automotivemarketreports: August 2022

Wednesday 24 August 2022

Public Transportation Market Size Worth $309.1 Billion By 2028

The global Public Transportation Market size is expected to reach USD 309.1 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 5.9% from 2022 to 2028. The market is driven by the economic growth in Asia Pacific and the Middle East and Africa and the increasing number of megacities in the region. According to the World Economic Forum data, by the year 2030, six cities will emerge as new megacities, including Dar es Salaam, Luanda, and Chennai, as the population keeps flocking to urban areas. Increasing government initiatives and the development of smart cities also facilitate the growth of public transportation.

The market growth can be attributed to the increasing technological advancements such as electric buses, BRT systems, contactless ticketing solutions, improving the public transport experience, and increasing ridership. The market witnessed a steep decline in the overall ridership and revenue as an immediate effect of the Covid-19 pandemic. Worldwide, numerous countries imposed restrictions and lockdowns, which inhibited commuters from riding public transport and compelled them to opt for private means of transport. Over the forecast years, the market is expected to recover with steady growth.

The online distribution channel is anticipated to expand at a lucrative CAGR of 8.9% from 2022 to 2028. Increasing use of smartphones, digital payment solutions, and increasing penetration of internet services are propelling the online segment growth in the global market. Increasing initiatives to adopt contactless ticketing and the integration of hassle-free online platforms are anticipated to contribute to the growth of the online segment. For instance, the CIVITAS initiative in European cities for smart and sustainable transport policy with the implementation of innovative ticketing and payment.

Based on mode type, the road segment accounted for the largest revenue share of over 55.0% in 2021. The road is an integral part of public transport in the urban and local areas across the world. Widespread availability and higher ridership by road transport are responsible for the large market share. Bus rapid transit system implemented in many cities has a high success rate and high public satisfaction, providing fast and sophisticated transport option, thereby increasing the ridership.

The Middle East and Africa is anticipated to register the 2^nd highest CAGR of 6.0% from 2022 to 2028. Rapid urbanization and economic growth in the Middle East and Africa are leading to the expansion of smart cities in the region. Population migration to the urban areas is likely to increase rapidly over the forecast years. Governments across the region are investing and planning to provide sustainable and advanced public transportation solutions. For instance, UAE is planning to expand its public transportation system even further, with Dubai Autonomous Transportation Strategy, Surface Transport Master Plan, and Abu Dhabi Transportation Mobility Management Strategy.

Related Press Release@ Public Transportation Market Report

Public Transportation Market Report Highlights

Asia Pacific dominated the market in 2021, with a revenue share of over 40.0%. A large population of middle-income class, dependency on public transport, and developed megacity concentration in the region are contributing to the regional market growth
The offline distribution channel segment occupied the largest revenue share of over 80.0% in 2021. Widespread availability, higher preference from consumers, reluctance to use the online channel, and lack of online solutions are contributing to the growth of the market
The rail mode type segment is anticipated to register a significant CAGR of 6.3% over the forecast period. The growth is attributed mainly to the increased spending and expansion of the rail infrastructure for metro, subway, LRT, etc.

About Us:
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.

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Wednesday 17 August 2022

Pickup Trucks Market by Stellantis N.V., Ford Motor Company, Toyota Motor Corp., Nissan Motor Co. Ltd.

The global Pickup Trucks Market size is estimated to reach USD 249.71 billion by 2028, registering a CAGR of 1.6% from 2022 to 2028, according to a new report by Grand View Research, Inc. The global market is driven by the increasing disposable income levels and growing middle-class population. Technological developments in the automotive industry have led to a significant decrease in vehicle retail prices and an increase in affordability, fueling the sales of new pickup trucks across the world. In addition, these trucks are significantly becoming luxury rides in various countries due to their enhanced appearance and aesthetics.

The emergence of e-commerce companies facilitated by the increasing demand from techno-savvy consumers is further driving the product demand from small- and medium-sized companies. Diesel-based vehicle type segment dominated the market in 2021. Higher consumer preference for diesel-based pickup trucks, due to the higher torque and calorific value than any other fuel type, will support the segment growth. Diesel engines run more efficiently and have a long life when towing heavy loads than other fuel types. Moreover, the extensive product portfolio offered by the key manufacturers also results in the higher adoption of diesel-based vehicles. The heavy-duty segment is expected to register the fastest growth rate over the forecast period.

Increasing e-commerce business and demand for heavy-duty trucks for delivery purposes across the world are surging rapidly. Moreover, increasing interest of consumers in the newly launched aesthetically improved models and increasing product launches by the key manufacturers are credited to the segment growth. For instance, General Motors Company is planning to launch its heavy-duty pickup truck, the 2022 GMC Sierra 3500HD with 401 horsepower and 464 lb-ft of torque. Central & South America is anticipated to witness the second-fastest CAGR from 2022 to 2028. The rising middle-income class, increasing disposable income, growing spending on personal cars, and increasing expansion of key players in the region are expected to drive the regional market growth.

For instance, in August 2018, Nissan increased the production of Frontier pickup trucks by setting up a new production facility in Cordoba, Argentina. As reported in February 2020, Toyota ramped up the production of pickup trucks in its Mexican plant, also accelerating their regional sales. The COVID-19 pandemic negatively impacted the global market Pandemic-induced lockdowns and other restrictions caused unprecedented challenges in the supply chain of the automotive industry. Shortage of semiconductor chips and other auto parts resulted in the halting of production of pickup trucks and impacted the overall sales revenue during the pandemic. However, the market is expected to recover and register a considerable growth rate post-pandemic.

Related Press Release@ Pickup Trucks Market Report

Pickup Trucks Market Report Highlights

North America dominated the global market in 2021 on account of the strong presence of key manufacturers and the positive attitude of consumers towards pickup trucks in the region
The light-duty vehicle type segment dominated the global market in 2021 and will expand further at a steady CAGR from 2022 to 2028
An extensive portfolio of light-duty pick-up trucks by key players, growing sales, and higher consumer preference for light-duty vehicles are attributed to the segment’s high market share
The diesel fuel type segment dominated the global market in 2021. Higher torque and high calorific value offered by diesel-based vehicles boost the sales of diesel-based models