The automotive turbocharger market was USD 15.2 billion in 2023, and it will rise to USD 26.2 billion, with an 8.2% CAGR, by 2030.

The growth is because of the rigorous emission rules executed by governments because of environmental worries and to succeed in sustainable development. A turbocharger assists in decreasing emissions and enhancing fuel effectiveness.

This wastegate category, based on technology, accounted for the largest share, of 55%, and it will advance at an 8.0% CAGR in the coming years. This is because of the industry's familiarity with wastegate turbochargers, which can be installed easily in different vehicles like trucks, SUVs, and cars. The diesel category, based on fuel type, led the industry, with a 45% share, and it will advance significantly, with 7.6% CAGR, in the coming years. This can be because of the extensive use of diesel engines in buses, trucks, construction equipment, and agricultural machinery. The LCV category, based on vehicle type, is likely to advance at the fastest rate, of 8.5%, in the years to come. This is because of the growing need for LCVs with the substantial expansion in e-commerce around the globe. This generates a high need for more effective transport solutions in urban areas.

APAC accounted for the largest share of the industry, of 45%. This can be because of the rising need for passenger cars as well as the stringent emission rules employed by the governments in this region. India and China are the two most populous nations globally, which is why they observe a widespread need for vehicles from both the commercial and private sectors. Europe will propel at a significant rate in the years to come. This is because of the existence of several of the world’s leading automotive manufacturers, including BMW, Mercedes-Benz, and Volkswagen. Moreover, the region is a leader in the acceptance of fuel-efficient automobiles owing to the costly fuel, rigorous emission guidelines, and rising consciousness of environmental problems among customers. With the rising emphasis on sustainable development, the automotive turbocharger industry will advance continuously in the years to come.

Offshore Wind Turbine Market Will Reach USD 24,603.5 Million by 2030

In 2023, the offshore wind turbine market achieved a revenue of USD 6,762.0 million, and it is projected to experience substantial growth, reaching USD 24,603.5 million by 2030. This advancement is expected to occur at a Compound Annual Growth Rate (CAGR) of 21.0% during the period from 2024 to 2030. This growth of the market can be credited to the execution of supportive government rules in numerous nations, huge expenditures on renewable power sources, and continuous technical growth in offshore plants.

The shallow water category is dominating the industry. This is mainly because it comprises offshore wind turbines fitted in water depths of up to 35 meters, and fixing wind towers in this deepness is much simpler and also decreases capital spending. Furthermore, shallow-water regions are best for manufacturing the base for wind towers and provide higher ease over deep and transitional-water installations. On the basis of installation, the floating category is estimated to witness significant development in the offshore wind energy industry during the projection period. As the power demand increases, key companies and nations are accepting renewable energy sources, mainly wind power, because they are clean power and obtainable in enormous amounts around the clock. The restriction of fixed foundation is generally restricted to waters less than 50 meters deep. This has encouraged the growth of floating offshore wind turbine farms. Turbines with a power capacity ranging from 3 to 5 MW hold the predominant market share based on turbine capacity, and this trend is anticipated to persist in the future. The popularity of these turbines stems from their extensive deployment, ranging from nearshore to transitional waters, coupled with their substantial power-generating capacity, making them highly efficient for large-scale energy projects. Global companies are making significant investments in the installation of these turbines, attracted by their cost-effectiveness in terms of both operating and maintenance expenses. During the projection period, the APAC region is estimated to witness the fastest development, growing with a CAGR of 21.6%. This is mainly because the continent is projected to experience a huge count of windmill installations on oceans, lakes, and seas, mainly because of the growing government initiatives targets to encourage wind energy; and the rising concentration on lessening the dependency on fossil fuels for the production of energy. As of 2023, China is at the forefront of the Asia-Pacific (APAC) offshore wind power market, boasting an installed capacity of 64.3 GW. This leadership position is attributed to the significant annual growth in the installation of offshore wind turbines in the country. Notably, regions such as Guangdong, Fujian, and Jiangsu have set ambitious targets, aiming to achieve 2 GW, 3.5 GW, and 3.5 GW offshore wind power capacities, respectively, by the year 2023.

