Transport Coverage

Automotive Cooling Fans Market Definition

Automotive cooling fans are essential components of vehicle cooling systems, designed to regulate engine temperature and prevent overheating. These fans ensure optimal performance and longevity of automotive engines by facilitating the movement of air through the radiator to dissipate heat away from the coolant and engine block. The automotive cooling fans market consists of sales, by entities (organizations, sole traders or partnerships), of automotive cooling fans that are utilized across various vehicle types, including both passenger and commercial vehicles, catering to the needs of individual drivers, transportation companies and logistics providers. Their use is critical in maintaining engine efficiency, especially in demanding conditions or during prolonged vehicle operation.

Autonomous Boats Market Definition

Autonomous boats, also known as unmanned surface vessels (USVs), are a type of watercraft that operate without direct human intervention. These vessels are equipped with various sensors, navigation systems and control mechanisms that enable them to navigate waterways, collect data, perform tasks and communicate with other vehicles or control centers autonomously. The autonomous boats market consists of sales of autonomous boats or USVs by entities (organizations, sole traders, or partnerships) that manufacture these boats primarily for applications such as environmental monitoring, oceanographic research, maritime surveillance, search and rescue operations, transportation of goods and offshore exploration.

E-Commerce Automotive Aftermarket Market Definition

The e-commerce automotive aftermarket refers to the online sale and distribution of vehicle parts and accessories through electronic means. This enables both individual consumers and businesses to purchase automotive components over the internet, offering a convenient, accessible and often cost-effective alternative to traditional brick-and-mortar stores. The e-commerce platform allows for the sale of a vast array of automotive parts, including engine components, drive transmission, steering parts, suspension and braking parts, equipment, electrical parts and other miscellaneous components necessary for vehicle maintenance and enhancement. The e-commerce automotive aftermarket market consists of sales of automotive parts and accessories through the online channel. In the automotive aftermarket e-commerce space, customers can browse and purchase a wide range of products such as replacement parts such as brakes, filters, belts; performance upgrades, accessories such as floor mats, car covers and even services like installation or repair manuals.

Auto Parts Inventory Management Software Market Definition And Segments

Auto parts inventory management software refers to a specialized type of software designed to help automotive businesses effectively manage and control their inventory of auto parts and components. This software provides a comprehensive solution for tracking, organizing, and optimizing the various aspects of an auto parts inventory. The main types of auto parts inventory management software are insecticides, hardware, and software. Hardware types refer to specific devices or physical components associated with managing inventory in the automotive industry. It used in various applications, such as auto-reconditioning businesses, vehicle dealerships, fleet management, tire distributors, car rental companies, and e-commerce platforms, and end users are automotive manufacturers, automotive aftermarket, and original equipment manufacturers (OEMs). The auto parts inventory management software market covered in this report is segmented – 1) By Type: Hardware, Software 2) By Application: Auto Reconditioning Businesses, Vehicle Dealerships, Fleet Management, Tire Distributors, Car Rental Companies, E-commerce Platform 3) By End-Users: Automotive Manufacturers, Automotive Aftermarket, Original Equipment Manufacturers (OEMs) The auto parts inventory management software market size has grown rapidly in recent years. It will grow from $5.44 billion in 2023 to $6.27 billion in 2024 at a compound annual growth rate (CAGR) of 15.2%. The growth in the historic period can be attributed to industry growth and complexity, globalization and supply chain challenges, e-commerce and digital transformation, regulatory compliance and traceability, customer expectations and service excellence. The auto parts inventory management software market size is expected to see rapid growth in the next few years. It will grow to $10.39 billion in 2028 at a compound annual growth rate (CAGR) of 13.4%. The growth in the forecast period can be attributed to IoT and connectivity, integration with autonomous and electric vehicles, increasing number of auto parts retailers, growing complexity of auto parts, increasing online sales of auto parts. Major trends in the forecast period include predictive analytics and machine learning, IoT-driven inventory tracking, blockchain for supply chain transparency, cloud-based solutions for flexibility, integration with autonomous and electric vehicle technologies.

