Table Of Contents
Lalit Janardhan Katare
Koyel Ghosh
Analyzing the Top 5 Emerging Markets in the Automotive and Transportation Domain in Q3 2024
The rapid rise in demand for various automobiles and mobility systems in the last few years has significantly boosted the growth of the automotive and transportation domain. Additionally, governmental support for public transportation services in various developed and developing countries has augmented the sector’s growth rate. Moreover, certain industries have played an important role in the expansion of the landscape. Allied Market Research, with the help of its ‘Title Matrix Tool’, has identified five such emerging markets which have done exceptionally well in the third quarter of 2024. The revenue numbers, CAGR values, growth drivers, and investment opportunities influencing these industries are analyzed as part of the study.
Urban Logistics Market
As per the AMR report on the urban logistics market, the industry is predicted to gather a revenue of $77.9 billion by 2033, growing at a CAGR of 12% from 2024 to 2033. The landscape accounted for $25.7 billion in 2023. The overall rise in the pace of urbanization and industrialization in several emerging economies of the world has been one of the major factors driving its growth. The field of urban logistics mainly deals with the planning and implementation of mechanisms for the efficient movement of goods in urban areas and metropolitan cities. The rise of e-commerce platforms has, thus, positively impacted the industry in the third quarter of 2024.
The AMR report also provides a thorough analysis of the performance of the market in various regions such as North America, LAMEA, Asia-Pacific, and Europe. The high standard of living and the rising demand for a wide range of consumer goods are expected to generate exciting opportunities for investments in urban logistics solutions in North American cities such as Los Angeles and New York. Along with this, the expansion of urban areas in countries such as India, Vietnam, China, Japan, Indonesia, etc., has increased the disposable income of people living in these provinces. Naturally, consumer spending on different goods and services has surged, thereby leading to a growth of the landscape across Asia-Pacific.
Automotive Body Sealing System Market
The automotive body sealing system market has witnessed huge growth in Q3 2024. The industry, which accounted for $10.2 billion in 2023, is expected to amass a revenue of $14.7 billion by 2033, rising at a CAGR of 4% from 2024 to 2033. In general, automotive body sealing systems refer to all such components and devices that prevent dust, water, moisture, and noise from entering the vehicle interiors. The rising demand for enhanced vehicle performance and safety has compelled many automobile manufacturers to integrate such sealing systems into their vehicles. Furthermore, the advancements in material sciences are predicted to bring in new opportunities for growth in the landscape.
The report classifies the industry into different segments based on application, product type, and vehicle type. The study also provides an in-depth analysis of the various socioeconomic, political, cultural, demographic, and administrative factors influencing the market in various regions. The presence of multinational automobile manufacturing giants such as General Motors, Chrysler, and Ford Motors, etc., in the United States of America has positively impacted the landscape. Additionally, several businesses have invested heavily in R&D activities to design innovative technologies and materials. The surge in funding has created favorable conditions for its growth in the third quarter of 2024.
Inland Water Freight Transport Market
The inland water freight transport market accounted for $17.4 billion in 2023. The industry is expected to gather a revenue of $33.5 billion by 2033 with a CAGR of 6.9% during 2024-2033. In the past few years, inland water freight transport systems have become quite popular as they help in reducing the congestion on land-based transport networks. Furthermore, environmental studies have shown that these innovative solutions are much more sustainable and reduce the overall volume of greenhouse gas emissions. Also, inland freight delivery mechanisms are a cost-efficient option as compared to conventional modes of transport.
As per the report, the United States inland water freight transport market has witnessed huge growth in the recent past. The governmental support offered to the industry participants has helped them invest in modern technologies. Furthermore, many logistics businesses are using inland waterways such as rivers and lakes to transport grains, coal, chemicals, etc., which has broadened the scope of the landscape in the country. Additionally, the various strategies adopted by different stakeholders including product launches, mergers, acquisitions, collaborations, etc., are expected to open new avenues of growth in Q3 2024.
Off-road Vehicle Seats Market
As per a report published by Allied Market Research, the off-road vehicle seats market is expected to amass a revenue of $317.0 million by 2033. The industry accounted for $144.3 million in 2023 and is projected to rise at a CAGR of 8.6% from 2024 to 2033. The rising adoption of climate-controlled seat technology is one prime factor leading to its growth in the past few years. Apart from this, the rising demand for SUVs from consumers across the globe has strengthened the position of the industry worldwide. The development of innovative solutions that offer massage and ventilation has further expanded its scope in the third quarter of 2024. Many automobile companies are introducing off-road vehicle seats even to their mid-range and economy variants to offer comfort and safety to passengers, thereby augmenting the growth rate of the landscape.
The evolving dynamics of the off-road vehicle seat industry have been attributed to the stakeholder actions of various players such as MasterCraft Safety, Holley Inc., MOMO Srl, Suburban Auto Seat Co. Inc., Acerbis Italia Spa, Corbeau USA LLC, etc., The growing popularity of off-road recreational activities has led to a surge in demand for seats that offer comfort and are durable. Technological advancements in material sciences aimed at improving the resilience of these solutions have generated new investment opportunities. The general expansion of the aftermarket for off-road vehicle seats and original equipment manufacturers (OEMs) has indirectly enhanced the scope of the landscape.
Electric Vehicle Infrastructures Market
The electric vehicle infrastructures market has been one of the most important industries in the automotive and transportation domain in recent times. As per a report published by Allied Market Research, the landscape is expected to gather a revenue of $270.5 billion by 2033. It accounted for $24.6 billion in 2023 and is estimated to surge ahead at a CAGR of 27.6% from 2024 to 2033. Since the start of the 21st century, several governments across the globe, to honor the commitments made in international agreements, have made conscious efforts to reduce the carbon emissions released by public transportation services. Furthermore, the awareness regarding environmental sustainability has also increased immensely in the past few decades. Both these factors have led to a transition toward EVs, thereby impacting the electric vehicle infrastructures industry positively.
While the market has witnessed huge growth globally, its rise in the Asia-Pacific region has been quite notable. The presence of significant landscape participants in countries such as Japan and South Korea has contributed to the rise of the industry in the past few years. Along with this, many governments including those in India and China have launched schemes and initiatives to promote the shift toward electric mobility. For example, the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) II scheme launched by the Indian Government has generated new avenues for ACM manufacturers. Similarly, China has made significant investments in EV infrastructure to achieve the goal of 20 million electric vehicles on the road by 2025.
The Crux
In conclusion, the automotive and transportation domain is expected to witness immense growth in the coming period on account of the contribution of certain industries and markets. The analysis of these landscapes offered by AMR reports helps businesses make sound investment decisions and gain a competitive advantage. The upcoming trends and developments are also covered through these studies which aid businesses in aligning with the evolving dynamics seamlessly.
For a comprehensive analysis of how industry participants can capitalize on the opportunities in the automotive and transportation domain, contact our experts.
