Sales of Automotive Diagnostic Scan Tools To Soar in Asia-Pacific in Coming Years

With the surging sales of automobiles, enactment of strict emission norms, and increasing complexities associated with automotive electronics, particularly in connected cars, the demand for automotive diagnostic scan tools is rising sharply. The rising urbanization rate, especially in developing countries such as India, Indonesia, and China, is propelling the requirement for automobiles. As diagnostic scan tools are critical for the efficient and smooth operation of automobiles, their demand is soaring, owing to the expansion of the automobile industry.

In addition, the governments of many countries have made maintenance and inspection checks mandatory in order to reduce the emission of greenhouse gases from vehicles, which is also pushing up the demand for automotive diagnostic tools. For example, the Environmental Protection Agency (EPA) enacted the Clean Air Act and amended it in 2001, which made the administration of vehicle maintenance and inspection programs mandatory for 33 local regions and states in order to curb vehicular emissions and meet the required air quality standards via the use of on-board diagnostics (OBD) technology.

Therefore, in order to resolve any issues associated with these automotive electronics, automotive diagnostic scan tools are required. Due to these factors, the automotive diagnostic scan tools market is exhibiting huge expansion. Automotive diagnostic scan tools are required for maintaining and repairing both commercial and passenger vehicles. Between these, the usage of these tools is predicted to rise rapidly in passenger vehicles in the coming years. This is ascribed to the growing deployment of passenger cars across the globe. Apart from this, the mushrooming requirement for greater vehicle safety is also pushing up the requirement for these tools, as per the observations of the market research company, P&S Intelligence.

Hence, it can be said with confidence that the demand for automotive diagnostic scan tools will surge sharply in the forthcoming years, primarily because of the growing sales of automobiles and increasing complexities associated with various automotive electronics.

Automotive HMI Market to Witness Robust Expansion by 2030

The soaring requirement for in-vehicle connectivity is pushing up the demand for automotive human-machine interface (HMI) solutions across the world. Nowadays, people want to stay connected with the outside world while traveling. This is making automobile manufacturing companies integrate various in-vehicle connectivity features and systems in infotainment systems such as real-time traffic monitoring, automobile diagnosis, traffic and collision warnings, and roadside assistance via partnerships with consumer electronics or information technology (IT) vendors. 

Besides the above-mentioned factor, the surging adoption of safety features in automobiles, on account of the escalating incidence of road accidents, is also propelling the demand for automotive HMI solutions across the world. According to the World Health Organization (WHO), more than 1.35 million lives are lost every year because of road accidents and crashes. Moreover, according to the organization, road accidents are the eighth major cause of deaths across the globe. 

Because of this reason, the governments of many countries are enacting mandatory policies aimed at promoting the adoption of safety features in automobiles, thereby fueling the popularity of automotive HMI solutions. These solutions offer various safety features such as touch screens, mobile devices, and voice interactions that help drivers understand necessary information, which, in turn, leads to a huge reduction in the chances of road accidents. Due to these factors, the adoption of automotive HMI solutions is rising in automobiles. 

Because of the above-mentioned factors, the global automotive human-machine-interface (HMI) market is set for lucrative growth in the future. The valuation of the market is predicted to surge from $18,822.3 million in 2019 to $55,318.4 million by 2030. Furthermore, the market will progress at a CAGR of 10.8% between 2020 and 2030. Based on product, the market is divided into instrument clusters, rear-seat entertainment units, heads-up display, central displays, multifunction switches, gesture recognition systems, steering-mounted controls, and voice recognition systems. 

Demand for Mattress Set to Skyrocket in U.S. in Coming Years

A number of factors, such as the growing construction industry, booming hospitality and tourism sectors, surging concern toward sound and healthy sleep, and increasing prevalence of back and spine problems, across the country, are expected to drive the growth of the U.S. mattress market at a CAGR of 4.8% during the foreseeable period (2020–2030). According to P&S Intelligence, the market generated $16,716.5 million revenue in 2020, and it is expected to reach $26,790.4 million by 2030.

 

One of the prime factors aiding the U.S. mattress market growth is the surging construction industry. For instance, as per the U.S. Census Bureau, construction spending reached $1.324 trillion in 2019, from $1.271 trillion in 2018 in the country. Moreover, the spending on private construction was 1.6% more in 2019 as compared to 2018. Likewise, residential construction spending was 2.7% higher in 2019, than the previous year. The data states that the construction sector is observing notable growth in the U.S., which is driving the demand for mattresses.