Auto Parts Inventory Management Software Market Growth Fueled By Expanding Automotive Industry

The expanding automotive industry is expected to propel the growth of the auto parts inventory management software market going forward. The automotive industry refers to a wide range of companies and organizations involved in the design, development, manufacturing, selling, and repairing of motor vehicles. Economic expansion in many countries increases consumer spending and demand for automobiles; therefore, distributors and retailers understand the value of using advanced inventory management solutions. Auto parts inventory management software helps businesses optimize stock levels, save costs, minimize stockouts, and improve operational efficiency. For instance, in May 2023, according to reports published by the European Automobile Manufacturers Association, a Belgium-based lobbying and standards group of the automobile industry, in 2022, 85.4 million motor vehicles were produced globally, a 5.7% increase from 2021. Therefore, the expanding automotive industry is driving the growth of the auto parts inventory management software market. Major companies operating in the auto parts inventory management software market are SAP SE, Infor Inc., Epicor Software Corporation, Hubworks LLC, Windward Software, Carrus Technologies Inc, Wasp Barcode Technologies, Motility Software Solutions LLC, Fuse5 Automotive Software, ADS Solutions Corp, Fishbowl, System Nexgen, Acumatica Inc., Rarestep Inc, Alterity Inc, AutoPower Corporation, Finale Inventory, FleetSoft LLC, Amador of America Inc, Eagle Business Accounting Software, MAM Software Group Inc, Sortly Inc, RazorERP, Checkmate by Car-Part.

Strategic Partnerships Transforming Auto Parts Inventory Management

Major companies operating in auto parts inventory management software are adopting a strategic partnership approach to offer complete auto parts inventory solutions to the auto industry. Strategic partnerships refer to a process in which companies leverage each other's strengths and resources to achieve mutual benefits and success. For instance, in September 2023, DataScan, Inc., a US-based RFID inventory counting solution, partnered with AccuParts International, a US-based provider of industrial and transportation parts. The partnership will bring unparalleled experience and expertise in auto parts inventory management to the table, benefiting dealerships and distributors looking to streamline their inventory processes and increase operational efficiencies. With integrating DataScan's RFID inventory counting technology with AccuParts, the joint venture claims to give useful data insights and recommendations to assist in increasing profitability and efficiency in the automotive industry. With integrating DataScan's RFID inventory counting technology with AccuParts, the joint venture claims to give useful data insights and recommendations to assist in increasing profitability and efficiency in the automotive industry.

3M Expands Automotive Portfolio With Strategic Acquisition Of LeanTec

In April 2022, 3M Company, a US-based multinational conglomerate company, acquired LeanTec for an undisclosed amount. The acquisition supports 3M's commitment to its "connected bodyshop" initiative, which focuses on delivering digital inventory management solutions for the automotive aftermarket. LeanTec is a US-based developer of inventory management software, including auto industry software. North America was the largest region in the auto parts inventory management software market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the auto parts inventory management software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the auto parts inventory management software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain. The auto parts inventory management software market includes revenues earned by entities by providing services such as inventory tracking, order management, stock level monitoring, supplier management, reporting and analytics, and return management. The market value includes the value of related goods sold by the service provider or included within the service offering. The auto parts inventory management software market also consists of sales of barcode scanning tools, POS integration modules, audit trail modules, and mobile accessibility tools. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The auto parts inventory management software market research report is one of a series of new reports from The Business Research Company that provides auto parts inventory management software market statistics, including auto parts inventory management software industry global market size, regional shares, competitors with an auto parts inventory management software market share, detailed auto parts inventory management software market segments, market trends and opportunities, and any further data you may need to thrive in the auto parts inventory management software industry. This auto parts inventory management software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

