India Automotive Wiring Harness Market Set to Reach USD 2,373.10 Million by 2028, Driven by Growing Demand for Electric Vehicles and Technological Advancements

According to the TechSci report titled "India Automotive Wiring Harness Market, By Region, Competition Forecast & Opportunities, 2018-2028," the India automotive wiring harness market is projected to reach USD 2,373.10 million by 2028, with an impressive CAGR of 8.48% during the forecast period of 2024-2028. In 2021, the market was valued at USD 1,518.96 million. The anticipated growth of the market can be attributed to the increasing demand for electric vehicles in India. As concerns over environmental deterioration and toxic vehicle emissions escalate, the demand for electric vehicles is rapidly rising, thus driving the growth of the India automotive wiring harness market in the next five years. Furthermore, the demand for technologically advanced vehicles incorporating artificial intelligence and internet-based services also supports market growth. The increasing sales of passenger cars, coupled with the desire for personal vehicle ownership and rising disposable income among the population, are expected to fuel the growth of the India automotive wiring harness market in the forecast years.

Higher Adoption of Optical Fiber Drives Market Growth

The market's growth is aided by the higher adoption of optical fiber for high-speed data transfer within vehicles. Optical fibers offer performance advantages compared to copper wires and other materials, making them an ideal choice for vehicle wiring harnesses. As a result, the increasing application of optical fibers is expected to substantiate the growth of the India automotive wiring harness market through 2028.

Segmentation of the India Automotive Wiring Harness Market

The India automotive wiring harness market is segmented based on vehicle type, component type, material type, application, regional distribution, and competitive analysis. In terms of vehicle type, the market is differentiated between passenger cars and commercial cars. Passenger cars are expected to hold the largest revenue shares and dominate the market segment in the next five years due to the growing demand for personal vehicle ownership. The increasing demand for electric vehicles and advancements in vehicle technology further contribute to the growth of the India automotive wiring harness market.

Based on component type, the market is further segmented into automotive wires, automotive terminals, and automotive connectors. The market is also fragmented based on material type, including optical wiring, copper wiring, aluminum wiring, and others. Copper wiring is expected to maintain its dominance during the forecast period due to its traditional usage and lower cost. However, optical fiber wiring is anticipated to register the fastest-growing CAGR of 13.58% in the next five years, driven by automotive manufacturers' inclination towards faster internet networks and higher material efficiency. Technological advancements in automotive sensors, such as LIDAR, Radar, and Ultrasonic, also contribute to the growth of optical fiber wiring and the India automotive wiring harness market.

Furthermore, the market is segmented based on application into chassis harness, engine harness, body harness, speed sensor harness, and others. The analysis of the India automotive wiring harness market also includes regional segmentation, divided into North India, South India, East India, and West India regions. Each region is further analyzed for the top three states in terms of market potential.

A partial list of market players in India Automotive Wiring Harness Market include:

• Lear Automotive India Private Limited
• Aptiv Components India Private limited
• Leoni Cable Solutions India Private Limited
• Fujikura Automotive India Private Limited
• Viney Corporation Private Limited
• Dhoot Transmission Pvt. Ltd
• Samvardhana Motherson Group
• Spark Minda
• Yazaki India Private Ltd.
• SEI Trading India Private Limited 

“Growing sales of the passenger cars and surge in demand for electric vehicles facilitate the growth of the India automotive wiring harness market in the future years. After the relaxation of strict COVID-19 regulations, the demand and sale of automotive vehicles are further expected to increase, which would add to the expectant growth of the market in the next five years. The rapidly increasing number of the new market players would further influence the already dominated and competitive market for automotive wiring harnesses in India. New market players may focus and invest their resources toward technological advancements and innovative product development, thereby aiding the growth of the India automotive wiring harness market as well as supporting their future brand establishment in the industry,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“India Automotive Wiring Harness Market By Vehicle Type (Passenger Cars and Commercial vehicles), By Component Type (Automotive Wires, Automotive Terminals, Automotive Connectors), By Material Type (Optical wiring, Copper Wiring, Aluminum Wiring, Others), By Application (Chassis Harness, Engine Harness, Body Harness, Speed Sensor Harness, Others), By Region and By Company, Forecast & Opportunities, 2018- 2028F” has evaluated the future growth potential of India automotive wiring harness 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 India automotive wiring harness market.

Report Scope:

In this report, India automotive wiring harness market have been segmented into the following categories, in addition to the industry trends which have also been detailed below:

• India Automotive Wiring Harness Market, By Vehicle Type:
  • Passenger Cars
  • Commercial Vehicles  
• India Automotive Wiring Harness Market, By Component Type:
  • Automotive Wires
  • Automotive Connectors
  • Automotive Terminals
• India Automotive Wiring Harness Market, By Material Type:  
  • Copper Wiring
  • Aluminum Wiring
  • Optical Wiring
  • Others (Polyurethane, Polyethylene, PVC, etc.)  

• India Automotive Wiring Harness Market, By Application:
  • Body Harness
  • Engine Harness
  • Speed Sensor Harness
  • Chassis Harness
  • Others (HVAC, Dashboard, etc.)

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According to a TechSci Research report titled "India Electric Vehicle Market - By Region, Competition Forecast & Opportunities, 2018-2028F," the electric vehicle market in India is projected to reach USD 14,910.33 million by 2028, growing at a CAGR of 19.81%. This growth is attributed to the expanding range of electric vehicle products, advancements in charging infrastructure, and the development of battery capacity suitable for Indian roads. NITI Aayog and Rocky Mountain Institute (RMI) predict that India's EV finance industry will reach Rs. 3.7 lakh crore (USD 50 billion) by 2030. With a significant preference for two-wheelers among the younger population for their daily commuting needs, the demand for electric vehicles is expected to remain strong. Between 2000 and 2021, the Indian automobile sector attracted an FDI inflow of USD 30.51 billion and anticipates receiving 8-10 billion in both local and foreign investments by 2023.

Driven by rising oil prices and urban pollution, the Indian government is actively transitioning towards green energy. As of August 2022, the Ministry of Road Transport and Highways reported over 1.3 million EVs on Indian roads, and this number is projected to increase to 20-40 million EVs by 2030. To promote widespread adoption of electric vehicles across the country, the government offers subsidies through programs like FAME II and state-level initiatives. Leading companies, as well as emerging players, are expected to intensify their research and development efforts to create technologically advanced and feature-rich electric vehicles while maintaining competitive prices. This is likely to result in increased sales of electric vehicles. However, the automobile industry experienced a sharp decline in sales due to production limitations and import restrictions during the economic downturn caused by the COVID-19 outbreak in 2020.

The India electric vehicle market can be segmented based on vehicle type, propulsion, range, charging time, region, top 10 states, and company. Electric two-wheelers currently dominate the market, accounting for approximately 42% of the total market share in 2022, followed by three-wheelers and passenger cars. Battery Electric Vehicles (BEVs) hold the largest market share in terms of propulsion, accounting for over 75% of the total market. This trend is expected to continue as the fleet size of electric vehicles grows in the coming years. High-capacity battery ranges above 200 kilometers are the focus of innovation and advancement, making them the dominant segment based on range. In terms of charging time, the majority of vehicles require less than 5 hours for a full charge, and this segment exhibited a significant CAGR of 36.12% in the historical period. It is expected to maintain a CAGR of 24.46% in the forecast period.

Key players in the electric vehicle market for passenger cars, LCV, M&HCV, two-wheelers, and three-wheelers include Tata Motors Limited, Mahindra & Mahindra Limited, MG Motor India Private Limited, PMI Electro Mobility Solutions Private Limited, JBM Auto Ltd., Hero Electric Vehicles Pvt. Ltd., Okinawa Autotech Pvt. Ltd., Greaves Electric Mobility Pvt. Ltd., YC Electric Vehicle, and Saera Electric Auto Pvt. Ltd. Many companies are investing in areas such as infrastructure development, swappable battery stations, and high-capacity battery range packs to capitalize on the rapid adoption of electric vehicles and fill the market gap.

Report Scope:

In this report, India electric vehicle market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

• India Electric Vehicle Market, By Vehicle Type:
  • Two-Wheelers
    • Scooter/Moped
    • Motorcycle
  • Three-Wheeler
    • Passenger Carrier
    • Load Carrier
  • Passenger Car
    • Hatchback
    • Sedan
    • SUV/MPV
  • M&HCV
    • Truck
    • Buses
  • LCV
    • Pickup Truck
    • Van
• India Electric Vehicle Market, By Propulsion:
  • BEV
  • HEV
  • PHEV
  • FCEV
• India Electric Vehicle Market, By Range:
  • 0-100 Km
  • 101-200 Km
  • Above 200 Km
• India Electric Vehicle Market, By Charging Time:
  • <5 Hr
  • 5-10 Hr
  • Above 10 Hr
• India Electric Vehicle Market, By Region:
  • North
  • South
  • West
  • East

“Electric Two-wheelers accounted for the largest share i.e., 42.55% in India electric vehicle market in 2022 and it is expected to dominate in the forecast period. Many companies are investing in EV’s to improve charging infrastructure and reduce charging time,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“India Electric Vehicle Market By Vehicle Type (Passenger Car (Hatchback, Sedan, SUV/MPV), LCV (Pickup Truck, Van), M&HCV (Truck, Buses), Two-Wheeler (Scooter/Moped, Motorcycle), Three-Wheeler (Passenger Carrier, Load Carrier)), By Propulsion (BEV, HEV, PHEV, FCEV), By Range (0-100 Km, 101-200 Km, Above 200 Km), By Charging Time (<5 Hr, 5-10 Hr, Above 10 Hr), By Region, By Top 10 States, Competition Forecast & Opportunities, 2018- 2028F,” has evaluated the future growth potential of India 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 India electric vehicle market.

