Commercial Vehicles (Trucks) Market Analysis 2019 Dynamics, Type, Applications, Key Players, Trends, Revenue Till 2027

A new report published by Future Market Insights titled ‘Commercial Vehicles (Trucks) Market:Middle East & North Africa (MENA) Industry Analysis 2012 – 2016 and Opportunity Assessment 2017-2027’ studies the performance of MENA commercial vehicles (trucks) market over a 10 year assessment period from 2017 to 2027. The report presents the value and volume forecasts of the MENA commercial vehicles (trucks) market and provides key insights into the factors driving market growth as well as the factors restricting the market growth. The estimates point to a revenue growth from nearly US$ 5,250 Mn in 2017 to nearly US$ 8,500 Mn by 2027 end, resulting in a CAGR of 5.0% during the period of assessment. In terms of volume, the MENA commercial vehicles (trucks) market was pegged at 152,191 units in the year 2017 and is poised to reach a figure of 212,232 units in 2027, and display a CAGR of 3.4% in the forecast period.

Rapid development and growth of oil and gas industry in the rest of Middle East region to boost market revenue growth

Commercial vehicles are commonly used as a medium of transport for different types of end use industries and they are helping in tasks such as unloading, loading and transportation of goods. The construction industry is exhibiting a fast growth due to the vast number of projects in the pipeline in each country of the Middle East and this also has connection with the plans of the countries in the Middle Eastern region to diversify their economies. These developments are also related to the large scale international events that are going to be held in this region such as World Expo 2020 to be held in Dubai and the FIFA World Cup 2022 to be held in Qatar.

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The construction industry in Iran was estimated to be valued at US$ 154.4 billion in 2016 from US$ 88 billion in the year 2013 and due to this upward growth, the market for heavy trucks is likely to boost in this country. Also, due to the rising urbanization, the construction industry is experiencing rapid growth in rest of the countries in the Middle East which is further expected to boost the demand for commercial vehicles in building and construction activities in the region. Iran is also one of the biggest markets for trucks in the MENA region, and with the economic sanctions lifted up from Iran, it is experiencing a huge growth in its economy and is likely to be one of the prominent markets for heavy duty commercial vehicles. On the other hand, other countries in the region like UAE and Oman are also becoming attractive markets for commercial vehicles due to their vast use in end-use industries such as the petrochemical industries, and this is expected to boost the overall demand for trucks in the Middle East region.

MENA Commercial Vehicles (Trucks) Market: Segmentation and Forecast

The MENA commercial vehicles (trucks) market is segmented on the basis of class type and region. On the basis of class type, the market is segmented into light duty, medium duty and heavy duty. On regional basis, the market is segmented into Middle East (Saudi Arabia, Turkey, Rest of Middle East) and North Africa.

• The heavy duty segment was estimated to be valued at nearly US$ 3,200 Mn in 2017 and is likely to reach a valuation of nearly US$ 5,300 Mn in 2027 and in the process exhibit a CAGR of 5.1%.
• The medium duty segment was estimated to be valued at nearly US$ 1,850 Mn in 2017 and is anticipated to reach a valuation of nearly US$ 3,000 Mn in 2027 and exhibit a CAGR of 4.8%.

MENA Commercial Vehicles (Trucks) Market: Regional Forecast

• The commercial vehicles (trucks) market in Saudi Arabia was estimated to be valued at nearly US$ 560 Mn in 2017 and is likely to reach a valuation of nearly US$ 900 Mn in the year 2027 and exhibit a CAGR of 4.6% during the assessment period.
• The commercial vehicles (trucks) market in Turkey was estimated to be valued at nearly US$ 1,350 Mn in 2017 and is anticipated to reach a valuation of nearly US$ 2,150 Mn in 2027 and exhibit a CAGR of 5% during the period of forecast.

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MENA Commercial Vehicles (Trucks) Market: Vendor Insights

This report includes some of the key players functioning in the MENA commercial vehicles (trucks) market such as Daimler AG, AB Volvo, Scania AB, Paccar Inc., MAN SE, Navistar International Corp., Hino Motors, Ltd., Isuzu Motors Ltd., Dongfeng Motor Corporation, FAW Group Corporation, Toyota Motor Corporation, Ford Motor Company, Nissan Motor Company Limited, General Motor Company and Volkswagen AG. Manufacturers are using advanced telematics systems and financing options to lure customers.

Advanced Driver Assistance System (ADAS) Testing Equipment Market: Growth Influencing Aspects

A new research publication titled “Advanced Driver Assistance System (ADAS) Testing Equipment Market: Global Industry Analysis (2013-2017) and Opportunity Assessment (2018-2028)” by Future Market Insights reflects various market insights on developments, trends, key players, growth drivers and forecasts across important regions. A detailed market segmentation is carried out which explores every angle of the market for advanced driver assistance systems testing equipment.