APAC Is Dominating EV Battery Swapping for Two- and Three-Wheeler Market

The rising demand for two-wheelers in business-to-business services like hailing, scooter sharing, and last-mile transport armed with thriving electric three-wheeler (rickshaw sales) for passenger and load carrying has offered prospects for battery-swapping places to arise. Asia-Pacific is a center for electric three-wheelers and two-wheelers, which are utilized mainly for passenger transportation, particularly for last-mile transport. However, the deficiency of satisfactory charging amenities is a key issue for most electric three-wheeler and two-wheeler possessors.

In recent years, the subscription model category had the larger share in the EV battery swapping for the two- and three-wheeler market, based on service type. This can be credited to its advantages provided over the pay-per-use model, including, reduced price per swapping, battery rental, and affordability, due to which clientele have usually favored the subscription model. Furthermore, the battery in a two- or three-wheeler costs 30-40% of its entire price. The subscription model provides the suppleness to buy the vehicle without the battery, therefore supporting reducing the price of electric vehicles. The EV battery swapping for the two- and three-wheeler industry is projected to experience faster development in the Li-ion bifurcation, based on battery type, as Li-ion is being measured as the technology of the future. Internationally, APAC, dominated by China, is the leading region in EV battery swapping for the two- and three-wheeler industry. India and China are the two largest industries for electric two and three-wheelers in the globe. The successful acceptance of the battery-swapping idea in Taiwan has given a lift to the industry in the region. Moreover, the high populace density in key metropolises, armed with the massive two-wheeler user base, is promoting the industry in the region. Hence, the rising demand for two-wheelers in business-to-business services like hailing, scooter sharing, and last-mile transport are the major factors contributing to the growth of the market.

Making the Most of Battery Management Systems in the EVs A robust EV performance requires long life cycle, higher power, and a c lucrative battery battery. By the way, Li-ion batteries show up because of their superior energy, power and long-life cycle, and they are used in practically all-e- cars. Though, Li- -ion batteries have numerous issues like susceptibility to overheating and thermal disparity, affecting EV performance and safety. Installation a suitable battery management system is essential to take full benefit of the EV.

What is a Battery Management System? A battery management system (BMS) is an electronic structure that controls the charging and discharging of the battery, is responsible for the safety of its operation, monitors the state of the battery, and evaluates secondary performance data. Role of BMS in the Performance of EVs The battery management system offers individual control of the voltage and cell resistance, regulates the loss of capacity because of disproportion, and guarantees safe connection of the load. How Does a BMS Surge the Performance of EVs? The BMS is mainly accountable for monitoring the parameters of the battery. The analog front end gathers data for determining the battery's health, state of charge, and cell balancing. This advances the performance of an EV. The battery management system performs various functions to ensure the safe and effective operation of EV. SOC assessment helps in determining the battery's energy obtainability and its lifecycle. There are 3 approaches of determining SOC: direct measurement, coulomb counting, and a combination of these 2 methods. State of health State of health measures the general condition of the battery and aptitude to attain the specified performance relative to a novel battery. The state of health of the cell could be determined with the use of any parameter like cell conductance or impedance altering significantly with time. Communication The battery management system also eases communication of info to the driver, for instance, by activating an alarm or reporting the state of charge, in addition to to supplementary onboard equipment, for instance, for requesting changes in operation of the vehicle in response to the battery condition. The battery management system can likewise be put to use for monitoring diagnostics and performance of the EV or set parameters of the system. It is because of all these benefits that are associated with the battery management systems, the demand of the same will reach at a value of around $22,280 million by the year 2030, and that too at a healthy growth rate of 15% around the globe.

What Makes Shared Scooters So Famous Among People?

Rentable electric scooters are becoming increasingly popular among customers as a substitute for driving a personal vehicle for short trips in urban areas, particularly to and from transit hubs and tourist destinations. In congested locations, it is alluring for people to unlock a scooter, get on, and ride a few blocks or a few miles to their destination without being stopped in traffic or wasting time looking for parking. Three major factors are influencing the demand for shared scooters.

