Hearing Aids Market to Register a CAGR Growth of 3.9% throughout 2016-2024

According to the latest market report published by Persistence Market Research titled “Hearing Aids Market: Global Industry Analysis and Forecast, 2016–2024,” the global hearing aids market was valued at US$ 7,800.0 Mn in 2015 and is anticipated to register a CAGR of 3.9% from 2016–2024, to reach US$ 10.91 Bn by 2024.

Hearing aids are used for the treatment of profound hearing loss. Disabling hearing loss refers to hearing loss greater than 40 decibels (dB) in the better hearing ear in adults and a hearing loss greater than 30 dB in the better hearing ear in children. Hearing loss is one of the six leading global diseases. Approximately one-third of people over 65 years of age are affected by hearing loss. The prevalence in this age group is greatest in South Asia, Asia Pacific, and sub-Saharan Africa. According to the U.S. National Center of Health Statistics (NCHS), 12 out of every 1,000 Americans suffering from hearing loss belong to the age group of below 18 years. An increasing prevalence of hearing loss among the population is likely to boost the demand for hearing aids globally and further fuel the growth of the global hearing aids market. Moreover, rapidly increasing usage rates of digital hearing aid technology and patient awareness levels are expected to drive market growth during the forecast period (2016 – 2024).

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The global hearing aids market is mainly driven by factors such as gradual increase in disposable income, increase in GDP, and increase in global geriatric population. However, factors such as poor reimbursement policies and lack of infrastructure will hinder the growth of the global hearing aids market in the coming eight years.

The global hearing aids market is segmented on the basis of Product (Behind-The-Ear (BTE) Hearing Aids, Receiver-In-The-Ear (RIE) Hearing Aids, In-The-Ear (ITE) Hearing Aids, In-The-Canal (ITC) Hearing Aids, Completely-In-The-Canal (CIC) Hearing Aids; Technology (Conventional Hearing Aids, Digital Hearing Aids); End User (Audiology Clinics, ENT Clinics, Online Stores); and Region (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa). The Behind-The-Ear (BTE) Hearing Aids segment is estimated to be the highest contributor to the global hearing aids market in terms of value share by 2016 end, followed by the Receiver-In-The-Ear (RIE) Hearing Aids segment. These segments are anticipated to register CAGRs of 3.3% and 3.6% respectively over the forecast period. The Digital Hearing Aids segment is expected to be the fastest growing and most attractive segment over the forecast period and is expected to create incremental opportunity of US$ 2,759.8 Mn between 2016 and 2024. The Audiology Clinics segment is anticipated to register a CAGR of 3.9% over the forecast period.

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On the basis of region, the North America hearing aids market is expected to account for the highest market value share in the global hearing aids market by 2024 end, followed by the Europe hearing aids market. The Europe hearing aids market is estimated to account for 28.0% revenue share by the end of 2016.

The report profiles some of the top companies operating in the global hearing aids market. Key players featured in the report are Sonova, William Demant Holdings A/S, GN ReSound, Amplifon S.p.A., Cochlear Ltd., Starkey Hearing Technologies Inc., Widex A/S, and Sivantos Pte. Ltd. Leading market players are focusing on developing innovative products through robust R&D initiatives to expand their product portfolio and are adopting advanced technologies to provide better solutions to patients. Some companies are also entering into strategic collaborations with other leading market players to develop innovative products and expand their geographical presence.

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Propylene Oxide Market is Likely to Witness a Healthy CAGR Growth of 5.4% By 2025

Persistence Market Research (PMR), in its report, projects the global propylene oxide market to account for revenues worth US$ 13,328 Mn in 2017. This number is expected to surpass US$ 20,000 Mn by 2025-end. The market is estimated to register 5.4% CAGR in terms of value. Increasing applications of propylene glycol as a construction chemical on the back of growing construction sector is expected to drive market growth.

Increasing demand for automotive products has driven considerable growth in automotive sector. Demand for Propylene oxide is on a surge for manufacturing various automotive products such as sealants, adhesives, flexible foams, and paints. Soaring urbanisation and surging production of automobiles have led to huge demand for some continuously adopted products such as carpets, mattresses, car seats and insulators. Such products utilize polyurethane which in turn requires propylene oxide as raw material. The aforementioned factors are expected to drive growth of the market. In addition, increasing application of propylene oxide and its derivatives in various end-use products including engineering plastics & fibers, brakes & hydraulic fluids, power cruisers, automotive coolants, and aircraft deicing fluids are expected to fuel demand for propylene oxide.