Furthermore, the booming hospitality and tourism sectors are also driving the need for mattresses in the U.S. For instance, travel activities in the country reached a total of 2.3 billion person-trips, augmented by 1.7%, in 2019. Moreover, domestic leisure travel activities stood at 1.9 billion person-trips, increased by 1.9%, in 2019. Similarly, domestic business travel activities reached 464 million person-trips, amplified by 1.1%, in 2019, as compared to 2018.

Geographically, in the U.S. mattress market, the southern region held the largest share in 2020. This is because the region offers growth opportunities to players operating in the U.S. mattress market, due to the high urbanization rate in this part of the country, and southern cities have a huge population base. For example, Metropolitan Atlanta has been observing a significant rise in its population, with an addition of 69,200 residents every year.

Thus, the growing construction industry and the booming hospitality and tourism sectors are expected to boost the market growth during the forecast period in the country.

Anti-Drone Market in Asia-Pacific to Grow Massively in Coming Years

According to a report by P&S Intelligence, the Asia-Pacific (APAC) anti-drone market is predicted to generate $2,105.0 million by 2025, and is projected to advance at a 47.8% CAGR during the forecast period (2018–2025). The market is being driven by the rising number of illegal and terrorist activities, surging incidence of security contravention by unauthorized drones, close encounters with commercial aircraft, and drone detection cases. On the basis of platform type, the market is divided into ground-based, unmanned aerial vehicle (UAV)-based, and hand-held. 

Out of these, the ground-based division accounted for the major share of the APAC anti-drone market in 2017. The UAV-based division is predicted to progress at the fastest pace during the forecast period, which can be owing to the rising shift in the preference of end users from traditional to innovative means of countering and detecting security threats posed by UAVs. In terms of technology, the market is categorized into traditional kinetic, electronic, and laser, among which the counter-drones making use of electronic technology are predicted to hold the largest share of the market during the forecast period. 

This is majorly because of the early adoption of these drones as compared to other technologies in the APAC region. This being said, players operating in the APAC anti-drone market are also focusing on developing innovative laser anti-drones for countering security threats that are posed by drones. When end user is taken into consideration, the market is classified into government, military & defense, commercial, and others. Out of these, the military & defense industry is predicted to contribute the largest revenue share to the market during the forecast period. 

This is because of the significant budget for the defense industry in APAC countries. Within, the region, China is projected to dominate the APAC anti-drone market during the forecast period. In 2017, the country accounted for 35%, which is owing to the fact that the government of the country has invested considerably in technology and armed forces for strengthening defense capabilities. When it comes to defense budget, China is on the 2nd rank in the world, and 7 of the world’s major defense companies are located in China. 

The increasing adoption of counter-drones in emerging economies is opening up wide opportunities for the players operating in the APAC anti-drone market. While the adoption of this product is still in the initial stage in developing nations, including India and Japan, a surging demand for them is projected to be created by end users in the years to come. Furthermore, enhancements in interdiction range and detection efficiency in radio frequency jamming/spoofing and laser methods are also predicted to drive the demand for these products in the years to come. 

A major factor leading to the rising requirement for anti-drone technology is the surging incidence of security contravention by drones that are unsanctioned and growing number of illegal and terrorist activities. For example, in 2015, in Japan, a man objecting the country’s nuclear policy let a drone, which was carrying radioactive sand, fall onto the Prime Minister’s office in Tokyo. Such kinds of threats are creating the need for advanced technologies to prevent them from causing any harm. 

Hence, the growing number of illegal activities and rising adoption of counter-drones in developing countries are driving the market.   

Food Coating Ingredients Market Outlook and Opportunities in Grooming Regions

The mushrooming consumption of convenience foods is one of the major factors driving the demand for food coating ingredients. Due to the rising urbanization rate and busy lifestyles of people, the demand for ready-to-eat and convenience foods, such as nutrient bars, bakery and confectionary products, savory snacks, and cereals is rising. As food coatings are extensively used in these foods for mitigating the contact of the food item with the environment, the rising demand for convenience and ready-to-eat foods is fueling their sales across the world. 

In addition, the rising requirement for food protection agents is also propelling the worldwide demand for food coating ingredients. Poultry products and meat usually need food coatings in order to prevent adhesion, disintegration, or agglomeration. Moreover, coatings are also required in vegetables and fruits for mitigating the loss of moisture in them. Owing to these factors, these coatings are being increasingly used in large amounts in food items all over the world, thereby causing the expansion of the global food coating ingredients market.

Geographically, the sales of food coating ingredients are predicted to rise at the fastest pace in the Asia-Pacific (APAC) region over the next few years. This is ascribed to the soaring requirement for processed food items, mushrooming population, and the surging disposable income and changing lifestyles of people in the region. The food coating ingredients market is expected to exhibit rapid expansion in the emerging economies of APAC, such as Australia, China, and India, in the coming years.

