With Advanced Features and Initiatives Regarding Clean Energy, the Global Bicycle Market is expected to Witness Significant Growth in the Near Future

Bicycle is seen to be an important mode of sustainable transport offering performance, price and environment benefits as compared to gasoline-based vehicles. Bicycles are eco-friendly, affordable and healthy mode of transportation. The global bicycle market is projected to reflect 3.7% CAGR during 2016 to 2024 to account for a market value of US $62.39 billion by 2024 end according to a study by Persistence Market Research (PMR).

Factors Propelling the Growth of Global Bicycle Market Include

  • More than half of adult population were observed to suffer from obesity in 114 nations including Middle East, Europe and America, which in turn led people adopt to bicycles owing to its health benefits
  • No necessity of any source supply or external fuel to drive a bicycle
  • Preservation of natural resources and possibility of natural resources depletion
  • Customer inclination towards bicycle for travelling to short distances in order to save fuel and oil
  • Ability to avoid the massive traffic congestion and reach destination comparatively faster

“Trin Trin”- An Initiative by Mysore for Reducing and Controlling Pollution

Along with the advancements in bicycle market, many cities and nations are coming up with several initiatives regarding clean environment and conservation of fuel. One such initiative, known as “Trin Trin”, was commenced recently by Mysore, the cleanest city of India. The southern region of Mysore is introducing bicycle sharing in order to control and reduce pollution. The city corporation is set to rent bicycles to travelers and commuters for getting around in a clean and much more fun way. The city has bought around 430 bicycles and has parked them at the docking stations at prominent locations so that people could rent bicycles on an hourly basis. Users are made to register online for a smart card and preload it with money for utilizing the service on a weekly, monthly and yearly basis.

This initiative is for encouraging more tourists and people for adoption of bicycles owing to its properties of being cheap and environment-friendly. Mysore is already the cleanest Indian City and this initiative will help to retain its position. With an estimated price of Rs. 20.5 crore, funded by Global Environment facility Grant of World Bank, the city is set to replicate a model which has been successful among other global cities. The cycles for this initiative are being produced by Green Wheel Ride, a local vendor. The response for this initiative’s initial trials were observed to be highly positive. This is the first time such an initiative is taken, not only in India but in the whole Asia Region.

Following are Some Trends Observed in 2017 Regarding Bicycles

  • Lightweight Disc Brakes– Disc brakes in bicycles are gaining more traction than ever. Major bicycle companies are focusing on completely new designs accommodating additional braking power.
  • More Sophisticated Carbon– Bicycles nowadays are made from material with grapheme content. However, sophisticated carbon is a more suitable term addressed to graphene. Graphene helps in weight reduction and adds strength to bicycles body.
  • Soaring Bike Integration– 2017 is expected to be the time when bicycle companies would adopt to integration bandwagon. Last year, a bike used more than 30 sensors that helps in finding the best aero position for user. This bicycle was named Argon 18 Smart Bike.
  • Wider Tires and Wider Rims– Introduction to disc brakes has nullified the issues related to the clearance between wheel and frame of a bicycle. Wider tires and rims aid better grip and comfort during the ride inspiring greater confidence.
  • Costs to Leap Higher– Political events such as Brexit have effected not only Europe but also the whole world. Thus prices of most of the products are seen to gain an uptick accordingly. With the advent of advanced features in bicycles, the prices too are expected to leap higher in the near future.

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Post-Installation Costs & Advanced Computing Platforms Remodelling “Auto Infotainment” As We Know It

Long journey becomes better when one tunes into some all-time hits while driving the car, and entertains the passenger by playing movies in rear-seat entertainment screens. Cars have become much more than an automotive for commuting, and the entertainment systems installed in them are become multifunctional. The currently produced range of cars and other automotive are being equipped with a computer that can provide analytical data on the performance of the car and also make the travel enjoyable. A common auto infotainment system includes features such as audio-video playback, automated car controls, parking sensors, rear-view camera imagery, and remote locking-unlocking.

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However, very few consumers and car users are privy with the fact that installing any auto infotainment system shall lead to further expenditure for periodically subscribing such features. While this move will demote the use of auto infotainment systems with hidden costs, cars will continue to be brought into the market with such systems pre-installed in it.

MARKET INSIGHTS

  • The global market for auto infotainment is likely to garner profits from subscription-based services and consolidate its integration to the global automotive industry as well as the global IT sector.
  • By the end of 2024, the global auto infotainment market is projected to reach valuation of US$ 31.96 billion, according to a report developed by Persistence Market Research.

Hidden costs in such systems comprise of periodical subscription to live traffic data, GPS programming systems, customized maps, satellite radio, and few other entertainment services. Revenues from such costs will incidentally increase the revenues of global auto infotainment market, while subsequently limiting their consumption among car users; particularly the ones seeking permanent or lifetime subscription or looking for shelling out minimum expenditure on car infotainment.

