Growth of the Autonomous Car Market in Europe

One of the prominent trends presently being witnessed in the automotive lithium-ion battery market is the rising incorporation of lithium nickel manganese cobalt oxide (NMC) batteries in electric vehicles across the globe. This is primarily attributed to the ability of the NMC batteries to provide high energy density and the rising requirement of vehicles having high ranges throughout the world. In addition to this, the declining prices of the NMC batteries, their lesser space requirements, and lighter weights are further boosting The adoption of autonomous cars has increased tremendously in Europe over the last few years and is predicted to rise even more in the coming years. The main reason promoting the deployment of autonomous cars in this region is the presence of favorable laws for the adoption of autonomous cars in many European countries. The policies pertaining to the intellectual property, product liability, corporate /M&A transactions, and cybersecurity in several European countries are very favorable for the development and sales of autonomous cars.

The regulatory policy recently implemented in Spain is the biggest example of such favorable policies related to autonomous vehicles. The Directorate General of Traffic (DGT) collaborated with Mobileye in 2017 for preparing an infrastructure ecosystem and favorable regulatory policy in the country for autonomous vehicles. The DGT encourages the adoption of all autonomous cars up to level 5 in the country. Similarly, in Germany, the Road Traffic Act was recently amended (June 2017) and this new amendment allows drivers to transfer driving control to an autonomous vehicle.

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Globally, the European autonomous car market registered the highest volumetric growth in Germany during the past few years, as per the findings of the market research firm, P&S Intelligence. This is ascribed to the existence of prominent OEMs (original equipment manufacturers) in the country such as Volkswagen AG, Tesla Inc., and BMW and the subsequent launch of new and advanced models having higher automation features. These vehicles are equipped with various advanced driver assistance systems (ADASs) such as smart park assist, anti-lock braking, and blind spot detection systems, which make them highly sought after amongst customers.

The other major factor fueling the demand for autonomous cars in Europe is the increasing customer preference for cars equipped with advanced safety systems and features. Moreover, people nowadays are preferring cars that provide them with an enhanced driving experience. Besides this, the growing popularity of connected car technologies is also boosting the sales of autonomous vehicles in Europe. Due to these factors, the European autonomous car market is predicted to register consistent growth in the coming years.

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Thus, it can be safely said that the sales of autonomous vehicles will climb in Europe in the upcoming years, mainly because of the increasing implementation of favorable government policies in the European countries and the burgeoning customer demand for advanced vehicles equipped with enhanced safety systems and possessing self-driving features. their sales across the world.

What is Biggest Trend Currently Witnessed in Animal Healthcare Market?

Milk and meat have now become important parts of everyday meals. The demand for these products has also been increasing because of the changing lifestyle in developing countries, surging population, and rising disposable income of people. In addition to this, due to rising health concerns, people are now opting for protein-rich food, including meat, eggs, and milk. This is why, the focus on raising the production of farm animals has grown considerably across the globe. 

However, there is a risk of transference of animal diseases to human, which is why, the emphasis on animal healthcare is also growing. As per a study by P&S Intelligence, the global animal healthcare market is predicted to reach a value of $42,926.7 million by 2023, increasing from $31,637.0 million in 2017, advancing at a 5.1% CAGR during the forecast period (2018–2023). In addition to this, the adoption of companion animals has also increased over the past few years. 

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As per an American Pet Products Association 2008 survey, people who owned cats and dogs in the U.S. were observed to be healthier and happier as compared to those who did not own any pets. Furthermore, in 2017, Americans spent more than $69.5 billion on pets. Humans are increasingly getting aware regarding the benefits of keeping pets, which is also leading to the growing focus on animal healthcare all over the world. 

A number of products are used for maintaining the health of farming animals, including anti-inflammatories, feed additives, parasiticides, vaccines, and anti-infectives. Some other animal healthcare products include drugs for productive problems, oncological and antiemetic products, and medicines for pain sedation. Out of these, the demand for food additives was the highest in the past, their demand is further predicted to be the highest in the years to come as well. The increasing feed production and rising consumption of animal-derived products are driving the demand for feed additives. 

All these products are available at different distribution channels, such as pharmacies & drug stores, veterinary hospitals, veterinary clinics, retail stores, and online platforms. The largest demand for animal healthcare products was created from veterinary hospitals in the past, owing to the rising preference of pet owners for these settings. Veterinary hospitals provide overall healthcare solutions for pets unlike other veterinary facilities. In the years to come, the demand for these products is also expected to rise from online platforms because of the expanding e-commerce sector. 

Geographically, North America emerged as the major animal healthcare market in the 2017, owing to the rising spending on healthcare of animals by farm animal owners, emerging trend of pet humanization, and growing requirement for animal-based products. Other than this, the demand for animal healthcare products is also predicted to increase in the Asia-Pacific region in the coming years. The increasing requirement for animal-source food products and rising livestock population in various countries are driving the regional market. 

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Hence, the demand for animal healthcare products is growing due to the increasing demand for protein-rich foods and rising trend of pet humanization.