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However, several alternatives of propylene oxide have been introduced in the market which are more effective. Moreover, propylene oxide poses negative impacts on the environment and affects humans. Over consumption of propylene oxide may result into hazardous effects on human respiratory track, and causes irritation to eyes and skin. These factors are expected to restrain growth of the global propylene oxide market.

In terms of volume, polyether polyols is expected to be the largest application of propylene oxide. Demand for propylene oxide in production polyether polyols is expected to reach nearly 10,000 KT by 2025-end. In addition, demand for propylene oxide in production of flame retardants is projected to exhibit fastest expansion through 2025.

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Asia Pacific (APAC) is projected to be the most lucrative region for propylene oxide market, followed by North America. Sales of propylene oxide in APAC will account for around 4,600 KT in 2017, and it is further estimated to surpass 7,000 KT by 2025. In terms of volume, market in this region is expected to register highest CAGR. In addition, North America is expected to be the second largest market for propylene oxide, with sales pegged to reach nearly 4,000 KT by 2025. In contrast, sales of propylene oxide in Latin America will exhibit a sluggish expansion at 3.3% CAGR in terms of volume.

Key market players identified in PMR’s report include LyondellBasell Industries Holdings B.V., The Dow Chemicals, SK Chemicals, Royal Dutch Shell, Sumitomo Chemical Co., Ltd., BASF SE, Huntsman International LLC., AGC Chemicals, Repsol, CSPC Pharmaceutical Group Limited, Air Liquide, Air Products and Chemicals, Inc., China Petrochemical Corporation, Eastman Chemical Company, Mitsui Chemicals, Inc., LOTTE CHEMICAL CORPORATION, PetroChina International Co., Ltd., Ineos Group Limited, Tokuyama Corporation, Hanwha Group.

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Evaporation Materials Market to Exhibit a Healthy Growth of 7.3% CAGR Between 2017-2025

The robust expansion of both the electronics and the optics industries in recent years has subsequently fueled the demand for evaporation materials. Manufacturing some of the new-age electronic components such as semiconductors, flat panel displays, microelectronic and data storage device is quite difficult in absence of evaporation materials. Persistence Market Research’s new study on the global evaporation materials market reveals that Asia Pacific will remain the most attractive market for evaporation materials over the next couple of years. Moreover, there is a greater preference for evaporation materials as compared to other processing methods such as chemical vapor deposition and sputtering targets. The process involved in evaporation materials is highly conducive for high purity coatings.

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PMR’s report titled “Evaporation Materials Market: Global Industry Analysis and Forecast, 2017-2025” projects that the global market for evaporation materials is set to reach US$ 1,243.0 Mn by 2017-end, the figure will further increase to 2,185.0 Mn over 2025, expanding at a CAGR of 7.3%. The report projects that Asia Pacific (APAC) will emerge as the most dominant market for evaporation materials by the end of 2017, reaching a valuation of US$ 604.9 Mn. During the forecast period, APAC’s market is expected to expand at an impressive CAGR of 7.6%. The substantial growth of sectors such as electronics, semiconductor and power & energy is primarily boosting the demand for evaporation materials in the region. Meanwhile, Europe is expected to remain as the second most attractive market for evaporation material throughout the forecast period.

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Based on material types, preference for metals will remain high during the assessment period. By 2017-end, metals will account for more than 47% value share of the market.

Between 2017 and 2025, demand for alloys based evaporation materials is also expected to gain a healthy traction. This is primarily owing to their superior characteristics that help is achieving a very high-quality coating.

Evaporation materials find widespread application in the electronics industry. In terms of the value, electronics industry will continue account for the highest market share over 2025.

Application of evaporation materials is expected to increase in the power & energy sector in 2017 and beyond.

The PMR report has profiled some of the prominent players operating in the global evaporation materials market, which include ULVAC, Inc., Materion Corporation, Umicore Group, Aida Chemical Industries Co., Ltd., Plasmaterials Inc., The Kurt J. Lesker Company, China Rare Metal Material Co., Ltd., Canon Optron Inc., Nichia Corporation, GRIKIN Advanced Materials Co., Ltd., and Process Materials, Inc. Many of these companies have started adding custom products to cater to the special requirements of their clients. In addition, market players are also focusing on launching new evaporation materials products in order to expand their product portfolio.