Hence, it can be safely said that the sales of food coating ingredients will rise sharply in the coming years, mainly because of the growing consumption of ready-to-eat and convenience foods, on account of the increasing disposable income of people and their busy lifestyles and the ballooning requirement for food protection agents across the world. 

Why is Automotive Sunroof Market Making Huge Advancements in APAC?

Automobile manufacturers are making significant investments to curtail in-vehicle noise and enhance passenger comfort. As part of this initiative, they are installing sunroofs to reduce the wind noise that has a strong influence on the owner’s perception of the vehicle quality. Moreover, manufacturers are designing universal sunroof systems to suppress the buffeting on any vehicle. 

Another factor driving the market growth is the soaring demand for a greater glass surface area in vehicles. To achieve this, the back windows and windshields are installed at wider angles, to expand the glass area of the vehicle. A sunroof may be morphed into the entire roof of a car, and it is designed to reduce blind spots as well. The additional glass surface area also amplifies the aesthetics of the glass on cars. The added glass surface offers many more benefits, such as the entry of lesser external noise due to the laminated windows, which are created from acoustical polyvinyl butyral (PVB), and cooler cabin temperatures due to infrared (IR)- and ultraviolet (UV)-reflective coatings.

In recent years, players in the automotive sunroof market have increased their focus on the usage of sunroofs with built-in solar cells in premium- and medium-range cars. This trend is expected to continue in the future due to a surge in the number of vehicle owners. The spurring demand for alternative-fuel vehicles is fueling the adoption of sunroofs with built-in solar cells that provide power to automobiles. This can drastically improve the fuel efficiency of vehicles, in the case of internal combustion engine (ICE)-based ones, or reduce the need to charge the batteries that frequently, in the case of electric vehicles.

Globally, the Asia-Pacific (APAC) automotive sunroof market is expected to witness the fastest growth in the forecast period. This can be ascribed to the rapid urbanization and strong presence of automobile manufacturers in the region. Moreover, the favorable investment policies, easy availability of raw material, and cheap labor will support the market growth in the coming years. Additionally, growth drivers like the surge in the disposable income and rise in the living standards of people will boost the sale of vehicles in the region, which will further propel the market growth.

Thus, the changing customer preferences and increasing need to cut down on noise pollution inside automobiles will propel the demand for sunroofs in the future.

Automotive Plastics Industry is Poised to Drive Accelerated Expansion in Coming Years: P&S Intelligence

The International Organization of Motor Vehicle Manufacturers (OICA) recorded that a total of 21,787,126 commercial vehicles and 55,834,456 cars were manufactured in 2020. The manufacturers of these vehicles are increasingly shifting from heavy metals to lightweight plastics for vehicle interiors, to reduce the overall vehicle weight. The reduction of the vehicle weight helps in enhancing the fuel efficiency. With the rising awareness on the alarming air pollution levels and depleting fossil fuel reserves, customers are increasingly opting for lightweight vehicles.

Thus, the booming demand for lightweight vehicles will add to the prosperity of the automotive plastics market in the foreseeable future. Automakers use polybutylene terephthalate, polyurethane, polypropylene, acrylonitrile butadiene styrene, polyvinyl chloride, polycarbonate, high-density polyethylene, and polyamide to reduce the automobile weight. In the coming years, automobile manufacturers will adopt a significant volume of polypropylene due to the high durability, excellent flexibility, and exceptional abrasion resistance exhibited by it.

Automakers across the world are procuring plastics from Covestro AG, Magna International Inc., Lear Corporation, Adient plc, SABIC, Borealis AG, BASF SE, Quadrant AG, Teijin Limited, Akzo Nobel N.V., Evonik Industries, and Hanwha Azdel Inc. These companies use three major techniques to produce these materials: injection molding, thermoforming, and blow molding. The rapid advancements in vehicle designing, owing to the evolving needs of customers and growing preference and transition toward aesthetically appealing vehicle interiors, are creating a huge requirement for automotive plastics worldwide.

According to P&S Intelligence, the Asia-Pacific (APAC) automotive plastics market is expected to advance at the highest rate in the upcoming years, owing to the presence of a vast manufacturing base in India, China, Thailand, Indonesia, and South Korea and the availability of affordable transportation options and cheap raw material in China. Additionally, the increasing focus of automobile manufacturers on shifting their production base from North America and Europe to Thailand, Vietnam, and China, owing to the availability of low-cost labor in such countries, accelerates the production and consumption of automotive plastics here.

