Sales of Baby Shampoo Set to Shoot Up in Future

Sanitation and hygiene are the most vital aspects of baby care and shampoos and conditioners are inherent constituents of baby care. As babies are fragile and delicate, hygiene and sanitation products of adults are not recommended to be used on babies. Nowadays, parents have become very cautious about the brands of baby shampoos and conditioners, owing to the mounting awareness about the hygiene of babies. Owing to this reason, parents are now preferring to use toxin and paraben-free baby shampoo and conditioners.

Moreover, the accelerating urbanization rate in populous countries, such as India and China, will steer the baby shampoo and conditioners market growth in the forthcoming years. Increasing urbanization rate in such countries has encouraged parents to amplify their focus on the nurture of their child, owing to which, they have surged their expenditure on baby care products. Additionally, the declining global infant mortality rate will also augment the use of baby shampoos and conditioners in the upcoming years. According to the World Bank, the global infant mortality rate has declined from 64.5 in 1960 to 28.2 in 2019. 

The increasing need for such baby care products is being met by companies such as Johnson & Johnson, The Himalaya Drug Company, Beiersdorf, Unilever, Pigeon, L'Oreal, Mothercare, Burt's Bees, PZ Cussons, California Baby, Weleda, Earth Mama Angel Baby, and Chicco. At present, these baby product manufacturers are actively focusing on partnerships and collaborations to expand their clientele. Currently, these companies are dedicating their resources to develop non-medicated shampoos and conditioners, due to their low cost and their availability in several varieties and colors.

Baby shampoos and conditioners manufactured by the aforementioned companies can be procured from drugstores, supermarkets, hypermarkets, and e-commerce platforms. The highest quantity of medicated and non-medicated baby shampoos and conditioners in the developed nations are purchased from supermarkets and hypermarkets. Whereas, drugstores are the prominent distribution channels for such products in developing countries. Moreover, the rising penetration of the internet and smartphones will direct the customers toward e-commerce platforms and baby product-specific online stores, such as FirstCry and Babyoye.

According to P&S Intelligence, Europe dominated the baby shampoo and conditioners market in the preceding years. Asia-Pacific (APAC) has also emerged as a major procurer of baby shampoos and conditioners in recent years. This can be primarily owed to the booming population and increasing fertility rate of women in China and India. For instance, the World Bank states that the fertility rate of China and India stood at 1.7 and 2.2, respectively, in 2019. Furthermore, the World Economic Forum (WEF) forecasts that the population of India will surpass 1.6 billion by 2060.  

Therefore, the surging awareness among parents about baby hygiene and sanitation and the booming population will amplify the use of baby shampoos and conditioners in the foreseeable future. Moreover, the declining infant mortality rate, owing to the improving healthcare infrastructure, will also propel the consumption of such baby care products in the forthcoming years.  

Indonesia Micromobility Market Set to Exhibit Tremendous Growth in Coming Years

The Indonesian micromobility market revenue stood at $1.1 million in 2020, and it is expected to rise to $19,888.5 million by 2030. Furthermore, the market will register an explosive CAGR of 116.1% from 2021 to 2030 (forecast period), as per the estimates of the market research company, P&S Intelligence. The market is being driven by the burgeoning requirement for mitigating urban road traffic congestion, growing need for first- and last-mile connectivity, and the convenience and low cost of micromobility services. 

With the mushrooming population, the number of vehicles running on Indonesia’s roads is surging, which is leading to road congestion, especially in urban areas. This is subsequently pushing up the demand for mobility solutions that reduce road congestion. As the vehicles included under micromobility are compact, need less space on roads, and can be parked easily, their demand is surging, on account of the rising road congestion in urban areas. Besides, micromobility is also providing a convenient and cost-effective method of traveling. 

The players operating in the Indonesian micromobility market are focusing on facility expansions to expand their customer pool and strengthen their position in the industry. For example, PT. Surya Teknologi Perkasa, which is a subsidiary of the digital distribution firm, PT M Cash Integrasi Tbk, announced the expansion of its e-bike and bike sharing services, namely, GOWES, in January 2020. The company deploys its fleet at seven parking points all over the BINUS campus in Indonesia. 

Hence, it can be safely said that the market will grow substantially in the coming years, primarily because of the rising requirement for better first- and last-mile connectivity and the surging road congestion in urban areas in the country. 