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According to a report by TechSci Research, the tire market in Saudi Arabia, as of 2020, had a value of USD 2.07 billion and is expected to surpass USD 2.74 billion by 2026, with a compound annual growth rate (CAGR) of over 5.30%. This growth can be attributed to ongoing and upcoming government-supported construction and infrastructure projects, as well as the increasing number of vehicles on the road following the lifting of the ban on women drivers. The market is further supported by the improving economic scenario, which has led to an increase in purchasing power among citizens. Additionally, there is a growing preference for retreaded tires. Moreover, the adoption of green tires driven by environmental concerns is a significant trend observed in the Saudi Arabia tire market. As people become more aware and concerned about the environment, they are increasingly opting for green tires over conventional ones, a trend that is expected to continue in the coming years.

The Saudi Arabia tire market primarily relies on replacement tire sales due to the absence of vehicle manufacturing factories. Therefore, retail outlets play a crucial role in providing effective after-sales services and technical support related to tires. This helps tire companies enhance brand awareness and customer satisfaction. Consequently, new players in the market are advised to invest in developing a strong distribution network comprising tire retailing and service centers. This strategy has become the latest market diversification approach adopted by renowned tire manufacturers.

In terms of market segmentation, the passenger car tire segment accounted for over two-thirds of the market volume share in 2020, followed by light commercial vehicles, medium and heavy commercial vehicles, OTR vehicles, and two-wheelers. The dominance of the passenger car segment can be attributed to the increasing purchasing power parity and continuous growth in the country's auto lease market. The Central and Western regions of Saudi Arabia witnessed high tire demand, accounting for a cumulative volume share of over 55% in 2020. This demand is driven by major cities with high population density and significant pilgrimage cities like Mecca and Madinah.

The tire market in Saudi Arabia is highly competitive, with multinational companies such as Bridgestone Corporation, Hankook Tire Co., Ltd., Pirelli & C. S.p.A., Goodyear Tire & Rubber Company, Michelin Group, Yokohama Rubber Company Limited, Toyo Tire and Rubber Company, Sumitomo Rubber Industries Limited, and Continental AG intensifying the competition. Competitive pricing of Japanese, Korean, and Chinese brands has made them preferred choices among customers, and their market share is expected to increase further during the forecast period. Moreover, the automotive tire market in Saudi Arabia has seen the emergence of cheaper Chinese imports. To capture a significant share of the Saudi Arabia tire market, companies are expanding their distribution networks across local areas. Premium brands are also collaborating with local dealers to sell and market their products in all target areas of Saudi Arabia. Mr. Karan Chechi, Research Director at TechSci Research, a global management consulting firm, stated that government spending on construction and infrastructure projects under Saudi Vision 2030 will be a major driver for the Saudi Arabia tire market in the forecast period. Furthermore, the preference for recycled tires is increasing due to rising environmental concerns, which will contribute to further market growth.

The report titled "Saudi Arabia Tire Market By Vehicle Type (Passenger Car, LCV, M&HCV, OTR, and Two-wheeler), By Tire Construction Type (Radial, Bias), By Sales Channel (Online, Offline), Competition, Forecast & Opportunities, 2016 – 2026" provides an analysis of the potential of the tire market in Saudi Arabia. It offers statistics, market sizes, shares, and trends, enabling clients to make informed investment decisions. The report also identifies and analyzes emerging trends, as well as the key drivers and challenges faced by the Saudi Arabia tire market.

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According to the TechSci report titled "India Commercial Vehicle Market, By Region, Competition Forecast & Opportunities, FY2017 - FY2027," the commercial vehicle market in India has demonstrated significant growth in previous years until FY2021 and is expected to sustain this growth in the upcoming forecast period from FY2023 to FY2027. The growth of the Indian commercial vehicle market can be attributed to factors such as the increasing transportation services within the country. The market is further driven by the growing demand for fuel-efficient and technologically advanced commercial vehicles in the next five years. The rising demands have led to higher sales of trucks and buses, further supporting the growth of the market. Additionally, the market is influenced by the surging demand from end-use industries. The increasing mining activities, freight movement demands, and transit through commercial vehicles also contribute to the growth of the Indian commercial vehicle market over the next five years. The rising cost of fuel significantly affects the automotive industry, impacting sales and production. Consequently, there is a growing demand for commercial vehicles that offer lower fuel consumption, better mileage, and reduced maintenance costs. Technological advancements, such as electric commercial vehicles and the increasing demand for eco-friendly battery-powered vehicles, are also key factors driving the growth of the Indian commercial vehicle market in the future five years.

However, the market experienced certain setbacks in growth due to the recent pandemic conditions, which resulted in reduced production capacities of automobiles and their parts due to complete lockdown measures. With the relaxation of lockdown restrictions and the reinstatement of production units and manufacturing industries, a steady growth is anticipated in the forecast period until 2027.

The segmentation of the India commercial vehicle market is based on vehicle type, propulsion, regional distribution, and competitive landscape. In terms of propulsion, the market is divided into internal combustion engine (ICE) and electric vehicles. The utilization of ICE in commercial vehicles is expected to hold the largest revenue shares and dominate the segment in the upcoming five years, driven by its traditional utilization. Moreover, the increasing production of heavy-duty vehicles for higher freight movements is anticipated to contribute to the growth of the Indian commercial market in the next five years. On the other hand, electric propulsion is expected to generate the fastest CAGR growth in the future five years due to the rising demand for electric commercial vehicles. Growing environmental concerns and increasing fuel prices also play a role in driving the growth of the Indian commercial vehicle market in the upcoming five years.

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The India truck market is further segmented based on vehicle type, propulsion, class, and application. The truck market's vehicle type segment includes light-duty trucks, medium-duty trucks, and heavy-duty trucks. Light-duty trucks are anticipated to hold the largest revenue shares and dominate the market segment in the upcoming five years, primarily due to the increasing production of low commercial vehicles used for transportation in hilly regions. Additionally, the challenges posed by terrains such as hilly regions and desert lands in accessing transportation locations further support the growth of the truck market and the overall Indian commercial vehicle market in the future five years.

The report also discusses the India bus market, which is segmented based on vehicle type, propulsion, length type, seating capacity, and application. The market segmentation for the bus market includes van and bus vehicle types. Buses are expected to hold the dominant market shares in the upcoming five years, driven by increasing investments in improving the country's transit system. Both state and central governments are enthusiastic about advancing the transportation system with electric vehicles and incorporating added services such as automatic door movements, higher fuel efficiency, and air-conditioned buses. These initiatives are expected to drive the growth of the bus industry and support the overall growth of the Indian commercial vehicle market in the future five years.

A partial list of market players in the field includes :

• Tata Motors Limited
• Mahindra & Mahindra Limited
• Eicher Motors Limited
• Volvo Group
• Hinduja Group (Ashoke Leyland)
• Ford Motor Company
• Asia Motor Works Ltd
• Mazda Motor Corporation
• Scania AB
• Daimler Truck AG 

“Automotive industry in the country is expanding with the increasing production scales of the market players active in the industry. Increasing sales along with the inclination of consumers toward specific brands and built up trust from long durations over the companies also facilitate the growth of the market in the upcoming five years. New market players anticipated to enter the market in near future must focus on higher investment and increased research and development of the more economical and eco-friendly products such that the immediate demands from the consumers can be fulfilled. Following the consumer demands would support their brand establishment and the further business expansion may become easier. Production units & parts manufacturing factories in the hilly regions of the country would also aid the market growth since maintenance, and repairment cost for the vehicles in difficult terrain increases multiple folds and affects market growth,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“India Commercial Vehicle Market By Vehicle Type (Truck {Light Duty Truck, Medium Duty Truck, Heavy Duty Truck}, Bus {Van and Bus}), By Propulsion (ICE, Electric), By Region, Competition Forecast & Opportunities, FY2027” has evaluated the future growth potential of India 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 India commercial vehicle market.

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According to a report by TechSci Research titled "Plug-In Hybrid Vehicle Market- Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2018-2028F," the global plug-in hybrid vehicle market is poised for rapid growth due to advancements in battery technology and a shift in consumer preference towards electric vehicles. Plug-in hybrid electric vehicles (PHEVs) combine an electric motor driven by batteries with an internal combustion engine fueled by gasoline. These vehicles consist of various components such as a battery pack, charging port, DC/DC converter, electric generator, electrical drive motor, power electronics controller, onboard charger, and spark-ignited internal combustion engine.

While electric cars offer lower maintenance costs compared to internal combustion engines, the initial purchase cost is higher due to several factors. Consequently, the global plug-in hybrid vehicle market is expected to grow at a moderate pace in the coming years.