Thus, the burgeoning demand for lightweight vehicles and increasing customer preference for aesthetically appealing vehicle interiors will fuel the consumption of plastics for auto production across the world.

Why will Asia-Pacific Electric Power Steering Market Boom in Future?

The growing integration of electric power steering (EPS) systems in commercial vehicles such as buses and trucks is pushing up their demand all over the world. Commercial vehicles usually operate at night and have to travel through remote locations, often facing harsh weather and conditions. Thus, commercial vehicle drivers and fleet owners are increasingly incorporating electric power steering systems in their vehicles in order to reduce the chances of road accidents.

Additionally, the implementation of regulations regarding the adoption of advanced driver assistance systems (ADAS) with several vehicle systems by the governments of various countries is also propelling the demand for electric power steering systems. For example, as per the Regulation No. 79 of the Economic Commission for Europe, of the United Nations (UN/ECE), the uniform provisions pertaining to the approval of automobiles mandate the installation of advanced steering equipment in vehicles.

This is, in turn, fueling the expansion of the global electric power steering market. EPS systems are installed in both commercial vehicles and passenger cars. Between these two, the adoption of these systems was found to be higher in the passenger cars between 2014 and 2019. This was because of the large number of passenger cars in operation and the launch of new models equipped with advanced EPS systems.

Hence, it can be said with confidence that the demand for electric power steering systems will surge sharply in the coming years, primarily because of their growing requirement in the commercial vehicles, on account of the rising prevalence of road accidents and the enactment of stringent government regulations regarding their integration in these vehicles across the world.

U.A.E. Color Cosmetics Market Set to Flourish in Future

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.

In recent years, product launches have become a prominent trend in the U.A.E. color cosmetics market. For instance, in May 2021, Rare Beauty, a cosmetics brand of Selena Gomez, was launched in the U.A.E. The company introduced its products in Sephora stores in several Middle-Eastern countries. Similarly, in August 2021, RAMICOS Cosmetics, a new startup, introduced a range of products with new formulae, which are vegan, clean, and freshly packaged. The startup also announced that it will launch its direct-to-consumer website, which will provide access to its skincare and cosmetics brands.

Moreover, companies operating in the U.A.E. color cosmetics market have been focusing on acquisitions and partnerships to stay ahead of their peers. For instance, in October 2020, L'Oréal Group partnered with Sprinklr, a customer experience management (CXM) platform, to improve its client care capacities. L'Oréal Group is using the Sprinklr AI, Modern Engagement, and Modern Care platforms of Sprinklr to react to online client requests across all channels by upgrading its capacity.

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.

Electric Bus Demand To Boom in Asia-Pacific in Future!

Factors such as the increasing environmental concerns due to surging greenhouse gas (GHG) emissions and improving operational efficiency of batteries and plunging battery costs are expected to propel the electric bus market at a vigorous CAGR of 14.9% during the forecast period (2021–2026). According to P&S Intelligence, 82,604 units of electric buses were sold in 2020. The burgeoning demand for these buses can also be ascribed to the long-term cost benefits offered by them.

The electric bus demand is being driven by the declining costs and improving operational efficiency of batteries. This energy storage device accounts for approximately 40% of the production cost of such buses. Moreover, the increasing battery capacity, on account of continuous technological advancements, will also propel the demand for electric buses, as such batteries assist in meeting the rising need for a longer driving range. Currently, market players are working toward achieving higher energy density and reducing reliance on cobalt, which is an expensive raw material used in batteries, to boost the sales of electric buses.

Globally, Asia-Pacific (APAC) accounted for the largest share in the electric bus market in 2020, due to the presence of favorable government policies, such as tax rebates and discounts for replacing fossil fuel-driven buses with alternative  fuel variants. For instance, the Government of China provides a subsidy of up to RMB 500,000 (around $72,500) for fuel cell electric buses. Furthermore, the National Development and Reform Commission (NDRC), Ministry of Transport (MoT), Ministry of Finance (MoF), Ministry of Housing and Urban-Rural Development (MoHURD), and Ministry of Industry and Information Technology (MIIT) promote the adoption of electric buses in China.

Whereas, the North American electric bus market is expected to demonstrate the fastest growth during the forecast period, owing to the presence of stringent emission norms in the region. In North America, the U.S. generates higher demand for electric buses, due to the enormous subsidies, tax credits, and financial incentives offered by the federal and state governments. Additionally, government initiatives such as exemption of such new energy buses from vehicle emission tests and toll charges also contribute to the market growth in the U.S.

Therefore, the lowering cost and improving efficiency of batteries and rising concerns being raised over GHG emissions are the prominent growth drivers of the market.  

