Over 4.0% CAGR Predicted in Global Automotive Wire Harness Market Between 2020 and 2030

The global automotive wire harness market had a valuation of $42.8 billion in 2019 and it is predicted to advance at a CAGR of 4.7% between 2020 and 2030. According to the estimates of P&S Intelligence, a market research company based in India, the market will reach a value of $59.3 billion by 2030. The main factors driving the progress of the market are the rapid technological advancements and the mushrooming electric vehicle manufacturing in several countries around the world.

With the rise in environmental degradation and the surge in air pollution levels, the global demand for environment-friendly automobiles is growing rapidly. This is fueling the rising popularity of electric vehicles, particularly battery electric vehicles (BEVs) in the U.S., China, Germany, and Japan, which is, in turn, pushing up the demand for wire harness products. Electric vehicles contain a large number of wire harnesses, on account of the fact that they have more electronic components than the ICE-powered vehicles.

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Depending on vehicle type, the automotive wire harness market is divided into commercial vehicle and passenger car. Between these, the commercial vehicle category is predicted to demonstrate faster growth in the market in the future years. This is because of the ballooning requirement for the export and import of goods for catering to the demands of the surging population in several countries. The market is further classified, on the basis of propulsion, into electric vehicles and internal combustion engine.

Additionally, the existence of a large consumer base for internal combustion engine-powered vehicles is also bolstering the sales of automotive wire harnesses in the region. The ballooning sales of commercial and passenger vehicles in India, China, South Korea, and Japan are propelling the manufacturing volume of automobiles, which is, in turn, fueling the market expansion in the region. The market will exhibit the fastest growth in Latin America, Middle East, and Africa (LAMEA) in the coming years.

Hence, it can be said with surety that the market will demonstrate huge expansion all over the world in the coming years, primarily because of the surging manufacturing of electric and ICE-powered vehicles and the growing demand for the integration of ADAS in vehicles.

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Market size breakdown by vehicle type

• Passenger car
• Commercial

Market size breakdown by voltage

• Low voltage
• High voltage

Market size breakdown by propulsion

• ICE
• EV

Market size breakdown by material type

• Copper
• Aluminum

Market size breakdown by application

• Chassis
• Engine
• Body
• HVAC
• Speed Sensors
• Others

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How Are Environmental Policies Influencing Automotive Elastomer Usage?

Elastomers are made of polymers that are connected by chemical bonds, which gives a slightly cross-linked structure to the materials. Elastomers are rubber-like materials that comprise long, chainlike molecules or polymers that retain their original form after being elongated. The long molecules are ideally coiled irregularly, but they straighten in the direction of the pull, upon the application of force. After being released, the long molecules automatically regain their original state. The elastomeric rubber compounds encompass five-to-ten components, wherein each component plays a specific role.

Polymer, the prime ingredient of elastomers, offers optimum chemical and heat resistance to these materials. The ingredient also enables elastomers to perform well under low temperatures. Another key component of elastomers is carbon black, which is added as a reinforcing filler, to offer strength. Besides, plasticizers are also integrated into elastomers, to enhance their low-temperature performance. Moreover, the production process of elastomers also uses accelerators, curatives, release packages, anti-oxidants, and scorch retarders.

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The automobile industry uses two types of elastomers — thermoplastic and synthetic — for the production of lightweight and fuel-efficient vehicles. Of these, thermoplastic automotive elastomers offer higher durability and better physical properties than synthetic materials. Whereas, synthetic automotive elastomers offer a high45 resistance to low and high temperatures, corrosion, and pressure. These artificial materials are made from petroleum by-products. Considering the respective properties of these elastomers, automobile manufacturers are expected to increase the consumption of thermoplastic materials in the coming years.

Furthermore, the automotive elastomers market in North America and Europe will show significant growth in the near future. This would be because several North American and European nations are adhering to emission standards, by focusing on fuel economy. This has eventually led to the widescale adoption of lightweight, high-precision, and durable automotive elastomers for weather seals, gaskets, and hoses of vehicles. For instance, the Environmental Protection Agency (EPA) has set a 143-grams-per-mile (g/mi) emission limit for passenger cars, to be met by 2025.

Thus, the rising initiatives by government and international organizations to reduce pollution levels will increase the adoption of automotive elastomers in the coming years.

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How is Increasing Air Pollution Level Driving APAC Air Quality Monitoring Market?

 Among the leading causes of death and disability across the globe is also air pollution. Due to technological advancements, which have led to the development of machines which burn fossil fuels for generating energy for different purposes, the quality of air has been declining swiftly. As per the 2016 Global Burden of Disease report, about 6.1 million deaths occur due to air pollution globally, and the low and middle-income countries, particularly in the Asia-Pacific (APAC) region, account for 90% of this burden. This is due to the large population base of countries in the region. 