South Korea Micromobility Market to see 52.2% CAGR from 2020-2030

The South Korean micromobility market reached a value of $120.3 million in 2020, and it will generate $11,178.5 million revenue by 2030, as per the estimates of P&S Intelligence, a market research firm based in India. The market is being driven by the rising focus on mitigating traffic congestion in cities, burgeoning requirement for reducing air pollution and traveling expenditure, and soaring need for better first- and last-mile connectivity across the country.

Due to their low cost, abundant availability, and ability to provide greater convenience than conventional transportation systems, the popularity of micromobility services is growing rapidly in South Korea. Moreover, the increasing concerns being raised over the escalating pollution and deteriorating air quality levels are also driving the requirement for micromobility services in the country. According to a study conducted in February 2017, South Korea recorded the second-worst air quality level out of all developed countries that are members of the Organisation for Economic Co-operation and Development (OECD).

As the adoption of micromobility services reduces the requirement for personal vehicle ownership, the soaring popularity of these services is predicted to solve the issue of road congestion, which will, in turn, mitigate the air pollution levels in the country. Besides this factor, the surging demand for better first- and last-mile connectivity is also expected to propel the growth rate of the South Korean micromobility market in the coming years. Depending on vehicle type, the market is classified into e-mopeds, bikes, scooters, e-bikes, e-pods, and e-scooters.

The players operating in the South Korean micromobility market are actively focusing on partnerships in order to expand their operations and bolster their position in the industry. For example, KT Corporation announced in March 2021 that it has entered into a partnership with Omni System Co. Ltd. and the city authorities of Goyang for deploying 400 Tazo bikes near subway stations and other populated areas in the city. The organization also announced that it would start charging a fixed fee of $0.4 (KRW 500) for every 20 minutes from April 12, 2021.

Hence, it can be safely said that the market will register substantial growth in the coming years, mainly because of the rising requirement for better first- and last-mile connectivity and increasing road congestion in the country.

Nutricosmetics Market is Poised to Drive Accelerated Expansion in Coming Years: P&S Intelligence

With the rising public consciousness toward looks and appearance and the surging disposable income of people, especially in the Asia-Pacific (APAC) region, on account of the rapid economic progress of regional countries, such as India and China, the sales of nutricosmetics are soaring all over the world. Nutricosmetics are basically oral-based natural health products that contain antioxidants and targeted nutrients which are required for the treatment of nails, hair, and skin. In simpler terms, nutricosmetics are nutritional supplements that support the structure and function of the skin. These products can be ingested easily and assist in improving the condition of nails, hair, skin, face, and body.

The surging population of geriatric people is one of the major factors propelling the sales of these products around the world. According to the World Population Ageing 2020 report published by the United Nations Department of Economic and Social Affairs (UNDESA), the population of people aged 65 years or above will rise from 727 million in 2020 to more than 1.5 billion by 2050. As geriatric people are vulnerable to various chronic illnesses and medical conditions, their mushrooming population is propelling the worldwide sales of nutricosmetics.

These products are sold in the form of functional foods, beauty supplements, or beverages that contain various ingredients and active nutrients, such as proteins, minerals, botanical actives, enzymes, sterol esters, vitamins, and lycopene, which are produced and marketed as beauty aids. The word ‘nutricosmetics’ is derived by combining two words—nutraceuticals and cosmeceuticals. Some of the major micronutrients that serve as nutricosmetic products are omega 3 fatty acids, vitamin C, collagen, coenzymes Q10, glutathione, flavonoids, and carotenes.

untapped markets that are offering lucrative growth opportunities to nutricosmetic producing companies. Ferrosan A/S, Laboratoires Inneov SNC., Laboratoire Oenobiol S.A.S., Beiersdorf Ag, ISOCELL SA, BASF SE, ExcelVite, Perricone M.D., Martek Biosciences Corporation, Nutrilo GmbH, Denomega Nutritional Oils AS, Quest Vitamins, GlaxoSmithKline Pharmaceuticals Limited, Groupe Danone SA, Frutels LLC, and Functionalab Inc are some of the major players operating in the nutricosmetics market.

Hence, it can be said with full surety that the demand for nutricosmetics will surge sharply in the coming years, primarily because of the rising requirement for personal care products, growing public consciousness toward looks and appearance, increasing disposable income of people, soaring need for natural nutritional supplements, and mushrooming population of geriatric people all over the world. 