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Autologous Matrixinduced Chondrogenesis Market to Reflect a Significant CAGR of 8.6% During 2016-2024

Persistence Market Research delivers key insights on the global Autologous Matrix-Induced Chondrogenesis (AMIC) Market in its published report titled, “Global Market Study on Autologous Matrix-Induced Chondrogenesis (AMIC): Polyethylene Glycol (PEG) Segment Expected to Grow with a Healthy CAGR over the Forecast Period ”. In terms of revenue, the global AMIC market is projected to register a CAGR of 8.6% over the forecast period owing to various factors, on which Persistence Market Research offers detailed insights and forecasts. The global Autologous Matrix-Induced Chondrogenesis market value in 2016 is estimated to be US$ 96.11 Mn and this is expected to increase to US$ 186.4 Mn by the end of 2024.

Autologous Matrix-Induced Chondrogenesis (AMIC) is a biological treatment method to repair articular cartilage damage. AMIC therapy is a step wise process. Micro fracture surgery is followed by application of a bi-layer collagen I/III membrane. It slows down cartilage degeneration with an intent to avoid or delay partial or total joint replacement (e.g. knee replacement) surgery. The indications for AMIC includes Grade III or IV chondral lesions with lesion size of about 2 cm­­2 to 8cm­­2.

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The growth of the global Autologous Matrix-Induced Chondrogenesis market is mainly driven by increasing demand for minimally invasive procedures, rising prevalence of bone and joint disorders and a surge in sports injuries. Another prominent growth driver is the faster uptake and access along with affordable pricing. However, lack of clinical data and lack of efficient reimbursement is expected to restrain the growth of the market over the forecast period.

The market is segmented based on material type and regions. Based on the material type, the market is segmented into Hyaluronic Acid, Collagen, Polyethylene glycol (PEG), polylactic-co-glycolic acid (PGLA) and others. The PEG segment is expected to grow at a healthy CAGR over the forecast period, owing to its ability to be gelled into complex defects in situ using UV-light. The segment is expected to register a significant CAGR of 11.1 % during the forecast period. The Others segment, which includes PLLA, agarose-alginate, chitosan, poly (ester-ether) polydioxanone, etc. is anticipated to grow at a CAGR of 8.1%. Segments such as hyaluronic acid and collagen are expected to register a CAGR of 8.9% and 8.2% respectively over the forecast period. The PGLA segment is expected to witness a CAGR of 9.2% over the forecast period.

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This report assesses trends that drive the growth of each segment on the global as well as regional levels and offers potential takeaways that could prove substantially useful to surgical products manufacturing companies that wish to enter the global Autologous Matrix-Induced Chondrogenesis (AMIC) market. North America is anticipated to dominate the global Autologous Matrix-Induced Chondrogenesis (AMIC) market with the maximum market share in 2016. North America is expected to account for more than 38% of the total Autologous Matrix-Induced Chondrogenesis (AMIC) market share in terms of value in 2016. Followed by North America, Europe is one of the established markets for AMIC. Europe contributes to around 34% of the total market share in 2016. Among emerging markets, Asia Pacific is estimated to exhibit the highest CAGR of 10.3% over the forecast period, due to higher adoption of AMIC procedures in the region.

Some key players in the global Autologous Matrix-Induced Chondrogenesis (AMIC) market identified in the report include Anika Therapeutics, Inc., Arthro-Kinetics, B. Braun Melsungen AG, BioTissue AG, CartiHeal, Geistlich Pharma AG, JRI Orthopaedics Ltd., Matricel GmbH, Smith & Nephew plc, and Zimmer Biomet Holdings. Persistence Market Research has discussed individual strategies of these companies in terms of increasing focus on overcoming major hindrances through innovation and enhancing the distribution base. The report concludes with strategic recommendations for players already present in the market and new players planning to enter the global Autologous Matrix-Induced Chondrogenesis (AMIC) market.

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Pyrogen Testing Market is projected to Reflect 11.0% CAGR By 2024

Persistence Market Research (PMR) delivers key insights on the global pyrogen testing market in its published report titled, “Global Market Study on Pyrogen Testing: North America Estimated to Be the Dominant Regional Market ”. The global pyrogen testing market was valued at US$ 538.8 Mn in 2015 and is estimated to be valued at US$ 594.4 Mn by 2016 end. The market is projected to expand at a CAGR of 11.0% during the forecast period in terms of value. Global pyrogen testing market value is expected to increase to US$ 1.37 billion by the end of 2024.