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Likewise, auto infotainment continues to be remodelled by the influence of recent technological advancements in computing and automation. Remote access to car’s functions has integrated automation with real-time computing and wireless connectivity. This transformation is highly pivotal in the automotive industry that tech giants such as Google have developed an independent platform for managing and controlling a car remotely. The Android Auto, developed by Google, is a smartphone platform that includes apps for controlling the cars automated features through satellite. The keyless authenticity of Android Auto enables the user to access functions such as opening the trunk, changing the in-car temperature, adjusting performance modes, and even effectively unlocking a car with the key left inside. The costs of enabling a car’s auto infotainment system with such platforms can appear to be a pricey proposition, but will ultimately fuel the growth of global auto infotainment market. When tech giants foray into the global market for auto infotainment, car users will be compelled to adopt expensive auto infotainment systems and reduces hassles of managing car functions manually.

According to the report, titled “Global Market Study on Auto Infotainment: APAC Expected to Account for the Highest Market Share Between 2016 and 2024,” the global market for auto infotainment will bear witness to surging demand for entertainment systems segment, which are anticipated to reach market value of US$ 13.5 billion by 2016-end. North America is likely dominate the global market with over 25% market share, but Asia-Pacific’s auto infotainment market will emerge extensively by recording an estimated 26.3% market share; gaining a marginal dominance over the former region.

Exterior Car Accessories: Giving Luxury Look

Automobiles for many individuals are more than just a mean of transportation. They represent their personal statement as well as one of the biggest investments. And to make most out of this investments, one can personalize their vehicles.

For buying the right accessories, one needs to know the features of several accessories available with them. As right accessories can add personal touch, change the vehicle’s appearance, helps to make it noticeable and adds functionality to meet every car enthusiast’s requirements making journeys more easy and comfortable.

Market Drivers

A growing demand for performance enhancing exterior car accessories and increasing consumer inclination towards vehicle customizations and rise in the sales of pickup trucks in developed markets are some of the key drivers that are favoring the growth of the global exterior car accessories market. A substantial spending on exterior car accessories and increasing demand for bull bars and spoilers among vehicle enthusiasts is anticipated to drive the market over the forecast period. The growth of the automotive sector in the BRIC nations is expected to further fuel market growth.

Market Restraints

However, a huge fragmentation of the exterior car accessories market leading to cost competitiveness and availability of counterfeit exterior as well as superior quality car accessories, which are mostly imported from Asian continents are some of the factors that are hampering the growth of the global exterior car accessories market over the forecast period. Also, in some regions, regulations related to modification of vehicle exteriors is also anticipated to restrict growth of the global exterior car accessories market.

Growing Demand in the Market

The global exterior car accessories market is categorized by product type, vehicle type, distribution channel and region. By product type (Covers, Racks, Body Kits, LED Lights, Alloy Wheels, Chrome Accessories, Exhaust Mufflers, Window Films, License Plate Frames, Graphics & Reflectors), the segment is expected to register a moderate CAGR in terms of value over the forecast period. In terms of volume, the segment is estimated to stand at 99,647.1 thousand units by the end of 2016 and is expected to reach 131,232.5 thousand units by 2024, expanding at a CAGR of 3.5% over the forecast period.

By vehicle type (Passenger Cars, Pickup Trucks) the segment is estimated to account for a value share of 76.3% in 2016 while the pickup trucks segment is likely to account for a value share of 23.7% in 2016.

By distribution channel (OEM, Aftermarket) the OEM segment is expected to reach a valuation of US$ 70.10 Bn by 2024 while the aftermarket segment is estimated to be valued at US$ 182.97 Bn by 2024.

By region (North America, Latin America, Europe, Asia-Pacific, and Middle East & Africa), Europe is expected to maintain its dominance in terms of market value in the global exterior car accessories market during the forecast period. The Europe exterior car accessories market is estimated to be valued at US$ 56.38 Bn in 2016 and is expected to reach US$ 102.19 Bn by 2024, expanding at a CAGR of 7.7% over the forecast period. In terms of volume, the North America exterior car accessories market is estimated to be pegged at 474,292.8 thousand units in 2016 and is expected to reach 608,134.8 thousand units by 2024, expanding at a CAGR of 3.2% over the forecast period.

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 Leading Market Players

Some of the leading market players operating in the global exterior car accessories space include Thule Group, Pep Boys, Oakmore Pty Ltd., O’Reilly Auto Parts, U.S. Auto Parts Network, Inc., HELLA KGaA Hueck & Co., CAR MATE MFG CO. LTD., Covercraft Industries, LLC, Classic Soft Trim, Lund International, Inc., Truck Covers USA LLC, Mont Blac Industri AB, F.LLI MENABÒ SRL, H.I. Motors, Star Automotive Accessories, Momo Srl, and Lloyd Mats.

Tracking the Trend of Car Interior Accessories

As an individual, one likes to be unique. This quest for individuality and personalization extends to many aspects of life. Whether its customized gifts or customized clothing, consumes today are looking for ways to express themselves. Quite unsurprisingly, this increasing focus on personalization has also influenced the personal vehicle segment. Many consumers are experimenting with their car interiors to enhance comfort and improve the available features. They want their cars to stand out in a crowd in order to reflect their personal style. Car accessories, both interior and exterior, not only spruces up the car but also enhances passenger’s safety and comfort level, making driving a pleasurable experience.