Innovations in ADAS Sensors Key to Reducing Road Crash Fatality Rate

Bosch claims that its fourth-generation long-range radar (LRR) for automobiles has a detection range of up to 250 meters, while Continental’s fifth-generation LRR is claimed to have a range of 300 meters. Many more automotive technology companies are bringing innovations in their radar, light detection and ranging (LiDAR), ultrasonic, and camera sensors considering the rising demand for autonomous vehicles. This is because autonomous vehicles require advanced driver assistance systems (ADAS) to drive on their own, which, in turn, require all these kinds of sensors to function.

Therefore, with the increasing popularity of self-driving vehicles, P&S Intelligence expects the ADAS sensor market value to escalate to $40.8 billion by 2030 from $11.5 billion in 2019, at an 11.7% CAGR between 2020 and 2030. The demand for autonomous vehicles is itself being driven by the rising number of road accidents, which already kill more than 1.3 million people each year, according to the World Health Organization (WHO). Since human error is the cause of most such mishaps, not letting humans have the driving control could help lower the road accident and mortality rates.

Even though true self-driving vehicles are still at least four years away from being a common sight on roads, ADAS sensors are still being integrated into automobiles in high numbers. This is because Level 1–3 autonomous vehicles, which are considered semi-autonomous, have been available for a long time. Radar, LiDAR, ultrasonic, and camera sensors are integral to a number of ADAS features, including blind spot detection (BSD), adaptive cruise control (ACC), automatic emergency braking (AEB), lane keeping assistance system (LKAS), cross traffic alert (CTA), adaptive front light (AFL), driver monitoring system (DMS), night vision system (NVS), and intelligent park assist (IPA) system.

A higher number of these sensors are integrated into passenger cars because they outnumber the commercial vehicles produced each year. Moreover, many governments around the world have mandated some degree of driver assistance, to make roads safer. For instance, electronic stability control (ESC) feature was made mandatory in all passenger cars produced since 2012 by the National High Traffic Safety Administration (NHTSA) of the U.S., which essentially gave all of them Level 1 autonomy.

Many other initiatives are being taken around the world to encourage the development and testing of autonomous vehicles. For instance, 27 European Union (EU) member states, Switzerland, and Norway signed the EU’s letter of intent that seeks to improve the cooperation while testing autonomous vehicles. Similarly, 33 U.S. states introduced bills related to self-driving vehicles in 2017, with 15 more taking similar steps in 2018. Moreover, in 2018 and 2019, the U.S. government gave a funding of $100 million and $60 million, respectively, for research and development (R&D) in this area.

As a result, Europe and North America have been among the largest contributors to the ADAS sensor market till now. Moreover, the regions are home to numerous semiconductor and automotive technology companies, as well as automakers, who are all working together on the enhancement of the autonomous driving technology and making it a reality. For instance, in its pilot program conducted in 2019, Waymo ferried 6,299 passengers in its robotaxis across California. Similarly, France, Switzerland, the Netherlands, Sweden, Norway, and Spain have modified their road transportation laws to encourage the testing and future adoption of self-driving vehicles.

Hence, with efforts being made on a global level to make roads safer, the integration rate of ADAS sensors in vehicles will boom.

Demand for Clinical Nutrition to Rise because of Increasing Cancer cases

The geriatric population across the globe has been registering significant growth since the past few years. As the medical industry has made various advancements when it comes to more effective medication and medical instruments. Owing to this, the life expectancy of people has risen. However, the human body is bound to become weak as it grows old, due to which, older people fall sick more often than adults. This is why, geriatric population needs enhanced medical care frequently. 

The digestive system of old people becomes inefficient, making it hard for the body to extract the essential nutrients from the food that is consumed. In addition to this, the loss of appetite is a common problem among older people, which can further result in deficiency of nutrients. Ascribed to these factors, the demand for clinical nutrition has been increasing at a rapid pace. Clinical nutrition helps aged people to meet the needed nutrition intake. 

The major clinical nutrition products are parenteral nutrition, infant nutrition, and enteral nutrition, out of which, the demand for infant nutrition was the highest in the past. Clinical nutrition is important for infants in order to develop a healthy immune system. 

Formulae for infants is widely available in supermarkets and other distribution channels as well. The major types of infant nutrition are probiotic/prebiotic, organic, milk-based, and soy-based. Other than this, infant nutrition is available in three forms, namely powder, ready-to-feed, and liquid concentrate. While powders and liquid concentrates are more affordable, ready-to-feed formulae are more convenient, since they can be directly consumed. Some of the major companies that offer infant nutrition products are Mead Johnson & Company LLC, Nestle S.A., Abbott Laboratories, and Danone S.A.

