The swappable electric vehicle battery market is expected to grow at a CAGR of 25% during the forecast period of 2024 to 2032. The market has emerged as a promising segment within the broader electric vehicle industry. This market focuses on developing and implementing battery swapping infrastructure that enables electric vehicle owners to quickly exchange their depleted batteries for fully charged ones at designated stations.
The recreational boating market is expected to grow at a CAR of 6% during the forecast period of 2024 to 2032, driven by factors such as increasing disposable incomes, rising tourism and travel activities, and a growing interest in outdoor recreational pursuits. The market revenue of the recreational boating industry has witnessed a steady increase, with global revenue reaching billions of dollars annually. The market is expected to continue its positive growth trajectory in the coming years.
The global mobile mapping market is expected to grow at a CAGR of approximately 19.5% during the forecast period of 2024 to 2032, driven by the increasing demand for mobile mapping technology in a variety of applications. Mobile mapping technology is being used in a wide range of industries, including transportation, construction, and logistics, as well as in urban planning and disaster management.
The vehicle service market is projected to expand at a CAGR of 4.2% during the forecast period of 2023 and 2031. Throughout the projected period, the market share of vehicle services is anticipated to be driven by the increasing demand for passenger vehicles and the expansion of the automotive aftermarket service industry.
The port and handling equipment tire market is a sub-segment of the global tire market, which caters specifically to the material handling equipment used in ports, warehouses, and logistics centers. This market primarily includes tires used in forklifts, container handlers, reach stackers, and other port and material handling equipment. The global port and handling equipment tire market is expected to growat a CAGR of 5.6% from 2024 to 2032.
The global trailer telematics market is projected to grow at a CAGR of 14% during the forecast period of 2023 and 2031. Increased demand for safety and security features in transportation is anticipated to drive the global trailer telematics market over the forecast period. Telematics monitor and track a trailer's movement and condition. Telematics is gaining traction in commercial vehicles of all types.
The smart vehicle cabins market is expected to grow at a CAGR of 9.5% during the forecast period of 2024 to 2032. Smart vehicle cabin system comprises In-Cabin Monitoring System (ICMS) or multiple sub-systems, including Driver Monitoring System (DMS) and Occupant Monitoring System (OMS).
The value of the global automotive steering system market is expected to increase at a CAGR of 5.5% during the forecast period of 2021 to 2031. An automotive steering system is a collection of components that work together to regulate the path that a vehicle is going in while also assisting the driver in manoeuvring the vehicle in the desired manner.
The global automotive battery management system market is poised to reach US$ 15.33 Bn by 2032, expanding at a CAGR of 14.2% during the forecast period from 2024 to 2032. An increasing number of electric mobility, technological advancement with substantial cost cut, government policy supports and awareness towards environmental concerns is expected to drive the market for the global automotive battery management system market.
The global automotive cabin air quality sensors market is poised to reach US$ 758.8 Mn by 2032, expanding at a CAGR of 10.2% during the forecast period from 2024 to 2032. Growing exposure to hazardous amount of pollution, increasing number of passenger cars and electric vehicles, adoption of new technology such as autonomous vehicles by automakers is expected to drive the market for global automotive cabin air quality sensors.
The worldwide auto parts manufacturing market is expected to have a CAGR of over 5% during the forecast period of 2023 to 2030. However, there are components such as the automotive traction motor market that are expected to witness a CAGR of 23% (2023 to 2030) also some of the electric vehicle components are expected to register a CAGR of over 30% (2023 to 2030). Therefore, this segment promises significant opportunities in the long-term future, particularly in developing economies within Asia. Due to stringent emission regulations and enhanced vehicle performance and engine efficiency, automotive components and materials have seen a dramatic transformation over time. New manufacturing technologies have significantly contributed to this transition of lightweight materials, composites, and alloys used in automobile components. Increasing power demands, higher fuel economy, and shifting consumer tastes have driven the automotive industry to provide more complex, durable, and secure goods for consumers.
On the exterior, every automobile appears luxurious, but on the interior, it is really a storage space for numerous automotive parts and components. There are numerous automotive parts that are integrated to manufacture a car. Spring is a material that is used to store potential energy. Depending on the application, a variety of spring models are available for each spring classification. Springs are manufactured to reduce the weight of industrial and aeronautical components. As a result, springs are commonly utilized in the construction of numerous vehicle components and aircraft frames. Moving between floors in public spaces has always been somewhat difficult. With modern automotive component amenities such as intelligent elevators, it is now simple to go between levels, a task that is typically time-consuming and tiring. As a result of smart elevators, going between floors is efficient, swift, and less time-consuming. Instead of pressing a button to go up or down, passengers can now choose the level they wish to travel to before entering the elevator, which will get them to their destination with the fewest number of stops.
Every automobile requires combustion to start. Spark plugs are the most essential equipment for starting a car, despite the fact that every component of a vehicle is vital. A spark plug is an electrical device that generates the spark at the appropriate time when the combustible air-fuel mixture in the cylinder bore needs to be ignited. The cylinder of a spark-ignition engine is threaded with it. The device's key components are its shell, resistance, electrodes, ribs, hex, and insulator.
Asia is emerging as the growth engine of the global automotive market, supported by its cost competitiveness, rising incomes, fast urbanization, improving infrastructure, and the potential for greater vehicle penetration in the majority of Asian nations. The majority of global manufacturers are already boosting capacity to satisfy rising demand in these areas, with the majority of new plants being established in Asia. Acute Market Reports provides automotive parts and component companies with exhaustive business research and strategic consulting solutions. The futuristic approach of Acute Market Reports enables our clients to make well-considered business decisions at the correct moment. We interact with an exhaustive range of industry stakeholders to give world-class strategic research solutions to our clients.