• First Mile/Last Mile Time Savings Just-right distances to go by car or public transportation are equally just-right distances to travel by foot. Waiting for the next bus or walking both need time-consuming solutions. Shared electric scooters excel in this situation. Since they don't have docks, you are not limited to parking lots. Get off the bus, locate an electric scooter, and head in that direction. You may be the scooter's next customer when you go home, so leave it there! A month's time savings might total several hours for first and final-mile travel. • Parking Spaces & Pollution If circumstances arose where using public transportation plus shared scooters offered an automobile-competitive answer, consider what it would mean to eliminate automobiles off the road. That would result in less air pollution, fewer parking spaces, and less traffic congestion on our roadways, particularly those leading to and from our urban areas. This has an intriguing long-term effect: when parking demand declines, prices fall, making parking less economical. As a result, parking spots are eliminated to create a place for other improvements. • Affordability The fact that most people can afford shared scooters is perhaps one of their most alluring qualities. Even accounting for the costs of taking public transportation for the middle portion of the trip, the average trip only costs a couple of dollars, which is far lower than the amount that would be spent on petrol, insurance, and parking if someone used their car to travel. Benefits Of Shared Scooters • Shared scooters have a large following and might be advantageous to the neighborhood. • Scooters are enjoyable, affordable, and practical methods to cover short distances in cities. • They advocate for an active, healthy way of life. • Accessible rentals promote increased scooter use, which forces towns to provide more routes and better bike lanes. • Sharing a scooter can reduce short-distance driving, lowering pollution, traffic, and parking needs. • Sharing scooters boosts consumer spending and local business activity. Demand for E-Scooter Booming E-scooters are undoubtedly commonplace among city dwellers and those who live close to college campuses. These vehicles, intended for short-distance transport, include a modest electric motor and a deck where one person may stand. Scooters are rented by the minute through ride-hailing services like Bird and Lime. Users drop them off at their destination for the next user to pick up or pick them up later for a charge.

The word "micromobility" is relatively recent. It alludes to compact automobiles like scooters and electric bicycles. Micromobile vehicles can only move at slow rates and can only transport people over small distances. They use sidewalks, bicycle lanes, and roadways.

Due to Cost-Effectiveness, E-Mopeds Led the Industry E-mopeds dominated the market throughout the historical period and are anticipated to continue doing so in the future years. This may be attributed to the country's developing youthful population, which has led to an increase in the number of people using micromobility services as they are heavy internet and new technology users.

The desire for affordable alternatives to satisfy everyday commuting demands is mostly satisfied by these services since working professionals and young students are more attracted to modern methods of urban transportation.

Surging Requirement for Efficient Transportation Systems The distance commuters must go between a transportation center and the starting or ending point of their journey is referred to as the "first- and last mile."

The FLMs distances have typically been covered by individuals using their automobiles or walking to the destination because public or shared transportation does not link directly to a person's home.

According to a model, the first- and last-mile category in Thai micromobility market is anticipated to increase rapidly in the coming years. The increased consumer demand for shared transportation services, rising disposable income, and government worries about environmental pollution in the nation will mostly be to blame for this.

Key Market Trend Several businesses in the sector are concentrating on obtaining finance from significant investors, venture capitalists, and vehicle OEMs. In order to address customer demand for last-mile connections, this has increased rivalry among businesses and led to the launch of new goods and services.

The size of the electric ATV and UTV market was around $708 million in 2021, which will reach above $3,845 million by 2030, at a mammoth growth rate of approximately 21% in the years to come. The growth is reinforced by the increasing acceptance of adventurous and fun sports and activities, the low noise emissions and low ownership costs of these automobiles, and their increasing use by militaries. Two-seater variations of quad bikes are the most-widely sold UTVs, with an approximately 50% market share in 2021; their sales will advance at a rate of about 21% till 2030. Two-seaters are generally purchased owing to their adaptability and great value. These vehicles can be ridden solo and in tandem and utilized for fun riding, conveying cargo and passengers, and towing purposes.