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In order to cope with this serious issue effectively, it is necessary that the air quality is monitored regularly. A major purpose of air quality monitoring is to determine which areas violate an ambient air quality standard. Health-based ambient air quality standards are set at pollution concentration levels that lead to harmful impacts on health of human beings, if the levels of ambient air quality standard in an area, the air pollution levels need to be mitigated. Attributed to the surging levels of air pollution in the APAC region, the demand for air quality monitoring systems is also increasing. 

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Major end users of air quality monitoring include government agencies & academic institutes, pharmaceutical industry, commercial and residential sectors, power generation plants, and petrochemical industry. While in the past, government agencies and academic institutes have been a primary user of air quality monitoring systems, the demand for these systems is also predicted to grow considerably from the commercial and residential sectors in the years to come. This can be attributed to the rising prevalence of respiratory diseases and lung cancer, which is compelling people to keep the air quality of their surroundings in check. Within the region, Japan has been creating the largest demand for these systems due to the development of advanced technologies. 

In the coming years though, China is predicted to emerge as the fastest growing APAC air quality monitoring market, which is attributed to the surging air pollution levels and the increasing prevalence of respiratory diseases in the country. According to the World Air Quality Index project, Beijing reported an air quality index of 275, which is unhealthy on an alarmingly high level. Because of this and rising awareness regarding environmental and healthcare implications of high pollution levels, the government is focusing on curbing this problem. 

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GCC Facility Management Market Set for Prosperity in Saudi Arabia in Coming Years

The GCC facility management market reached a value of $53,804.3 million in 2019 and is predicted to progress at a CAGR of 10.1% between 2020 and 2030. According to the estimates of P&S Intelligence, a market research company based in India, the market will generate a revenue of $137,297.8 million by 2030. The market is being driven by the rising requirement for facility management services in residential and commercial buildings, industrial units, and civil infrastructure projects. 

As part of various strategic visions, the member nations in GCC are allocating high budgets to the construction industry. This will eventually push up the requirement for facility management services in the region in the forthcoming years. Moreover, these nations are focusing on decreasing their economic reliance on the revenue generated by the oil and gas industry. As per reports and surveys, the governments of GCC nations will increase their investments. 

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The rising requirement for sustainable development is another important factor fueling the progress of the GCC facility management market. The expansion of the travel & tourism industry is a major factor responsible for the rapid economic progress of the GCC countries. Supported by the implementation of government policies, the hospitality, tourism, and travel industries of the GCC countries are registering huge growth. Based on end user, the GCC facility management market is divided into residential, industrial, and commercial categories. 

Amongst these, the commercial category recorded the highest growth in the market during the past few years, on account of the huge investments in commercial real estate in the region. The National Transformation Program (NTP) 2020 was launched in 2016 for meeting the objectives and aims of the Saudi Vision 2030. Under this initiative, huge investments are being made for the accelerating the development of the region’s private sector. This is, in turn, propelling the demand for facility management services. 

Globally, the GCC facility management market is predicted to demonstrate huge expansion in Saudi Arabia in the coming years. This will be because of the launch of several real estate projects such as the Al Widyan by 2020, Red Sea Project by 2030, and Amaala by 2028 in the country. These projects will provide immense growth opportunities for the players operating in the industry. Many global organizations are announcing partnerships and collaborations with domestic firms for expanding their customer base.

Hence, it can be said with full surety that the market will register huge growth in the future years, mainly because of the launch of various development programs and the expansion of the travel & tourism industry in the region. 

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U.S. Electric Bus Market to Grow at 58.4% CAGR during 2020–2030

The U.S. electric bus market growth will be driven, by factors such as stringent emission norms in the country, environmental benefits of electric vehicles (EVs), favorable government policies to support EVs, long-term operational cost benefits offered by these buses to transit agencies, at a CAGR of 58.4% during the forecast period (2020–2024). The market generated $469.3 million revenue in 2019 and it is projected to reach $2,675.1 million by 2024. Moreover, the declining cost and rising efficiency of automobile batteries will facilitate market growth in the foreseeable future.

Increasing availability of government funding to transit agencies for procuring zero- and low-emission vehicles, such as electric buses, is one of the key factors fueling the U.S. electric bus market. For example, the Federal Transportation Administration (FTA) provided $85 million to 50 state and local governments to incorporate such vehicles in their public transportation fleets. This funding was a part of the State of Good Repair Program and Congestion Mitigation and Air Quality Improvement Program and the Low or No Emission Grant Program of the Department of Transportation (DoT).

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The U.S. electric bus market is consolidated with the presence of a handful of companies. To gain from emerging opportunities, leading automobile manufacturers are focusing on winning client contracts to supply their buses to a large number of transit agencies. For instance, in August 2018, BYD Company Ltd. signed a contract with the state of Georgia to provide electric buses. Similarly, in October 2018,Proterra Inc. received an order from the Rhode Island Public Transit Authority (RIPTA) to deliver three of its 40-foot Proterra Catalyst E2 electric buses to the latter.

