Market Trends of Smart Fabrics For Transportation Industry
Mobility Management to Witness Significantly High Growth Rate
- Mobility management in transportation mainly comprises all the systems that enable a driver to reach their destination quickly and safely, with optimal fuel consumption, by deploying the smart fabrics into the vehicle, which can overall enhance the vehicle features.
- Also, with the help of these smart fabric-sensing systems that are installed in the interior cabins, autonomous vehicles can access real-time traffic information through their onboard navigation systems. They can re-route the vehicle to a better route to avoid traffic jams. They can also provide information on refueling stations and parking lots, saving travel time.
- Because of the increasing traffic volume and high air pollution, micro-electric vehicles of the micro-mobility class, which are used for the first and last mile in urban and rural areas, represent a great opportunity. Textiles are trend-setting in this context: by saving the overall mass, fuel efficiency can be improved for a more extended range, and, in the case of freight transport vehicles, a higher payload is possible. In addition to the expected lower mass, another advantage of textiles in exterior applications is the possibility of functionalization utilizing sensors and actuators. The flexibility of the cover material and a new, unfamiliar feel also create potential as a novel design element.
- Over the next few years, due to the technological advancements in the Internet of Things (IoT), drivers can access highway warnings and messages to avoid accidents. Real-time data analytics can utilize the IoT and Big Data capabilities, enhancing mobility systems and ensuring concentrated device uptime. Ultimately, this can reduce vehicle management costs and benefit the transportation industry.
- With the surge in the penetration of autonomous and electric vehicles, the demand for smart fabrics may also increase, driving the market forward. According to CleanTechnica, BYD overtook Tesla as the best-selling electric vehicle brand in 2022. That year, BYD sold just under 1.85 million plug-in electric vehicles globally. Tesla and the SAIC/GM/Wuling joint venture completed the top three brands that year, with Tesla reporting 1.31 million sales. BYD is also the leading manufacturer of electric vehicles in China, based on sales.
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North America Occupies the Largest Market Share
- The North American region occupies the most significant market share, primarily due to the technological advancements and rising technological penetration among users, as well as growing demand from end-user segments, such as automobiles, aerospace, shipping, and railways, which are the primary growth drivers for the smart fabrics for the transportation market, in this region.
- Moreover, major players in this region have launched many efficient and highly advanced products compared to older products to deliver the prevailing services. Also, the emergence of information technology and increased usage of the Internet of Things (IoT) devices in automotive applications have added a whole new dimension to conducting business operations in this region. Also, deploying smart fabric functional systems based on IoT techniques is helping the transportation industry establish and maintain an operational process, directly boosting the market studied.
- Moreover, the region is witnessing a significant rise in the use of autonomous and electric automobiles. A rise in the usage of such vehicles will drive the demand for smart fabrics. This is expected to create ample opportunities for the market to expand and grow throughout the forecast period.
- The total revenue streams of Tesla, Inc., an American multinational automotive and clean energy company headquartered in Austin, Texas, reached approximately 81.5 billion U.S. dollars in 2022, with automotive sales accounting for over 67.2 billion U.S. dollars. Tesla, which began as Tesla Motors in 2003, is a brand of plug-in electric vehicles worldwide. This rise in such numbers will drive the market’s overall growth exponentially.
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