Pyrogens are substances that lead to increase in body temperature after their injection. Globally increasing health care awareness, growing number of pharmaceutical and biotechnology companies and shifting focus of population towards treatment of chronic and lifestyle diseases is driving the growth of global pyrogen testing market. Increasing focus of key companies on expanding their presence in Asian countries to meet growing demand is a trend observed in the market. Furthermore, increasing government initiatives for healthcare awareness in the region also support growth of the market.

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The market is segmented based on test type, application, end users, and regions. Based on test type, the market is categorized as recombinant factor C assay, limulus amebocyte lysate (LAL), monocyte activation assay (MAT), and rabbit pyrogen test. Limulus amebocyte lysate segment dominates the global pyrogen testing test type market in 2016. The dominance of this market segment is majorly due to rising preference for animal-free detection. In addition, LAL is the most widely used test type for detection of endotoxins in surgical implants, pharmaceuticals and other application areas such as water and food. The segment is expected to register a significant CAGR of 11.7% during the forecast period. Whereas, monocyte activation assay (MAT) segment is anticipated to grow with a CAGR of 14.7% over the forecast period.

The market is also segmented based on major application areas of pyrogen testing that includes injections, vaccines, tablets, medical devices, and others. In 2016, tablets application segment is expected to dominate the global pyrogen testing market. The dominance of this market segment is majorly due to rising preference among the pharmaceutical manufacturers to produce high quality drugs. However, injections application segment is anticipated to expand at the highest CAGR of 12.6% over the forecast period owing increasing healthcare awareness and rising incidence of chronic diseases globally.

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Based on end users, the global pyrogen testing market is categorized as pharmaceutical industry, biotechnology industry, medical devices industry and others. Pharmaceutical industry application segment dominates the global pyrogen testing market in 2016. Pharmaceutical industry utilizes pyrogen testing to detect the presence of endotoxin substances in their products. The biotechnology industry end user segment is expected to expand at the highest CAGR of 12.1% over the forecast period.

This report assesses trends, that drive growth of each segment on the global as well as regional levels, and offers potential takeaways, that could prove substantially useful to the companies who wish to enter the pyrogen testing market. North America and Europe are expected to dominate the global pyrogen testing market with a maximum market share in 2016. North America and Europe collectively, are expected to account for more than 60% share of the total global pyrogen testing market in terms of value in 2016. Among emerging markets, Asia Pacific is estimated to exhibit the highest CAGR of 12% over the forecast period, due to increasing preference of key players to establish their presence in these regions.

Some of the key players having presence in the global pyrogen testing market identified in the report include Charles River Laboratories International, Inc., Lonza Group, Ltd., Merck & Co., Associates of Cape Cod, Inc., Genscript, Wako Chemicals, and others. PMR has discussed individual strategies of these companies in terms of increasing focus of the companies on advancements, initiatives to increase awareness, enhancing distribution base, and expanding geographic presence.

Car Electronics And Communication Accessories Market to Record a Sluggish CAGR of 5.7% through 2016 – 2024

According to a recent report published by Persistence Market Research titled “Car Electronics & Communication Accessories Market: Global Industry Analysis and Forecast 2016-2024”, the global car electronics and communication accessories market is anticipated to reach a market valuation of US$ 100.75 Bn by the end of 2024, registering a CAGR of 5.7% over an eight-year forecast period (2016 – 2024). In the report, Persistence Market Research analyzes the key factors and trends impacting overall market performance of the global car electronics and communication accessories market.

Rising consumer inclination towards an entertaining driving experience, technically advanced car electronic accessories and communication systems available today, and an overall growth in the automotive industry are key factors likely to boost the growth of the global car electronics and communication accessories market over the forecast period. Increased consumer spending on car accessories and a rising demand for advanced car accessories and communication systems is also fueling growth of the global car electronics and communication accessories market.

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However, availability of counterfeit and inferior quality car electronics and communication accessories along with the inherent design complexity attached to car electronics and communication accessories are some factors expected to hinder sustained growth of the global car electronics and communication accessories market in the next eight years. A huge fragmentation of the global car electronics and communication accessories market is also likely to adversely impact market growth over the forecast period. The global car electronics and communication accessories market is likely to witness certain key trends between 2016 and 2024. Some of the observed trends include – adoption of online configuration tools for car accessories, growth of e-retailing in the automotive aftermarket in emerging markets, consolidation of different market distribution channels, and increasing number of joint ventures by car electronics and communication accessories manufacturers.