Thus, with the rising subsidies and investments from the federal, state, and local governments of the U.S. to boost the adoption of EVs, the demand for electric buses will amplify significantly in the foreseeable future.

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Market Segmentation by Vehicle Type

• Battery Electric Bus (BEB)
• Plug-In Hybrid Electric Bus (PHEB)
• Hybrid Electric Bus (HEB)

Market Segmentation by Length

• >40 Feet
• <40 Feet

Market Segmentation by Battery

• Lithium-Ion (Li-Ion)
• Nickel-Metal Hydride (NiMH)
• Others

Market Segmentation by Charging Type

• Plug-In
• Pantograph
• Inductive

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Why Is Demand for Pharmaceuticals Driving Reefer Container Market Growth?

The reefer container market is growing on account of the increasing demand for pharmaceutical products, rising number of trade routes, expanding e-commerce industry, and surging penetration of the real-time tracking technology. The size of the market in 2019 was 3,169.2 thousand twenty-foot equivalent units (TEU), which is predicted to reach 7,063.3 thousand TEUs by 2030, at an 8.0% CAGR during 2020–2030 (forecast period). Reefer containers are essentially temperature-controlled containers used to ferry perishable cargo over long distances, via ships, trains, and trucks.

On the basis of size, the categories of the reefer container market are 20 feet, 40 feet, and more than 40 feet. Among these, the 40 feet category held the largest share in the market in 2019, and it will also grow the fastest during the forecast period. This is because 40-foot reefer containers are used for carrying high-volume cargo, and they are also similar to 20-foot variants in cost. Thus, the high loading capacity, combined with the reasonable price of these containers, offers logistics companies operational cost advantages.

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During 2014–2019, Asia-Pacific (APAC) dominated the reefer container market, and it will continue doing so till 2030. This is attributed to the growing population in the region, which is driving trade volumes. Currently, Shanghai, Singapore, Hong Kong, Tianjin, Qingdao, Guangzhou, Busan, Ningbo-Zhoushan, and Shenzhen are the busiest ports in the world, and all are located in APAC. Asa result, trade routes have increasing become directed toward Asian countries to make the most of the demand for various products.

Hence, as international trade volumes, especially of perishable cargo, grow, so will the procurement of reefer containers by shipping, trucking, and rail freight companies.

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Market Segmentation by Size

• 20 Feet
• 40 Feet
• More than 40 Feet

Market Segmentation by Transportation Mode

• Seaways
• Roadways
• Railways

Market Segmentation by Industry

• Food
  • Fruits
  • Meat/poultry
  • Fish/seafood
  • Vegetables
  • Dairy products
  • Others
• Pharmaceutical
  • Liquid medicines
  • Pills
  • Vaccines
  • Biologicals
  • Others
• Chemical

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How Is Paints and Coatings Industry Steering Crotonic Acid Market Growth?

The increasing consumption of crotonic-acid-based dispersions in paints, coatings, and adhesives will steer the crotonic acid market at a CAGR of 7.9% during the forecast period (2021–2025). Adhesives containing this acid offer rapid solidification, owing to which their application has significantly surged in high-speed manufacturing lines, such as those of packaging and textiles. The soaring demand for these adhesives will propel the market to $853.7 million by 2025 from $592.0 million in 2020.

Another key factor driving the market is the spurring demand for paints and coatings. This acid is a vital ingredient of these products as it can form copolymers when blended with other chemical compounds. Additionally, when the crotonic acid monomer is copolymerized with other compounds, it results in a thickener, which is applied in the manufacturing of glossy emulsion paints. These paints offer extra glow and protection to the interiors and exteriors of buildings. Thus, the soaring demand for glossy emulsion paints will facilitate market growth in the forecast years.

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Further, the end user segment of the crotonic acid market is categorized into chemical, pharmaceutical, paints and coatings, automobile, packaging, textile, and electronics. Among these, the paints and coatings category held the largest market share in 2020, and it is expected to register the fastest growth in the forecast years. This can be owed to the exponential use of crotonic-acid-based binders in paints and coatings to hold the pigments in place by binding them and form a coating layer. The spiking demand for paints and coatings from the automotive, packaging, and construction sectors will fuel the growth of this category.

Globally, China dominated the crotonic acid market during the historical period (2016–2020), and it is expected to reflect the same trend in the forecast years. Additionally, the Chinese market is also projected to demonstrate the fastest growth throughout the forecast period. This can be ascribed to the magnifying demand for adhesives and paints and coatings for the repair and renovation of residential and commercial buildings. Moreover, the growing application of crotonic acid as a plasticizer, fungicide, and intermediary in the chemical, agriculture, and pharmaceutical industries will boost the market growth in China.

With the rising consumption of adhesives and paints and coatings, the demand for crotonic acid will surge in the coming years.

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