What is the Potential Demand for Automotive Window and Sealing Systems?

The increasing adoption of vehicles will boost the sales of automotive window and sealing systems in the coming years. The rapid urbanization in emerging economies, such as China, Indonesia, and India, has fueled the adoption of commercial and passenger vehicles in these countries. Moreover, the soaring disposable income of people in developed and developing nations will also propel vehicle sales in the coming years. Owing to this reason, the adoption of such systems will escalate in the near future.

Automotive Window and Sealing Systems Market

In recent years, original equipment manufacturers (OEMs) have shown a great inclination toward lightweight sealants, due to the amplifying focus on lightweight vehicles. Such sealants help in increasing the fuel efficiency of vehicles, as weight reduction directly lowers the fuel usage. Moreover, advancements in the sealing technology have resulted in the production of high-performance engineered solutions for industrial, aerospace, and automotive sealing applications. These developments will accelerate the automotive window and sealing systems market growth at a CAGR of 7.6% during 2018–2025. The market has the potential to grow from $21.7 billion in 2017 to $38.7 billion by 2025.

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According to P&S Intelligence, the Asia-Pacific (APAC) region led the automotive window and sealing systems market in the past, and it is expected to display the fastest growth in the coming years. This can be owed to the soaring disposable income and escalating gross domestic product (GDP) of developing countries, particularly India and China. Due to these reasons, the production and adoption of automobiles have significantly increased in these countries. The Society of Indian Automobile Manufacturers (SIAM) states that India produced 3,434,013 passenger vehicles and 752,022 commercial vehicles during Financial Year 2019–2020.

Thus, the surging adoption of passenger and commercial vehicles will accelerate the adoption of automotive widow and sealing systems in the coming years.

Urban Air Mobility Market Set to Exhibit Tremendous Growth in Coming Years

Urban air mobility basically refers to the urban transportation systems that provide air commuting options to the people. In many major cities and towns, these solutions are rapidly becoming popular, because of the rising road traffic congestion. For example, it has been observed with the help of surveys and studies that “the people in the U.S. spend, on an average, 90 hours in traffic jams every year”. Furthermore, due to these long traffic jams, “their expenditure on travelling increases by more than $1,000 each year”. 

Besides the surging road traffic, “the increasing population levels and number of vehicles have also increased the incidence of road accidents, particularly in the developing nations such as India, China, and Indonesia”. Additionally, many travel and transportation companies are increasingly testing autonomous aerial systems for everyday commuting in many countries around the world. Due to these factors, the value of the global urban air mobility (UAM) market is predicted to rise from $895.0 million to $6,889.4 million from 2023 to 2030. The market is also predicted to exhibit a CAGR of 33.9% from 2023 to 2030.

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Passenger and cargo aircrafts are the two main types of UAM systems available in the market. Between the two, the adoption of passenger aircrafts will be higher in the coming years. Additionally, “these aircrafts will generate huge revenue in the urban air mobility market in future, on account of the fact that the tariffs for these services would be kept much higher” than that of the cargo planes, owing to their higher demand, especially in the major cities.

These urban aircrafts have two types of operating systems namely autonomous and piloted systems. Of these, “the adoption of autonomous operating systems will be higher in the urban mobility systems during 2020—2030”. This is mainly credited to the fact that the planes running on autonomous operating systems are preferred for use in both passenger and cargo services by both the customers and manufacturers over the piloted aircrafts. Furthermore, various aircraft manufacturing companies, infrastructure providers, and researchers working on airspace integration are increasingly making huge investments in autonomous air mobility solutions in order to develop better autonomous aircrafts.

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In the future years, “Europe will observe the fastest growth in the adoption of UAM solutions” as compared to the other regions in the world, as per the calculations of P&S Intelligence, a market research company. This is ascribed to the soaring investments being made in France and Germany for increasing the procurement rate of the electric vertical takeoff and landing (eVTOL) aircrafts for commercial services. Additionally, the enhancing manufacturing capacities of the UAM firms based in Europe and the rising adoption of automated systems will further boost the adoption of UAM solutions in the region in future.

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Therefore, it can be said without any hesitation that the demand for UAM solutions will rise considerably throughout the world over the next several years, primarily because of the increasing prevalence of road accidents and increasing traffic congestion in major urban areas around the world. 

Bluetooth Speakers Market its Future Outlook and Trends

Bluetooth speakers offer wireless audio streaming, playing media from content sources such as smartphones, tablets, laptops, or any other Bluetooth-enabled device. Most of these speakers are portable and easy to install, use, and carry. As most portable Bluetooth devices operate on rechargeable lithium polymer batteries, improvements in lithium-ion (Li-ion) batteries will provide a long playback time to such speakers. Moreover, the improving wireless connectivity and increasing adoption of smartphones will augment the use of portable Bluetooth speakers in the coming years.

Bluetooth Speakers Market Outlook

The rising adoption of such audio devices can be attributed to the growing need for mobile infotainment systems and the mounting disposable income of people around the world. Moreover, the advancement in audio technology will supplement the bluetooth speakers market growth in the coming years. These devices are available at low, premium, and mid-range prices. In recent years, small and sturdy Bluetooth speakers, such as JBL Go by Harman International Industries and BT50B by Phillips Corporation, have gained prominence due to their exceptional sound clarity and rigid designs.

According to P&S Intelligence, North America dominated the Bluetooth speakers market in the recent past due to the booming number of smartphones in the U.S. and Canada. Nowadays, Bluetooth-enabled speakers with Wi-Fi connectivity, such as Google Home, Bose Bluetooth speakers with Alexa (smart voice assistant), and artificial intelligence (AI)-supported Echo Bluetooth speaker by Amazon.com Inc., are becoming a crucial part of smart homes, as these connected devices allow customers to connect multiple devices simultaneously. Additionally, these devices are also used to play music from remote locations.

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Therefore, the increasing need for mobile infotainment systems and surging disposable income will fuel the adoption of Bluetooth speakers in the forthcoming years.

