial verticals. TechSci Research specializes in research-based consulting assignments in high growth and emerging markets, leading technologies and niche applications. Our workforce of more than 100 fulltime Analysts and Consultants employing innovative research solutions and tracking global and country specific high growth markets helps TechSci clients to lead rather than follow market trends.

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Saudi Arabia Automobile Market to be dominated by Passenger Cars through 2027

Rapid technological advancements and high sales of luxury vehicles are expected to drive the demand for the Saudi Arabia automobile market in the forecast period, 2023-2027.

According to TechSci Research report, “Saudi Arabia Automobile Market By Region, Competition Forecast & Opportunities, 2027”, the Saudi Arabia automobile market is expected to grow at a steady CAGR in the forecast period, 2023-2027. Saudi Arabia is experiencing economic and social changes, which are improving the living standards of consumers. The economy of the country is majorly dependent on the oil & gas industry. Crown Prince Mohammed bin Salman had launched Vision 2030 reform program to lower the dependence on the oil & gas industry and create new revenue-generating avenues in the country. It has positively impacted the automotive industry and is expected to support the sales and production of automobiles in the coming years. The rise in accidents and favorable government policies have increased the installation of active and passive safety systems in the automobile. Manufacturers are focusing on enhancing the performance of the vehicle and the riding experience of the passengers by introducing new technologies and advancing automotive parts and components. Also, the growing popularity of the shared mobility services and the introduction of connectivity services in the automobile is expected to create lucrative growth opportunities for the Saudi Arabia automobile market players in the forecast period.

However, the huge dependency of the automotive industry on the import of the automobile parts and components may restrain the Saudi Arabia automobile market growth in the forecast period.

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The Saudi Arabia automobile market is segmented into vehicle type, propulsion, transmission, regional distribution, and competitive landscape.

Based on vehicle type, the market is divided into two-wheeler, passenger car, LCV, MCV, and HCV. Currently, the passenger car dominates the market and is expected to maintain its dominance through the next five years. Market players are introducing cost-effective passenger car options to meet the requirements of the customer. Also, the advancements in technology and the introduction of electric and hybrid technology are expected to influence the market demand in the forecast period.

Based on propulsion, the market is divided into ICE and electric. The electric automobile segment is expected to witness the fastest incremental growth in the forecast period. The rise in environmental awareness and the need to lower carbon emissions is increasing the demand for alternative fuel options. Electric vehicles offer a sustainable solution as they do not negatively impact the environment and eliminate the dependency on conventional sources of energy. Also, they have lower running and maintenance costs and zero tailpipe emissions. Electric vehicles are quiet, which is the reason they can reduce noise pollution across the country. Consumers can easily charge their automobiles in the comfort of their homes. The government is providing income tax and financial benefits to the manufacturers and buyers of electric vehicles. Therefore, the advantages offered by electric vehicles and the launch of various electric variants are expected to bolster the demand for electric vehicles in the forecast period. 

Based on transmission, the market is bifurcated into manual and automatic. The manual segment is expected to hold the largest market share in the forecast period. They are witnessing high demand as they have lower prices and repair costs. The manual automobile provides better gas mileage and fuel efficiency and is available in a number of variations in the market.Major market players operating in Saudi Arabia automobile market are:

• Toyota Motor Corporation
• Hyundai Motor Company
• Stellantis
• MAN SE
• Honda Motor Company
• Ford Motor Company
• Daimler AG
• AB Volvo
• Hino Motors, Ltd.
• Tata Motors Limited         

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“The National Industrial Development Center (NIDC) aims to attract 3-to four original equipment manufacturers across the ICE and EV value chain as the Saudi Arabia automobile industry is majorly import-driven. It aims to promote local production, make it 40%, and produce 300,000 vehicles annually by 2030. NIDC is also working on supporting industrialization in the country through loans, tariff exemption, and tax incentives. Favorable government policies and the entry of new players in the automotive is expected to propel the Saudi Arabia automobile market growth till 2027” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Saudi Arabia Automobile Market By Vehicle Type (Two-Wheeler, Passenger Car, LCV, MCV, HCV), By Propulsion (ICE, Electric), By Transmission (Manual, Automatic), By Region, Competition Forecast & Opportunities, 2027”, has evaluated the future growth potential of Saudi Arabia automobile market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Saudi Arabia automobile market.

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Global Building Retrofitting Market to Be Dominated by Non-Residential Sector Through 2027

 Increased investments in the energy retrofit market and energy cost reduction initiatives by authorities are expected to drive the demand for the global building retrofitting market in the forecast period, 2023-2027.