Sales of Mattress Set to Shoot Up in Future

The global mattress market revenue is expected to rise from $32,875.3 million in 2020 to $64,045.5 million by 2030. According to the estimates of the market research company, P&S Intelligence, the market will progress at a CAGR of 7.0% from 2021 to 2030 (forecast period). The market is being driven by the booming tourism industry, which is causing a massive rise in tourist footfall and propelling mattress sales, in several countries. Additionally, the rising health concerns of consumers are driving the demand for various everyday items, such as mattresses. 

Besides the aforementioned factors, the growing disposable income of people and the implementation of government policies regarding real estate development are also propelling the home ownership rate all over the world, which is, in turn, fueling the expansion of the mattress market. As per the Organisation for Economic Co-operation and Development (OECD), government initiatives and the surging average annual growth rate in disposable income, which is more than 2%, are making housing affordable for the masses.

The other major factor fueling the demand for mattresses is the increasing migration of people from rural to urban areas, especially in the Asia-Pacific (APAC) and Middle Eastern regions. As per the World Urbanization Prospects report published by the United Nations (UN), nearly 55% of the global population resided in urban areas in 2018, and this share is expected to rise to approximately 68% by 2050. Depending on distribution channel, the market is divided into offline and online. 

Of these, the online category is predicted to demonstrate faster growth in the coming years. This is because of the growing popularity of online shopping, owing to its ability to provide greater convenience and home deliveries, among customers. Furthermore, many manufacturers are increasingly adopting strategies for increasing their online sales, such as handing out huge coupons and discounts. In addition, online platforms provide customers with several options to choose from with detailed specifications. 

The major players operating in the mattress market are focusing on product launches in order to consolidate their position. For example, Tempur Sealy International Inc. launched a new line of mattresses, that leverage the ultra-responsive coal technology and memory foam for providing enhanced support and durability, in February 2021. Furthermore, Serta Simmons Bedding LLC announced the launch of its new iComfort Hybrid mattress collection in January 2018 at the Winter 2018 Las Vegas Market. 

Hence, the sales of mattresses will soar in the coming years, mainly because of the rising disposable income of people, rapid urbanization, and surging tourist footfall in various countries. 

This study covers

1. Historical and the present size of the Mattress Market

2. Future potential of the market through its forecast for the period 2020– 2030

3. Historical and the present size of the market segments and understand their comparative future potential

4. Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings

5. Competitive scenario of various market segments across key countries in several regions for uncovering market opportunities for the stakeholders

6. Major players operating in the market and their service offerings

Technological Advancements Propelling Two-Wheeler Hub Motor Market Growth

In 2019, there are more than 350 million electric two- and three-wheelers in operation around the world, according to the Global EV Outlook 2020 report of the International Energy Agency (IEA). Electric scooters and motorcycles are fast becoming the preferred alternative to those with an internal combustion engine (ICE) and even cars (for shorter journeys). Since electric vehicles (EV), especially battery electric vehicles (BEV), don’t contain an ICE, they release no operational emissions, which is why they are key to solving the air pollution and other associated problems, such as climate change and global warming.

This is why P&S Intelligence expects the two-wheeler hub motor market value to grow from $4,838.5 million in 2018 to $8,458.7 million by 2024, at a 9.8% CAGR between 2019 and 2024. This is because the motor is the most-essential component of any EV, along with the battery. In electric two-wheelers, the hub motor is integrated directly on the wheel axle, which negates the requirement for a gear system and chain drive. This not only means a simpler transmission assembly, but also higher efficiency, as the power loss that happens between the gear system and the chain is eliminated.

Asia-Pacific (APAC) has been the most-productive two-wheeler hub motor market till now, as China is the largest producer of automobiles and their components in the world. Moreover, as per the IEA, of the 350 million electric two- and three-wheelers running on the world’s roads in 2019, 25% were in China alone! This is because China is notorious for its air pollution and smog, which have forced the People’s Government to take initiatives to reduce the amount of GHG emissions from vehicles.

Hence, as the sale of electric two-wheelers increases, so will that of hub motors.

This study covers

1. Historical and the present size of the Two-Wheeler Hub Motor Market

2. Future potential of the market through its forecast for the period 2019– 2024

3. Historical and the present size of the market segments and understand their comparative future potential

4. Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings

5. Competitive scenario of various market segments across key countries in several regions for uncovering market opportunities for the stakeholders

6. Major players operating in the market and their service offerings

What is the Potential Demand for Electric Vehicle Component?