Many customers prioritize the driving range of electric vehicles, making PHEVs a preferred choice over traditional internal combustion engine automobiles. In 2021, the International Energy Agency (IEA) reported that over 6.8 million electric vehicles were delivered worldwide, with China alone selling over 600,000 PHEVs—a twofold increase from 2020. European automakers and original equipment manufacturers (OEMs) are introducing PHEV versions of large and high-end car models to boost electric vehicle sales. The plug-in hybrid and electric vehicle (PH&EV) Research Center collaborates with utilities, regulators, automakers, and other research institutions, including the Electric Power Research Institute, to develop sustainable plug-in hybrid electric vehicles.

Asia-Pacific leads in terms of electric vehicles on the road, followed by Europe and North America. The global demand for electric vehicles has surged due to stringent regulations aimed at reducing carbon emissions and advancements in battery technology, along with the growth of charging infrastructure.

In the market, passenger cars hold the majority share due to the large number of vehicles on the road. Automakers offer a range of passenger plug-in hybrid vehicle models, further driving demand. The market is segmented based on vehicle type, powertrain, range, battery capacity, and region. Vehicle types include passenger cars, light commercial vehicles, and medium & heavy commercial vehicles. Powertrain options consist of series hybrid, parallel hybrid, and combined hybrid. In terms of range, the market is segmented into up to 40 km, 40 to 60 km, and above 60 km. Battery capacity categories include less than 10 kWh, 10 to 20 kWh, and more than 20 kWh. The market analysis also examines regional segmentation, covering Asia-Pacific, Europe & CIS, North America, South America, and the Middle East & Africa.

Some of the major companies operating in the global plug-in hybrid vehicle Market includes:

• Renault SA
• Nissan Motor Corporation Ltd.
• Volkswagen AG
• Honda Motor Company Ltd.
• General Motors
• Ford Motor Company
• Daimler AG
• Bayerische Motoren Werke AG
• Mitsubishi Heavy Industries Ltd.
• Toyota Motor Corporation

“The Asia Pacific region is leading the global plug-in hybrid vehicle market in 2022 and it is expected to maintain its lead in the forecast period due to emerging countries such as India, China, Indonesia etc. Furthermore, In European region sales of PHEV vehicles have increased by more than 30%, compared to 2020 sales which suggest strong growth in the region. Moreover, the overall Global plug-in hybrid vehicle market has potential to grow at higher rate in upcoming years.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

“Plug-in Hybrid Electric Vehicle Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F Segmented By Vehicle Type (Passenger Car, Light Commercial Vehicle, Medium & Heavy Commercial Vehicle), By Powertrain (Series Hybrid, Parallel Hybrid, Combined Hybrid), By Range (Up to 40 km, 40 to 60 km, Above 60 km), By Battery Capacity (Less than 10 kWh, 10 to 20 kWh, More than 20 kWh), By Region, Competition” has evaluated the future growth potential of global plug-in hybrid 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 automotive battery management system market.

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According to a report by TechSci Research titled "GCC Electric Vehicle Market–By Country, Competition Forecast and Opportunities, 2018-2028F," the GCC Electric Vehicle Market reached a value of USD 2794.83 million in 2022 and is projected to reach USD 10684.70 million by 2028. The market for electric vehicles in the region is being driven by positive government initiatives and the expansion of charging infrastructure throughout the GCC area. Saudi Arabia led the GCC electric vehicle market in 2022, and it is expected to grow at a rate of 22.64% during the forecast period.

One of the key factors influencing the demand for electric vehicles in the GCC region is the increasing need for environmentally friendly transportation. Governments in GCC countries are implementing policies to promote the use of EVs in order to reduce carbon emissions. For example, the UAE, Saudi Arabia, Bahrain, and Oman have set net-zero goals. The government's efforts to raise awareness among consumers about the benefits of electric vehicles, along with the establishment of regional production facilities by new market players, contribute to the market's growth. Leading companies are also investing in research and development to provide fast EV chargers for public charging stations, thereby driving the demand for electric vehicles.

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The growth of the GCC electric vehicle market is expected to be fueled by increasing electric vehicle sales, government initiatives and support, and growing consumer awareness. Additionally, the development of charging infrastructure, product launches in the market, and the rising demand for electric two-wheelers from E-Commerce players are expected to create opportunities for players operating in the GCC electric vehicle market.

New players, including startups and established automakers, are entering the GCC EV market and introducing innovative and advanced EV models. For instance, in 2021, Saudi company Lucid Motors launched the Lucid Air, a luxury electric sedan, in the GCC region. With a driving range of over 800 km on a single charge, the Lucid Air is one of the EVs with the longest range in the market. Mercedes-Benz also introduced its EQC electric SUV in the UAE in 2021, with plans to introduce more models from the EQ range. The entry of new players into the GCC EV market is driving innovation and competition, offering consumers a wider range of choices.

The market for electric vehicles is rapidly expanding, particularly in the two-wheeler and passenger car segments. Electric vehicle manufacturers are implementing strategic plans to meet the growing demand, including partnerships, mergers, business expansion, resource and workforce sharing, and enhanced research capabilities. M Glory, for example, opened the UAE's first electric vehicle manufacturing facility in Dubai Industrial City in 2022, with an investment of USD 408 million, to meet the increasing demand for eco-friendly transportation. The facility is expected to produce 10,000 electric cars annually. Furthermore, Lucid, an electric vehicle manufacturer, announced a long-term proposal to build the first international manufacturing facility in Saudi Arabia at the King Abdullah Economic City, with a production capacity of 150,000 vehicles per year.

The COVID-19 pandemic had a significant impact on global oil demand, leading to a decline in GDP for many GCC nations. According to the World Bank, the GDP growth of GCC countries decreased by 4.8% in 2020 due to the crisis. The UAE's GDP also experienced a decline of -5% annual change in 2020. Similarly, infrastructure development activities, such as the construction of charging stations and battery swapping stations across the region, were delayed due to the COVID-19 pandemic.

Key market players in the GCC Electric Vehicle Market include:

• Toyota Motor Corporation
• Nissan Middle East FZE
• Hyundai Motor UAE
• BMW Group Middle East
• Honda Middle East
• Tesla, Inc.
• Mercedes-Benz Cars Middle East (MBC ME)
• Volkswagen Group Middle East QFZ LLC
• Ford Middle East
• BYD Company Ltd

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“The GCC Electric Vehicle Market is forecast to grow during the forecast period owing to the rising demand for electric vehicles due to various factors such as rising environmental concerns among people. Also, the government of several GCC countries have different plans to increase electric vehicle sales, such as the target of the Saudi Arabia government to ensure that 30% of the passenger cars on road are electric vehicles by 2030. Owing to these market opportunities various automotive manufacturers have started to launch new electric vehicles with different models for buyers in the different GCC countries. This is expected to increase the electric vehicle sales in the region, which will further drive the GCC electric vehicle market." said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

“GCC Electric Vehicle Market By Vehicle Type (Passenger Cars, Light Commercial Vehicles and Medium & Heavy Commercial Vehicles, Two-Wheeler, Off-the-Road), By Propulsion (HEV, BEV, PHEV), By Range (0-50 Miles, 51-150 Miles, 151-200 Miles, 201-400 Miles, Above 400 Miles), By Battery Capacity (< 50 kWh, 51-100 kWh, 101-200 kWh, 201-300 kWh, Above 300 kWh), By Country, Competition Forecast & Opportunities, 2018- 2028F,” has evaluated the future growth potential of GCC electric vehicle market and provides statistics and information on market structure, size, share, and future growth. The report is intended 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 present in the GCC electric vehicle market.

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According to a report by TechSci Research titled "Saudi Arabia Automobile Market By Region, Competition Forecast & Opportunities, 2027," the forecast period of 2023-2027 is expected to witness steady growth in the Saudi Arabia automobile market. The country is currently undergoing economic and social changes that are improving the living standards of consumers. With the oil & gas industry being a major contributor to the country's economy, Crown Prince Mohammed bin Salman launched the Vision 2030 reform program to reduce dependence on this industry and create new revenue streams. This initiative has had a positive impact on the automotive industry and is expected to drive sales and production of automobiles in the coming years. Additionally, the increasing number of accidents and favorable government policies have led to a rise in the installation of active and passive safety systems in vehicles. Manufacturers are focusing on enhancing vehicle performance and passenger experience by introducing new technologies and advancing automotive parts and components. The growing popularity of shared mobility services and the integration of connectivity services in vehicles are also expected to create lucrative growth opportunities for players in the Saudi Arabia automobile market in the forecast period.

However, the heavy reliance of the automotive industry on imported parts and components may hinder market growth during the forecast period.

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The Saudi Arabia automobile market is categorized into vehicle type, propulsion, transmission, regional distribution, and competitive landscape. In terms of vehicle type, the market is divided into two-wheelers, passenger cars, LCVs, MCVs, and HCVs. Currently, passenger cars dominate the market and are expected to maintain their dominance over the next five years. Market players are introducing cost-effective options to meet customer requirements. Technological advancements and the introduction of electric and hybrid technology are also expected to influence market demand in the forecast period.