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The global car electronics and communication accessories market is segmented by Product Type into LCDs, Mobile Chargers, Cigarette Lighters, Music System, and Communication; by Vehicle Type into Passenger Cars and Pickup Trucks; by Distribution Channel into OEM and Aftermarket; and by Region into North America, Latin America, Europe, Asia-Pacific, and the Middle East & Africa. The LCD product type segment is expected to register a comparatively high CAGR over the forecast period. This segment is estimated to be valued at US$ 15.45 Bn in 2016 and is expected to reach US$ 23.96 Bn by 2024. In the vehicle type category, the Passenger Cars segment is likely to emerge as the dominant segment, estimated to be valued at US$ 60.14 Bn in 2016 and expected to reach US$ 93.39 Bn by 2024, with a CAGR of 5.7% over the forecast period. Among regions, the Asia-Pacific market is estimated to be valued at US$ 21.61 Bn by 2016 end and is expected to register a CAGR of 5.6% over the forecast period. Europe is likely to be the second largest market by value and is estimated to be valued at US$ 20.50 Bn by 2016 end with a CAGR of 5.9%.

The report profiles some of the leading companies operating in the global car electronics and communication accessories market. Leading market players featured in the report are Sony Corporation, Pioneer Corporation, Garmin Ltd., TomTom International, Alpine Electronics, Inc., Delphi Automotive, Clarion Co. Ltd., Blaupunkt, JVC Kenwood Corporation, and Lighterking Enterprise Co. Ltd. Market leaders are focusing on a vertical integration of their supply chain and are entering into strategic collaborations with automotive manufacturers to move up the value chain and cement their foothold in the global car electronics and communication accessories market.

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Exterior Car Accessories Market is Projected to Record Sluggish CAGR of 7.5% By 2024

In a new publication titled “Exterior Car Accessories Market: Global Industry Analysis and Forecast 2016-2024”, Persistence Market Research presents a forecast for the global exterior car accessories market for the period 2016–2024. The global exterior car accessories market is estimated to be valued at US$ 142.24 Bn in 2016, up 5.3% Y-o-Y. In terms of volume, the global exterior car accessories market is estimated to stand at 1,832,747.3 thousand units by the end of 2016 and is expected to reach 2,53,174.8 thousand units by 2024, expanding at a CAGR of 4.0% over the forecast period.

An increasing inclination towards vehicle customizations especially among the younger generation, growing sales of pickup trucks in developed markets, and a rising demand for performance enhancing exterior car accessories are the main factors likely to boost the global market for exterior car accessories over the forecast period. The growth of the automotive sector in the BRIC nations is expected to further fuel market growth.

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However, availability of counterfeit exterior and superior quality car accessories imported from Asian continents; and cost competitiveness owing to a huge fragmentation of the exterior car accessories market are factors anticipated to hamper the growth of the global exterior car accessories market over the forecast period. Also, regulations related to modification of vehicle exteriors in some regions is also anticipated to restrict growth of the global exterior car accessories market. The global exterior car accessories market is categorized by product type (Covers, Racks, Body Kits, LED Lights, Alloy Wheels, Chrome Accessories, Exhaust Mufflers, Window Films, License Plate Frames, Graphics & Reflectors); by vehicle type (Passenger Cars, Pickup Trucks); by distribution channel (OEM, Aftermarket); and by region (North America, Latin America, Europe, Asia-Pacific, and Middle East & Africa).

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The passenger cars vehicle type 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. The OEM distribution channel 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. Among regions, 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.

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 are some of the leading players operating in the global exterior car accessories market. These players are focusing on a vertical integration of their supply chain and are targeting new markets with strategic mergers and acquisitions.

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Automotive Cabin Ac Filter Market is projected to Reflect 6.9% CAGR throughout 2016–2024

A new Persistence Market Research report titled “Automotive Cabin AC Filter Market: Global Industry Analysis and Forecast, 2016–2024” presents market projections for the global automotive cabin AC filter market over an eight-year forecast period (2016–2024). The global automotive cabin AC filter market is estimated to be valued at US$ 2,198.4 Mn by the end of 2016 and is expected to reach US$ 3,738.2 Mn by the end of 2024, expanding at a CAGR of 6.9% over the forecast period. Global consumption of automotive cabin AC filters is estimated to be pegged at 366,547 thousand units by the end of 2016 and is expected to increase at a CAGR of 4.9% over the forecast period.