According to TechSci Research report, “Building Retrofitting Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027”, the global building retrofitting market is anticipated to witness steady growth in the forecast period, 2023-2027. Factors such as increasing concerns about greenhouse emissions and the introduction of stringent regulations to lower the environmental carbon footprint are the primary factors driving the demand for the global building retrofitting market. The growing adoption of HVAC appliances in buildings, which have an average life of approximately 25 years and after completion of this period, starts to experience low performance and needs replacement. Also, the market players invest significant amounts in research and development activities to create retrofit systems having higher performance.

Building retrofitting is a process of changing the system or structure of the building after its initial construction and occupation. It improves the performance of the building and amenities for the building occupants. Buildings are responsible for the consumption of large amounts of energy. Energy efficiency is one of the market trends for the social, economic, and environment-friendly development of any country. In order to promote long-term sustainability and energy shortages, reduction of the energy is the only option that is expected to fuel the demand for building retrofitting systems.

However, a lack of awareness about the benefits of building retrofit systems and insufficient infrastructure may restrain the global building retrofitting market growth in the forecast period.

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The global building retrofitting market is segmented into building type, type, method, regional distribution, and competitive landscape.

Based on building type, the market is bifurcated into residential and non-residential. The residential sector is expected to account for a significant market share in the forecast period, 2023-2027. Building retrofit systems are installed in the existing homes, such as in mobile homes and single-family homes, to increase the energy efficiency in these buildings. Government organizations are increasingly focusing on retrofitting the buildings to enhance their energy efficiency and convert them into affordable buildings. According to a study by the European Union, the residential sector consumes significant amounts of energy and carbon dioxide emissions. They have established energy efficiency policies and long-term investment strategies to renovate the residential sector by 2050. Therefore, the support from the government and the massive construction of residential buildings across the globe are expected to drive the global building retrofitting market growth over the next five years.

Based on type, the market is divided into retrofitting of reinforced concrete structures, retrofitting of masonry structures, and others. The retrofitting of reinforced concrete structures is expected to hold the largest market share in the forecast period as they are being widely adopted to increase the life and energy-saving capability of the buildings.

Major market players operating in the global building retrofitting market are:

• ARUP
• Integrated Environmental
• Q-BOT
• Inovues
• SGS
• Ventive Limited
• Project Drawdown
• TerOpta Limited

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“North America holds a dominant market share and is expected to maintain its dominance throughout the forecast period, 2023-2027. Government is highly aware of the benefits of building retrofitting systems and encourages the residents to install them in their buildings. Such as, The Property Assessed Clean Energy (PACE) initiative by the United States government to finance energy efficiency and renewable energy upgrades in the building and the US Department of Energy’s (DOE) Building America program is other program supporting energy efficiency across the country. Also, the rise in the number of market players and adoption of attractive marketing strategies by the market players, such as using online sales channels to advertise and create consumers awareness, is expected to propel the global building retrofitting market growth till 2027” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Building Retrofitting Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027 Segmented By Building Type (Residential, Non-Residential), By Type (Retrofitting of Reinforced Concrete Structure, Retrofitting of Masonry Structure, Others), By Method (New Shear Wall, Wall Thickening, Jacketing Method, Epoxy Injection, Others), and By Region”, has evaluated the future growth potential of global building retrofitting market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global building retrofitting market.

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Turkey Acoustic Vehicle Alerting System (AVAS) Market to be dominated by till 2027

 Increasing concerns regarding pedestrian safety and stringent emission norms are expected to drive the demand for Turkey Acoustic Vehicle Alerting System (AVAS) Market in the forecast period, 2023-2027.

 According to TechSci Research report, “Turkey Acoustic Vehicle Alerting System (AVAS) Market By Region, Competition Forecast & Opportunities, 2027”, the Turkey acoustic vehicle alerting system (AVAS) market is expected to witness significant growth in the forecast period, 2023-2027. An acoustic vehicle alerting system (AVAS) is a kind of safety device used in electric vehicles. The noise produced by electric vehicles is much lower than the noise produced by ICE vehicles. The low noise produced by the electric vehicles makes it difficult for pedestrians, including impaired people, which is the major reason for the installation of acoustic vehicle alerting systems in automobiles. Two-wheelers are highly popular in the country owing to their competitive prices, easy availability, and low operating costs. Growing environmental concerns and tax concessions are making the consumers shift towards e-bikes. The high sales of the four-wheeler and two-wheeler electric vehicles are expected to drive the demand for the Turkey acoustic vehicle alerting system (AVAS) market in the coming years.

However, the lack of a sufficient charging station may restrain the Turkey acoustic vehicle alerting system (AVAS) market growth over the forecast period.

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Turkey acoustic vehicle alerting system (AVAS) market is segmented into vehicle type, propulsion, demand category, mounting, regional distribution, and company.