Automotive Navigation Systems Market Definition And Segments

Automotive navigation systems refer to technology-integrated systems designed to assist drivers in navigating from one location to another. These systems provide real-time directions, maps, and other relevant information to help drivers reach their destinations efficiently. These systems typically rely on GPS (Global Positioning System) technology to ascertain the vehicle's present location and offer precise instructions to a specified place. The main types of components in automotive navigation systems are hardware, software, and connectivity. The hardware component refers to the physical electronic and mechanical parts that enable the functioning of the navigation system. It includes various navigation modes, such as 3D navigation, 2D navigation, and differential global positioning system (DGPS), which are employed in several vehicles, such as passenger cars and commercial vehicles. These are distributed through various sales channels, including original equipment manufacturer and aftermarket, for several applications, such as car navigation, dynamic vehicle routing, tracking rental cars, and monitoring high-risk auto loans. The automotive navigation systems market covered in this report is segmented – 1) By Component: Hardware, Software, Connectivity 2) By Navigation modes: 3D Navigation, 2D Navigation, Differential Global Positioning System (DGPS) 3) By Vehicle Type: Passenger cars, Commercial vehicles 4) By Sales Channel: Original Equipment Manufacturer, Aftermarket 5) By Applications: Car Navigations, Dynamic Vehicle Routing, Tracking Rental Cars, Monitoring High Risk Auto Loans The automotive navigation systems market size has grown strongly in recent years. It will grow from $34.01 billion in 2023 to $36.59 billion in 2024 at a compound annual growth rate (CAGR) of 7.6%. The growth in the historic period can be attributed to consumer demand for convenience, increasing traffic congestion, government regulations on safety, rise in urbanization, improved mapping and location services. The automotive navigation systems market size is expected to see strong growth in the next few years. It will grow to $46.66 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The growth in the forecast period can be attributed to increased focus on predictive navigation, rising demand for electric vehicles (EVs), enhanced user interfaces, integration with smart city infrastructure, and demand for personalized and context-aware services. Major trends in the forecast period include augmented reality (AR) integration, connected car ecosystem, voice-activated navigation, predictive navigation, integration with smartphones, 3D mapping and visualization, integration with advanced driver assistance systems (ADAS).

Surging Global Vehicle Fuels Growth In Automotive Navigation Systems Market

The growing number of vehicles is expected to propel the growth of the automotive navigation systems market going forward. Vehicles refer to any machine designed or used for transporting people or goods, typically on land, such as cars, trucks, buses, motorcycles, bicycles, and more. Automotive navigation systems are used in vehicles to provide real-time directions, location information, on-the-fly traffic updates, and guidance to reach their destination efficiently and safely. For instance, in May 2023, according to the European Automobile Manufacturers Association, a Belgium-based automobile manufacturers association, the global production of motor vehicles reached 85.4 million units in 2022, reflecting a notable increase of 5.7% compared to 2021. Furthermore, according to Brand Finance plc, a UK-based brand valuation company, the automobile sector achieved approximately 78 million unit sales in 2022, marking a substantial 10% increase compared to both 2021 and 2020. Therefore, the growing number of vehicles is driving the growth of the automotive navigation system market. Major companies operating in the automotive navigation systems market are Ford Motor Company, BMW Group, Robert Bosch GmbH, Panasonic Corporation, Denso Corporation, Continental AG, AISIN SEIKI Co. Ltd., Fujitsu Limited, Mitsubishi Motors Corporation, Harman International Industries, Garmin Ltd., Bose Corporation, JVCKENWOOD Corporation, Kenwood Corporation, HERE Technologies, MiTAC Holdings Corp., Pioneer Electronics, TomTom International BV , NNG Software Developing and Commercial LLC, Telenav Inc., clarion technologies, Delphi Technologies, Faurecia Clarion, Alpine Electronics, Navis-AMS

Innovative In-Vehicle Navigation Systems Transforming Automotive Industry

Major companies operating in the automotive navigation systems market are focusing on innovative technological products, such as Maps+, in vehicle-app-based navigation systems to provide drivers with a seamless and personalized navigation experience. An in-vehicle app-based navigation system refers to a navigation system integrated directly into a vehicle's onboard infotainment system or dashboard display, which relies on software applications (apps) to provide navigation functionality. For instance, in April 2021, General Motors, a US-based automotive manufacturing company, introduced Maps+, an in-vehicle app-based navigation system. This innovative system is designed to provide an enhanced and convenient in-vehicle experience for drivers. Additionally, Maps+ is powered by Mapbox and offers features such as cross-app integration, personalization, and contextually relevant services. It also offers embedded speed limit alerts, low fuel recognition, and the ability to provide directions based on real-time traffic conditions.

Harman International Enhances Automotive Product Offerings With Acquisition Of Apostera GmbH

In February 2022, Harman International, a US-based connected car technology company, acquired Apostera GmbH for an undisclosed amount. This acquisition is aimed at enhancing Harman's automotive product offerings and positioning the company as a visionary leader in automotive technologies to enhance its digital cockpit offerings and strengthen its position in the rapidly evolving automotive market. Apostera GmbH is a Germany-based developer of mixed-reality navigation systems that enhance existing automotive navigation systems. North America was the largest region in the automotive navigation systems market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive navigation systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the automotive navigation systems market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain. The automotive navigation systems market consists of revenues earned by entities by providing services such as route planning, real-time traffic information, visual maps, speed limit information, and predictive destinations. The market value includes the value of related goods sold by the service provider or included within the service offering. The automotive navigation systems market also includes sales of products such as portable GPS navigation devices, head-up display (HUD) navigation units, off-road GPS navigation units, and built-in navigation system tools. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributor and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The automotive navigation systems market research report is one of a series of new reports from The Business Research Company that provides automotive navigation systems market statistics, including automotive navigation systems industry global market size, regional shares, competitors with automotive navigation systems market share, detailed automotive navigation systems market segments, market trends and opportunities, and any further data you may need to thrive in the automotive navigation systems industry. This automotive navigation systems market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