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Demand for automotive cabin AC filters is expected to increase at a significant rate due to steady rise in vehicle production around the globe. Rising adoption of automotive cabin AC filters to filter pollutants and dust particles and a rising demand for efficient HVAC systems are major factors expected to drive the demand for automotive cabin AC filters worldwide. Cabin AC filters are an integral part of the HVAC system in vehicles. However, many vehicle owners are not aware that this system exists in a vehicle, and hence they are unaware about the replacement cycle of the cabin AC filter. This factor is expected to marginally restrain the growth of the automotive cabin AC filter market over the forecast period.

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The global automotive cabin AC filter market is segmented on the basis of filter type (electrostatic, particulate, charcoal), vehicle type (passenger cars, LCV, HCV), and sales channel (OEM, aftermarket). Persistence Market Research projections indicate that the particulate filter type segment is likely to expand at a significant CAGR of 6.2% in terms of value over the forecast period. The electrostatic filter type segment is expected to register a volume CAGR of 7.1% over the forecast period. “The electrostatic segment is likely to exhibit steady growth in the near future due to the rising adoption of cabin AC air filters in the OEM and aftermarket categories in countries such as China, India, Brazil, and countries of MEA.” — Analyst, Persistence Market Research.

The passenger car vehicle type segment is estimated to account for the largest market share of 76.3% by the end of 2016. This segment estimated to be valued at US$ 1,677.0 Mn by 2016 end and is expected to reach US$ 2,913.6 Mn by the end of 2024, expanding at a CAGR of 7.1% over the forecast period. The segment is expected to grow 1.7X in terms of value between 2016 and 2024. The OEM sales channel segment is expected to expand at a CAGR of 5.6% over the forecast period while the aftermarket sales channel segment is expected to be the most attractive segment in terms of CAGR and market share index throughout the forecast period.

Among regions, the market in Asia Pacific is expected to witness a relatively high CAGR of 10.5% in terms of value over the forecast period. North America and Europe are expected to contribute significant value share to the global automotive cabin AC filter market throughout the forecast period. The market for cabin AC filters is mature in Europe and North America as almost all the passenger cars are equipped with cabin AC filters.

The report profiles some of the leading market players in the global automotive cabin AC filter market – Mann+Hummel GmbH, Sogefi SpA, Donaldson Company, Inc., Robert Bosch GmbH, Denso Corporation, Ahlstrom Corporation, MAHLE GmbH, Freudenberg & Co. KG, Hengst SE & Co. KG, ALCO Filters Ltd., K&N Engineering, Inc., EuroGIELLE S.r.l, ACDelco, and Airmatic Filterbau GmbH.

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Interior Car Accessories Market is Likely to Witness a Healthy CAGR Growth of 5.6% Throughout 2016-2024

The global interior car accessories market is estimated to reach a market valuation of US$ 267.14 Bn by the end of 2024, registering a CAGR of 5.6% in terms of value over an eight-year forecast period (2016–2024). A new report published by Persistence Market Research titled “Interior Car Accessories Market: Global industry Analysis and Forecast, 2016-2024” examines the global interior car accessories market from 2016 to 2024 and provides useful insights on key drivers and trends influencing the market.

The global interior car accessories market is categorized by product type into covers, electronic accessories, knobs, consoles & organizers, car cushions & pillows, fragrance, communication, car mats, central locking system, dash kits, and sunshades; by vehicle type into passenger cars and pickup trucks; by distribution channel into OEM and aftermarket; and by region into North America, Latin America, Europe, Asia-Pacific, and Middle East & Africa. According to analysts at Persistence Market Research, the passenger cars segment is estimated to account for a bulk of the interior car accessories market by the end of 2016 and is expected to hold a market share of 92.0% by the end of the forecast period (2024).

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A growing consumer inclination towards an entertaining driving experience, increasing demand for fast moving car accessories, and rising vehicle customization among a young population are the key drivers expected to fuel growth of the global interior car accessories market over the forecast period. Growth of the global automotive industry and a subsequent rise in the sales of passenger cars and pickup trucks is further likely to boost the global market for interior car accessories.