Other than this, the demand for enteral nutrition is also on a rise across the globe, owing to the rising prevalence of central nervous system diseases (CNS) and increasing number of cancer cases. Enteral nutritional supplements are utilized during the treatment of CNS and cancer disorders, since they ensure that patients consume all essential nutrients. Cancer results in decreased appetite, which can further lead to malnutrition. Attributed to this, enteral nutrition is consumed by cancer patients for staying relatively healthy. 

Geographically, the Asia-Pacific region is expected to emerge as the largest clinical nutrition market in the coming years, owing to the increasing aging population and surging birth rate. In addition to this, malnutrition is highly prevalent in the region, which is also projected to drive the demand for clinical nutrition in the region. The increasing disposable income of people, growing awareness regarding the benefits of clinical nutrition, and rising expenditure in the healthcare in recent years are further expected to lead to the growth of the regional domain. 

In conclusion, the market is growing due to the surging aging population and rising prevalence of cancer. 

Malaysia Micromobility Market to Grow at a Healthy 99.9% Value CAGR Throughout 2030

The Malaysian micromobility market revenue stood at $2.4 million in 2020, and it is predicted to rise to $4,549.8 million by 2030. Furthermore, the market will demonstrate a CAGR of 99.9% from 2021 to 2030 (forecast period), as per the estimates of the market research company, P&S Intelligence. The major market growth drivers are the surging requirement for micromobility services for first- and last-mile commute and convenient and cost-effective mobility options and the burgeoning demand for mitigating road congestion in urban areas.

Micromobility services are being increasingly adopted in Malaysia for first- and last-mile commute, owing to their affordable rates and ability to provide greater convenience than conventional mobility services. These services are generally provided via the station-less or dock-less model, which enables customers to drop off their vehicles at any location as per their convenience. For instance, the popularity of bike sharing services has grown considerably in the country in recent years, owing to their ability to provide low-cost transportation.

Additionally, micromobility services are highly affordable, unlike personal vehicle ownership, which usually requires huge investments, owing to fuel costs, maintenance charges, insurance costs, and parking expenses. When availing micromobility services, users can make payments, simply on the basis of their usage, while the mobility service providers manage additional expenses, such as fuel costs, insurance charges, parking costs, and maintenance charges. Thus, the cost-effectiveness and convenience of shared micromobility services are driving the expansion of the Malaysian micromobility market.

When sharing system is taken into consideration, the Malaysian micromobility market is classified into dockless and docked. Between the two, the dockless category contributed higher revenue to the market during the last few years. This was because of the greater convenience and requirement for less efforts for renting micromobility vehicles under this sharing system in comparison to the docked sharing system. In addition, this sharing system provides greater flexibility in parking, which is further propelling the advancement of the category in the market.

Hence, it is safe to say that the market will demonstrate rapid expansion in the coming years, mainly because of the rising requirement for cheaper and convenient mobility options and surging road congestion in urban areas in the country.

Surging Tourist Footfall Fueling Shower Glass Door Demand in Mexico

The expansion of the hospitality and tourism industries is driving the demand for shower glass doors in Mexico. With the expansion of these industries, the number of resorts and hotels is surging in the country, thereby fueling the demand for shower glass doors. Furthermore, as bathrooms are integral parts of resorts and hotels, with the service and booking charge of rooms varying depending on the luxury components available in the bathroom, the rise in the number of hotels and resorts is propelling the requirement for shower glass doors in the country.

Apart from the aforementioned factor, the increasing focus of people on home decoration and the growing popularity of the do-it-yourself (DIY) trend is also fueling the sales of shower glass doors in Mexico. In recent times, the mushrooming usage of attractive and fashionable interiors is pushing up the requirement for shower glass doors in the country. Additionally, the ballooning popularity of the DIY culture is driving the sales of home decoration products such as shower glass doors in the country. 

Furthermore, the surging construction activities are also fueling the growth of the Mexican shower glass door market. According to the forecast of the market research company, P&S Intelligence, the market revenue will rise from $255.7 million in 2020 to $483.1 million by 2030. The market is also expected to advance at a CAGR of 6.7% from 2021 to 2030 (forecast period). Between the framed and frameless shower glass doors, the demand for the latter was found to be higher in 2020 and this trend is predicted to continue during the forecast period as well.