Interior car accessories are add-ons that enhance the interior aesthetics of the vehicle and give an overall entertaining and comfortable riding experience. A mind boggling range of interior car accessories like covers, electronic accessories, knobs, consoles & organizers, car cushions & pillows, fragrance, communication, car mats, central locking system, dash kits, and sunshades are available in the market for serving different purposes.

Key Drivers for Phenomenal Growth

The global interior car accessories market is expected to register a volume CAGR of 3.9% over the eight-year period 2016–2024 based on various factors. As new vehicle buyers accessorize their vehicles, the car accessories market is gaining robust and sustained growth. An increasing demand for fast moving car accessories, growing consumer inclination towards an entertaining driving experience, and rising vehicle customization among a young population are some of the other factors expected to drive growth of the global interior car accessories market.

The growth of the global market for interior car accessories is heavily dependent on the growth of the global automotive industry. Moreover, a growing automotive aftermarket e-retailing in developed markets is also expected to drive growth of the interior car accessories market over the forecast period.

Hampering the Growth

The global market for interior car accessories is facing several challenges due to availability of counterfeit and inferior quality electronic accessories, which are mostly imported from Asian continents to other regions and cost competitiveness due to huge market fragmentation.

Robust Demand for Accessories and Covers

Categorization of the global interior car accessories market is done by product type, vehicle type, and distribution channel. By product type, the electronic accessories and covers segment is anticipated to maintain a dominant share of the global interior car accessories market over the forecast period. By vehicle type, the passenger cars segment is expected to dominate the global interior car accessories market in terms of value over the forecast period. By distribution channel, the aftermarket segment is expected to dominate the global interior car accessories market in terms of value over the forecast period.

Asia Pacific Most Lucrative Market for Interior Car Accessories

The global interior car accessories market has been segmented into five key regions namely North America, Latin America, Europe, Asia-Pacific, and Middle East & Africa. Demand for electronic accessories is expected to be the highest in Asia-Pacific region over the forecast period, followed by Middle East & Africa and Latin America.

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Trailblazers in the Market

The leading players in the market of global interior car accessories are Pep Boys, Pioneer Corporation, Garmin Ltd., O’Reilly Auto Parts, U.S. Auto Parts Network Inc., Pecca Group Berhad, CAR MATE MFG, CO., LTD., Covercraft Industries, LLC, Classic Soft Trim, Lloyd Mats, H.I. Motors, Star Automotive Accessories, and Momo Srl.

 

Favourable Regulations for Growth of KSA Tire Market

The growing production of four-wheeler automobiles has fomented the reformation of road, traffic, fuel emission as well as automobile production regulations in the Kingdom of Saudi Arabia. In 2015, the Saudi Standards, Metrology and Quality Organization (SASO) introduced new rules while amending the existing ones, which has resulted in alteration of the region’s tire market. Saudi Arabia is considered among the leading regions among the GCC countries to promote tire businesses, and records millions of sales through various distribution and retail channels, including e-commerce.

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Nonetheless, experiencing hot days and chilly nights in the Kingdom of Saudi Arabia (KSA) has effectuated in prolonging irregularities in four-wheeler tires. Incidences of accidents caused due to inflation-based tire bursts has garnered lot of harsh scrutiny on the region’s leading tire manufacturers. That’s why, any tire manufacturer or company interested in investing or setting up business in KSA is expected to assess the latest government regulations and evaluate favourable conditions for growth. Some of the important SASO regulations influencing the KSA tire market include,

  • Limiting the Rolling Resistance

The foremost technical regulation implemented by SASO is setting limits on rolling resistance quotient of every tire produced and used in Saudi Arabia. Impressive road and traffic infrastructure in KSA is proving disadvantageous, owing to the rise in accidents occurred due to tire-skidding. Saudi Arabian tire manufacturers will bind by the production regulation of bringing efficiency in rolling resistance of tires.

  • Tire Efficiency Cards

SASO clarified that the vehicle drivers in Saudi Arabia must follow existing rules of checking the tire conditions regularly. To enforce better implementation of such conventional rules, the board has introduced the use of “Tire Efficiency Cards”. Motorists must acquire these cards from manufacturers, agents and importers and keep updating them with regular tire check-ups. The manufacturers must record data and issue cards to drivers, as the board stresses on increasing energy-efficiency in Saudi Arabian vehicles.

  • Saud Arabia’s Corporate Average Fuel Economy (CAFE) Rule

Abiding by the region’s CAFE standard will improve production of enhanced tires, and supplement the fuel economy of automobiles in manufactured and driven in KSA.

  • Rigorous Implementation

In addition to existing production regulations, the KSA tire manufacturers must incorporate the tire & spare parts regulations stringently along with other manufacturing norms such as air bags for front-seat passenger and driver, electronic stability, and smart braking system anti-lock brakes.

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