Autonomous Vehicle Market Definition And Segments

An autonomous vehicle, often called a driverless vehicle, is a vehicle that operates and executes essential tasks without requiring human intervention. These vehicles rely on a blend of hardware and software technologies that empower them to navigate without direct physical control or supervision from a human operator. They can function in various modes, including autonomous mode, in which the vehicle's autonomous technology handles the driving task, and testing mode, wherein the vehicle is fitted with autonomous technology for evaluation and validation purposes. The main levels of automation in the autonomous vehicle are driver assistance, partial automation, conditional automation, high automation, and full automation. Driver assistance, also known as advanced driver-assistance systems (ADAS), refers to technologies used to make motor vehicle travel safer by automating, improving, or adapting some or all of the tasks involved in operating a vehicle, its components including hardware, software, service, and it used in transportation and logistics, civil, defense, other applications. The autonomous vehicle market covered in this report is segmented – 1) By Level of Automation: Driver Assistance, Partial Automation, Conditional Automation, High Automation, Full Automation 2) By Component: Hardware, Software, Service 3) By Application: Transportation and Logistics, Civil, Defense, Other Applications The autonomous vehicle market size has grown exponentially in recent years. It will grow from $54.60 billion in 2023 to $73.53 billion in 2024 at a compound annual growth rate (CAGR) of 34.7%. The growth in the historic period can be attributed to rising aging populations, increasing consumer acceptance, increasing geriatric population, growth in delivery demands, and growing environmental awareness. The autonomous vehicle market size is expected to see exponential growth in the next few years. It will grow to $221.32 billion in 2028 at a compound annual growth rate (CAGR) of 31.7%. The growth in the forecast period can be attributed to growing demand for safer and more efficient transportation solutions, increasing investments in autonomous vehicle research and development, rising urbanization, growing demand for energy-efficient vehicles, and increasing demand for autonomous vehicles. Major trends in the forecast period include rising focus on maintaining safety and efficiency, technological advancements, rise of ride-sharing platforms, improved mobility for elderly and disabled, and rapid development of autonomous vehicle technology.

Energy-Efficient Vehicles Fueling The Rise Of Autonomous Vehicles Market

The growing demand for energy-efficient vehicles is expected to propel the growth of the autonomous vehicle market going forward. Energy-efficient vehicles are designed to use less energy to perform the same tasks as their non-efficient counterparts. As governments worldwide intensify efforts to combat climate change and reduce greenhouse gas emissions, autonomous vehicles are predicted to reduce energy consumption. The development of connected and autonomous vehicles is being carried out with a focus on minimizing fuel and energy consumption, and energy-efficient vehicles play a crucial role in shaping the success of the autonomous vehicle market. For instance, according to the International Energy Agency, a France-based intergovernmental organization, in 2022, fuel cell electric vehicles (FCEVs) increased by 40% compared to 2021, reaching over 72,000 vehicles globally. Therefore, the rise in demand for energy-efficient vehicles is driving the growth of the autonomous vehicle market. Major companies operating in the autonomous vehicle market are Volkswagen AG, Google LLC, Toyota Motor Corporation, Ford Motor Company, General Motors Company, Bayerische Motoren Werke AG, Honda Motor Co. Ltd., The Hyundai Motor Group, Tesla Inc., Nissan Motor Co. Ltd., Audi AG, Intel Corporation, AB Volvo, Groupe Renault, Denso Corporation, Mercedes-Benz Group AG, Uber Technologies Inc., NVIDIA Corporation, Baidu Inc., Waymo LLC, WeRide Corporation, Aurora Innovation Inc., Cruise LLC, AutoX Inc., Oxbotica Ltd.