India Electric Car Market to Record CAGR of 34.5% and Increase in Revenue by 2025

“21 of the world's 30 cities with the worst air pollution are in India”, says the headline of a February 2020 article published on the website of CNN. This is not an exaggeration, as an air quality index (AQI) in the mid-200s is common in Delhi, Mumbai, Bangalore, and other metropolises in the country. Considering that the transportation industry plays a major role in the emission of carbon dioxide (CO2) and other greenhouse gases (GHG), the government is now promoting electric vehicles (EV), by offering purchase subsidies and bearing a major part of the research and development (R&D) expenditure.

India Electric Car Market Outlook

As per P&S Intelligence, government support will propel the Indian electric car market from $71.1 million in 2017 to $707.4 million by 2025, at a massive 34.5% CAGR between 2018 and 2025. In this regard, the FAME India scheme, launched in 2014 with an initial investment of INR 795 crore, which was later revised to INR 895 crore, is the most-important step. In 2019, the second phase of the scheme was launched with a funding of INR 10,000 crore, which will be spent on subsidizing electric vehicles and helping companies with R&D for cost-effective electric propulsion.

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Apart from directly promoting EVs, the Indian thinktank has also implemented the Bharat Stage VI (BSVI) emission norms, which mandate a cleaner fuel and accordingly modified internal combustion engine (ICE). This has made conventional cars costlier for the masses, which is why many are expected to buy electric cars in the years to come. In addition, though EVs are currently more expensive than conventional automobiles on account of the high battery cost, the latter is coming down now, rapidly. Between 2010 and 2017, it dropped by almost 80%, from $1,000 per kilowatt-hour (kWh) to $160 per kWh, which, by 2025, might reach merely $100 per kWh.

Already, electric cars in India are being used by government organizations, shared mobility providers, private car fleet owners, personal users, and corporate transportation service providers. Among these, such vehicles have found the widest usage among individuals till now, on account of their declining prices and increasing disposable income of residents. In the coming years, the penetration of electric cars is expected to increase the fastest among Indian shared mobility providers, as a result of the extensive usage of public transportation services, which leads to enormous amounts of GHG emissions.

Thus, shared mobility companies are signing contracts with automakers to induct electric cars into their fleet. For instance, Ola and Mahindra & Mahindra entered into a partnership in 2017 to create an electric mobility system in Nagpur, for which 100 e20 plus cars of Mahindra have already been purchased by Ola. Apart from e20 pluses, Ola will induct electric cars of BYD Automobile Company Limited and Tata Motors Limited. Similarly, Mahindra & Mahindra has also received a contract from Uber India, wherein the latter will add the former’s electric cars in its shared mobility fleets, beginning from Delhi and Hyderabad.

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Presently, Maharashtra leads the Indian electric car market, as its government is offering strong support for such vehicles and installing charging stations. Apart from a $1,550 (INR 100,000) purchase subsidy on each electric car, the Maharashtra government also offers exemption from registration fee, road tax, service tax, and the Goods and Services Tax (GST)to these automobiles, as well as a 20% incentive for EV manufacturing and R&D.

Hence, with the continuous support of the government for EV adoption and manufacturing and EVSE installation, the demand for electric cars is expected to grow steadily in India in the coming years.

Growth of the Automotive Turbocharger Market in Asia-Pacific

Automotive turbochargers are used to improve the power output and efficiency of an internal combustion engine (ICE) because it compresses exhaust air from the engine and dispense it to the combustion chamber. At present, turbocharging has become the standard for most diesel engines and some gasoline engines. Researchers across the world are still exploring new ways to improve the designs of turbochargers for reducing the manufacturing cost and enhancing the performance of this automobile component.

Automotive Turbocharger Market Outlook

As turbochargers help in increasing the fuel efficiency of vehicles, the rising implementation of stringent emission norms by governments across the world will augment the automotive turbocharger market growth during 2020–2030. For instance, Japan, the United States, and countries outside of Europe have drafted their emission policies on the pattern of Euro 6/ Euro VI norms and the associated mandates for low-sulfur and clean fuels. By adopting this emission standard, such countries can help in reducing the emission of carbon monoxide (CO), hydrocarbons (HCs), HC + oxides of nitrogen (NOx), and particulate matter (PM) from petrol and diesel engines.

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According to P&S Intelligence, the Asia-Pacific (APAC) region is expected to hold the largest share in the automotive turbocharger market in the foreseeable future. This can be primarily owed to the surging adoption of vehicles with compact engine size and increasing implementation of stringent vehicle emission norms in the region. Moreover, the mounting purchasing power of customers in emerging economies, such as India and China will also augment the integration of turbochargers in vehicles in the coming years.

High volume adoption of turbochargers by the automotive industry in APAC can also be attributed to the largescale production of automobiles in countries such as China and India. For instance, according to the Society of Indian Automobile Manufacturers (SIAM), India produced 3,062,221 passenger vehicles, 624,939 commercial vehicles, and 18,349,941 two-wheelers during the financial year 2020–2021. Moreover, the China Association of Automobile Manufacturers (CIAAM) states that China produced 1,617,000 passenger cars and 424,000 commercial vehicles in May 2021.

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Thus, the increasing focus on implementing vehicle emission norms, primarily on account of the soaring requirement for reducing air pollution levels, will propel the adoption of turbochargers in vehicles in the coming years.

What are Key Factors Driving the Growth of Canada Mattress and Accessories Market?

The surging disposable income of people in Canada is fueling the demand for various housing accessories such as mattresses in the country. Further, the Canadian government is implementing favorable housing policies, which is resulting in a huge spike in the homeownership rate in the country, which is, in turn, propelling the sales of home accessories all over the country. As per the 2017 report published by the Organisation for Economic Co-operation and Development (OECD), the average growth rate of the household disposable income of people was 3.6% every year. 