UTVs have the larger revenue share in 2021 in the electric ATV and UTV market, and this category will grow at a rate of above 22% in the near future, majorly because UTVs are more powerful and swifter. Because of their capability to carry goods, along with navigating trying terrain, UTVs are becoming increasingly popular among ranchers, farmers, and hunters. These vehicles are also common at universities, where they are generally employed for commuting, ferrying athletes and sports, and other simple jobs. Outdoor recreational applications had an about 50% revenue share in the electric ATV and UTV market in 2021, and this category will grow at a CAGR of above 20% in the years to come. This can be credited to the increase in ATV riding activities as a form of outdoor recreation, predominantly in the developed regions. Europe and North America, which are seeing a rise in the usable income and living standards, are home to varying terrain, ranches and farms, and unpaved roads.

Electric ATVs and UTVs are also popular for agricultural activities, mainly in hilly terrain. Being completely electric, they produce lesser noise compared to non-electric vehicles and almost no emissions. They support farmers in surveying fields, supervising field crews, inspecting livestock and crops, plowing fields, and transporting machinery, produce, and supplies. The electric ATV and UTV market in North America generated the highest revenue, of about $458 million, in 2021. This is mainly credited to the acceptance of adventure sports and the presence of market stalwarts manufacturing and marketing quad bikes. Furthermore, government bodies in North America have augmented the investment for the construction of cross-country trails, in an effort to boost outdoor tourism and improve the adventure sports offerings in North America.

Mushrooming Popularity of Electric Vehicles to Propel Demand for Electric Vehicle Supply Equipment in India in Future

Since the last few years, the world has seen a sharp rise in the adoption of electric vehicles (EVs), on account of the rising environmental damage being caused due to the widespread usage of oil and gas-powered automobiles. In the developing nations such as India, the sales of EVs have skyrocketed in the recent years, due to the rising public awareness of the harmful emissions released from the fossil fuel-powered vehicles. The total sales of EVs in India rose from 576,000 units to more than 760,000 units from 2018 to 2019, registering a growth rate of 32.0% during that period. The Indian government is providing purchase rebates, financial incentives, and tax exemptions to the buyers of electric vehicles. For example, the government launched the Faster Adoption and Manufacturing of (Hybrid & Electric) Vehicles in India (FAME) scheme in March 2015 and later revised it in 2019 for promoting the sales of battery and hybrid electric vehicles in the country. Under this scheme, the government is providing subsidies and various financial incentives to EV manufacturers and infrastructure providers, thereby boosting the sales of these vehicles and electric vehicle supply equipment in the country. Hence, with the growing popularity of electric vehicles in the country, the Indian electric vehicle supply equipment (EVSE) market will exhibit rapid expansion in the future years. DC and AC are the two types of chargers used for charging electric vehicle batteries. Of these, the sales of AC chargers were considerably higher during the last few years, due to the lower costs of installation, operation, and production of these charging devices than the DC ones. Moreover, the charging costs at AC stations are much lower than that in the DC facilities, which make the AC chargers extremely popular in India. Geographically, the Indian EVSE market recorded rapid progress in the western region of the country during the years gone by, as per the findings of the market research firm, P&S Intelligence. This is attributed to the heavy government support for the adoption of EVs, especially in Maharashtra and Gujarat and the existence of major electric vehicle component and electric vehicle manufacturing companies in the region. Besides these, the high per capita income of the people bolstered the sales of electric vehicles, which, in turn, fueled the requirement for electric vehicle supply equipment and facilities in this region in the past. Hence, due to the burgeoning sales of electric vehicles in India, on account of the rising pollution and the increasing implementation of favorable government policies regarding the adoption of these vehicles, the requirement for EVSE will surge in the country in the upcoming years.

Rising Deployment of Electric Buses in Public Transport Fleets to Boost Demand for Electric Bus Charging Stations in U.K. in Future

The popularity of electric buses has soared rapidly in the U.K. over the last few years. This is mainly because of the growing public awareness of the environmental damage caused due to the utilization of oil and gas-powered buses. The swift rise in the number of electric buses running on British roads and public transport fleets is boosting the requirement for electric bus charging stations and other kinds of charging facilities all over the U.K. In addition to being deployed in public transport fleets, electric buses are being increasingly deployed in large numbers in military transport fleets in the U.K.