Based on vehicle type, the market is divided into two-wheeler, passenger car, and commercial vehicle. Commercial vehicles are expected to account for a significant market share in the forecast period. Acoustic vehicle altering systems are being encouraged to be installed in electric vehicles to ensure passenger and pedestrian safety. The Turkish government is supporting the replacement of a fuel-based bus fleet with electric buses, which is expected to act as a positive factor for Turkey's acoustic vehicle alerting system (AVAS) market. Additionally, the growing popularity of the shared mobility service and the logistics and e-commerce industry is further expected to fuel the demand for commercial vehicles across the country.

Based on propulsion, the market is divided into BEV, PHEV, and FCEV. BEV, which stands for battery electric vehicle, dominates the market, and is expected to maintain its dominance over the forecast period. Higher sales of BEV over its counterparts are accelerating the production and sales of electric vehicles. BEVs are powered by battery alone and emit very less noise, and acoustic vehicle alerting systems play a crucial role in ensuring pedestrian safety.

Based on the demand category, the market is divided into OEM and aftermarket. The OEM segment is expected to capture the largest market share in the forecast period. Consumers have enhanced trust in the brand and prefer to invest in the product manufactured by the original equipment manufacturers. Also, they use advanced manufacturing technologies, improving the system's performance.

Based on mounting, the market is bifurcated into integrated and separated. The integrated acoustic vehicle altering system is expected to witness the fastest incremental growth in the forecast period. The rise in the integration of acoustic vehicle altering systems in passenger vehicles drives the segment demand. Also, the increased production of electric vehicles and light-duty trucks is expected to fuel the market growth.

Major market players operating in the Turkey acoustic vehicle alerting system (AVAS) market are:

• Mando Corporation
• DENSO CORPORATION
• Samsung Electronics Co. Ltd.
• Delphi Technologies PLC
• Robert Bosch GmbH
• Harman International Industries
• HELLA Group
• Kufatec GmbH & Co. Kg
• Continental AG
• Texas Instruments

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“European Union made the installation of an acoustic vehicle altering system compulsory for all-electric and hybrid vehicles to ensure the safety of pedestrians, which is expected to influence the market demand positively. European Union has also announced to phase out the internal combustion vehicles to lower the greenhouse emissions and oil imports dependence. The changing preference of consumers towards electric vehicles over fossil fuel-powered vehicles and the growing concerns regarding road safety is expected to propel the Turkey acoustic vehicle altering system (AVAS) market growth till 2027” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

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Global Tar Sands Market to be dominated by North America region through 2027

Technological advancements and the depleting existing energy reserves are expected to drive the global tar sands market growth in the forecast period, 2023-2027.

According to TechSci Research report, “Tar Sands Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027”, the global tar sands market is anticipated to grow at a significant rate in the forecast period, 2023-2027. Tar sands are basically concentrated in North America, but they have wide influence over the global oil market. Tar sands are also known as oil sands and are a combination of clay, sand, water, and bitumen, which is a heavier kind of oil. These are mined and processed to extract bitumen which is then processed to make oil. It has been estimated that approximately 2 trillion barrels of oil reserves exist across the world, and some of these resources are not economically or technically recoverable. The largest tar sand deposits are found in Venezuela, Canada, and many of the countries in the Middle East region. The depleting conventional oil reserves are making the market players find alternate reserves and technologies to satisfy the growing demand across the globe. Although extracting tar sands is not as profitable as extracting from natural reserves still, it is expected to significant growth in the forecast period to support the energy demands of the growing population and rapid industrialization in the emerging economies.

However, substantial damage to the environment and the increase in pollution during extraction may hinder the global tar sands market growth in the forecast period.

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The global tar sands market is segmented into component, extraction method, technology, regional distribution, and competitive landscape.

Based on the component, the market is divided into clay, sand, water, and bitumen. The bitumen segment is expected to witness significant market share in the forecast period, 2023-2027. Bitumen is extremely thick and heavy, and it must be diluted before it can flow; and various techniques are used to pump directly from the ground. Tar sands are chemically treated and heated to extract the oil, and approximately 75% of the bitumen can be recovered from the sand. The rise in the demand for more oil production is making the market players invest in new technologies and extract bitumen from the tar sands.

Based on the extraction method, the market is bifurcated into mining and in-situ. In mining, large hydraulic shovels are used to dig up tar sands and load them onto trucks with the capacity to carry 320 tons per load. After that, the oil is extracted from the bitumen by using a combination of water, heat, and chemicals and constant movement. The in-situ extraction method is preferred over its counterpart when the bitumen deposits are deep for mining to be economical. It makes use of the steam injection method to heat buried tar sands and facilitate extraction via conventional walls. The mining method is the most common method and is widely preferred over the other method owing to its economical nature.