Canada Mattress and Accessories Market Outlook

Immigrants account for a significant part of the total population of the country and contribute heavily to the GDP of the country, on account of the low availability of labor, due to the decreasing birth rate and growing geriatric population in the country. The presence of a surging immigrant population is boosting the demand for residential zones, which is subsequently pushing up the requirement of bedding accessories and mattresses in the country. 

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Hence, with the soaring immigrant population and requirement of housing in the country, the sales of mattresses and bedding accessories will surge, which will, in turn, result in the growth of the revenue of the Canadian mattress and accessories market, from $2,468.7 million to $2,689.8 million from 2019 to 2024. Further, the market will advance at a CAGR of 1.7% from 2019 to 2024, according to the forecast of P&S Intelligence, a market research company based in India. Between the market for mattresses in Canada, the sales of mattresses will be higher in the country in the future years.

These products are usually available in specialty furniture shops, mass markets, and online shopping portals. Out of these, the sales of the bedding accessories and mattresses were found to be the highest through the specialty furniture shops during the past few years. This is credited to the existence of a large number of prominent specialty furniture retail outlets across the country such as IKEA, Brault & Martineau, Sleep Country Canada, and Leon’s Home Furnishings.

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Thus, the sales of bedding accessories and mattresses are certain to shoot-up all over Canada in the upcoming years, primarily due to the growing immigrant population and the rising disposable income of the people in the country. 

What is the Potential Demand for Advanced Driver Assistance Systems?

The installation of advanced driver assistance systems (ADAS) has surged in recent years due to technological advancements on account of the increasing focus on comfort and safety features in vehicles. The improvement in sensor technologies has led to the development of electronic equipment that is integral to electric vehicles (EVs) and connected cars. Automobile manufacturers are introducing parking aid systems and adaptive cruise control (ACC) systems to offer comfort to drivers. Moreover, applications of ADASs including drowsiness monitoring and night vision aid in improving passenger safety.

Advanced Driver Assistance Systems Market Outlook

In this regard, the rising government regulations and initiatives regarding vehicle safety are fueling the adoption of ADAS. In recent years, many developed countries have mandated the installation of ADAS solutions to enhance the safety quotient of automobiles. For instance, the Federal Motor Vehicle Safety Standards (FMVSS) issued by the U.S. National Highway Traffic Safety Administration (NHTSA) mandate that automobile and equipment producers must comply with vehicle safety standards. Owing to this, the ADAS market will witness unprecedented growth in the near future.

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As the rules for ESC installation are the most stringent in Europe, this region has generated the highest demand for ADAS components till now. On the other hand, P&S Intelligence projects that the Asia-Pacific (APAC) ADAS market will exhibit the fastest growth in the coming years, on account of the escalating demand for high-end vehicles and growing urbanization in the region. Furthermore, the moderate demand for passenger cars in developed countries and soaring demand for premium cars in the emerging economies in the APAC region will fuel the installation of ADAS products in the future.

To keep up with the spurring demand, automotive component makers, such as Magna International Inc., Continental AG, Audi AG, BMW Group, Valeo SA, Denso Corporation, Ford Motor Company, and Autoliv Inc., are launching new products. For example, Continental AG introduced the electronic horizon (eHorizon) in January 2015. It is based on the principle of cloud sourcing that allows data exchange between the vehicle and cloud and transforms a car into a moving sensor.

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Thus, the incorporation of ADAS solutions in vehicles is led by the escalating focus on road safety by individuals and government agencies.

Electric Vehicle Communication Controller Market Hit Almost $553 Million Figure By 2024

The escalating air pollution levels and the rapid environmental degradation all over the world are the major factors fueling the popularity of electric vehicles. Moreover, with the surge in electric vehicle deployment in several countries, the demand for proper electric vehicle charging infrastructure, including charging stations, is growing rapidly, which is, in turn, propelling the requirement for electric vehicle communication controllers. Electric vehicle manufacturing companies and charging component developers are making huge investments in efficient and smart battery charging systems.

Electric Vehicle Communication Controller Market 

Because of the above-mentioned factors, the demand for electric vehicle communication controllers is surging sharply, which is, in turn, driving the advancement of the global electric vehicle communication controller market. According to the estimates of P&S Intelligence, a market research company based in India, the value of the market will grow from $97.0 million in 2018 to $553.4 million by 2024. Furthermore, the market is predicted to advance at a CAGR of 34.8% between 2019 and 2024. 

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Geographically, the sales of electric vehicle communication controllers are predicted to boom in Europe in the forthcoming years. This will be due to the surging deployment of electric vehicles and electric vehicle charging stations in the region. Moreover, the ballooning sales of electric cars in the region are also fueling the rapid expansion of the electric vehicle communication controller market in Europe. As per reports, the sales of electric cars grew by around 33% in Europe from 2017 to 2018.

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Therefore, it can be said without any hesitation that the demand for electric vehicle communication controllers will skyrocket all over the world in the upcoming years, mainly because of the growing requirement for electric vehicle charging facilities and stations, on account of the rising deployment of electric vehicles in various countries.

How is COVID-19 Situation Affecting Artificial Turf Market?

Artificial turf refers to the surface of synthetic fibers that are made to look like natural grass. In recent years, such surfaces have been replacing natural grass, due to their various advantages, such as high durability, less wear and tear, and low maintenance requirements. Besides, the usage of artificial turf also helps in reducing the consumption of water and other hazardous fertilizers and pesticides. Owing to the benefits associated with these surfaces, their usage has significantly surged in commercial facilities and residential lawns, apart from the sports arenas.

Artificial Turf Market

The artificial turf market has been witnessing a substantial surge due to the expansion of the construction industry. These surfaces are rapidly replacing natural grass in stadiums, sports fields, residential houses, and commercial gardens. For instance, the construction of eight new stadiums in Qatar, on account of the upcoming 2022 FIFA World Cup, will require a high amount of artificial turf. As these artificial surfaces do not require water, they are viable for use in water-scarce regions such as the Middle East.