Global Advanced Driver Assistance System (ADAS) Testing Equipment Market: Forecast Analysis by Future Market Insights

The global advanced driver assistance systems testing equipment market is projected to expand at a meteoric pace in the coming years. As per research, the global market is expected to rise at a value CAGR of 12.6% during the period of forecast, 2018-2028. In 2017, the global market valuation was US$ 38.3 Mn and it is anticipated to reach an estimation higher than US$ 140 Mn by end of the year of assessment.

Global Advanced Driver Assistance System (ADAS) Testing Equipment Market: Competition Analysis

The key companies involved in the global advanced driver assistance systems testing equipment market are TKH Group NV, FEV Group GmbH, National Instruments Corporation, Analog Devices, Inc., Racelogic Limited, Konrad GmbH, Oxford Technical Solutions Ltd., AVL LIST GmbH, Averna Technologies Inc., Dewesoft d.o.o., AB Dynamics plc., and GeneSys Elektronik GmbH.

Global Advanced Driver Assistance System (ADAS) Testing Equipment Market: Key Highlights

• North America is expected to lead the global market during the forecast period. The ADAS testing equipment market in this region is projected to expand at a high rate throughout the 2018-2028 timeline. With respect to adoption rate, China spearheads the market’s growth
• Sales of advanced driver assistance systems testing equipment by OEMs is increasing at a significant pace and is expected to reach a valuation higher than US$ 100 Mn by end of the year of assessment (2028)
• With respect to components, the hardware segment is expected to lead the global market with a high market share and growth rate. During the assessment period, the hardware segment is projected to expand at a value CAGR of 12.9%

Global Advanced Driver Assistance System (ADAS) Testing Equipment Market: Growth Influencing Aspects

The growth of the global advanced driver assistance testing equipment market is positively influenced by several drivers, trends and opportunities. To name a few, aspects such as increasing awareness of road and vehicle safety, prevalence of safety standards proliferating the demand for ADAS testing equipment, supportive government initiatives related to automotive industry, rising demand for testing equipment from end users, increasing focus on installing different types of advanced driver assistance systems in vehicles, increasing electrification of vehicles, development of advanced driver assistance systems by original equipment manufacturers, shifting focus towards autonomous driving and development of autonomous cars are expected to fuel the growth of the global advanced driver assistance systems testing equipment market in the coming years.

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Key Challenges Restraining Global Market Growth

Market penetration of advanced driver assistance systems is facing a main challenge that is impeding its growth – pricing.  Vehicles fitted with driver assistance systems are comparatively highly priced than conventional vehicles. Additionally, governments in some countries such as Thailand, India and other ASEAN countries have posed restrictions on introduction of vehicles with ADAS as these vehicles with such advanced technology are not suited for their roads. Moreover, challenges associated with the import of vehicles incorporated with ADAS are expected to hinder the growth of the market in India. Subsequently, penetration of ADAS in these countries will negatively impact the growth of the ADAS testing equipment. Also, legal guidelines and issues in China are expected to decelerate the development of ADAS products, making ADAS manufacturers face administrative liability.

Automotive Sensors Market worth US$ 39 Bn by 2028

Future Market Insights (FMI) has published a new report on automotive sensors, titled “Automotive Sensors Market: Global Industry Analysis, 2013 – 2017 and Opportunity Assessment, 2018 – 2028.” With the growing focus of automakers on integration of automotive with advanced sensors, the demand for automotive sensors will continue to increase. Decrease in prices, growing requirements worldwide, expanding product portfolio of automakers, and long term supply relations with key automotive manufacturers who are catering to all the principal types of vehicles are observed to be the key factors fueling increased revenue shares of leading industry players. According to the report, the global automotive sensors market is expected to witness a CAGR of 7.6% from 2018 to 2028. The market was over US$ 17 Bn in 2017 and is projected to touch a valuation of US$ 39 Bn by the end of 2028.

Aggressive marketing in prominent countries in Latin America and the Middle East & Africa region is expected to further benefit major players in the market. A well-structured and efficient supply chain along with an amended retailing network for aftermarket automotive sensors is also a core growth strategy for reaching out to customers. The players are incessantly striving to maintain their position in the global automotive sensors market. Some of the companies operating in the market are Continental AG, Robert Bosch GmbH, Denso Corporation, Delphi Technologies PLC, HELLA GmbH & Co. KGaA, TE Connectivity, CTS Corporation, NXP Semiconductors N.V., Microchip Technology Inc., Infineon Technologies AG, and Panasonic Corporation.