In terms of propulsion, the market is divided into ICE (Internal Combustion Engine) and electric vehicles. The electric automobile segment is projected to witness the fastest incremental growth in the forecast period. The increasing awareness of environmental issues and the need to reduce carbon emissions have led to a rising demand for alternative fuel options. Electric vehicles offer a sustainable solution by minimizing negative environmental impact and reducing dependence on conventional energy sources. Moreover, they offer lower running and maintenance costs, as well as zero tailpipe emissions. The quiet nature of electric vehicles contributes to reducing noise pollution across the country. Charging electric vehicles can be conveniently done at home, and the government provides income tax and financial benefits to manufacturers and buyers of electric vehicles. Therefore, the advantages offered by electric vehicles, along with the launch of various electric variants, are expected to drive demand in the forecast period.

Based on transmission, the market is segmented into manual and automatic. The manual segment is anticipated to hold the largest market share during the forecast period. These vehicles are in high demand due to their lower prices and repair costs. Manual transmissions also provide better gas mileage and fuel efficiency and are available in a variety of options 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

“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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About TechSci Research:

TechSci Research is a research-based management consulting firm providing market research and advisory solutions to its customers worldwide, spanning a range of industries. TechSci Research’s core values are value, integrity and insight. Led by a team of dynamic industry experts, TechSci Research provides its customers with high value market research and advisory services that helps them identify new market opportunities, growth engines and innovative ways to capture the market share. As a result, TechSci’s client leads rather than follow market trends. Not bound by legacy, TechSci’s cutting-edge research model leverages its decades of research knowledge and an increased use of technology as engines of innovation to deliver unique research value. Provided as an alternative to traditional market research, TechSci Research reports do not just deliver data and knowledge rather highlights the insights in a more usable and interactive format for its clients.

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According to the TechSci Research report, "Electric Vehicle On-Board Charger Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028," Rising government initiatives to develop the infrastructure for charging electric vehicles and their related parts, as well as growing electric vehicle penetration, are driving the market for on-board chargers for electric vehicles. The lack of electric vehicle charging standards and the rising number of fast DC charger installations, however, are limiting the market's expansion. Additionally, the development of a two-way on-board charger (V2G) for future electric and plug-in hybrid vehicles offers companies in the electric vehicle on board charger market substantial potential opportunities. An on-board charger for electric vehicles converts AC power from a charging station to DC electricity so that a 350V or 650V battery within the car can be charged. The on-board charger is intended to charge the battery for a prolonged period of time and has a low charging rate (typically 5–8 h for full charge). Charging Power, propulsion type, vehicle type, design type, product type, region and competitional landscape are the market segments for electric vehicle onboard chargers.

Because it is a fossil fuel, gasoline cannot be renewed as a source of energy and will eventually run out. The creation and utilization of alternative fuel sources is crucial for promoting sustainable development. This entails the usage of electric vehicles, which are more cost-effective than traditional automobiles and do not require gasoline. The numerous benefits that electric vehicles provide, including their lower fuel (petrol, diesel, and gas) consumption and reduced exhaust emissions, have greatly increased demand for them around the world.

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The demand for on-board chargers for electric or plug-in hybrid vehicles is then anticipated to increase during the projected period as a result of this. Key players in the on-board charger industry, which is necessary for electric vehicles, are also taking several strategic actions to maximize their commercial opportunities. For instance, the performance of the onboard fast charger (NLG664) has been improved by Swiss auto component manufacturer BRUSA Elektronik. This charger has the option to charge at up to 7 kW from a single-phase AC outlet and can charge a normal EV battery utilizing 3-phase AC power up to 22 kW in less than an hour. Additionally, the Smart Fortwo, Electric Truck E-FORCE, Volvo C30 Electric Generation II, and SUNCAR's first electric excavator all include this on-board charger. For electric vehicles to be widely used, the infrastructure for charging them is essential. In order to supply EV charging stations all around the world, several government programs have been launched. 

One such project was the deployment of more than 200 EV charging stations across India by the Automotive Research Association of India (ARAI). In addition, Tata Power, an Indian electric utility firm and member of the Tata Group (India), supports the National Electric Mobility Mission of the Indian government by constructing the nation's first set of electric vehicles charging stations in Mumbai. Additionally, China is stepping up its efforts to preserve its leadership in the race to adopt electric vehicles by intending to invest USD1.42 billion this year to expand the nation's charging network by 50% in order to encourage EV deployment. Additionally, the surge in demand for electric vehicles has been fueled by an increase in the number of level 1 and level 2 charging stations and infrastructure (AC-to-DC). This is then anticipated to fuel the development of the on-board charger that is included with them.

According to the China Association of Automobile Manufacturers, China sold 26.3 million cars in 2021. In India the total number of electric vehicle sales in the year 2021, was 3,29,190 units. The sales of electric vehicle in United States of America were recorded around 608,000 units in 2021, which was double from 2020, the electric vehicle sales were recorded for 308,000 units. These sales include New Plug-in Electric Vehicle, Sales of new light-duty plug-in electric vehicles, including all-electric vehicles (EVs) and plug-in hybrid electric vehicles (PHEVs).

There is no alternate source available for charging the battery supply in electric vehicles. A significant barrier to the expansion of the global market for on-board electric car chargers is the lack of charging stations in the majority of cities. Quality of infrastructure and range anxiety can potentially cause issues for electric vehicles and risk the driver's safety.  Additionally, developing nations have less of the necessary infrastructure in place for the use of electric vehicles. In rural areas, where many households lack a specific parking space, due to this charging an electric vehicle is a challenge for the rural areas. Furthermore, sales of electric automobiles and commercial vehicles are significantly lower than sales of vehicles powered by internal combustion engines (ICE) outside of China due to the lack of technological maturity in these markets. Additionally, even though Palo Alto, California-based Tesla, an American electric vehicle and renewable energy company, is growing its network of chargers, they are made exclusively for Tesla cars. The 120- and 240-volt plugs, which are generally used in houses, have been standardised by the automobile industry. However, the plugs or ports that can charge vehicles in under 30 minutes have not yet been standardised. As a result, the growth is being hampered by all of these problems as well as the various rates at charging stations.

Some of the major players operating in the Global Electric Vehicle On-Board Charger market include:

• Meta System S.p.A
• Robert Bosch GmbH
• BorgWarner Inc
• HELLA GmbH & Co. KGaA
• Lear Corp.
• Ficosa Internacional SA
• BRUSA Elektronik AG
• YAZAKI Corporation
• KOSTAL Automobil Elektrik GmbH & Co. KG
• Analog Devices, Inc.

“Many companies are investing in research and development for the innovation of electric vehicle charging infrastructure. As the adoption of electric vehicles is increasing with time in many countries the government is in plan to add more and more charging stations and battery manufacturing companies are in plan to launch new on-board chargers in the market for the easily arability of charger for electric vehicle owners. This will further help in driving the Global Electric Vehicle On-Board Charger market in the coming years. "said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

“Electric Vehicle On-Board Charger Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028, Segmented By Propulsion Type (Battery Electric Vehicles (BEVs), By Vehicle Type (Passenger Vehicles, Commercial Vehicles), By Charging Power (<=6.6kW, 6.7-11.0kW, 11.1-22.0kW, >22.0kW), By Distribution Channel (OEMs, Aftermarket), By Design Type (Unidirectional, Bidirectional), By Product Type (Without Embedded DC/DC Converter, With Embedded DC/DC Converter), and By Region,” has evaluated the future growth potential of Global Electric Vehicle On-Board Charger 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 Electric Vehicle On-Board Charger Market.

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According to a report by TechSci Research titled "Global Wireless Electric Vehicle Charging Market By Charging Type, Power Supply Range, Charging System, Vehicle Type, Region, Competition, Forecast & Opportunities, 2025," the wireless electric vehicle charging market is expected to experience significant growth during the forecast period. This growth can be attributed to advancements in technology and strict regulations related to vehicle emissions, which are driving the adoption of electric vehicles worldwide and consequently fueling the wireless electric vehicle charging market. Moreover, governments in various countries are providing incentives to promote the electric vehicle market. The increasing number of electric vehicles on the road will lead to a greater deployment of electric vehicle wireless charging stations globally. However, the high initial cost of charging stations and investment in research and development may hinder market growth.

The global wireless electric vehicle charging market can be segmented based on charging type, power supply range, charging system, vehicle type, region, and company. Among these segments, passenger cars currently dominate the market and are projected to continue growing at a double-digit compound annual growth rate in the coming years. This is due to the early introduction of electric vehicle technology in passenger cars and the subsequent high sales in this segment. However, the sales outlook for commercial vehicles is also promising, as state and central governments are incorporating electric bus fleets into their transportation systems to reduce greenhouse gas emissions.

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Leading players in the global wireless electric vehicle charging market include HEVO Inc., Daimler AG, Qualcomm Technologies, Witricity Corporation, Mojo Mobility, Hella Kgaa Hueck & Co., ZTE Corporation, Integrated Device Technology, Inc., Hella Kgaa Hueck & Co., and Toyota Motor Corporation. These automotive players are implementing organic growth strategies, such as investing in research and development, to introduce cost-effective charging solutions and maintain their market leadership.