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With the upcoming sports events such as FIFA 2022 and 2020 Summer Olympics and expanding construction industry, on account of rapid urbanization, companies such as CCGrass, SIS Pitches, ForestGrass, TenCate Grass, Limonta Sport S.p.A., and Victoria PLC are producing artificial turf in huge quantity. Moreover, the rapid infrastructure development in emerging economies such as India and China like the building of smart cities, will augment the sales of artificial grass in the foreseeable future. Additionally, the increasing focus of oil-based economies, such as Saudi Arabia and Qatar, on the tourism and hospitality sectors will amplify the usage of artificial turf for landscaping purposes.

According to P&S Intelligence, Europe generates a notable demand in the artificial turf market, due to the fast-paced replacement of grass surfaced sports arenas with artificial turf, owing to its environment-friendly characteristics and superior quality. As the region is extensively involved in golf, tennis, hockey, and football, Europe adopts a large volume of artificial turf. As Europe is home to large stadiums such as Camp Nou, Wembley, Croke Park, Twickenham, and Westfalenstadion, it requires artificial grass in high quantity.

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Thus, the upcoming sports events and increasing construction activities will augment the need for artificial turf in the coming years.

What are Key Factors Driving the Growth of Italian Electric Bus Charging Station Market?

A fund of $4,371.6 million was allocated by the Italian government to convert the bus fleet in its major urban and semi-urban pockets to those running on new energy, such as electricity. The investment for the period between 2019 and 2033 has been provided considering the strong need to reduce the emission of greenhouse gases (GHG) and other toxic gases from vehicles, as they are the primary culprit in the quickly degrading air quality in the country. Additionally, the national government submitted a proposal on an integrated energy and climate plan to the European Union in 2018, which puts a special emphasis on low- or no-emission transport.

Italian Electric Bus Charging Station Market

With such policies and other financial incentives, the sale of electric buses will increase substantially in the country. Moreover, even the local administrations of Milan, Cagliari, Turin, and other cities in the nation have set targets for converting their public transport system to one which is driven by clean energy. With the rising sale of electric buses, the Italian electric bus charging station market is expected to witness a robust increase in its size, from $12.3 million in 2018, to $44.8 million by 2025, at a 20.3% CAGR between 2019 and 2025. Also known as the electric vehicle supply equipment (EVSE), such systems are required to charge the batteries of electric buses.

There are majorly two types of EVSE being deployed for buses in the country: overnight and opportunity. Of them, overnight charging stations are more popular in the Italian electric bus charging station market, as the buses which are charged by such systems are similar in operation to diesel buses, which every public and mass-transit company in Italy is familiar with. However, in recent times, the popularity of opportunity charging stations has risen, because the buses which use these stations have a smaller battery than those requiring overnight charging. With a smaller battery, the bus can not only be made lighter, but cost-effective too.

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Whether it is being charged at an overnight or opportunity station, a bus uses either an on-board charger or an off-board charger. Of these, the popularity of off-board chargers is predicted to rise faster in the coming years, as they too allow bus manufacturers to cut down on the weight of the vehicle. Plus, they also allow the automobile to be charged more quickly than on-board chargers. Many of the new electric buses being introduced in the country are compatible with direct current (DC) fast charging stations, which is another reason for the burgeoning demand for off-board chargers.

The electric bus charging stations being installed in the country provide power in the range of less-than 22, 22–50, 51–150, and more-than 150 kilowatts (kW). Till now, most stations in the country have offered 22–50 kW of power, because a lot of the buses in operation or being launched by automakers in the country are equipped with DC fast chargers. Quick charging is ideal for buses which have to travel long distance, as regular charging stoppages can be a nuisance to travelers.

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Thus, with the increasing procurement of electric buses in Italy, driven by government subsidies and emission-reduction policies, the installation rate of EVSE will continue accelerating in the coming years.

Mushrooming Demand for Real-Time Tracking Fueling Popularity of Last Mile Delivery

The increasing adoption of the real-time tracking technology, due to the surging integration of the internet of things (IoT) in the transportation and logistics sector, is one of the major factors fueling the demand for last mile delivery solutions across the globe. The tracking technology allows customers to gain real-time insights into the location of their packaging. On the other hand, the delivery-partner-centric real-time tracking technology allows businesses to get a holistic view of the efficiency of logistics.

Last Mile Delivery Market Outlook

This, in turn, inspires them to become more customer-centric. The adoption of this technology has propelled the expansion of the e-commerce industry. It has become imperative for both logistics service providers and e-commerce players to have a well-developed information technology (IT) infrastructure in place for enabling the efficient tracking of transactions and the movement of shipments at all times. Besides this, the huge funding being provided to last mile delivery start-ups is also fueling the last mile delivery market advancement.

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Many venture capitalists and investors are making huge investments in start-ups operating in last mile logistics for expanding their businesses. For example, Lalamove, which is an on-demand logistics provider based in Hong Kong, raised funding worth $300 million in its series D round in 2019 for expanding its operations across Asia-Pacific (APAC). Furthermore, a U.S.-based company named Deliv, raised a funding of $80.4 million over five rounds. Moreover, in October 2018, the company received a funding of $40 million.

Besides the aforementioned factors, the emergence of business-to-business (B2B) e-commerce is also fueling the demand for last mile delivery solutions. Due to these factors, the global last mile delivery market is registering huge expansion. As a result, the market revenue is predicted to grow from $15.7 billion in 2019 to $117.9 billion by 2030. The market is also predicted to demonstrate a CAGR of 20.3% between 2020 and 2030. 

When service is taken into consideration, the last mile delivery market is categorized into business-to-consumer (B2C) and business-to-business (B2B). Between these, the B2C category is predicted to exhibit the higher growth rate in the market in the forthcoming years. This is credited to the increasing adoption of omnichannel retailing, growing technical knowledge regarding the use of online platforms and smartphone apps, and changing purchasing behavior of consumers around the world.