Based on technology, the market is divided into cyclic steam stimulation, and steam assisted gravity drainage. The cyclic steam stimulation process is defined as the process which is carried out by injecting high-pressure steam into an oil well for several weeks. The oil is melted and pumped out of the wall due to the high pressure and temperature of steam. Steam assisted gravity drainage is basically a two-well horizontal process, and the process is done by injecting low steam into the reservoir to separate sand from oil and gas. Oil gets accumulated in the bottom and is pumped to the surface.

Major operating companies operating in global tar sands market are:

• Suncor Energy, Inc.
• Royal Dutch Shell plc
• Exxon Mobil Corporation
• Petróleos de Venezuela, S.A. (PDVSA)
• Eni S.p.A.
• Canadian Oil Sands Limited
• Alberta Oil Sands Inc.

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“North America holds a dominant market share in the global tar sands market and is expected to maintain its dominance over the forecast period, 2023-2027. The Alberta oil sands in Canada are one of the largest sand reservoirs in the world and produce large amounts of oil, which significantly influences fulfilling global oil requirements. Early adoption of advanced technologies and the high-end investments by the market players in research and development activities to find innovative solutions and improve the extraction and oil production process is expected to propel the global tar sands market growth over the next five years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Tar Sands Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027 Segmented By Component (Clay, Sand, Water and Bitumen), By Extraction Method (Mining, In-Situ), By Technology (Cyclic Steam Stimulation, Steam Assisted Gravity Drainage), and By Region”, has evaluated the future growth potential of global tar sands and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global tar sands market.

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Global Aircraft Engine Shaft Market to be dominated by North America region through 2027

 Fleet modernization and expansion plans of countries and increased demand for new generation engines are expected to drive the global aircraft engine shaft market growth in the forecast period, 2023-2027.

According to TechSci Research report, “Aircraft Engine Shaft Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027”, the global aircraft engine shaft market is anticipated to grow at a significant rate in the forecast period, 2023-2027. The market is driven by the rise in the demand for cost-effective and fuel-efficient aircraft across the globe. Most of the original equipment manufacturers and aircraft manufacturers are constantly looking for solutions that can help develop fuel-efficient aircraft to lower fuel consumption. The aircraft engine shaft connects the fan section, compressor, and engines together and transfers the energy from the back of the engine to drive the front. That means it should be able to transfer forces from the turbine all the way down to the compressor and fan. Therefore, due to its crucial function in the aircraft, it is expected to witness massive demand from all over the globe.

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The global aircraft engine shaft market is segmented engine type, material, aircraft type, application, regional distribution, and competitive landscape.

Based on the engine type, the market is divided into turboprop, turbofan, turboshaft, and piston. A turboshaft engine is expected to capture the highest market share in the forecast period, 2023-2027. The demand for turbofan engines is growing with the development of modern airliners because of their high thrust and efficiency. Low-bypass-ratio engines are considered more fuel-efficient than the basic turbojet. A turbofan generates more thrust for a nearly equal amount of fuel used by the core and therefore is considered highly efficient. Turbofan engines are expected to witness massive demand in the region due to the growing demand for business jets in the Asia-pacific region.

Based on material, the market is bifurcated into steel and iron. The steel segment is expected to witness substantial growth in the forecast period as it is stronger and tougher than many types of iron. Elements are added to the steel to make it desirable according to the requirements. Steel’s strength, durability, and resistance to heat make them ideal for the aircraft engine shaft. Steel is preferred as it has good strength and can be heated and treated for specific characteristics.

Based on aircraft type, the market is divided into narrow body aircrafts, wide body aircrafts, regional aircrafts, business aircrafts, rotorcrafts, and fighter aircrafts. Narrow body aircrafts are expected to hold the largest market share in the forecast period. Narrow body aircraft boasts low operation cost and higher fuel efficiency in short route flights. Narrow body aircrafts have long-range and efficiency and the lowest fuel burn. High-end investments by the market players in the research and development activities to make them advanced and introduce newer generation aircraft that can fly longer distances are expected to fuel the demand in the coming years.

Based on application, the market is divided into commercial and military. The military segment is expected to account for a significant market share in the forecast period owing to the rise in defense expenditure by the developing countries to counter growing terrorism activities. Military aircraft developers use advanced engine technologies to support the aircraft by providing the required power. Also, the rise in procurement of military aircraft by countries like India, the United States is expected to contribute to the market growth.