"Europe is expected to be at the forefront of the global wireless electric vehicle charging market, thanks to the early adoption of wireless electric vehicle infrastructure in countries like Germany and the presence of leading automotive players in the region," stated Mr. Karan Chechi, Research Director at TechSci Research, a global management consulting firm focused on research. "Additionally, the high sales of electric vehicles and the availability of vehicle charging infrastructure are projected to drive the European wireless electric vehicle charging market until 2025."

“Global Wireless Electric Vehicle Charging Market By Charging Type, By Power Supply Range, By Charging System, By Vehicle Type, By Region, Competition, Forecast & Opportunities, 2025” has evaluated the future growth potential of global wireless electric vehicle charging 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 wireless electric vehicle charging market.

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According to a report by TechSci Research titled "India Electric Two-Wheeler Market - Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2018-2028F," the India electric two-wheeler market is expected to reach USD 1,028.04 million with a CAGR of 29.07% by 2028. This growth can be attributed to the increasing adoption and technological advancements in electric vehicles in the country. The rise of electric two-wheelers in India is driven by the growth in per capita income, resulting in increased purchasing power, and concerns over rising pollution levels caused by internal combustion engine (ICE) vehicles. The government's provision of subsidies under FAME II and state EV policies further promotes the rapid acceptance of electric two-wheelers nationwide. Leading companies and emerging players are also focusing on research and development to introduce advanced technology and features at an affordable price range, attracting more customers and driving sales of electric two-wheelers. Electric vehicles offer India the opportunity to reduce air pollution, carbon emissions, and dependence on oil. Compared to ICE vehicles, electric two-wheelers require less maintenance and have lower operating costs due to their fewer moving parts.

Several factors contribute to the growth of electric two-wheeler sales in India, including the high cost of fossil fuels, increased preference for personal mobility, the availability of alternative options, improved charging infrastructure, EV financing options, and incentives provided under government schemes. However, the growth of the electric two-wheeler market in India is hindered by the lack of charging infrastructure, low awareness, and high initial costs. The COVID-19 pandemic had a significant impact on public health and the global economy, leading to disruptions in production and the supply chain. The shortage of auto components during the pandemic affected the production of two-wheelers. Additionally, the higher cost of electric vehicles compared to traditional cars has made Indian vehicle buyers cautious about investing in EVs or two-wheelers, unless they demonstrate significant benefits such as fuel savings and tax rebates. Charging durations of EV batteries, which are longer compared to the quicker refueling times of ICE vehicles, is also a common concern. However, the market is witnessing increased investment and collaboration to improve the range of electric two-wheelers while maintaining affordability, aiming for zero emissions and green energy. The sales of electric two-wheelers have shown growth in 2022, and it is projected to grow at a CAGR of 27.62% in terms of volume through 2028.

The India Electric Two-Wheeler Market can be segmented based on vehicle type, battery type, voltage capacity, battery capacity, range, region, and company. Currently, the electric scooter/moped segment dominates the market with the majority of market share. However, the motorcycle segment is expected to grow at a CAGR of 47.72% by 2028. Lithium-ion battery holds more than 90% of the total market share due to the presence of emerging players offering advanced technology with zero emissions, high battery capacity, and overall performance. This trend is expected to continue in the coming years. The 48-59 v category dominates in terms of voltage capacity, accounting for nearly 70% of the total India electric two-wheeler market share. This is primarily to keep electric two-wheeler prices competitive and affordable for the Indian market. In terms of battery capacity, the <2 KWh segment leads the market, followed by the 2-2.5 KWh segment. The 50-100 km segment holds the highest share in terms of vehicle range per charge, 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.
  
  

“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.

Browse more than 24 market data Figures spread through 70 Pages and an in-depth TOC on "India Electric Two-Wheeler Market"- https://www.techsciresearch.com/report/india-electric-two-wheeler-market/1668.html

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According to TechSci Research report, “Genetic Toxicology Testing Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F”, the global genetic toxicology testing market is anticipated to grow at an impressive rate in the forecast period 2024-2028. This can be ascribed to the increasing development of novel drugs and vaccines for the treatment of chronic diseases. Additionally, growing application of genetic toxicology testing in various end use industries like cosmetic, food and others, especially in the developed countries in the North America and Europe, is expected to create lucrative opportunities for the market growth in coming years. Besides, increasing approval of novel drugs by regulatory bodies and increasing investments by government, are further expected to support the market growth.

Moreover, growing popularity of humanized mice model in various biomedical research applications is expected to drive the market growth in the coming years. Various grants and fundings are being offered to companies, academic & research institutions who are working to develop humanized mice models which accurately represent human responses to cancer and different cancer therapies.

However, lack of trained professionals can restrict the market growth. Similarly, the high cost associated with research and development may hamper the genetic toxicology testing market growth during the forecast period. Also, lack of in vitro models to study complex endpoints and approval duration of the drug delivery process in emerging countries, can further restrict the growth of global genetic toxicology testing market. Besides, ethical concerns of testing on animals can further slowdown the market growth, since various non-governmental organizations and animal care committee’s raise a lot of concern regarding the same.

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Global genetic toxicology testing market can be segmented by instrument type, by site, by application and by region.

Based on component, the global genetic toxicology testing market can be segmented into Reagents & Consumables, Assays, and Services. The services segment dominated the market in 2022 and is expected to continue maintaining its dominance throughout the forecast period. This can be ascribed to growing research and development activities in the pharmaceutical industry, along with the growing government investments in the field of life sciences.

Based on application, the market can be segmented into Pharmaceutical & Biotechnology, Cosmetics, Food, and Others. The cosmetics industry segment is expected to dominate during the forecast period on account increasing use of cosmetics, owing to the rising disposable incomes along with easy availability to the public.

Major companies operating in global genetic toxicology testing market are:

• Thermo Fisher Scientific, Inc.
• Eurofins Scientific SE
• Jubilant Life Sciences Limited
• Syngene International Limited
• Gentronix Ltd.
• Inotiv Inc.
• Charles River Laboratories International, Inc.
• Merck KGaA
• Toxikon Corporation
• Gentronix Limited

Various companies operating in the market are following strategies such as mergers & acquisitions, new product launches, partnerships & collaborations, etc in order to stay competitive and have an edge over the other players in the market. For instance, In 2020, Merck KGaA invested USD21.32 million in a new Life Science Laboratory in Switzerland.

“The North America is expected to dominate in the global genetic toxicology testing market on account of increasing development of structure-based drug designs across the region. Furthermore, rising investments by academic and government organizations in the genomics and proteomics research is further contributing to the demand for genetic toxicology testing. Besides, rising life sciences research funding, increasing high biopharmaceutical research and development expenditure along with adoption of advanced technology are further expected to create lucrative opportunities for the market growth” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Genetic Toxicology Testing Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F Segmented By Component (Reagents & Consumables, Assays, Services), By Type (In Vitro v/s In Vivo), By Application (Pharmaceutical & Biotechnology, Cosmetics, Food, Others), By Region and Competition”, has evaluated the future growth potential of global genetic toxicology testing 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 genetic toxicology testing market.

According to a TechSci Research report titled "Global Electric Two-wheeler Battery Swapping Market - Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2018-2028," it is anticipated that the Global Electric Two-wheeler Battery Swapping Market will witness growth due to the increasing adoption of electric two-wheelers and the development of infrastructure in various regions. The practice of battery swapping allows electric vehicle (EV) users to visit swapping stations and exchange their depleted batteries for charged ones. This eliminates the need for building charging stations and reduces concerns about driving range. Additionally, leasing batteries instead of purchasing them outright can help EV owners save costs. The battery swapping process, which takes significantly less time and requires minimal infrastructure, is gaining popularity.

The battery swapping industry for electric vehicles in China is primarily driven by the significant efforts made by various Chinese companies to develop battery swapping infrastructure. Similarly, governments in other countries provide incentives, contributing to the industry's growth. In regions with inadequate EV charging infrastructure, the replacement of batteries in electric two-wheelers is gaining momentum. Several companies are also focusing on creating swappable battery systems for the three-wheeler market, which will further stimulate market expansion and uncover new opportunities for the battery swapping industry.

The pay-per-use model in the electric two-wheeler battery swapping market reduces the overall ownership cost of electric two-wheelers since batteries account for a significant portion of the vehicle's price. The subscription-based model is particularly suitable for commercial use and is expected to continue growing during the forecast period. Lithium-based solid-state batteries, which have the potential to replace conventional Li-ion batteries, offer higher energy density per unit of volume and faster charging rates. These batteries employ solid-state electrolytes, such as ceramics or solid polymers, instead of liquid electrolytes found in traditional batteries. Implementing this technology could lead to smaller batteries with greater energy densities, longer lifespans, and improved safety. Overall, lithium-ion batteries are projected to increase their market share, followed by lead acid batteries.

The Global Electric Two-wheeler Battery Swapping market can be segmented based on type, service type, battery type, end user, and region. In terms of service type, the market is further divided into the subscription model and the pay-per-use model. Battery type segmentation includes Lead Acid and Lithium-Ion. The Global Electric Two-wheeler Battery Swapping Market is divided into private and commercial segments based on end user. Geographically, the market is segmented into North America, Asia Pacific, Europe & CIS, South America, and Middle East & Africa.