In recent years, the sales of electric vehicles have grown massively and with the increasing concerns being raised over the escalating air pollution levels and surging greenhouse gas (GHG) emissions, this trend will continue in the coming years. According to the International Energy Agency (IEA), electric car sales surpassed 2.1 million units in 2019. This augmented the stock of electric cars to 7.2 million units. Furthermore, the organization reported that 3 million new electric cars were registered across the world in 2020, recording a growth of 41% from the number reported in 2019. 

Moreover, the governments of several countries are providing various financial incentives such as tax exemptions and purchase rebates for augmenting the deployment of electric vehicles. For example, the federal government in the U.S. is providing an Internal Revenue Service (IRS) tax credit between $2,500 and $7,500, depending on the capacity of the electric vehicles and the size of the batteries used in them. With the provision of these kinds of incentives by several governments, the sales of electric vehicles are mushrooming, which is, in turn, propelling the demand for electric vehicle components across the world.  

Because of the aforementioned factors, the global electric vehicle component market revenue is expected to rise from $22.2 billion in 2018 to $157.4 billion by 2025, while the market will progress at a CAGR of 29.4% from 2019 to 2025. Depending on component, the market is classified into battery pack, electric vehicle supply equipment (EVSE), motor, controller, DC-DC converter, high-voltage cable, power distribution module (PDM), thermal management system, and vehicle interface control module (VCIM). 

Geographically, Asia-Pacific is currently dominating the electric vehicle component market and the situation will remain the same in the coming years as well, as per the forecast of the market research company, P&S Intelligence. This will be because of the implementation of various initiatives and policies by the governments of the regional countries for propelling the deployment of electric vehicles. For example, the Chinese government is providing subsidies for encouraging the adoption of electric vehicles in the country. Owing to these subsidies, the deployment of electric vehicles increased by more than 60% in the country from 2017 to 2018.

Similarly, the Indian government announced in 2017 that it is targeting to create an electric vehicle fleet in the country by 2030. Furthermore, the government launched the National Electric Mobility Mission Plan 2020 in 2013 for promoting the deployment of hybrid and electric vehicles in the country. The large-scale deployment of these vehicles will push up the demand for electric vehicle components, thereby causing the expansion of the electric vehicle component market in the coming years.

Thus, it is safe to say that the sales of electric vehicle components will skyrocket across the world in the forthcoming years, primarily because of the growing adoption of electric vehicles, on account of the increasing environmental concerns, surging implementation of favorable government policies, and the provision of financial incentives by the governments of several countries.  

Why is Global Electric Off-Highway Vehicles Market Predicted to Boom in Future?

Boosted by the concerns regarding the declining air quality and diminishing oil and gas reserves, electric vehicles (EVs) have become one of the biggest trends on earth, in any industry. Countries are already offering substantial financial incentives and other forms of support to encourage people to buy EVs. Similarly, now, this trend is becoming apparent in non-road or off-highway applications, most significantly mining, construction, and agriculture. An array of diesel and gasoline (petrol) vehicles are used in these sectors, such as mixers, crawler cranes, heavy-haul mining trucks, tillers, combined harvesters, pesticide sprayers, and forklifts.

Thus, with these sectors also becoming conscious of environmental degradation from petrol and diesel fumes, P&S Intelligence expects the electric off-highway vehicle market revenue to witness a sharp surge from around $7 billion in 2020. After transportation, the industrial sector is the biggest source of greenhouse gas (GHG) emissions, burning fossil fuels to generate its own electricity, for numerous manufacturing processes, and in vehicles used for various purposes within the premises. Thus, apart from generating electricity from renewable resources, there is also a strong need for using EVs.

In 2020, North America held the largest share in the electric off-highway vehicle market, as advanced EV technology is easily available here. Moreover, in industries, EVs offer a higher productivity and convenience, which helps users reduce their operational spending. The U.S. is the second-largest GHG emitter in the world after China, which is why vehicle and equipment electrification efforts are rather numerous and concrete here. Because of these reasons, even Asia-Pacific (APAC) is expected to be a major user of these automobiles in the coming years.

Hence, with the booming construction and industrial sectors, which are responsible for massive GHG emissions, the demand for off-highway electric vehicles is burgeoning. 

Automotive Cockpit Electronics Market to Witness Robust Expansion by 2030

Cockpit electronics are integrated into vehicles to improve the driving experience, offer safety and better controls, and provide convenience. Vehicle cockpits include the human–machine interface (HMI), which has either analog (levers and knobs) or digital (touchscreen) controls. Wi-Fi, global positioning system (GPS), CD players, advanced parking support systems, in-car telephone, climate control, rear display, in-car lighting, and wireless interface are some of the controls that are directly accessible from the automotive cockpit. The increasing adoption of such controls owing to the surging public awareness on vehicle safety will fuel the integration of automotive cockpit electronics worldwide.