In recent years, the demand for smart shower glass doors has increased massively. Smart glass is basically a kind of glass piece or glazing the light transmission characteristic of which changes quickly when voltage, light, or heat is applied to it. Doors made from this kind of glass are being increasingly preferred by customers because of their various benefits. The nature of this glass can be easily modified from transparent to translucent or vice versa by blocking or allowing the light to pass through surfaces. 

Therefore, it can be said without any hesitation that the demand for shower glass doors will surge in Mexico in the forthcoming years, primarily because of the booming tourism and hospitality industries, increasing number of hotels and resorts, and soaring construction activities in the country.

U.A.E E-Commerce Automotive Aftermarket to Record CAGR of 14.8% and Increase in Revenue by 2025

In the recent years, the popularity of e-commerce automotive aftermarket companies such as Amazon Marketplace and eBay Motors has grown massively in the U.A.E., and this trend will continue in the coming years. This is because these companies provide a diverse range of products, fast transactions, and a hassle-free and smooth shopping experience to customers. Moreover, the online buying of automotive products from aftermarket companies allows customers to do extensive product research and comparison and also understand the product specifications. 

Apart from the aforementioned factor, the growing popularity of the do-it-yourself (DIY) culture and the emerging trend of vehicle customization are also fueling the online sales of automotive aftermarket products. While service centers and mechanics have been the traditional core customers of e-commerce automotive aftermarket companies in the U.A.E., nowadays, DIY aficionados are quickly becoming their major target pool. The rising prevalence of road accidents is also propelling the online sales of automotive aftermarket components in the country.

As per the World Health Organization (WHO), nearly two deaths are reported every day in the U.A.E. because of road accidents. Furthermore, as per the observations of the WHO, safe vehicles greatly reduce the chances of road accidents. This means that regular servicing and the replacement/upgradation of vehicle parts such as brake components, tires, suspension systems, lights, filters and fluids, and oil and transmission fluids is required for mitigating the incidence of road accidents.

This is subsequently pushing up the demand for automotive aftermarket products in the country, as these parts are easily available and more affordable than the ones made by the original equipment manufacturers (OEMs). Hence, it is safe to say that these factors are driving the growth of the U.A.E. e-commerce automotive aftermarket. As a result, the market value is expected to surge from $318.2 million in 2020 to $634.4 million by 2025. 

Furthermore, the market is predicted to exhibit a CAGR of 14.8% between 2020 and 2025. Depending on type, the market is divided into service and product. Between these, the service category is predicted to demonstrate the faster growth in the U.A.E. e-commerce automotive aftermarket in the coming years. This is credited to the emergence of various app-based service providing companies, on account of the growing internet penetration in the country. 

Moreover, people are increasingly preferring buying from e-commerce automotive aftermarket companies, on account of the greater convenience provided by them than the conventional brick-and-mortar stores. When component is taken into consideration, the U.A.E. e-commerce automotive aftermarket is divided into lubricant, car parts, battery, and tire categories. Out of these, the tire category is dominating the market, in terms of revenue, as per the observations of the market research company, P&S Intelligence.

Hence, it can be safely said that the popularity of e-commerce automotive aftermarket companies will surge in the U.A.E. in the forthcoming years, primarily because of the rising public preference for online shopping over buying from the brick-and-mortar stores, increasing demand for vehicle customization, growing trend of the DIY culture, and the soaring penetration of the internet in the country. 

U.A.E. Color Cosmetics Market Future Set to Have Huge Growth with High CAGR value

A number of factors, such as the growing disposable income of people, rising public consciousness regarding physical appearance, escalating demand for organic color cosmetic products, booming population of working women, soaring number of digital marketing channels and influencers, and mounting investments in advertising and marketing campaigns are expected to drive the U.A.E. color cosmetics market at a CAGR of 7.6% during the forecast period (2020–2030). The market was valued at $370.6 million in 2020, and it is projected to generate $769.7 million revenue by 2030.

Color cosmetics demand in the U.A.E. is currently driven by the increasing consciousness about physical appearance among people. The U.A.E.’s populace, especially young working females, is opting for eye shadow palettes, hair color products, nail paints, and lipsticks to enhance their physical appearance. Moreover, the increasing penetration of photo-centric social media networks is fueling the demand for such makeup products, as these networks increase the awareness about physical appearance among young working women and adolescents.

The product segment of the U.A.E. color cosmetics market is categorized into lip products, nail products, facial make-up, eye make-up, special effects products, hair color products, and others. Among these, the facial make-up category accounted for the largest market share in 2020 due to the soaring population of working women and millennial females and their surging focus on physical appearance. This gender is creating an extensive demand for natural facial color cosmetics, such as bronzers, highlighters, facial compacts, foundations, and blushes.