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Some of the major companies operating in the Global Electric Two-wheeler Battery Swapping Market include:

• Gogoro Inc
• NIO Technologies
• Sun Mobility
• Immotor Inc.
• Oyika Pte. Ltd.
• MO Batteries Singapore Pte Ltd.
• Kwang Yang Motor Co, Ltd.

These are the key players developing battery swapping infrastructure and new service models to stay competitive in the market. Other competitive strategies include mergers with the research and development firms, new product developments, and marketing activities to increase customer outreach. These companies are also focusing on meeting the regulations of different regional governments to stay competitive in the market.

“The electric two-wheeler segment is on the rise as the adoption of this vehicle segment is rapidly increasing across the globe, and this is leading to a rise in the utilization of the battery swapping stations. Similarly, the government’s initiatives and schemes are also influencing growth in the market. So during the forecast period, the electric two-wheeler battery swapping market across the globe is expected to generate new opportunities and will grow at an impressive rate,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

“Electric Two-wheeler Battery Swapping Market - Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2018-2028” has evaluated the future growth potential of Global Electric Two-wheeler Battery Swapping 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 Electric Two-wheeler Battery Swapping Market.

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The Global Colorectal Cancer Diagnostics Market is expected to witness significant growth between 2023-2028, according to the TechSci Research report titled “Colorectal Cancer Diagnostics Market - Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2018-2028”. This growth is attributed to the rising demand for diagnostic and screening techniques.

Colorectal cancer is one of the most commonly diagnosed cancers worldwide, with the Global Cancer Statistics 2021 ranking it third with 10.0% of newly detected cases. The deaths caused by colorectal cancer account for 9.4%, making it the second deadliest cancer (5.8% for colon and 3.4% for rectum cancers).

Despite the significant growth opportunities, the market faces several challenges such as a stringent regulatory scenario, high costs associated with diagnostic procedures, and side effects linked with imaging. Additionally, the lack of awareness for early diagnosis and insufficient skilled professionals to conduct sensitive surgeries/biopsy in emerging countries may also impede market growth.

The Global Colorectal Cancer Diagnostics Market can be segmented based on diagnosis type, application, region, and company. The diagnosis type segment includes diagnostic imaging, stool test, biopsy, and others. The diagnostic imaging segment is expected to experience substantial growth due to growing awareness of diagnostic procedures and solutions.

The market can be further segmented into sigmoidoscopy, colonoscopy, and others based on diagnostic imaging. The colonoscopy segment is expected to grow significantly in the future due to its accurate diagnosis and treatment without requiring major surgery. The stool test segment includes guaiac FOBT, fecal immunochemical (or immunohistochemical) Test (FIT), and FIT-DNA Test, with the guaiac FOBT segment expected to show impressive growth due to its easy sampling and diagnostic imaging advantages.

Based on biopsy, the market is segmented into image-guided biopsy, liquid biopsy, and others. The image-guided biopsy segment is expected to witness significant growth due to advancements in imaging solutions. Based on application, the market is segmented into hospitals & specialty clinics, ambulatory care centers, and others. Hospitals and specialty clinics are expected to hold the largest market share and experience the highest CAGR from 2022 to 2028 due to continuous patient care and monitoring. Primary healthcare centers such as hospitals provide high-quality care and cost-effective treatments, which favor the growth of the Global Colorectal Cancer Diagnostics Market.

The leading companies operating in the Global Colorectal Cancer Diagnostics Market are:

• Abbott Laboratories
• Illumina, Inc.
• Sysmex Corporation
• Beckman Coulter
• Siemens Healthineers AG
• Quest Diagnostics
• Danaher Corporation
• Cancer Genetics Inc.
• Biocept Inc.
• Epigenomics AG

“North America is expected to dominate the Global Colorectal Cancer Diagnostics Market during the forecast period on account of rising patient awareness, advancement in technologies, presence of key manufacturers in the region. Additionally, the high market penetration of technologically advanced diagnostic products is expected to increase the demand for Colorectal Cancer in the coming years.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Colorectal Cancer Diagnostics Market - Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2018-2028 Segmented By Diagnosis Type Diagnosis Type (Diagnostics Imaging (Sigmoidoscopy, Colonoscopy, Others), Stool Test (Guaiac FOBT, Fecal immunochemical Test (FIT), FIT-DNA Test), Biopsy (Image Guided Biopsy, Liquid Biopsy, Others), Others), By Application (Hospitals & Specialty Clinics, Ambulatory Care Centers, and Others, By Region”, has evaluated the future growth potential of Global Colorectal Cancer Diagnostics 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 Colorectal Cancer Diagnostics Market.

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According to a report by TechSci Research, the global formulation development outsourcing market is projected to experience impressive growth from 2022 to 2028, with a significant CAGR, due to the rising demand for research and development in the pharmaceutical industry. This growth is driven by the need to develop drugs that can effectively treat diseases and conditions that are not yet curable. Pharmaceutical formulation development involves the successful transformation of a new drug or pharmaceutical substance into a commercial drug product. Established pharmaceutical companies often outsource formulation development to smaller companies or startups after completing clinical trials and determining the formulation and product standards.

The global formulation development outsourcing market is segmented by services, dosage form, application, end user, regional distribution, and competitional landscape. The market is dominated by oncology, which accounts for the highest revenue shares due to the increasing number of cancer cases and the growing number of companies dedicated to finding solutions to cancer. The stability, solubility, and bioavailability of drugs are critical considerations in the market's growth over the next five years.

The market is further differentiated by services, with formulation optimization accounting for a larger share of revenue due to the many services available. Pre-formulation services, which include discovery and preclinical services and analytical services, are expected to experience significant growth in the next five years due to increasing research and development and the multiplication of biotechnology and bio-pharmaceutical companies in recent years.

Leading market players include Charles River Laboratories International, Inc., Catalent Inc., Quotient Bioresearch Ltd., Aizant Drug Research Solutions Private Limited, Laboratory Corporation of America Holdings, Syngene International Ltd, Irisys LLC, Intertek Group plc, Piramal Pharma Limited, Emergent BioSolutions Inc., Lonza Group AG, Dr. Reddy's Laboratories Ltd, Thermo Fischer Scientific, Inc. (Patheon), PCI Pharma Services, Hermes Pharma, among others. These players are actively engaged in research and technological development, particularly in medical devices and testing kits.

The future growth of the formulation development outsourcing market depends on continued research and technological advancements that improve healthcare services. New market players may focus on research and development to meet consumer demands and build brand value, while mergers and acquisitions and new product development are competitive strategies for existing players.

“North America is anticipated to be the most promising region for the future of the market. Rising number of chronic diseases and abundant players in the region are anticipated to further drive the market growth in the upcoming five years. New market players must focus on the extensive research and development of the drugs that are outsourced with their formulation to save time, and investment pertaining to a series of clinical trials and evaluation studies in formulation development,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based Global management consulting firm.

“Global Formulation Development Outsourcing Market By Services (Pre-Formulation Services {Discovery & Preclinical Services v/s Analytical Services} v/s Formulation Optimization {Phase I, Phase II, Phase III, Phase IV}) By Dosage Form (Oral, Topical, Intravenous, Others) By Application (Oncology, Genetic Disorders, Neurology, Infectious Diseases, Respiratory, Cardiovascular, Others) By End User (Pharmaceutical & Biopharmaceutical Companies, Governments, Academic & Research Institutions, Others) By Region, Competition Forecast & Opportunities, 2028”, has evaluated the future growth potential of global formulation development outsourcing 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 formulation development outsourcing market.

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According to a report by TechSci Research, the global surgical lasers market is poised to experience consistent growth over the next five years. Surgical lasers are used for removing diseased tissues and treating bleeding blood vessels using a light beam. They are utilized in almost all types of surgeries, including those in oncology, cardiology, dentistry, and dermatology. Additionally, surgical lasers are beneficial for reconstructive and aesthetic surgeries because they can precisely target infected tissues without damaging surrounding tissues.

The demand for surgical lasers is expected to increase due to the growing prevalence of urology disorders and patient preference for minimally invasive surgeries. Surgical lasers are also advantageous in that they cause less discomfort to patients and have a shorter healing time than traditional surgical tools. Furthermore, the rise in disposable income among middle-class families and the increase in medical laser use in various sectors are significant factors for the growth of the market.

The global surgical lasers market is segmented into type, procedure type, application, end user, regional distribution, and company. The market is further divided into carbon-dioxide lasers, argon lasers, diode lasers, and others. The carbon-dioxide lasers segment is expected to account for the majority of the market share. The laparoscopic surgery segment is expected to dominate the market in the predicted period due to the awareness among patients of its procedural benefits. The others segment, which includes urology, is expected to dominate the market due to rising awareness among patients.

However, the high cost of laser surgeries and strict regulations for approval of surgical lasers may hinder the growth of the global surgical lasers market. The leading players operating in the market include Boston Scientific Corporation, Alcon, Inc., Johnson & Johnson, Cynosure, Inc., Lumenis Ltd., Candela Corporation, Cutera, Inc., Lutronic Corporation, El. En Group, Biolase, Inc., IPG Photonics Corporation, Alma Lasers Ltd., Koninklijke Philips N.V., Bauch Health Companies, Inc., and Carl Zeiss AG. Manufacturers are increasingly focusing on research and development processes to fuel higher growth in the market and meet evolving customer demand for better efficiency and durability.