Major operating companies operating in global aircraft engine shaft market are:

• PBS Aerospace
• Rolls-Royce
• Safran
• GE Aviation
• Honeywell

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“North America is expected to dominate the global aircraft engine shaft market in the forecast period, 2023-2027. The presence of major market players such as Honeywell and GE Aviation in the region supports the high market demand. North America has a well-developed technological infrastructure, and the aircraft engine shaft uses advanced technologies in the manufacturing process, boosting its demand across the globe. Also, the government allocates massive funds for developing the defense sector and procurement of advanced helicopters, fighter jets, emergency medical services helicopters, single-engine aircraft, and military aircraft. According to SIPRI, in 2021, the United States was the top defense spender worldwide. The rise in the focus on the research and development activities and development of advanced aircraft engine shaft and engine technologies is expected to propel the global aircraft shaft market growth till 2027” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Aircraft Engine Shaft Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027 Segmented By Engine Type (Turboprop, Turbofan, Turboshaft, Piston), By Material (Steel, Iron), By Aircraft Type (Narrow Body Aircrafts, Wide Body Aircrafts, Regional Aircrafts, Business Aircrafts, Rotorcrafts, Fighter aircrafts), By Application (Commercial, Military), and By Region”, has evaluated the future growth potential of global aircraft engine shaft and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global aircraft engine shaft market.

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Brazil Truck Leasing & Rental Market to be dominated by Heavy0duty Trucks through 2027

The need to optimize operational costs by organizations and the growing cost of vehicle maintenance are driving demand for the Brazil truck leasing & rental market in the forecast period, 2023-2027.

According to TechSci Research report, “Brazil Truck Leasing & Rental Market By Region, Competition Forecast & Opportunities, 2027”, the Brazil truck leasing & rental market is anticipated to grow at a rate of steady CAGR for the forecast period, 2023-2027. The trend of vehicle electrification and the ongoing advancements and integration of novel technologies in trucks are influencing the demand for trucks positively. Purchasing, maintenance, and operational costs of trucks are high, and truck leasing & rental services offer trucks at affordable rates to the end-users. The rise in the number of market players and the massive demand for oil & gas and the FMCG industry are the primary drivers for the Brazil truck leasing & rental market.

However, the lack of truck drivers may restrain the market growth in the forecast period.

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The Brazil truck leasing & rental market is segmented into type, lease type, truck type, end use industry, booking, vehicle type, regional distribution, and competitive landscape.

Based on truck type, the market is divided into light duty, heavy duty, and medium duty. Heavy duty trucks are expected to capture the highest market share in the forecast period. The majority of the beverage companies are dependent on heavy and semi-heavy shipments for their long-distance shipments. Heavy duty trucks are able to give excellent performance over all terrains. These trucks have advanced features, wider availability, high storage capacity, and lightweight structure frame. The high demand from the logistics industry is expected to fuel the market growth in the forecast period.

Based on end use industry, the market is divided into oil & gas, FMCG, e-commerce, mining, construction, and others. The FMCG sector is expected to account for a significant market share in the forecast period. The demand for staples and packaged goods has shot up in some last years, which has positively impacted the FMCG industry. They prefer to avail of truck leasing & rental services to ensure timely delivery of their goods and products to the desired locations. It is a cost-effective solution for the FMCG industry as they can get trucks with the required capacity and upgrade the trucks according to the needs easily.

Based on booking, the market is bifurcated into offline and online. The offline booking segment is expected to hold the largest market share in the forecast period. The majority of the customers who avail of the services of medium and heavy-duty truck leasing are generally from industrial and non-construction industries, including paper mills, retailers, and the manufacturing industry. Industries prefer to lease or rent trucks after inquiring about capacity, insurance cover, and other aspects. Industries take information over phone calls and face-to-face interaction, which provides them with the opportunity to negotiate and get the best deal for their company.

On the basis of regional analysis, the Southeast region is expected to hold a substantial market share over the next five years. The southeast region is the automotive hub of the country and has the presence of all dealers and outlets in the region. The high demand for truck and leasing services in the region for different tasks is expected to fuel the market growth in the coming years.

Major market players operating in the Brazil truck leasing & rental market are:

• Bitcom General Trading & Contracting Co.,
• Araba Rental & Leasing
• AMAZE Engineering General Trading & Contracting Co. W.L.L
• Travelscape LLC
• AGAM Group LTD. CO.
• Global Freight Systems Co. W. L.L.
• Jassim Transport & Stevedoring Co. K.S.C.P.
• Al Sawan Company
• Enterprise Holdings, Inc.
• Al Manea Cargo Est.

