Market Insights: Marine Electronic Navigation System, Medium & Heavy-duty Truck Steering System, & Automotive Lens Market forecasted for period from 2023 - 2030

SEATTLE, WASHINGTON, USA, June 26, 2023/EINPresswire.com/ --

The global marine electronic navigation system market is expected to witness substantial growth owing to the rising maritime tourism and increasing seaborne trade activities. The market is segmented based on product type, application, and region. The charts and graphs included in the report provide a comprehensive understanding of the market trends and opportunities. The Marine Electronic Navigation System Market size is expected to grow from USD 299.00 Million in 2022 to USD 265.20 Million by 2030, at a CAGR of -1.70% during the forecast period.

Two main types of electronic charts are used in marine electronic navigation systems are:

• Vector Chart (ENC)
• Raster Chart (RNC)

Marine Electronic Navigation System (MENS) is a collection of electronic devices that are used for navigation, situational awareness, and communication on board vessels. ENCs are computer-generated, vector-based, and geo-referenced charts. They provide the user with a high degree of accuracy due to their ability to be updated in real-time, and corrections made to any errors. RNCs, on the other hand, are scanned versions of paper charts. They are less accurate than ENCs but are preferred by some mariners due to their similarity with traditional paper charts.

Marine Electronic Navigation System is crucial in both military and commercial applications. In defense, navigation systems such as GPS, radar, and sonar are used to track vessels and detect potential threats, while in commercial applications, they are used for accurate navigation, collision avoidance, and efficient route planning. These systems use advanced technologies to provide detailed information about weather conditions, currents, tides, and other factors that affect marine transportation.

The marine electronic navigation system market is highly competitive, and key players are continuously engaged in research and development activities to maintain their competitive edge. Some of the leading players in the market include RH Marine, Furuno Electric, Raytheon Anschütz, DANELEC MARINE, Northrop Grumman Sperry Marine, StormGeo (Nautisk), Kongsberg Maritime, Raymarine Marine Electronics, Japan Radio, B&G Company, Simrad Yachting, Highlander, Dalian Navtech Information, and Xinuo Information Technology.

As for sales revenue figures, some of the above-listed companies have reported the following in recent years:

- Furuno Electric: over $2.35 billion in revenue in 2019
- Kongsberg Maritime: over $1.9 billion in revenue in 2020
- Japan Radio: over $1.1 billion in revenue in 2020

The marine electronic navigation system market is witnessing significant growth in all regions, including North America, APAC, Europe, USA, and China. In terms of market share percentage valuation, the Asia-Pacific region is estimated to hold approximately 50% of the market share by the end of the forecasted period. The increasing demand for advanced marine mapping systems, increasing government investments in the marine industry, and rising marine traffic are the key factors driving the growth of the Marine Electronic Navigation System market in this region.

North America and Europe are also expected to hold a significant market share, with a projection of around 25% and 20%, respectively. The increasing demand for marine electronic navigation systems in developed countries such as the US, Canada, Germany, and the UK, coupled with the growing adoption of integrated ship systems, is expected to drive the growth of the Marine Electronic Navigation System market in these regions.

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The Medium and Heavy-duty Truck Steering System Market is expected to grow from USD 2.00 Billion in 2022 to USD 2.30 Billion by 2030, at a CAGR of 2.20% during the forecast period. The Medium and Heavy-duty Truck Steering System market research report is a comprehensive analysis of the market segment based on type, application, region and market players.

The Medium and Heavy-duty Truck Steering System market is projected to grow rapidly in the coming years, driven by several factors. One of the major drivers of this market is the growth in the transportation sector across the globe. The increasing demand for logistics and transportation services has led to an increase in the demand for medium and heavy-duty trucks, which in turn, has driven the demand for steering systems for these vehicles. Additionally, the implementation of stringent regulations regarding emissions and fuel efficiency has led to an increased investment in research and development by manufacturers, driving the growth of the market.

The medium and heavy-duty truck steering system market is highly competitive, consisting of several major players, including Robert Bosch GmbH, ZF, Nexteer, RH Sheppard Co., Inc, Hitachi, CAAS, JTEKT, and Mando. These companies provide steering systems that are essential for the efficient and safe operation of medium and heavy-duty trucks.

Sales revenue figures for some of the above-listed companies include:

- Robert Bosch GmbH reported a revenue of €55.9 billion in 2020
- ZF reported a revenue of €32.6 billion in 2020
- Nexteer reported a revenue of $3.7 billion in 2020
- RH Sheppard Co. reported a revenue of $174.5 million in 2020

Our report covers multiple other companies apart from the one mentioned here. We can also add more companies based on your specific requirements. The report covers the competitive landscape along with their market size, revenue, growth rate, potential and other key parameters.
The medium and heavy-duty truck steering system market is expected to grow at a steady rate in North America and Europe due to the high demand for commercial vehicles. In terms of market share percent valuation, North America is expected to hold a share of around 38%, and Europe is expected to hold a share of around 32% of the medium and heavy-duty truck steering system market. The Asia Pacific region is also expected to witness significant growth in the market, with an expected market share of around 25% due to the increasing demand for medium and heavy-duty trucks in countries such as China and India. Other regions such as Latin America and the Middle East & Africa are expected to hold a smaller market share in the forecast period.

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The Automotive Lens Market is expected to grow at a CAGR of 14.90% during the forecast period (2022-2030). The growth in the market can be attributed to the increasing demand for safety features and advanced driver assistance systems in vehicles. The report provides a detailed analysis of the market, including market size data and forecasts, market trends, and competitive landscape. The market size for Automotive Lens is estimated to be USD 1.8 billion in 2022 and is projected to reach USD 4.60 billion by 2030.

Automotive lenses are essential components of vehicles that provide visibility during driving. These lenses are designed to enhance the driver's ability to see the road and other drivers around them. The three types of automotive lenses are front view lenses, rear/surround view lenses, and interior vision lenses. The front view lens is located on the front part of the car and is designed to provide a clear line of sight to the driver. The rear/surround view lens is located on the backside of the vehicle and provides a clear view of the surroundings. Finally, the interior vision lens is situated inside the car and offers a clear view of the interior.

Automotive lenses are used in both passenger cars and commercial vehicles, primarily for lighting purposes. They help to provide adequate visibility on the road, by ensuring that the light emitted from the headlamps and taillights is focused in the right direction. They are also used in indicators, brake lights, and reverse lights. In passenger cars, automotive lenses are mainly found in headlamps, whereas in commercial vehicles they are used in all lighting applications. They are typically made of plastic or glass, and are designed to withstand harsh environmental conditions.

The global automotive lens market is highly competitive with the presence of several players striving to expand their reach and increase their market share. Some of the prominent players operating in the automotive lens market are Sunny Optical Technology, Sekonix, Nidec Sankyo, Shinwa, Maxell, Asia Optical, Largan, GSEO, Ricoh, Sunex, Calin Technology, Ofilm, Union Optech, Naotech, AG Optics, and Lante Optics.

Sales revenue figures:

- Sunny Optical Technology: $1.5 billion in 2020
- Sekonix: $92 million in 2020
- Nidec Sankyo: $190 million in 2019

In conclusion, the automotive lens market is highly competitive, with several players operating in it. The companies’ focus on innovation, product development, and quality has helped them to establish a strong presence in the market. The increasing demand for advanced safety systems and technologies in automobiles is expected to drive the growth of the automotive lens market in the coming years.

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