The other important factor propelling the requirement for electric bus charging stations is the increasing number of initiatives being taken by both state and central governments for promoting the usage of electric buses in the country. For example, an order was placed for electric double decker buses by Transport for London (TFL) in June 2018. The buses would be manufactured by Alexander Dennis Ltd. (ADL) and BYD Co. Ltd. (BYD). As per the contract, 37 BYD-ADL Enviro400EV electric buses would be manufactured in the coming years. Out of these, five buses were delivered to the TFL in July 2019. Due to the aforementioned factors, the U.K electric bus charging station market is predicted to demonstrate rapid advancement in the upcoming years. There are mainly two types of electric bus chargers used in the U.K. namely overnight chargers and opportunity chargers. Between the two, the sales of the overnight chargers were found to be higher in the past and this trend is likely to continue in the coming years. This is because of the higher preference of public and private transport agencies for electric buses that can be charged overnight over the buses requiring opportunity chargers. In addition to the above-mentioned factor, the reducing prices of the buses using overnight chargers, on account of the falling prices of the batteries used in these buses, are pushing up the sales of these buses, which is, in turn, boosting the requirement for opportunity chargers. Depending on power, the U.K. electric bus charging station market is categorized into >150 kW, 50—150 kW, and <50 kW bus charging stations. Amongst these categories, the<50 kW division registered the highest growth in the market during the years gone by. However, the >150 kW category will exhibit the fastest growth in the U.K. electric bus charging station market in the upcoming years, as per the forecast of P&S Intelligence, a market research firm based in India. This is predominantly attributed to the ballooning requirement for faster charging stations for electric buses all over the U.K.

How is Rising Urban Road Congestion Driving Smart Parking Systems Market?

It is true that the advent of vehicles and numerous advancements in the automobile industry has had countless positive effects, but vehicles these days are also causing a number of problems. As the disposable income of people has increased in various countries, owing a car stopped being a luxury since more than a decade. This has resulted in an alarmingly high number of vehicles on the roads, which further causes road congestion. Unorganized and inadequate parking spaces are also among factors which cause road congestion. As per industry experts, about 30.0% of the traffic congestion is on account of search for parking spaces.

People violating parking rules and parking their vehicles incorrectly further add to this problem. Because of all these factors, the demand for smart parking systems is growing rapidly. Smart parking basically refers to solutions such as smart parking sensors, counting sensors, or cameras, which are embedded into parking spots in order to detect whether a parking space is free or occupied. The data is collected in real-time and is transmitted to smart parking mobile application that lets the user know about the availability of the space in a parking area. The global smart parking systems market is predicted to generate a revenue of $9.1 billion in 2024, from $3.4 billion in 2018, registering a 16.1% CAGR during the forecast period (2019–2024). Smart parking systems help to park a car on both on-street and off-street parking sites. Off-street smart parking systems help in facilitating an easy pay-and-park process for both long and short durations, due to which off-street parking is more in demand. Hardware, service, and software technologies are offered under smart parking solutions. Hardware components play a major role when it comes to detecting vehicle in parking spots. For example, smart meters are extensively utilized in both on-street and off-street parking systems, owing to the fact that they provide continuous gathering of large volumes of data for further processing and analysis. North America has been making the most use of smart parking systems till now because of the rising focus on adopting technologically advanced parking solutions and as mentioned above, rising number of vehicles on roads and surging traffic congestion in major cities in the region. The demand for these solutions is also projected to rise in the Asia-Pacific region in the coming years, owing to the growing penetration of this technology in China. As smart cities are integrated with all kinds of connected technologies to make things more convenient for people, smart parking systems are bound to be a part of these cities. The major focus of smart cities is to offer managed operations to the residents and connected and advanced transportation facilities are a key component for accomplishing that. Smart parking solutions allow drivers to access real-time information regarding the availability of parking spots, before they set off on their journey. Considering these advantages, the smart parking systems market is expected to grow significantly in the coming years along with the development of smart cities.