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“The advent of electric trucks and the adoption of these electric trucks by truck leasing & rental service provider companies is expected to fuel the market demand. With electric vehicles, carbon reduction plans can be achieved, and logistic costs can be lowered in the medium and long term. JBS has introduced an electric truck rental unit for refrigerated cargo, and these can carry cargo up to 4 tonnes and can travel around 150 km per day. The adoption of the electric truck by the truck leasing & rental companies also lowers the operational and maintenance costs. High demand for logistics services from retail and e-commerce platforms and the adoption of advanced trucks with higher fuel efficiency by truck leasing & rental service provider companies is expected to propel the Brazil truck leasing & rental market growth till 2027” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

“Brazil Truck Leasing & Rental Market By Type (Lease, Rental), By Lease Type (Financial Lease, Full Service/Operational Lease, Third Party Lease), By Truck Type (Lighuty, Heavy Duty, Medium Duty), By End Use Industry (Oil & Gas, FMCG, E-Commerce, Mining, Construction, Others), By Booking (Online, Offline), By Vehicle Type (Fully Build, Customizable), By Region, Competition Forecast & Opportunities, 2027”, has evaluated the future growth potential of Brazil truck leasing & rental market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Brazil truck leasing & rental market.

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Global Retrofitted Electric Three-Wheeler Market Size, Growth, trends & Analysis 2027

 

Increased government initiatives and subsidies and the changing preference for electric vehicles over conventional vehicles are expected to drive the demand for the global retrofitted electric three-wheeler market in the forecast period, 2023-2027.

According to TechSci Research report, “Retrofitted Electric Three-Wheeler Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027”, the global retrofitted electric three-wheeler market is anticipated to grow at a steady rate in the forecast period, 2023-2027. Generally, public transportation vehicle is auto-rickshaws, and the good transportation vehicle is three-wheeler tempos in the majority of the small, medium, and big towns of developed and developing countries across the globe. Three-wheeler can also be used in last-mile connectivity services. The cost-benefits of retrofitted electric vehicles and the favorable government policies supporting the adoption of electric vehicles worldwide are the primary factors driving the global retrofitted electric three-wheeler market.

In India, electric vehicle maker Omega Seiki Mobility is setting up a retrofit facility near Chandigarh at an investment of USD 25 million. The leading authorities are taking preventive measures to ensure the safety of passengers while driving the retrofitted electric vehicles. Such as, the central government of India has framed standards for retrofitted vehicles which state that the retro fitment kit needs to be tested and certified. The retrofitted vehicle needs to be homologated either by ARAI or ICAT as per BIS standards. Leading authorities are also promoting the use of electric vehicles over traditional vehicles by providing subsidies and income tax rebates on the purchase and manufacturing of electric vehicles, which is increasing the penetration of electric vehicles in developing and developed parts of the world.

However, the lack of standardization of charging infrastructure and awareness about the benefits of using retrofitted electric three-wheeler in developing countries may hinder the market growth in the forecast period.

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The global retrofitted electric three-wheeler market is segmented into vehicle type, battery capacity, battery type, regional distribution, and company.

Based on vehicle type, the global retrofitted electric three-wheeler market is divided into passenger carrier and load carrier. The load carrier segment holds the dominant market share and is expected to maintain its dominance over the forecast period, 2023-2027. The flourishing e-commerce industry is driving the growing logistics industry, which in turn is increasing the number of load carrier vehicles on the road. They emit greenhouse emissions that are harmful to the environment and create the need for zero-emission electric vehicles. Retrofitted electric three-wheeler load carriers are expected to gain significant momentum in the forecast period due to the high demand from the retail and logistics industry and the rise in the environmental concerns of the related authorities.

Based on battery type, the global retrofitted electric three-wheeler market is divided into lithium-ion and lead acid. The lithium-ion battery is expected to capture the highest market share in the forecast period. There are numerous advantages of using lithium-ion batteries, which is the reason they witness high demand for different applications. Lithium-ion batteries have a high power-to-weight ratio and improved discharge and charge efficiency. They boast of having a longer life span and the ability to deep cycle while maintaining power. Lithium-ion batteries are lightweight and maintenance-free. Most of the components of lithium-ion batteries can be recycled and, therefore high demand. Their high demand is making the market players make high-end investments in R&D activities and improve the performance of lithium-ion batteries.