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Geographically, the last mile delivery market will demonstrate the fastest growth in Latin America, Middle East, & Africa (LAMEA) in the coming years, as per the estimates of the market research company, P&S Intelligence. This will be a result of the rising gross domestic product (GDP), increasing number of last mile grocery and food delivery start-ups, soaring adoption of omnichannel retailing, and the surging disposable income of the people residing in the developing countries such as Mexico and Brazil.

Hence, it can be said with surety that the popularity of last mile delivery solutions will soar in the upcoming years, mainly because of the expansion of the e-commerce industry, rising requirement for the real-time tracking technology, and the huge investments being made in the start-ups operating in the last mile logistics sector. 

What Is the Current Scenario of the Electric Vehicle Industry?

The COVID-19 pandemic has massively hampered the progress of the global electric vehicle (EV) industry. As a result, the industry fell by nearly 15% in 2020 in comparison to the sales recorded in 2019. Moreover, electric vehicle sales fell to 1.8 million units in 2020 from the 2.1 million units recorded in 2019, and the market recorded a decline of 43% in comparison to the forecast done for 2020 before the pandemic. 

Electric Vehicle Industry Outlook

It is expected that the Chinese EV industry will see an overall fall of 14% in 2020. The COVID-19 impact on the EV industry in the U.S. has been quite severe. The lockdown measures have been hugely unsuccessful in controlling the spread of the virus, and thus, the demand for electric vehicles fell steeply in 2020. However, the industry is exhibiting strong growth in the European region, even during the pandemic. 

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In many European countries such as the U.K., Germany, Italy, and France, COVID-19 impact on the EV industry has been quite positive, with EV sales rising to more than 145 thousand units in the first four months of 2020, and recording an increment of around 90% from the number reported in 2019. In Norway, EV sales during the first four months of 2020 remained the same as in 2019, as per the observations of the market research company, P&S Intelligence.

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In Germany, the government announced increment in electric vehicle purchase subsidies in February 2020. In Italy, the sales of electric cars grew considerably, on account of the system launched in the country in 2019. One major way in which the COVID-19 impact on the EV industry is visible is that it has made many EV market players and industry stakeholders re-examine their plans and strategies and prepare accordingly for the auto industry’s long- and medium-term growth. 

Germany Set to Witness Explosive Growth of European Automotive Tire Market During 2019—2024

The European automotive tire market was valued at $20,037.8 million in 2018 and is predicted to advance at a CAGR of 4.5% between 2019 and 2024. According to the forecast of P&S Intelligence, a market research company based in India, the market would generate a revenue of $26,327.8 million by 2024. The market is being driven by the expansion of the European automotive industry and the surging replacement rate of automotive tires in the region.

Europe Automotive Tire Market

This region is one of the biggest automotive markets in the world and home to many global automobile part and vehicle manufacturers. Moreover, the future of the industry looks very promising in this region, due to the impact of technological innovations such as electric and autonomous vehicles, the extension of the tariff wars, and the changing consumer preferences. The lucrative growth of the automotive industry will positively impact the progress of the European automotive tire market in the coming years.  

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When design is taken into consideration, the European automotive tire market is divided into bias and radial tires. Of these, the radial tires category recorded higher growth in the market, in terms of number of units sold, in the past years. This category is also predicted to dominate the market in the future years. This is credited to the fact that these tires have a greater durability than the bias tires on account of their construction.

The construction of these tires involves the use of crisscrossed steel belts and perpendicular polyester plies. Globally, the European automotive tire market registered the highest growth in Germany in the years gone by and this trend is predicted to continue in the forthcoming years as well. This is because the country is home to a flourishing automobile industry. As per reports, more than 5.1 million passenger cars were manufactured in Germany in 2018.

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Hence, it can be said with surety that the market will demonstrate huge expansion in the future years, due to the increasing tire replacement rate, the soaring sales of vehicles, and the increasing average lifespan of automobiles in the region. 

What are Major Factors Contributing to Boom of Electric Vehicle Market in ASEAN?

Due to the rising concerns being raised over the environmental pollution and damage caused by the oil- and gas-powered vehicles, the governments of various ASEAN (Association of Southeast Asian Nations) countries are enacting regulations for automobile manufacturing and encouraging the usage of electric vehicles, in place of the conventional oil- and gas-powered ones. Moreover, several governments are also launching schemes, in the form of subsidies and financial incentives, for fueling the deployment of electric vehicles. 

ASEAN Electric V ehicle Market Outlook

As the adoption of electric vehicles can massively reduce the emission of carbon dioxide, the governments of several ASEAN countries are implementing policies aimed at propelling the sales of these vehicles. Many governments are launching incentive schemes to boost the adoption of electric vehicles in transport fleets. For example, the Thailand Board of Investment (BOI) announced in April 2019 that it would reduce excise tax from 8% to 2% for automakers planning to manufacture electric vehicles in Thailand.

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Furthermore, many automobile manufacturing companies are investing heavily in the manufacturing of electric vehicles in the ASEAN region. For example, Toyota Motor Corporation announced in June 2019 that it would invest around $2 billion in electric vehicle manufacturing in Indonesia. Such huge investments being made by automobile manufacturers are fueling the advancement of the ASEAN electric vehicle market, as per the observations of P&S Intelligence, a market research company based in India. 

The most widely used electric vehicles in the ASEAN region are hybrid, plug-in hybrid, battery, and electric vehicles. Out of these, the sales of the hybrid electric vehicles were found to be the highest in the region in the past years. This was because of the existence of several well-established companies such as Honda Motor Company and Toyota Motor Corporation that are manufacturing hybrid electric cars in various ASEAN countries such as Singapore, Malaysia, and Thailand. 