Moreover, the increasing implementation of government regulations on passenger safety will contribute to the progress of the automotive cockpit electronics market in the forthcoming years. For instance, the United Nations World Forum for Harmonization of Vehicle Regulations lays down the safety standards for motor vehicles and offers a legal framework that member nations may implement voluntarily. Automobiles that comply with these regulations are less likely to be involved in road accidents.

According to P&S Intelligence, North America dominated the automotive cockpit electronics market in the recent past due to the mounting investments and technological advancements in its automobile industry. For instance, Select USA states that the total foreign direct investment (FDI) in the U.S. automotive sector reached $114.6 billion in 2018. The automobile sector of the country is one of the frontrunners in innovation. As per Auto Alliance, approximately $18 billion is spent on research and development (R&D) in the automobile sector in the U.S.

Thus, the surging global focus on vehicle and passenger safety and escalating customer demand for an enhanced driving experience will boost the adoption of automotive cockpit electronics in the foreseeable future.

How Are Technological Advancements Strengthening Power Liftgate Market?

Since the COVID-19-induced slump of 2020, vehicle sales have started picking up again, with Organisation Internationale des Constructeurs d'Automobiles (OICA) registering 35,603,497 unit sales during January–June 2021, compared to 27,799,942 unit sales during the same period last year. Though these figures are still lower than the 38,991,568 of January–June 2019, industry experts have rejoiced by the surge in automotive sales in 2021, and they remain hopeful for an even better show next year.

As per P&S Intelligence, the growing vehicle sales will be the key factor behind the growth of the power liftgate market value from around $4 billion in 2020 in the coming years. The power liftgate is a mechanism that opens and closes the backdoor hatch of vehicles, which is why its procurement directly depends on the volume of auto production. Liftgates are not a new feature in automobiles, having being around for almost as long as vehicles with backdoors. However, the traditional technology requires people to turn the key and manually lift the hatch.

Another key reason for the rising procurement of such systems by automakers is the booming demand for autonomous vehicles. With the rising incidence of road crashes, which lead to more than 1.3 million fatalities each year, as per the World Health Organization (WHO), countries are taking initiatives to develop autonomous vehicles. The idea is that since most of the road accidents are attributed to human error, taking the driving control away from people will make roads and automobiles safer. Power liftgates are prominently featured in semi-autonomous vehicles, and their usage will grow with the launch of level 4 and level 5 autonomous vehicles in 2023 and 2025, respectively.

Therefore, the fastest power liftgate market advance will be witnessed in Asia-Pacific (APAC) because it already is home to the largest auto sector on earth. Luxury vehicles produced by BMW, Mercedes–Benz, Audi, Lamborghini, and Porsche are already hugely popular among the rich and elite. Moreover, with the masses witnessing an increase in their spending power, auto sales are booming, which is encouraging manufacturers to offer such advanced technologies in their economy and mid-segment cars too.

Hence, with the booming auto sales, the demand for power liftgates will rise.

Plant-Based Protein Market to Witness Robust Expansion by 2030

The global plant-based protein market reached a revenue of $11,104.3 million in 2020 and it is predicted to advance at a CAGR of 9.2% from 2020 to 2030 (forecast period). According to the estimates of the market research company, P&S Intelligence, the market will attain a value of $26,721.3 million by 2030. The major factors driving the market are the growing intolerance of people to animal protein, surging customers’ expenditure, and rising public awareness about healthy plant-based foods.

The rise in customer spending and rapid improvements in the living standards of people are pushing up the sales of plant-based proteins across the globe. As per the World Bank, the total expenditure of customers rose from $49.33 trillion in 2010 to $64.130 trillion in 2019. Furthermore, the growing popularity of the vegan lifestyle, owing to its eco-friendliness, is also positively impacting the worldwide demand for plant-based proteins. Besides, the increasing incidence of animal protein intolerance among people, especially in Western countries, is also propelling the expansion of the plant-based protein market.

For instance, lactose intolerance (intolerance to milk protein) is rapidly becoming common globally, as the protein components in milk trigger reactions to whey (milk albumin) or protein emulsions in emulsion (caseins). Allergy toward cow’s milk protein is the most common form of food allergy among children and affects around 2¬–5% of the child population aged below 3 years in Brazil. The plant-based protein market is classified into liquid and dry, depending on form. Between these, the dry category held larger share in the market between 2015 and 2020 and this trend will continue in the forthcoming years as well. 