Advancements In Autonomous Driving Technology A Spotlight On Honda's Level 3 Self-Driving Car

Major companies operating in the autonomous vehicle market are developing innovative technologies, such as autonomous driving technology, to enhance their customer experiences in the market. Autonomous driving technology refers to the capability of a vehicle to sense its environment and operate without human involvement. For instance, in March 2021, Honda Motor Co. Ltd., a Japan-based automobile company that manufactures automobiles, motorcycles, and battery-powered equipment, launched the world's first level 3 self-driving car equipped with a system that can automatically accelerate, brake, and steer while monitoring its surroundings using data from high-definition mapping and other sensors. The system can engage at speeds below 30 km per hour and remain operational until the speed reaches 50 km per hour. This car can perform various driving activities without the constant involvement of a human driver.

Stellantis Expands Autonomous Driving Portfolio With Aimotive Acquisition

In December 2022, Stellantis N.V., a Netherlands-based automotive manufacturing corporation and provider of innovative mobility solutions, acquired AiMotive for an undisclosed amount. This acquisition aims to bolster Stellantis' position in the autonomous driving sector, allowing the company to offer integrated software, tools, and hardware products for the rapid development and deployment of automated driving features. AiMotive, a Ireland-based autonomous vehicle technology company working on level-agnostic automated driving solutions. North America was the largest region in the autonomous vehicle market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the autonomous vehicle market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the autonomous vehicle market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain. The autonomous vehicle market consists of revenues earned by entities by providing services such as autonomous vehicle platforms, and safety and security solutions. The market value includes the value of related goods sold by the service provider or included within the service offering. The vi autonomous vehicle market also includes sales of fully autonomous and semi-autonomous vehicles. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The autonomous vehicle market research report is one of a series of new reports from The Business Research Company that provides autonomous vehicle market statistics, including autonomous vehicle industry global market size, regional shares, competitors with autonomous vehicle market share, detailed autonomous vehicle market segments, market trends, and opportunities, and any further data you may need to thrive in the autonomous vehicle industry. This autonomous vehicle market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

Electric Forklifts Market Definition And Segments

An electric forklift refers to a type of forklift powered by an electric motor instead of an internal combustion engine. These forklifts use rechargeable batteries as their power source. This is commonly used in warehouses, distribution centers, manufacturing facilities, and other indoor environments where lifting and transporting materials are required. The main types of products in electric forklifts are counterbalanced pallet trucks, reach trucks, pallet stackers, and others. A counterbalanced forklift is a type of forklift truck characterized by its counterbalance weight located at the rear of the truck. These can be available in various battery types, such as lead-acid batteries, lithium-ion batteries, and fuel cells, and end users are chemical, food and beverage, industrial, logistics, retail, e-commerce, and others. The electric forklifts market covered in this report is segmented – 1) By Product: Counterbalanced, Pallet Trucks, Reach Trucks, Pallet Stackers, Other Products 2) By Battery Type: Lead-Acid Batteries, Lithium-ion Batteries, Fuel Cell 3) By End Use: Chemical, Food And Beverage, Industrial, Logistics, Retail And E-Commerce, Other End Uses The electric forklifts market size has grown rapidly in recent years. It will grow from $55.47 billion in 2023 to $63.65 billion in 2024 at a compound annual growth rate (CAGR) of 14.7%. The growth in the historic period can be attributed to environmental regulations, urbanization and indoor applications, government incentives, global supply chain changes. The electric forklifts market size is expected to see rapid growth in the next few years. It will grow to $102.97 billion in 2028 at a compound annual growth rate (CAGR) of 12.7%. The growth in the forecast period can be attributed to stringent emission regulations, advancements in battery technology, rising fuel costs, focus on sustainability. Major trends in the forecast period include expansion of telematics and IoT Integration, increased adoption of autonomous forklifts, shift towards energy-efficient designs, partnerships and collaborations.