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Nickel-metal hydride (NiMH), lithium-ion (Li-ion), and lead-acid are the major types of batteries used in electric vehicles. Out of these, the usage of the Li-ion batteries is predicted to rise sharply in electric vehicles in the ASEAN region in the future years. This will be because Li-ion batteries have greater energy densities, smaller battery sizes, and higher energy storage capacities than the NiMH or lead-acid batteries. Thailand is one of the ASEAN region’s biggest electric vehicle markets.

The country is currently witnessing huge sales of electric vehicles. According to reports and surveys, around 200 plug-in hybrid and battery electric vehicles were sold all over the country in 2018. Moreover, the country witnessed more than 566.7% growth in the sales of electric vehicles from 2017 to 2018. As per reports, only 30 electric vehicles were sold in the country in 2017 and this number is predicted to rise enormously in the coming years.

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Hence, it is safe to say that the sales of electric vehicles would shoot-up in the ASEAN region in the forthcoming years, mainly because of the rising enactment of favorable government policies and the provision of several financial incentives by the governments of the regional countries. 

China Electric Two-Wheelers Market to Record CAGR of 6.1% and Increase in Revenue by 2025

In the 1950s, less than 20% of the Chinese people were urban dwellers, and by 2018, this percentage had soared to 59%, as per the World Urbanization Prospects 2018 report of the United Nations (UN). This has led to a massive rise in the number of automobiles on the roads of China, in part, making it the largest carbon emitter in the world. As a result, its government has been strongly encouraging the public to adopt electric vehicles (EV) by implementing stringent emission regulations and offering purchase subsidies and tax rebates.

China Electric Two-Wheeler Market

P&S Intelligence says that the increasing urbanization level, which is expected to touch almost 70% by 2030, will drive the Chinese electric two-wheeler market from $7.7 billion in 2017 to $12.5 billion by 2025, at a 6.1% CAGR during 2018–2025 (forecast period). As per the Health Effects Institute and Tsinghua University, deaths in China due to high concentrations of particulate matter 2.5 (PM2.5) could touch 1.3 million by 2030, increasing by a massive 40% from 2013! 

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On the basis of product, the Chinese electric bike market is bifurcated into motorcycle and scooter. Of these, the scooter bifurcation held the larger share during 2013–2017 (historical period),owing to their lower purchase costs and more models that are available for purchase compared to motorcycles. Moreover, with the growth in the e-commerce and food and beverage industries, delivery companies are rapidly incorporating electric scooters into their fleet. Such vehicles have fewer moving parts and a simpler drivetrain than their internal combustion engine (ICE) variants, which makes them cheaper to operate and maintain.

Other reasons for the rising demand for Li-ion batteries in the Chinese electric scooters and motorcycles market are their higher energy density, which enables a longer driving range. Since one of the major factors that make many opt out of buying EVs is their short driving range, improved Li-ion batteries are expected to put an end to their hesitations. In addition, the prices of these batteries have reduced significantly in recent years, thus making EVs cost-effective for the masses. Other advantages of Li-ion batteries are their smaller size, ability to be charged up to 2,000 times compared to 400 cycles for SLA batteries, longer self-discharge periods, and faster charging ability.

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Hence, with government efforts to address the problem of air pollution, which is directly linked tourbanization, as well as the advancements in the battery technology, the adoption of electric two-wheelers will keep rising in China.

Tremendous Growth Expected in Global Tire Mold Industry in Coming Years

As the spending power of people across the globe is increasing, the production of vehicles is rising as well. Now due to urbanization and economic growth, people in developed and developing countries are able to spend money on luxury items, such as cars. In addition to this, because of technological advancements, vehicles themselves have become more affordable. It is because of all these reasons that that the production of vehicles is growing worldwide. For example, approximately 92 million vehicles were produced globally in 2019. Among the major producers of cars, namely China, Germany, and Japan, China produced the largest number of cars, i.e. 21.3 million cars, in 2019. 

Tire Mold Market Outlook

There is no doubt about the fact that this growing production of vehicles is creating an increasing demand for different automobile components, including tires. This, in turn, is driving the demand for tire molds around the world. Under the tire molding process, raw rubber structure is shaped into a functional tire having specified properties and dimensions. A designated pressure is required for the green tire in a mold in order to provide it the final shape. Furthermore, heat energy is needed for stimulating the chemical reaction between rubber and other materials. The global tire mold market is expected to progress at a substantial pace in the coming years. 

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Two types of tire molds are two-piece and segmented molds, between which, the demand for two-piece tire mold was higher in the past. This is because of the lesser complexity and easier operation of these tire molds as compared to segmented molds. However, this being said, the demand for segmented tore molds is projected to increase considerably in the near future, which is due to the higher efficiency in molding and curing of green tires with these molds. 

The different applications of tire molds include off-the-road (OTR) tires, passenger car radial (PCR) tires, and truck & bus radial (TBR) tires. Out of these, the largest demand for tires molds was generated for PCR tires in the past, which can be attributed to the emerging trend of increasing automotive ownership. Other than this, the demand for tire molds for TBR tires is also predicted to increase in the years to come due to the rising demand for logistics and transport sectors. 

When geography is taken into consideration, the Asia-Pacific region emerged as the largest tire mold market in the past, which is owing to the high number of vehicles in the region and mature automotive manufacturing industry in China. In addition to this, a large number of key tire manufacturers are operating in the region. Other than this, the demand for tire molds in North America is also expected to grow considerably in the years to come because of the recent restrictions on trade from China. 

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In conclusion, the growing automobile ownership and increasing disposable income of people is driving the demand for tire molds across the globe. 

Germany Automotive Telematics Market its Future Outlook and Trends

The people of Germany are increasingly adopting automotive telematics solutions due to the increasing preference for smooth road traffic and safe driving alternatives. Road traffic, grave injuries, and mortality are a few unfavorable outcomes of road transportation, the major cause of which is human error. Failure to pay attention, speeding, and keeping a risky distance from the vehicle in front are primarily responsible for road accidents. The Federal Statistical Office (Destatis) reveals that 1,281 people lost their lives in the first half of 2020 in Germany due to such issues.