The global market for interior car accessories does face some challenges. “Availability of counterfeit and inferior quality electronic accessories, which are mostly imported from Asian continents to other regions and cost competitiveness owing to huge market fragmentation is anticipated to hamper the growth of the global interior car accessories market over the forecast period.” — Business Analyst – Automotive, Persistence Market Research.

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By product type, the covers and electronic accessories segments are collectively expected to hold the highest revenue share over the forecast period. The covers segment is estimated to be valued at US$ 36.46 Bn by the end of 2016, up from US$ 34.48 Bn in 2015. The electronic accessories segment is estimated to account for the highest revenue share, valued at US$ 48.84 Bn by the end of 2016.

By distribution channel, the aftermarket segment is estimated to account for 74.7% value share in 2016 and is projected to register a CAGR of 5.2% over the forecast period.

Among regions, Europe is expected to account for the highest share of the global interior car accessories market over the forecast period, owing to increased consumer spending on interior car accessories in the region. Europe is estimated to account for a revenue share of 34.0% by the end of 2016, registering a CAGR of 5.8% over the forecast period. North America is likely to account for 20.1% revenue share by the end of 2024.

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 are some of the leading players operating in the global interior car accessories market. These companies are focusing on a vertical integration of their supply chain. A common trend observed in the global interior car accessories market is that market leaders are targeting new markets with strategic mergers and acquisitions.

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Industrial Dryers Market to Reflect a Modest CAGR of 3.5% By 2024

Robust demand for industrial dryers in the food and pharmaceutical industry is expected to influence the overall growth of industrial dryers market in the near future. In order to maintain a superior product quality and functional value, end user industries such as food and pharmaceutical heavily depend on high performance dryer systems. In addition, stiffer government guidelines for manufacturing processes coupled with increasing concerns over sustainable industrial expansion has compelled these industries to intensify production operations. A study conducted by Persistence Market Research (PMR) reveals that the demand for new industrial dryers will reach at 3,049 units globally by 2024.

Owing to the arrival of advanced drying technology, the application base for industrial dryers has expanded rapidly in recent years. The industrial dryer is a manufacturing equipment in chemical, fertilizer and mineral processing industries. Dryer manufacturers are developing industry specific dryer systems depending on the processing requirement.

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While industrial drying equipment greatly enhances both product value and quality, constraints such as high cost of operation and its severe environmental limitations pertaining to excessive smoke emission may slow down the surging spirit of the market during the forecast period. Moreover, a considerable amount of post processing is involved to minimize the thick discharge of fumes from dryers that entails additional dispensation cost.

PMR’s study further sheds light on the technological aspect of industrial dryer systems, major players in the global market for industrial dryer are actively focusing on making higher investments in R&D pipelines. In the recent past, demand for energy efficient dryers has gained traction, as a result of which manufacturers have shifted their concentration towards developing cost-effective and low-energy consuming dryers. Further, growing preference for superheated steam dryers that offer 70-80% energy recovery and have lower operating cost is a key trend governing the global market for industrial dryers.

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On the basis of product type, spray dryers is expected to be the predominant segment of the market during the projected period, followed by continuous dryer type. The spray dryer segment is expected to account for 26% share of the market over 2024.

Industrial dryers work on two basic principles, direct or indirect, amongst which dryers working of indirect principles are expected to witness a relatively higher demand during 2016 – 2024. Demand for dryers working on indirect principle is anticipated to remain strong in the near future.

Amongst various end user industries chemical, food, and pharmaceutical collectively is expected to account for the majority share of the market both in value and volume terms. In addition, demand for industrial dryer particularly from the chemical industry in expected to remain high throughout the forecast period.

Based on region prospect, the market in Asia Pacific is projected to remain dominant over the next couple of years. The region is expected to witness a CAGR of over 3% during the forecast period. In North America, sales revenue for industrial dryers is expected to grow to US$ 1045.6 Million, expanding at a CAGR of 3.8%. Moreover, key players operating in the global market are implementing market strategies that involve acquisitions and mergers, expansion of facilities and launch of newer products, especially in APAC and North America in order to strengthen their presence in these two regions.

Spooner Industries Ltd, Metso Corporation, ANDRITZ AG, Carrier Vibrating Equipment, Inc., Separation Group, Ventilex Inc., ThyssenKrupp AG, Buhler AG, GEA Group, and HEINKEL Drying are some of the key participants operating in the Global market for Industrial Dryer.

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