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Rise in the Average Vehicle Age to Create a Positive Adoption Framework for Automotive Sensors

With developments in materials and technology employed for the manufacturing of automotive, the average operational age of vehicles has risen extensively. In Thailand, the number of vehicles on road aged between 5 and 8 years was around 6 million in 2017. The number of vehicles aged more than 12 years is projected to surge by 15% over the next five years worldwide. The dependability of vehicles has augmented significantly over the last few years. According to a survey, consumers are progressively keeping old cars as their second vehicle option rather than reselling or scraping them. As a result of the growing vehicle age, there is a pressing need for replacement of parts, repair and maintenance, which, in turn, is driving the aftermarket for sensors.

Moreover, the sales of automotive sensors is directly related to automotive production and vehicle parc. Despite unstable economic conditions in the market in the recent past, on an average, the global automotive industry has witnessed satisfactory growth. The production of automotive is anticipated to be higher in the developing countries in comparison to the developed ones. This has significantly contributed to the rising demand for automotive sensors in the regions.

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Negative Impact on Aftermarket Owing to Low Replacement Rate to Inhibit Growth

Automotive sensors function with an average life span of around 6- 10 years; nevertheless, some of the sensors come with a life-time operational efficiency, which shrinks the need for replacement. Usually, automotive sensors are replaced during accidental cases. This is one of the key aspects disturbing the growth of aftermarket sales.

Key Developments in the Automotive Lighting Market 2028 - 2028

The approximately US$ 35 billion market for automotive lighting is estimated to observe just-under 5% Y-o-Y growth in 2019, according to a recently published Future Market Insights (FMI) report. While passenger cars have significantly driven the LED Automotive Lighting Sales, bright prospects have been foreseen for sales in electric, in line with the rising trend of vehicle electrification.

Nearly 60% of the automotive lighting systems installed are of headlights/front lights, which collectively capture more than 3/4^th of the market revenue, with rear lights. Fog lights are gradually gaining ground in front and rear lighting systems, which is likely to shape the overall performance of automotive lighting market, as indicated by the report.

Lightweight automotive components have been a trendsetter over the past decade, will push the demand growth of lightweight automotive lighting in parallel. This growth forecast is predominantly owing to increasing vehicle electrification and surging demand for high-performance, fuel efficient vehicles.

Halogen lamps continue to reign supreme, holding more than 65% share in the automotive lighting market. In line with tightening vehicle emission standards that demand reduced weight and improved fuel efficiency, the automotive lighting market will observe strong emergence of LED. Superior endurance and high energy efficiency are projected to provide an impetus to LED popularity over halogen and HID counterparts. The report envisages a preeminent push to LED automotive lighting from manufacturers of premium class vehicles.

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Enhanced aesthetic appeal of vehicles with innovative lighting features will remain a priority strategy for leading automakers and OEMs. However, lighting technology innovators in collaboration with prominent market players are also strategizing on introducing economic range products, which is cited as another factor providing a strong push to LED automotive lighting products.

While compact and mid-size passenger car manufacturers remain prime consumer of automotive lighting solutions, the report indicates that this demand growth will be spectacular in EVs over the coming years. Hybrid EVs will further account for a considerable demand share in automotive lighting market. Moreover, billowing sales of motorcycles, particularly in developing economies, will bolster installations of a wide range of automotive lighting in the two-wheelers segment, says the report.

In a fairly consolidated competitive landscape of automotive lighting market, a majority of players are based in North America, Europe, and China. Automotive lighting market leaders such as Koito Manufacturing, Valeo SA, Magneti Marelli, Hella, and Stanley Electric continue to dedicate a majority of investments in strategic acquisitions and new product launches.

Valeo recently acquired a Japanese automotive lighting manufacturer, Ichikoh Industries, Ltd. Expansion has also been among the key developmental strategies in the competitive landscape of automotive lighting market. On the other side, Tier 2 companies including Osram, Varroc Group, Robert Bosch, LG Lightings, and Hyundai Mobis are focusing on collaborative ventures that prominently target product innovations and new launches in automotive lighting space.

In the latter half of 2018, Fiat Chrysler Automobiles N.V. inked a collaborative agreement over the sale of their automotive components business - Magneti Marelli S.p.A. to the Japanese supplier CK Holdings Co., Ltd. (Calsonic Kansei Corporation’s holding company). Osram has been actively introducing new automotive lighting product lineups in the market.

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While Europe retains the top consumer title in automotive lighting landscape, the report projects significant growth potential for automotive lighting market in emerging Asian countries. Automakers, OEMs, and other lighting product manufacturers will capitalize on a series of untapped opportunities particularly in East Asian market, attributed to soaring automotive sales, elevating acceptance for EVs and HEVs, and more importantly, improving purchasing power of consumers. East Asia is likely to represent just-under a third of the global automotive lighting market value, towards 2019 end.