“Technology upgradation of surgical lasers such as 3D building of organs for successful surgeries and adoption of surgical lasers by healthcare industry is increasing on a large-scale. High beauty standards and rise in consumer awareness about advanced cosmetic procedures is a significant factor for the growth of the surgical lasers for the next five years. Surge in cosmetic surgeries using laser technology for obtaining better results is expected to propel the growth of the market until 2028” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Global Surgical Lasers Market By Type (Carbon-Dioxide Lasers, Argon Lasers, Diode Lasers, Others) By Procedure Type (Open Surgery, Laparoscopic Surgery, Percutaneous Surgery) By Application (Ophthalmology, Dentistry, Dermatology, Cardiology, Gynecology, Others) By End User (Hospitals & Clinics, Ambulatory Care Centers, Others) By Company, By Region, Forecast & Opportunities, 2028” has evaluated the future growth potential of global surgical lasers market and provided statistics & information on market size, shares, 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 of global surgical lasers market.

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According to TechSci Research report, “Spinal Implant Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028,” the global spinal implant market is anticipated to grow at an impressive rate in the forecast period, 2024-2028. This can be ascribed to the increasing demand for minimally invasive surgeries due to reduced hospital stays and shorter recovery periods. Additionally, the growing demand for advanced technologies in surgical procedures for easy recovery of spinal infusion in developed countries in North America and Europe is expected to create lucrative opportunities for global spinal implant market growth in the coming years. Besides, the growing incidence of lumbar degenerative disc diseases and the growing number of traffic accidents will drive market growth over the years. Similarly, growing research and development on the advantages of using biocompatible materials in the production of surgical instruments and implants are propelling the growth of the market during the forecast period. Also, increasing investment by government organizations for developing better healthcare infrastructure and implantation devices is further expected to support market growth.

However, the high costs of spinal surgery and side effects associated with spinal fusion slow down the growth of the global spinal implant market in the forecast period. Also, a lack of awareness about the new surgical procedures for the treatment of spinal disorders in emerging countries can further restrict the growth of the global spinal implant market. Similarly, the uncertainties surrounding reimbursement procedures for the treatment of spinal abnormalities can further restrict the growth of the market during the forecast period.

The global spinal implant market can be segmented by product type, application, material, surgery, indication, region and competitive landscape.

Based on the Product type, the global spinal implant market can be segmented into artificial discs, dynamic stabilization devices, spinal fusion implants, and others. The Spinal Fusion Implants segment dominated the market in 2022 and is expected to continue maintaining its dominance throughout the forecast period. This can be ascribed to the growing number of spinal fusions due to increasing spine injuries caused by fractures and the increasing number of spine problems such as tumors, and spondylolisthesis. Also, technological advancements in spine fusion procedures without internal fixation may boost the growth of the market during the forecast period.

Based on Surgery, the market can be divided into Open Surgery, and Minimally Invasive Surgery. The Minimally Invasive Surgery segment is expected to dominate during the forecast period on account of the increasing demand by patients for the shorter recovery period, shorter hospital stays, less pain, less scarring surgery, and smaller incisions procedure which will increase accuracy and decreased risk of complications related to surgeries. Similarly, the rising incidence of spinal deformities along with the increasing incidence of Klippel Feil syndrome or spine abnormalities among newborns worldwide and females also seem to be affected slightly more than males, which will boost the market growth during the forecast period.

Major companies operating in the global spinal implant market are:

• Medtronic Plc
• Johnson & Johnson
• Zimmer Biomet, Inc.
• Stryker Corporation
• NuVasive, Inc.
• Alphatec Holdings, Inc.
• Surgalign Holdings, Inc.
• B. Braun Melsungen AG
• SeaSpine Holdings Corporation
• Globus Medical Inc.

In October 2021, NuVasive announced a Cohere TLIF-O implant and also announced the upcoming launch of the Cohere TLIF-A implant for posterior spine surgery.

In November 2020, Medtronic completed its friendly tender offer for Medicrea International SA, which is a French company that specializes in spinal surgery technologies through predictive modeling, AI, and patient-specific implants.

“North America is expected to dominate the Global Spinal Implant market on account of the growing prevalence of spinal problems across the region, especially United States. Similarly, the rapidly growing aging population and growing prevalence of spinal disorders and impairments such as spinal stenosis can further enhance the demand for spinal implantation which will boost the market growth during the forecast period. Also, improvements in healthcare infrastructure and growth in healthcare expenditure in emerging countries will further drive market growth over the years. Furthermore, growing public awareness about new spinal implantation surgeries, growing medical tourism, and rising government initiatives for public healthcare in the region are further contributing to the demand for spinal implants. Besides, the growing number of new companies in the market and technological advancements in the development of new spinal implant surgeries for the treatment of spinal disorders is further expected to create lucrative opportunities for market growth” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

“Spinal Implant Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028, Segmented By Product Type (Artificial Discs, Dynamic Stabilization Devices, Spinal Fusion Implants, Others), By Application (Cervical, Thoracic, Lumber), By Material (Stainless Steel, Titanium, Cobalt Chrome, Polyetheretherketone (PEEK), Others), By Surgery (Open Surgery, Minimally Invasive Surgery), By Indication (Spinal Trauma, Deformity) and By Region”, has evaluated the future growth potential of global spinal implant 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 spinal implant market.

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According to a report by TechSci Research, the India electric vehicle market is expected to reach USD14,910.33 million by 2028, with a CAGR of 19.81%, due to the expanding range of products and advancements in charging infrastructure and battery capacity suitable for Indian roads. The EV finance industry in India is predicted to reach USD50 billion by 2030, according to NITI Aayog and Rocky Mountain Institute (RMI). With a majority of young people preferring two-wheelers for daily mobility, there is anticipated strong demand for electric vehicles. From 2000 to 2021, the Indian automobile sector received a total FDI inflow of USD30.51 billion and expects 8-10 billion in local and foreign investment by 2023.

The Indian government is focusing on green energy due to rising oil prices and urban pollution. The Ministry of Road Transport and Highways reported that there were over 1.3 million EVs on Indian roads as of August 2022, and it is expected to increase to 20-40 million EVs by 2030. The government is also offering subsidies under FAME II and state EV programs to encourage widespread adoption of electric vehicles throughout the country. Top firms and emerging players are expected to increase their focus on R&D to create sophisticated technology and features while maintaining affordable prices, leading to increased sales of electric vehicles. However, the country's automobile sales suffered a downturn after the COVID-19 outbreak in 2020 due to a lack of production and import restrictions.

Key market players in the India electric vehicle market include:

• Tata Motors Limited
• MG Motor India Private Limited
• Mahindra & Mahindra Limited
• PMI Electro Mobility Solutions Private Limited
• JBM Auto Ltd.
• Hero Electric Vehicles Pvt. Ltd.
• Okinawa Autotech Pvt. Ltd.
• Greaves Electric Mobility Pvt. Ltd
• YC Electric Vehicle
• Saera Electric Auto Pvt. Ltd.

The India electric vehicle market is segmented by vehicle type, propulsion, range, charging time, region, top 10 states, and company. Electric two-wheelers dominate the market, accounting for 42% of the total market share in 2022, followed by three-wheelers and passenger cars. BEV propulsion dominates the market with over 75% of the total market share, and this trend is expected to continue as the fleet size of electric vehicles grows. The sector above 200 kilometers is the most dominant in terms of range, with a focus on innovation and advancement of high-capacity battery ranges. In terms of charging time, the majority of vehicles require less than five hours of charging time, with a prominent CAGR of 36.12% in the historical period and an expected CAGR of 24.46% in the forecast period.

Major players in the electric passenger cars, LCV, M&HCV, two-wheeler, and three-wheeler segments include Tata Motors Limited, Mahindra & Mahindra Limited, MG Motor India Private Limited, PMI Electro Mobility Solutions Private Limited, JBM Auto Ltd., Hero Electric Vehicles Pvt. Ltd., Okinawa Autotech Pvt. Ltd., Greaves Electric Mobility Pvt. Ltd., YC Electric Vehicle, and Saera Electric Auto Pvt. Ltd. Many firms are investing in developing infrastructure, swappable battery stations, and high-capacity battery range packs to address the large gap generated by the faster adoption of electric vehicles.

“Electric Two-wheelers accounted for the largest share i.e., 42.55% in India electric vehicle market in 2022 and it is expected to dominate in the forecast period. Many companies are investing in EV’s to improve charging infrastructure and reduce charging time,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“India Electric Vehicle Market By Vehicle Type (Passenger Car (Hatchback, Sedan, SUV/MPV), LCV (Pickup Truck, Van), M&HCV (Truck, Buses), Two-Wheeler (Scooter/Moped, Motorcycle), Three-Wheeler (Passenger Carrier, Load Carrier)), By Propulsion (BEV, HEV, PHEV, FCEV), By Range (0-100 Km, 101-200 Km, Above 200 Km), By Charging Time (<5 Hr, 5-10 Hr, Above 10 Hr), By Region, By Top 10 States, Competition Forecast & Opportunities, 2018- 2028F,” has evaluated the future growth potential of India 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 India electric vehicle market.