According to P&S Intelligence, Dubai held the largest share in the U.A.E. color cosmetics market in 2020 due to the surging per capita expenditure on cosmetic products, increasing availability of cosmetics on online channels, and growing female workforce in the city. Additionally, the presence of a more-cosmopolitan and richer population as compared to other cities contributes to the growth of the market in the emirate. Further, this emirate is currently hosting the World Expo, during which the demand for cosmetics will boom further.

Therefore, the increasing availability of new products, burgeoning population of working women, and rising penetration of social media platforms will fuel the consumption of color cosmetics in the U.A.E.

Razor Market its Future Outlook and Trends

It can be said that physical appearance has been an important aspect of the society, and at times, societal norms, since the start of civilization. Physical appearance, however, does not just refer to aesthetic beauty, but taking care of one’s hygiene is also a crucial part of it. Words ‘clean’ and ‘tidy’ are often used for referring to people who are appealing to the eye, and for good reason. Daily use products such as face cream, shampoo, hair spray, moisturizer, toothpaste, and deodorant are all of importance when it comes to maintaining basic personal hygiene. Another one of such products is a razor, the demand for which is growing rapidly these days.

According to a P&S Intelligence report, valued at $18.0 billion in 2019, the global razor market is predicted to generate revenue of $22.5 billion in 2030, advancing at a 2.1% CAGR during the forecast period (2020–2030). The different types of razors are safety razors, cartridge razors, straight razors, disposable razors, and electric razors. Because the blades in cartridge razors are easy to replace, they were used the most in 2019. Furthermore, companies market these products strongly, which is also why their adoption rate is higher than other razors.

Due to the fact that the population of the Asia-Pacific region is higher than other regions, the demand for razors here is predicted to be the highest in the coming years. In addition to this, the disposable income of people in countries including China and India is rising, owing to the rapid economic growth. Ascribed to this, people are able to spend on personal care and grooming products more freely than ever.

Since the requirement for such products is continuously increasing, companies in the razor market are developing new variants to remain ahead of their competitors. For example, in January 2019, Koninklijke Philips N.V. developed its first razor equipped with artificial intelligence, the Series 7000 shaver, which is now available for purchase. This razor provides a shave plan according to the shaving technique of each individual man. Moreover, in October 2018, Harry’s Inc. launched the Flamingo shave set, specifically for women. The set comprises a body lotion, wax kit, and shaving gel, in addition to the handle and blades.

In conclusion, the requirement for razors is increasing because of the rising consciousness about physical appearance and growing product launches.

How Are Technological Advancements Strengthening Automated Valet Parking Technology Market?

The mushrooming requirement for hassle-free, user-friendly, and more efficient parking systems is fueling the demand for automated valet parking technology. Because of the increasing road congestion, people are finding it very difficult to find proper parking spaces, which is consequently leading to increased cost, time, and distance of the parked vehicle from the destination point of the user. Owing to this factor, the popularity of the automated valet parking technology is surging, which is fueling the expansion of the global automated valet parking technology market.

Furthermore, the industry is predicted to exhibit rapid expansion from 2020 to 2030 (forecast period). Additionally, this technology assists in freeing up and optimizing the available parking space, which is enabling people to find proper vehicle parking spots. Presently, the automated valet parking technology is still in its development stage and there are various prerequisites for both parking spaces and vehicles for the allowing the use of the technology. The automobile must have a mostly automatic gearbox, steering assistant, electronic stability program (ESP), electric parking brake, communication unit, and start/stop functions.

Geographically, the demand for this technology will be the highest in North America in the coming years, as per the estimates of the market research company, P&S Intelligence. This will be because of the rapid development and manufacturing of connected cars and autonomous vehicles and the ballooning requirement for parking spaces equipped with advanced technologies, such as sensors and the internet of things (IoT). One of the major trends currently being witnessed in the AVP technology market is the increasing collaborations between vehicle manufacturers and technology developers.

Hence, it is safe to say that the demand for automated valet parking technology will soar in the coming years, primarily because of the increasing road congestion levels in major urban areas, rising requirements for proper parking spaces, and surging manufacturing of connected and autonomous vehicles all over the world.