Major market players operating in the global retrofitted electric three-wheeler market is:

• Etrio
• RACEnergy
• Altigreen
• Power Global
• Loop Moto

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“The rise in the demand for shared mobility services to lower city congestion and reduce vehicle emissions is driving the demand for retrofitted electric three-wheeler vehicles. Governments in developing countries are supporting the use of public transportation services to fulfill the transportation services demand of the growing population. Retrofitted electric there-wheeler are expected to witness high demand in the emerging economies due to the established public transportation services and growing inclination of people towards the sustainable mode of transportation over conventional vehicles. Market players are setting up manufacturing plants in developing countries to capture the market and are making significant investments to maintain of performance of retrofitted electric vehicles. The growing sales of electric vehicles and the availability of electric retrofit kits in the market are expected to propel the global retrofitted electric there-wheeler market growth till 2027” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Retrofitted Electric Three-Wheeler Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027, Segmented By Vehicle Type (Passenger Carrier, Load Carrier), By Battery Capacity (<101Ah, >101Ah), By Battery Type (Lithium-Ion, Lead Acid), and By Region”, has evaluated the future growth potential of global retrofitted electric three-wheeler market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global retrofitted electric three-wheeler market.

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Turkey Automotive Body Controller Market Size, Growth, Trends 2027

 

High adoption of electric vehicles and increased focus on vehicle and passenger safety are driving demand for the Turkey automotive body controller market in the forecast period, 2023-2027. 

According to TechSci Research report, “Turkey Automotive Body Controller Market By Region, Competition Forecast & Opportunities, 2027”, the Turkey automotive body controller market is expected to witness significant growth in the forecast period, 2023-2027. Supportive government policies regarding carbon emissions into the environment and road safety and the rise in research and development activities to develop advanced activities are the primary factors driving the demand for Turkey automotive body controller market. Market players are working on manufacturing low-cost and advanced automotive body controllers that can enhance the functionalities of automobiles. Also, the growing share of hybrid and electric vehicles and the integration of advanced electronic components and software contents in vehicles are expected to bolster the demand for the Turkey automotive body controller market.

However, the growing complexities and sophistication of electronic systems and automotive cyber-attacks may restrain the Turkey automotive body controller market growth in the coming years.

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Turkey automotive body controller market is segmented into vehicle type, component, range type, application, regional distribution, and competitive landscape.

Based on vehicle type, the market is divided into two-wheeler, passenger car, LCV, and M&HCV. Passenger car is expected to capture the highest market share in the next five years. Original equipment manufacturers are working on the customization of the automotive body controller based on vehicles of different models. These vehicles are dominating the market as they provide enhanced comfort and convenience to passengers while traveling.

Based on components, the market is divided into hardware and software. The hardware segment is expected to witness the highest growth in the forecast period. Automotive body controller is integrated into automobiles on a number of hardware components like printed circuit boards, microcontrollers, bus transceivers, and others. The launch of different automobile models by original equipment manufacturers makes the market players make different automotive body controllers using a combination of microcontrollers. The growing automotive industry is expected to fuel the market demand in the coming years.

Based on range type, the market is bifurcated into high end and low end. High ends dominate the market and are expected to maintain their dominance over the next five years. The growing demand for multiple functions in the automobile to provide comfort and convenience to passengers is creating the demand for high end automotive body controllers in automobiles. They are installed in vehicles with high configuration microcontrollers and hardware components to make them capable of handling complex functions.

Based on application, the market is divided into engine control modules, transmission control modules, powertrain control modules, electronic braking control modules, steering control module, and others. The engine control module is expected to hold the largest market share in the forecast period. It is considered the most crucial part of the automobile, and it makes the engine smart and regulates the engine spark and fuel by taking information from various sensors installed in an automobile. The engine control module makes the engine function with optimum power and efficiency; therefore, it is considered beneficial for automobiles.

Major market players operating in the Turkey automotive body controller market are:

• Visteon
• NXP Semiconductors
• Robert Bosch GmbH
• Lear Corporation
• Infineon Technologies
• Denso Corporation
• Aptiv PLC
• Hella
• Stmicroelectronics

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“Implementation of stringent emission standards and growing pollution levels are driving the sales of electric and hybrid vehicles. There is high demand for automotive body controllers in electric vehicles as they help manage electric energy and other equipment, including the transmission unit, battery, and power-train unit. The government is promoting the construction of charging stations and is giving incentives and income tax rebates to electric vehicle buyers and manufacturers to increase electric vehicle sales. Therefore, the surge in trend and growing popularity of environment-friendly and fuel-efficient vehicles is expected to propel the growth of the Turkey automotive body controller market till 2027” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Turkey Automotive Body Controller Market By Vehicle Type (Two-Wheeler, Passenger Car, LCV, M&HCV), By Component (Hardware, Software), By Range Type (High End, Low End), By Application (Engine Control Modules, Transmission Control Modules, Powertrain Control Modules, Electronic Braking Control Modules, Steering Control Module, Others), By Region, Competition Forecast & Opportunities, 2027”, has evaluated the future growth potential of Turkey automotive body controller market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Turkey automotive body controller market.

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Electric Vehicle Testing Services Market Size, Growth, Trend & Forecast 2027

 Stringent emission norms and an increase in consumer expenditure capacity are expected to drive the demand for the global electric vehicle testing services market in the forecast period, 2023-2027.