Electric Forklift Market Accelerates Amid Logistics Sector Expansion

The rapid expansion in the logistics sector is expected to propel the growth of the electric forklift market going forward. The logistics sector refers to the industry involved in flow of goods, services, and information from the point of origin to the point of consumption. The surge in online shopping and e-commerce platforms has led to increased demand for efficient logistics operations to handle the storage, transportation, and delivery of goods to consumers. Electric forklifts are extensively used in the logistics sector for moving and lifting heavy loads, such as pallets of goods, in warehouses, distribution centers, and other logistics facilities to improve efficiency and increase productivity. For instance, according to February 2022 report published by U.S. Department of Transportation, a US-based government agency, the demand for freight is expected to grow by about 40% by 2045. Therefore, the rapid expansion in the logistics sector is driving the growth of the electric forklift market. Major companies operating in the electric forklifts market are Toyota Motor Corporation, Mitsubishi Corporation, BYD Company Ltd, Komatsu Ltd., KION Group AG, Hyundai Heavy Industries, Jungheinrich AG, Crown Equipment Corporation, Hyster-Yale Materials Handling Inc., Lonking Holdings Limited, Anhui Heli Co Ltd., Manitou Group, UniCarriers Corporation, Godrej And Boyce Mfg. Co. Ltd, Hangcha Group Co Ltd, Cascade Corporation, Crown Battery Manufacturing Company, Clark Material Handling International, Linde Material Handling, Taylor-Dunn Manufacturing Company, Doosan Industrial Vehicles Co. Ltd, Tailift Co Ltd, HELI Forklift Co Ltd, EP Equipment, Nissan Forklift Corporation

Innovative Electric Pneumatic Forklifts To Meet Market Demand

Major companies operating in the electric forklift market are concentrating on new innovative product development such as electric pneumatic forklifts to drive growth, advance innovation, and meet evolving consumer demands. This type of forklift runs on electricity and is built to withstand outdoor terrain and work in various weather conditions, making it ideal for retail applications such as lumberyards, home centers, landscaping, and store support applications.  For instance, in November 2023, Toyota Material Handling, Inc., a US-based manufacturer of forklifts and tow tractors, launched a new line of electric pneumatic forklifts with 48V and 80V models. These are built to offer maintenance-free operation, programmable performance, and a power-select function for customization based on application and driver preference. Additionally, these forklifts are capable of handling a wide range of tasks, both indoors and outdoors, and come with several productivity-enhancing innovations such as electric power steering, regenerative braking, and load-sensing power steering.

Mitsubishi Acquires Concentric LLC To Strengthen Material Handling Equipment Portfolio

In July 2023, Mitsubishi Heavy Industries Ltd., a Japan-based engineering company, acquired Concentric LLC for an undisclosed amount. This acquisition aims to be part of Mitsubishi Heavy Industries' broader efforts to provide comprehensive, solution-oriented products and services to customers in the material handling equipment sector and other industries. Concentric LLC is a US-based industrial power services organization delivering electric forklifts and critical power solutions. North America was the largest region in the electric forklifts market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the electric forklifts market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the electric forklifts market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain. The electric forklift market consists of sales of warehouse forklifts, order pickers, pallet jacks, tow trucks, and automated guided vehicles. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The electric forklifts market research report is one of a series of new reports from The Business Research Company that provides electric forklifts market statistics, including electric forklifts industry global market size, regional shares, competitors with an electric forklifts market share, detailed electric forklifts market segments, market trends and opportunities, and any further data you may need to thrive in the electric forklifts industry. This electric forklifts market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

Electric Vehicle Transmission Market Definition And Segments

Electric vehicle (EV) transmission refers to the system or mechanism used to transmit power from the electric motor to the wheels of the vehicle. The purpose of an electric vehicle (EV) transmission is to manage the power output of the electric motor and regulate the distribution of power to the wheels. The main types of electric vehicle transmission are single-speed and multi-speed. A single-speed transmission refers to a transmission system with a fixed gear ratio where the electric motor is directly connected to the wheels without the need for multiple gears. It can be operated in various transmission systems that include automated manual transmissions, continuously variable transmissions, dual clutch transmissions, dedicated hybrid transmissions, and automatic transmissions and is used for various vehicles, such as battery electric vehicles, plug-in hybrid electric vehicles, and hybrid electric vehicles.  The electric vehicle transmission market covered in this report is segmented – 1) By Type: Single Speed, Multi-Speed 2) By Transmission system: Automated Manual Transmissions, Continuously Variable Transmissions, Dual Clutch Transmission/Dedicated Hybrid Transmission, Automatic Transmission 3) By Vehicle Type: Battery Electric Vehicle, Plug-In Hybrid Electric Vehicle, Hybrid Electric Vehicle The electric vehicle transmission market size has grown exponentially in recent years. It will grow from $7.55 billion in 2023 to $9.22 billion in 2024 at a compound annual growth rate (CAGR) of 22%. The growth in the historic period can be attributed to early innovations and experiments, rising popularity in EVs, environmental concerns, climate change. The electric vehicle transmission market size is expected to see rapid growth in the next few years. It will grow to $18.85 billion in 2028 at a compound annual growth rate (CAGR) of 19.5%. The growth in the forecast period can be attributed to regulatory policies and emission standards, focus on sustainability and environmental awareness, investments in infrastructure, and cost reduction efforts. Major trends in the forecast period include optimization for efficiency, motor and transmission integration, multi-speed transmission development, standardization and modularization, and adoption of advanced materials.

