In addition, the Football World Cup in 2014 provided a huge impetus in the growth rate of the tourism vehicle rental market. Pharmaceuticals, food and beverage, consulting, and financial services are traditionally the major customer segments of the business fleet management services.
The market for adaptive lighting systems is estimated to touch USD 2.83 billion by 2020 with an estimated CAGR of 10% over the forecasted period. The Asia-Pacific region is expected to become the major market for the manufacture of these systems with India and China stepping ahead towards becoming automotive component manufacture hubs and sourcing to countries such as US and Germany.
Threshers are farm machinery that is used for the separation of grain from stalks and husks. Given the huge domestic market for grain cultivation and export, the mechanization of the farms is the inevitable step in the Indian agriculture.
Farmers are the intended end users of the tractors. Tractors provide a power source to the farm implements and serve varied purposes. Garden and orchard type tractors are used by farmers to create and maintain lawns, gardens, fruit crops etc.
A cultivator or tiller is an automobile used in farms to assist the farmers in performing tilling and cultivation of land. Farmers are the end users of cultivators and tillers. Cultivators are used to loosen the soil and remove weeds.
The global automotive airbags market is estimated to be valued at USD 13.75 billion by the end of 2015. The market is expected to grow at a CAGR of 18.25% during the forecast period. The installation rates of curtain airbags in new vehicles are expected to exceed 65% in both North America and Europe by the end of 2017, driven by the mandate of federal law in these regions.
The global automotive telematics market is poised to grow exponentially at a 28% CAGR. Approximately 68 million new cars are expected to have advanced connectivity features by the end of the forecast period.
The introduction of new business dynamics, increase in the number of airline passengers and growth in the tourism market are some of the major factors driving the growth of the car rental market in the United States. In US, more than 2.10 million vehicles are engaged in the car rental market, which generates revenue worth more than $27 billion in the country.