According to TechSci Research report, “Electric Vehicle Testing Services Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027”, the global electric vehicle testing services market is anticipated to grow at a steady CAGR in the forecast period, 2023-2027. Electric vehicle testing is used to test the electric vehicle and its components. It also covers charging stations and back-office systems and the charging interface, and the associated systems. They are gaining popularity owing to the high demand for electric vehicles among consumers and meeting the standards set by different quality check authorities.

However, the high cost associated with electric vehicle test equipment may restrain the global electric vehicle testing services market growth in the forecast period. 

Browse over XX market data Figures spread through 110 Pages and an in-depth TOC on "Global Electric Vehicle Testing Services Market"

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The global electric vehicle testing services market is segmented into propulsion, vehicle type, testing type, regional distribution, and competitive landscape.

Based on propulsion, the global electric vehicle testing services market is divided into BEV, HEV, and PHEV. Battery electric vehicle, or BEVs, is expected to capture the highest market share over the forecast period, 2023-2027. Battery electric vehicles make the use of one or more electric motors powered by a large onboard battery. There are few moving parts in the battery electric vehicles, which lowers the maintenance requirements and, ultimately, the cost of maintaining the vehicle.   Massive demand for battery electric vehicles across the globe and the launch of advanced novel versions of battery electric vehicles are expected to bolster the segment growth in the upcoming years.

Based on vehicle type, the global electric vehicle testing services market is divided into two-wheeler, passenger car, LCV, and M&HCV. Passenger car dominates the market and is expected to maintain their dominance over the next five years. Changes in the preference of consumers toward private vehicle ownership and the growing expenditure capacity of consumers are driving the sales and production of passenger cars worldwide. Market players are focusing on introducing new technologies and software to enhance electric vehicles' functionalities and improve consumers' driving experience. They are introducing advanced electric vehicles, which must undergo a number of testing processes to ensure the proper functioning of the automobile and the driver. High production and sales of electric vehicles are expected to boost the segment demand over the next five years. 

Based on testing type, the global electric vehicle testing services market is divided into electrical safety testing, performance testing, conformance, and interoperability testing, software testing, environmental & stress testing, functional safety testing, wireless testing, cyber security testing, and others. Electrical safety testing is expected to account for a significant market share over the forecast period. It is necessary testing as it ensures safe operating standards for any product or component that runs on electricity. Electric vehicles need to satisfy both the automotive industry (ISO standards) and the electrical industry (IEC standards). The benefits of electric safety testing are that it ensures the safety of users, infrastructure, and equipment. It also verifies that the product complies with the standards. Electric vehicle testing also evaluates the conformance, electromagnetic compatibility, and interoperability of the products and allows the electric vehicle manufacturers to market their products across different markets worldwide. The benefits of electric safety testing are expected to accelerate the segment demand over the forecast period.

Major market players operating in the global electric vehicle testing services market are:

• Tata Elxsi Limited
• MET Laboratories, INC.
• International Centre for Automotive Technology
• Vehicle Dynamics Lab
• Unico, LLC.
• Mobile Power Solutions
• Element Materials Technology
• Dekra Certification B.V.
• BOLAB Systems
• Dewesoft d.o.o.

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“The growing advancements in electric vehicle and battery technology and the rapid launch of new, better-performing electric vehicles in the market is expected to create lucrative growth opportunities for the global electric vehicle testing services market. Continuous innovation in the electric vehicle architecture has resulted in a large amount of data flowing through the electronic systems to meet the stringent quality norms. Market players are expanding their electric vehicle testing services capabilities and are adopting online platforms to attract end-users to avail of their services. High sales and production of electric vehicles, favorable government policies, and the rise in the number of market players are expected to propel the global electric vehicle testing services market growth till 2027” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Electric Vehicle Testing Services Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027, Segmented By Propulsion (BEV, HEV, PHEV), By Vehicle Type (Two-Wheeler, Passenger Car, LCV, M&HCV), By Testing Type (Electrical Safety Testing, Performance Testing, Conformance and Interoperability Testing, Software Testing, Environmental & Stress Testing, Functional Safety Testing, Wireless Testing, Cyber Security Testing, Others), and By Region”, has evaluated the future growth potential of global electric vehicle testing services and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global electric vehicle testing services market.

Press Release : https://www.techsciresearch.com/news/7669-electric-vehicle-testing-services-market.html

 

Contact

Mr. Ken Mathews

708 Third Avenue,

Manhattan, NY,

New York – 10017

Tel: +1-646-360-1656

Email: sales@techsciresearch.com

Web:  https://www.techsciresearch.com