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According to a report by TechSci Research, the global Driver Monitoring System Market is expected to grow at a CAGR of over 13.5% from 2019 to 2026. This growth is primarily driven by increased awareness and expectations about safe driving, leading to the installation of advanced driver monitoring systems. Technological advancements such as steering angle sensors, blink monitoring, facial recognition, heart rate monitoring, and pre-collision systems have also contributed to market growth. Governments worldwide are implementing strict rules and regulations related to road safety, which is expected to further boost market growth. Additionally, the expanding fleet of commercial vehicles is driving demand for driver monitoring systems capable of tracking driver drowsiness.

The North American market accounts for almost half of the global market, with increasing research and development activities and the rising need for driver monitoring systems to prevent road accidents and injuries being key drivers of growth. The sales of autonomous vehicles in the region are also contributing to market growth as driver monitoring systems are crucial to the functioning of autonomous vehicles.

Key players such as Continental AG, DENSO Corporation, Delphi Automotive PLC, Valeo S.A., and Robert Bosch GmbH are continuously developing affordable and advanced products to increase their customer base. Start-ups are also enhancing their product portfolios and investing in research and development activities. Driver monitoring system manufacturers are investing heavily to expand the availability of their products globally.

“With growing concerns regarding road accidents, driver monitoring systems are emerging as a promising product to help reduce road accidents related injuries and fatalities. Driver monitoring systems observe driver’s driving habits and monitor hand and head movements to identify the driver’s fatigue level and drowsiness level. With continuous technological advancements, driver monitoring system quality and reliability is anticipated to increase and become much better during the forecast period, thereby making it a preferred feature in automobiles in coming years.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Global Driver Monitoring System Market By Vehicle Type, By Monitoring Type, By Offering Type, By Component, By Region, Competition, Forecast & Opportunities, 2017 - 2026” has analyzed the potential of driver monitoring system market, globally, and provides statistics and information on market size, shares and trends. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyses emerging trends along with essential drivers and key challenges faced by driver monitoring system market across the globe.

Recent Developments

Magneti Marelli signed an agreement in August 2018 to acquire SmartMeUp, a French company focused on developing perception software for autonomous driving and driver monitoring systems. This strategic move is expected to enhance the product offering of Magneti Marelli.

In January 2020, Tata Elxsi and AEye introduced an integrated robotaxi system. The system combines Tata Elxsi's autonomous stack with AEye's iDAR platform, which is the first fully software-definable smart sensor. iDAR aids dynamic ROI and cueing of sensors, resulting in improved detection and classification reliability, as well as extending the range at which objects can be detected, classified, and tracked. This enhances safe and reliable vehicle autonomy, and AEye announced the successful completion of RoboTaxi, Tata Elxsi's in-house model demonstrator vehicle built using this platform.

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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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The automotive powertrain market will grow at a CAGR of over 7% during 2024-2028, reaching a projected value of USD 662 Billion by 2028. The key factors driving this growth globally include stringent emission norms, increasing demand for automated transmission, and the trend of downsizing engines.

The automotive powertrain market is segmented based on vehicle, drive, type, and region. The passenger cars segment is anticipated to hold the dominant share until 2028, followed by light commercial vehicles and heavy commercial vehicles due to increasing demand for comfort, safety, and better acceleration in vehicles.

Gasoline engines dominated the market in 2022 and are projected to continue growing through 2028 due to increasing differences in diesel and gasoline prices and rising demand for gasoline-based engines.

In terms of value, the Asia Pacific region holds the largest market share in the automotive powertrain market due to increasing population, growing purchasing power, and rising vehicle production and sales.

Aisin Seiki Co. Ltd., General Motors Company, Borgwarner Inc., Ford Motor Company, Jtekt Corporation, Hyundai Motor Company, Toyota Motor Corporation, GKN PLC, and ZF Friedrichshafen AG are some of the leading players in the global automotive powertrain market.

Objective of the Study:

• To analyse and forecast the market size of Automotive Powertrain Market, in terms of value and volume
• To classify and forecast Global Automotive Powertrain Market based on vehicle type, drive type, type and regional distribution.
• To identify drivers and challenges for Global Automotive Powertrain Market.
• To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in Global Automotive Powertrain Market.
• To conduct the pricing analysis for Automotive Powertrain Market.
• To identify and analyse the profile of leading players involved in the manufacturing of Global Automotive Powertrain Market.

TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of manufacturers across the globe. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, TechSci Research could include the suppliers which could not be identified due to the limitations of secondary research. TechSci Research analysed the service offerings, distribution channels and presence of all major collaboration manufacturer across the globe.

TechSci Research calculated the market size of Global Automotive Powertrain Market using a bottom-up approach, where data for various end user industries and its application across various product types were recorded and forecast for the future years. TechSci Research sourced these values from the industry experts and company representatives and externally validated through analysing historical data of these product types and applications for getting an appropriate, overall market size. Various secondary sources such as company website, news articles, press releases, company annual reports, investor presentations and financial reports were also used by TechSci Research.

Key Target Audience:

• Manufacturers of Automotive Powertrain
• Automotive OEMs
• Raw material suppliers
• Traders, Distributors, and Suppliers
• Industry associations and experts
• Research organizations and consulting companies.
• Research Institutes
• Industry associations
• Market research and consulting firm.

The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as collaboration manufacturer and partners, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.

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According to the TechSci Research report, the Dubai LPG market is expected to experience significant growth in the forecast period of 2022-2027. The government's initiatives to promote cleaner energy usage have contributed to this growth. LPG has become a preferred fuel for heating and cooking purposes in both the commercial and residential sectors, as it is accessible, non-toxic, clean, convenient, portable, and cost-effective compared to other fuels.

The increase in marine trade is being driven by the construction of petrochemical projects, such as the propane dehydrogenation project (PDH) and steam crackers, as well as new assembly plants. Moreover, several LPG-producing facilities in the UAE are expected to initiate new projects for gas exploration and production, leading to increased gas exports and new business opportunities.

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For instance, in November 2015, Sheikh Mohammed launched the Dubai Clean Energy Strategy, with the goal of producing 75% of Dubai's energy requirements from clean sources by 2050. This strategy aims to make Dubai a global clean energy center and a green economy. Additionally, the United Arab Emirates introduced the "Energy Policy 2050" in 2017, which intends to save AED 700 billion by 2050 and boost the share of renewable energy in the whole energy mix from 25% to 50%. It also aims to reduce the carbon footprint of power generation by 70% and improve corporate and individual consumption efficiency by 40%.

The LPG market is constrained by the product's high flammability, which requires large spherical or cylindrical pressure tanks for storage. The market is also impacted by the fluctuating price of crude oil feedstock, hindering market expansion.

The Dubai LPG market is segmented based on application, source, and cylinder capacity. The residential segment dominates the market with a market share of 47.02%, owing to public services and subsidies that promote LPG as a feasible substitute for conventional fuels such as coal and wood. LPG is also replacing chlorofluorocarbon and hydrofluorocarbon as a refrigerant, leading to more opportunities for application in the residential and commercial sectors, particularly in the fields of heating and ventilation, in addition to cooking.

Based on source, the non-associated gas segment leads the market with a share of 46.59% during the forecast period. Based on cylinder capacity, the 19-29.5kg segment leads the market with a market share of 32.42%, mainly used in the residential and commercial sectors.

Key market players in the Dubai LPG Market: -

• Emirates Gas LLC (Emirates National Oil Company),
• Emirates General Petroleum Corporation (EMARAT),
• ADNOC Distribution, Brothers Gas,
• Dubai Oil & Gas Company LLC,
• United Gas Company LLC,
• AD LPG,
• LOOTAH BC
• Dubai Fuel Supply
• Smart Gas

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" Adoption of green energy and rising awareness of less carbon emission in Dubai are the factors influencing the government to utilize the benefits and facility of liquefied petroleum gas due to which now several projects are going on in the market, owing to which the market is expected to grow during the forecast period." said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

Dubai LPG Market By Application (Residential, Agriculture, Transportation, Commercial), By Source (Refinery, Associated Gas, Non-Associated Gas), By Cylinder Capacity (5kg, 11-12.6kg, 13-14.2kg, 15-16.5kg, 19-29.5kg, More Than 29.5Kg), By Region, Competition Forecast & Opportunities, 2017-2027 has evaluated the future growth potential of Dubai LPG 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 Dubai LPG Market.

About TechSci Research:

TechSci Research is a research-based management consulting firm providing market research and advisory solutions to its customers worldwide, spanning a range of industries. TechSci Research’s core values are value, integrity and insight. Led by a team of dynamic industry experts, TechSci Research provides its customers with high value market research and advisory services that helps them identify new market opportunities, growth engines and innovative ways to capture the market share. As a result, TechSci’s client leads rather than follow market trends. Not bound by legacy, TechSci’s cutting-edge research model leverages its decades of research knowledge and an increased use of technology as engines of innovation to deliver unique research value. Provided as an alternative to traditional market research, TechSci Research reports do not just deliver data and knowledge rather highlights the insights in a more usable and interactive format for its clients.

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