Gluten-Free Products Market is Poised to Drive Accelerated Expansion in Coming Years

Celiac disease or gluten sensitive enteropathy refers to an autoimmune ailment that affects genetically predisposed people, whose small intestine is damaged due to the ingestion of gluten. It is a hereditary disease and can develop at any age after individuals start consuming food items or medicines that contain gluten. According to the Celiac Disease Foundation, this disease affects 1 in 100 people worldwide. As per this foundation, the only treatment for this illness is lifelong adherence to a gluten-free diet. 

The increasing incidence of celiac disease will, therefore, help the gluten-free products market progress in the upcoming years. To cater to the needs of people living with gluten sensitive enteropathy, Alara Wholefoods, Glutamel, General Mills Inc., Domino's Pizza Inc., H.J. Heinz Company, and Kelloggs are offering gluten-free products globally. The labelling of these products varies from country to country. For example, in the U.K., food products containing less than 20 parts per million can be labelled as gluten-free; whereas, in Canada, products bereft of wheat, rye, triticale, kamut, oats, spelt, and barley are considered gluten-free. 

According to P&S Intelligence, North America and Europe will lead the gluten-free products market in the foreseeable future. This will be due to the surging prevalence of celiac disease and rising public awareness regarding healthy eating habits in these regions. For instance, the Canadian Digestive Health Foundation (CDHF) states that nearly 1.0% of the Canadian population is affected by celiac disease, even though 90% of the cases remain undiagnosed. Likewise, the National Health Service (NHS), England, estimates that at least 1 in every 100 people in the U.K. are affected by celiac disease. 

Therefore, the rising cases of celiac disease, improving lifestyle of people, and soaring public awareness regarding health and fitness will facilitate the consumption of gluten-free products in the upcoming years.  

Automotive Lithium-Ion Battery Market to Grow at a Healthy 15.9% Value CAGR Throughout 2024

In 2019, 2.1 million electric cars were sold around the world, which increased the total number of those operational to 7.2 million, according to the International Energy Agency (IEA). This was because of the increasing emission of toxic gases from vehicles, which is playing a key role in disrupting normal weather patterns. Though the overall emissions have decreased significantly in recent years, those from the transport sector haven’t decreased fast enough. According to the Environmental Protection Agency (EPA), the share of the sector in the total GHG emissions in the U.S. increased from 14% in 2010 to 29% in 2019.

This is a major reason P&S Intelligence expects the automotive lithium-ion battery market size to rise to $74.3 billion by 2024 from $24.2 billion in 2018, at a healthy 15.9% CAGR between 2019 and 2024. Even though, initially, all electric vehicles (EVs) had sealed lead–acid (SLA) batteries, the demand for lithium-ion (Li-ion) variants is rising fast. This is because these batteries have a higher energy density, which means that they can store more charge per unit volume, which makes the battery smaller and the vehicle lighter.

They also offer a longer driving range, which is one of the key requirements of people. Since the number of EV charging stations is grossly low compared to the number of EVs in operation, the vehicle range has become important. Most charging stations are installed at people’s homes, which, additionally, are slow variants that take up to 8 hours to complete the battery charging process. Hence, the longer driving range that Li-ion batteries offer to EVs is a key reason behind their increasing adoption.

Another factor raising the demand for Li-ion batteries is their falling prices, which is, in turn, encouraging people to buy EVs. As per the Massachusetts Institute of Technology (MIT), Li-ion battery prices have fallen by more than 98% in the last thirty years. Since the battery is responsible for around 40% of the purchase cost of an EV, a reduction in its prices is necessary to encourage mass adoption of battery electric vehicles (BEV), plug-in hybrid electric vehicles (PHEV), and hybrid electric vehicles (HEV).

Among these, Li-ion batteries are majorly procured for integration into BEVs. This is because as BEVs do not have an internal combustion engine (ICE) at all, they are not operationally polluting. This is why the subsidies and other benefits offered around the world are the highest for the purchase of BEVs. For instance, the Indian government is offering a purchase incentive of INR 8,596 crore on EVs under phase II of its FAME India scheme. Under the scheme, an incentive of INR 50,000 is being offered for each BEV, while only INR 13,000 is available for an HEV.

Because of government initiatives such as this, the automotive lithium-ion battery market is dominated by Asia-Pacific (APAC). India, China, Japan, and South Korea are already the world’s largest automotive producers and buyers, which is why emission concerns are really strong here. Additionally, China is the largest automotive battery producer in the world, with many companies from India and South Korea entering the fray now. Further, India has banned the sale of conventional three- and two-wheelers from 2023 and 2025 onward, respectively, which will propel the demand for such batteries.