Germany Automotive Telematics Market

As a result, the Government of Germany has been supporting the deployment of telematics solutions in vehicles by implementing several regulations. The rising government support will accelerate the German automotive telematics market advance at a CAGR of 16.5% during 2020–2030. The market stood at $1,408.2 million in 2019, and it is expected to reach $7,748.0 million by 2030. For instance, the German Association of the Automotive Industry (Verband der Automobilindustrie [VDA]) and Conference of the German Federal and State Data Protection Authorities launched a joint declaration policy in January 2016 on the principles of data protection associated with the use of telematics in connected and conventional vehicles.

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In the coming years, the demand for passenger safety will amplify at a rapid pace due to the development of intelligent transportation systems and automated driving solutions. Apart from safety and security, telematics solutions are used to provide insurance telematics, remote diagnostics, infotainment and navigation, fleet/asset management, and vehicle-to-everything (V2X) connectivity. To meet the spurring demand, companies in the German automotive telematics market are entering into collaborations and partnerships.

Thus, the surging demand for safe driving solutions and escalating focus on reducing the number of road mishaps will boost the installation of telematics solutions in the vehicles offered in Germany.

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Market Segmentation by Product Type

Embedded

Tethered

Integrated

Market Segmentation by Service

Safety and Security

Infotainment and Navigation

Remote Diagnostics

Fleet/Asset Management

Insurance Telematics

Vehicle to Everything (V2X)

Others

Market Segmentation by Channel

Original Equipment Manufacturers (OEMs)

Aftermarket

Market Segmentation by Vehicle Type

Two-Wheeler

Passenger Car

Commercial Vehicle

Construction Machines

Market Segmentation by Verticals

Transportation and Logistics

Government and Utilities

Travel and Tourism

Construction

Education

Healthcare

Media and Entertainment

Others

Market Segmentation by Offerings

Hardware

Software

Services

Increasing Disposable Income Driving Sauces, Dressings, and Condiments Market

“The increasing popularity of exotic dishes and international cuisines and surging disposable income of the people are the major factors responsible for the soaring demand for dressings, sauces, and condiments across the globe”. There has been a sharp rise in travel and tourism over the last few years and this has led to a huge rise in interaction between people of different cultures. This has massively increased the popularity of many regional cuisines and food items, that require sauces and dressings for their preparation.

Sauces, Dressings, and Condiments Market

“The other major factor fuelling the need for sauces and dressings is the increasing preference for healthy snacks throughout the world”. Healthy sauces are often used in preparing these snacks, thereby boosting the demand for various kinds of sauces across the world. Due to these drivers, “the global sauces, dressings, and condiments market generated $115.3 billion revenue in 2017 and is predicted to attain a value of $143.9 billion in 2023”, advancing at a CAGR of 3.8% from 2018 to 2023.

There are various types of dressings, condiments, and sauces used throughout the world namely table sauces, cooking ingredients, purees and pastes, pickled products, and dips. Amongst these, the demand for cooking ingredients was observed to be significantly high during the past several years, primarily because of the huge popularity of home-cooked dishes amongst the people, high preference for healthy meals, and the high costs associated with takeaway foods and restaurant meals all over the world.

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On the other hand, "the sales of table sauces was found to be the highest in the past”. As a result, this category generated considerably high revenue in the sauces, dressings, and condiments market over the last few years. Chili sauces, mayonnaise, tomato sauces, mustard sauces, soy sauces, horseradish sauces, barbecue sauces, and oyster sauces are the main types of table sauces used across the world. Out of these different sauces, the usage of mayonnaise and tomato sauces was found to be considerably high in the last few years.

When the type of distribution channel is taken into consideration, the sauces, dressings, and condiments market is divided into convenience stores, supermarkets/hypermarkets, specialist retailers, and others which include mixed retailers, non-grocery specialists, health retailers, beauty retailers, and internet retailers. Out of these categories, the convenience stores division is predicted to demonstrate the fastest market growth throughout the globe, in terms of both sales volume and revenue, in the forthcoming years. 

Historically, “the APAC (Asia-Pacific) sauces, dressings, and condiments market was dominated by Japan”. This is ascribed to the widespread usage of various types of sauces such as wasabi sauce, soy sauce, and teriyaki sauce in many traditional Japanese dishes and cuisines. However, despite these factors, “the market growth in this country will be outpaced by that in India in the upcoming years", as per the estimates of the market research firm P&S Intelligence, mainly because of the rising popularity of fast foods in the country. 

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Hence, it can be safely said that the market will surge rapidly throughout the globe over the next few years, on account of the increasing popularity of international cuisines and exotic dishes and growing cultural exchange and tourism activities across the world. 

Automotive Fuel Injection System Market Research Report with top Players and Growth Opportunity

The adoption of vehicles across the globe has risen considerably over the past few years, which can be ascribed to the surging disposable income of people and technological advancements that have reduced the prices of vehicles. While a larger number of people can travel comfortably now, the number of vehicles on roads has risen as well, so much so that traffic congestion is becoming a major problem in cities. Other than this, the pollution levels have increased considerably as well, owing to the increased number of vehicles. 

Automotive Fuel Injection System Market

In order to combat this situation and curb harmful emissions from vehicles, manufacturers are looking for ways that can enhance fuel efficiency of vehicles. One of the major developments in the area is that of the fuel injection system. In conventional vehicles, carburetor control the fuel/air mixture, however a single carburetor is unable to give each cylinder the same amount of fuel/air mixture. Now however, vehicles are being fitted with fuel-injected engines and fuel is delivered in precise bursts. Such engines are more powerful and more efficient than traditional engines having carburetors. They are more economical and emit lesser harmful emissions. 