Driving Forces Behind the Growth of the Electric Vehicle Transmission Market

The increasing demand for electric vehicles is expected to propel the growth of the electric vehicle transmission market going forward. Electric vehicles (EVs) refer to automobiles that are powered by one or more electric motors, using electrical energy stored in rechargeable batteries or other energy storage devices. Electric vehicle transmissions are used for electric vehicles to transfer power from the electric motor to the wheels efficiently and effectively, addressing the unique characteristics of electric propulsion. For instance, in April 2023, according to reports published by the International Energy Agency, a France-based intergovernmental organization, global electric car sales exceeded 10 million units in 2022, with predictions for a 35% growth to 14 million units in 2023. Therefore, the increasing demand for electric vehicles is driving the growth of the electric vehicle transmission market. Major companies operating in the electric vehicle transmission market are Hitachi Automotive Systems Ltd., BYD Company Limited, ZF Friedrichshafen AG, Continental AG, Hyundai Motor Company, Magna International Inc., Aisin Seiki Co. Ltd., Valeo SA, Eaton Corporation plc, Nidec Corporation, Schaeffler AG, Parker Hannifin Corporation, BorgWarner Inc., Dana Incorporated, Vitesco Technologies, NIO Inc., Voith Group, GKN Automotive Limited, Allison Transmission Holdings Inc., AVL Schrick GmbH, Punch Powertrain NV, Ricardo plc, Romax Technology Limited, Torqeedo GmbH

Technological Advancements In Electric Vehicle Transmission Systems For Commercial Vehicles

Major companies operating in the electric vehicle transmission market are concentrating on innovative advancements such as electrified e-transmission to meet the needs of electric and hybrid commercial vehicles and provide efficient power delivery. It is an EV transmission system for commercial vehicles designed to provide the highest level of efficiency and performance with maximum startability, gradeability, and road speed. For instance, in May 2023, Dana Incorporated, a US-based automotive industry company, introduced spicer electrified e-transmissions, which are designed for medium-duty electric vehicle applications. These e-Transmissions are engineered to provide high efficiency and performance, with features such as a Dana high-efficiency motor and integrated inverter system, an electromechanical actuation system with a patented Dana Graziano clutch design, and an optimized three-speed system with Ravigneaux gearing. Additionally, it is available in two models, the eS4700t and the eS7900t, offering 4,700 and 7,900 Nm of output torque, respectively.

Gulf Oil Lubricants India Ltd. Acquires Tirex Transmission Private Limited To Strengthen Position in EV Market

In August 2023, Gulf Oil Lubricants India Ltd., an India-based manufacturer and distributor of lubricants, acquired 51% stake of Tirex Transmission Private Limited for 75.19 billion (Rs 103 crore). Through this acquisition, GOLIL aims to make a strategic move to position itself as a leader in the growing EV market and offer a complete range of EV solutions. Tirex Transmission Private Limited is an India-based manufacturer of lithium-ion battery binders, manufacturer of auto parts, including electric vehicle transmissions. Asia-Pacific was the largest region in the electric vehicle transmission market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the electric vehicle transmission market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the electric vehicle transmission market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain. The electric vehicle transmission market includes revenues earned by entities by providing services such as installation services, maintenance services, repair services, upgrade enhancements, consulting and advisory services, and training and education. The market value includes the value of related goods sold by the service provider or included within the service offering. The electric vehicle transmission market consists of sales of electric motors, gear boxes, power electronics, transmission fluids and lubricants, wiring harnesses and connectors, charging systems, and cooling systems. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The electric vehicle transmission market research report is one of a series of new reports from The Business Research Company that provides electric vehicle transmission market statistics, including electric vehicle transmission industry global market size, regional shares, competitors with an electric vehicle transmission market share, detailed electric vehicle transmission market segments, market trends and opportunities, and any further data you may need to thrive in the electric vehicle transmission industry. This electric vehicle transmission market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.