Therefore, the automotive Li-ion battery demand will grow with the strengthening focus on EVs.

Demand for Dairy Alternatives Booming Globally

Dairy alternatives are derived from non-dairy resources, such as nuts, rice, wheat, oats, and barley. As these products are derived from nuts and cereals, they have numerous health benefits and are suitable for obese people and gastrointestinal (GI) patients. Moreover, dairy alternative such as soy milk provides protective health advantages due to the presence of phytoestrogen in it. Additionally, hemp milk is one of the best sources of Omega-3 fats and almond milk is a good source of calcium. 

Thus, the increasing prevalence of obesity and GI diseases will strengthen the dairy alternatives market in the forthcoming years. For instance, the World Health Organization (WHO) stated that, in 2020, 39 million children under the age of 5 years were overweight or obese. The organization also stated that nearly 4 million global deaths were caused due to obesity in 2017. Apart from obese people, dairy alternatives are also beneficial for people suffering from GI disorders such as irritable bowel syndrome (IBS), gas, constipation, bloating, and diarrhea. 

According to P&S Intelligence, North America and Europe are the major dairy alternatives market, due to the surging popularity of soy and almond milk and the soaring vegan population in these regions. Additionally, the increasing focus of regulatory bodies on reducing CO2 emissions from the animal agricultural sector also encourages the adoption of dairy alternatives in these regions. For instance, the ‘Fit for 55’ package by the European Union will help Europe mitigate CO2 emissions by 55% by 2030 and reach carbon neutrality by 2050, by promoting a plant-based diet.

Whereas, Asia-Pacific (APAC) is expected to consume dairy alternatives at the highest pace in the upcoming years, owing to the mounting population and accelerating urbanization rate in the region. According to the United Nations Population Fund (UNFPA), APAC is home to approximately 4.3 billion people, accounting for 60% of the global population. Furthermore, the World Bank stated that 861,289,360 people, 22,152,760, people, 115,494,820 people, 481,980,330 people in China, Australia, Japan, and India, respectively, resided in urban areas in 2020.

Thus, the surging prevalence of obesity, increasing shift toward veganism, and rising incidence of GI diseases are expected to propel the production of dairy alternatives across the world in the coming years.

P2P Carsharing Industry to Witness Robust Expansion by 2030

The global peer-to-peer carsharing market generated a revenue of $1,015.7 million in 2020, and it is predicted to register a CAGR of 21.7% from 2020 to 2030 (forecast period). According to the forecast of the market research organization, P&S Intelligence, the market will reach a value of $7,225.2 million by 2030. The major factors fueling the surge in the market are the increasing concerns being raised over the rising greenhouse gas emissions, rapid vehicle electrification, soaring use of carsharing services in emerging economies, increasing urban road congestion, and the low cost and high convenience of these mobility services.

With the deterioration of the air quality levels, on account of the increasing emission of toxic gases from vehicles, the governments of many countries are taking initiatives for encouraging the adoption of eco-friendly mobility solutions, such as carsharing services. These services are highly effective in reducing air pollution, as their mushrooming deployment would lead to a sharp reduction in the number of private vehicles running on roads, thereby causing a sharp fall in carbon dioxide (CO2) emissions.

Depending on car type, the market is classified into executive, luxury, and economy categories. Out of these, the executive category dominated the market in 2020. The category is also predicted to expand massively in the P2P carsharing industry in the coming years, owing to the lower fare for rides on these vehicles considering the quality and comfort that they provide in comparison to the economy and luxury cars. Geographically, the APAC region is predicted to be the fastest growing region in the market throughout the forecast period.

This is attributed to the rapid deployment of electric automobiles and innovative mobility services in regional countries, such as India and China. Additionally, in order to mitigate the surging pollution levels, the adoption of electric vehicles in carsharing services in China is soaring. Moreover, the peer-to-peer carsharing market is predicted to exhibit huge expansion in the country in the forthcoming years, primarily because of the sustained government backing being provided in the form of various incentives and laws.

Hence, it is quite clear that the market will register rapid advancement in the years to come, mainly because of the growing popularity of peer-to-peer carsharing services, owing to their ability to provide greater convenience and comfort than private vehicles, the rising requirement for greener mobility solutions, surging road congestion, especially in urban areas, and the mushrooming deployment of electric vehicles in peer-to-peer carsharing services across the world.