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Owing to these factors, the global automotive fuel injection system market is projected to grow at a considerable pace in the years to come. The growing demand for two-wheelers around the world is also predicted to result in the rising demand for fuel injection systems in the coming years. The demand for two-wheelers is particularly high in Brazil, China, and India, where the requirement for cost-effective means of travelling is high. The rapid urbanization and increasing disposable income of people are also leading to the increasing demand for two-wheelers in emerging economies, which, in turn, is driving the growth of the market. 

On the basis of vehicle types, the market is divided into heavy commercial vehicle, passenger car, and light commercial vehicle (LCV), among which, the passenger car division held the largest share of the market in the past, both in terms of value and volume. This is due to the swift urbanization and increasing disposable income of people. Other than this, the LCV division is predicted to progress at the fastest pace during the forecast period. 

This is because of the lower cost of these vehicles as compared to heavy commercial vehicles and their rising adoption by logistics supply chains, majorly in developing nations. LCVs are highly affordable and have enhanced fuel efficiency, which is why their popularity is rising rapidly. Geographically, Asia-Pacific dominated the automotive fuel injection system market in the past, as per a report by P&S Intelligence. The region is further predicted to grow at the fastest pace during the forecast period because of the stringent emission norms and rising vehicle production.

In conclusion, the demand for automotive fuel injection system is growing due to the increasing need for increasing fuel efficiency of vehicles. 

Automotive Digital Instrument Cluster Market: What are the Key Growth Factors?

As the number of road accidents are increasing rapidly across the globe, the need for making vehicles safer is growing as well. For safe driving, the attention of the driver needs to be on the road at all times; however, the driver also needs to pay attention to other things in the vehicle for driving effectively, among which is the instrument cluster. In order to make things easier, automobile manufacturers are now integrating automotive digital clusters in vehicles instead of traditional instrument cluster, which replace mechanical hardware with virtual options that are drawn on a liquid crystal display.

Automotive Digital Instrument Cluster Market

Owing to this, the global automotive digital cluster market is projected to advance at a significant pace in the coming years. The growing sales of premium cars is one of the key factors leading to the increasing demand for digital clusters, since this technology is majorly being integrated in high-end vehicles. The adoption of premium vehicles has been growing due to the increasing disposable income of people across the globe. The sales of Mercedes-Benz model cars grew to 2.29 million and the sales of BMW cars rose by 4.2% in 2017. Since the competition between such companies is increasing, they are becoming more inclined to provide customers with advanced and better solutions.

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Because of this, innovative human-machine interface features and products are being integrated in car cabins, thereby resulting in the growing use of digital instrument clusters in vehicles. In addition to this, as technological advancements are being made in the domain, it is predicted that this technology will also start catering to low and middle-end vehicles in the years to come. Owing to this, the global automotive digital instrument cluster market is expected to generate a revenue of over $6.6 billion in 2023, rising from $2.0 billion in 2017, progressing at a 21.8% CAGR during the forecast period (2018–2023).

On the basis of display type, the market is divided into thin-film transistor LCD (TFT–LCD), organic light emitting diode (OLED), and LCD, among which, the TFT-LCD division contributed about 60% revenue share to the market in 2017. This can be ascribed to the surging requirement for high contrast displays across the globe. In terms of technology, the market is categorized into artificial intelligence (AI) and non-AI, between which, the AI category held the larger share of the market in 2017.

This is due to the surging penetration of AI-based technologies and features in premium cars, including smart parking and heads-up displays. Geographically, the European regions dominated the automotive digital instrument cluster market in 2017. The sales of these products is primarily dependent on the sales of premium vehicles and since, the sales of such cars is high in Europe, the demand for digital instrument clusters in high as well. Other than this, the demand for this technology is also predicted to increase in Asia-Pacific in the near future due to the increasing adoption of electric vehicles.

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Hence, the demand for automotive digital instrument clusters is growing due to the need for making vehicles safer and because of the increasing sales of premium cars.

Demand for CBD Oil to Expand at a CAGR of Over 24.3% Through 2025

Cannabidiol (CBD), one of the key compounds found in the cannabis plant, is used for numerous medicinal purposes, as it is a non-psychoactive chemical or cannabinoid. CBD is now being used to treat chronic pain, arthritis, migraine, cancer, depression, and anxiety. Owing to the increasing incidence of such chronic diseases and lifestyle-related diseases, several countries have started legalizing marijuana for medicinal purposes. This will accelerate the CBD oil market, which, according to P&S Intelligence, valued $1,735.1 million in 2019, at a CAGR of 24.3% between 2020 and 2025.

CBD Oil Industry Scope - P&S Intelligence

The legalization of CBD in the U.S. and Canada will escalate its usage in the coming years in the first place. Following the suit, several other nations, such as the U.K., South Africa, Spain, Mexico, Thailand, South Korea, Japan, and Brazil, have allowed the complete or partial sale of CBD-based products. Though the regulations in these countries vary, the cultivation of marijuana and downstream production are substantially increasing, which will, in turn, spike the interest among potential customers. The surging demand for the products will create additional jobs and fill the coffers of government and private entities.

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In the coming years, the production of tincture-based products will increase at a considerable rate due to their growing application in the medical sector, primarily for the treatment of pain, depression, movement disorders, and anxiety. Additionally, this compound is also preferred for recreational purposes owing to the deregulation and easy availability of tinctures because of their less-potent effects than other CBD products. Additionally, this CBD product can be administered by placing it under the tongue and, therefore, favored over inhalation. Moreover, tinctures can be easily procured through retail and specialty stores, e-commerce websites, and pharmacies.

Globally, the North American CBD oil market will witness the highest sale of the products in the coming years, on account of the legalization of marijuana for research and medical purposes and hefty investments by private players for attaining the permit for planting cannabis, stocking it, and distributing the end-products. Moreover, the extensive promotion of the compound as a natural phyto compound and lifestyle and wellness product and launch of CBD-based pharmaceuticals will boost their usage in the foreseeable future.

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Thus, the legalization of CBD for medicinal and recreational purposes and surging investments in deciphering the potential uses of marijuana and hemp will widen the application base of this chemical in the future.