This is ascribed to the cooking advantages and easy handling of dry food products. In addition, the requirement for dry food products is quite high among people who seek ready-to-eat and convenient meals. The market is also categorized, under the type segment, into isolated, concentrated, and textured. Amongst these, the textured category is predicted to register the highest growth rate during the forecast period, because of the fact that these proteins are high in protein and fiber and highly beneficial for heart health. 

Geographically, North America contributed the highest revenue to the plant-based protein market in the past. This was because of the growing preference of people for natural ingredients in the food and beverage industry and surging concerns being raised over the rising prevalence of obesity in the region. In the coming years, the market is expected to exhibit the fastest growth in the Asia-Pacific (APAC) region, owing to the growing population of vegetarians, rising income of people, and soaring requirement for protein among people in the region.

Hence, it can be safely said that the demand for plant-based proteins will surge sharply in the upcoming years, mainly because of the growing disposable income of people, rising popularity of the vegan lifestyle, and increasing intolerance of people toward animal protein across the world.

Kick Scooter Sharing Market Set to Exhibit Tremendous Growth in Coming Years

The inability of ride hailing and carsharing services to bridge the gap between first and last-mile transportation has led to the introduction of kick scooter sharing services worldwide. These two-wheeler sharing services play a vital role in bridging this gap by providing mobility options for shorter distances, which are less than 3.1 miles or 5 kilometers. Unlike carsharing and ride hailing services, kick scooter sharing services are usually offered through the station-less or dock-less model, which enables users to drop off these scooters at any location as per their convenience.

Furthermore, the soaring investments being made in start-ups providing such sharing services will help the kick scooter sharing market to advance at 51.3% CAGR during 2019–2025. The market revenue stood at $143.4 million in 2018 and it is expected to exceed $4,090.5 million by 2025. For instance, in 2018, Tier Mobility, a Berlin-based electric kick scooter sharing service provider, raised $29 million in funds for expanding its services across Europe. Similarly, VOI Technology AB, a Swedish electric kick scooter sharing services provider, received $50 million from Balderton Capital, in 2018.

According to P&S Intelligence, North America led the kick scooter sharing market in the past and it is expected to retain the leading position in the forthcoming years as well. This can be primarily ascribed to the rapid adoption of the sharing service and the presence of prominent sharing services providing companies such as Spin, Bird, and Lime in the region. North America was the first region in the world to launch kick scooter sharing services, in 2017, for providing first and last-connectivity services to people.

Thus, the rising need to bridge the gap between first and last-mile connectivity and escalating investments being made by venture capitalists in start-ups offering kick scooter sharing services will amplify the popularity of such services in the foreseeable future.

Electric Vehicle Component Market Key Trends And Opportunity Areas by Leading Players

The increasing implementation of favorable government policies regarding electric vehicle deployment in several countries is positively impacting the worldwide demand for electric vehicle components. The governments of many countries are also providing financial incentives in the form of tax exemptions and purchase rebates for augmenting the sales of electric vehicles. For example, in the U.S., an Internal Revenue Service (IRS) tax credit of $2,500 to $7,500 is provided on the purchase of a new electric vehicle by the federal government. 

According to various reports, over 5.1 million electric cars were sold all over the world in 2018, registering an increment of more than 2 million from 2017. Furthermore, according to several estimates, the size of the total electric car fleet will surpass 130 million by 2030. Thus, with the surging in electric vehicle manufacturing and deployment, the demand for electric vehicle components and parts is predicted to soar sharply across the world in the forthcoming years.

Apart from the aforementioned factors, the rapidly falling costs of electric vehicle components are also propelling their sales around the world. This is driving the advancement of the global electric vehicle component market. According to the forecast of P&S Intelligence, a market research company based in India, the valuation of the market will grow from $22.2 billion in 2018 to $157.4 billion by 2025. Furthermore, the market is predicted to advance at a CAGR of 29.4% from 2019 to 2025.

Motors, battery packs, controllers, electric vehicle supply equipment (EVSE), high-voltage cables, DC-DC converters, power distribution modules (PDMs), thermal management systems, and vehicle interface control module (VCIM) are the most widely sold electric vehicle components across the world. Out of these, the sales of the battery packs were found to be the highest during the last few years. The battery packs consist of battery management systems (BMS), battery cells, and battery thermal management systems.

Amongst these, the demand for battery cells is currently very high all over the world. Aftermarket companies and original equipment manufacturers (OEMs) are the biggest end users of electric vehicle components. Between the two, the usage of electric vehicle components was higher in OEMs in the past years. However, aftermarket companies are predicted to generate higher demand for electric vehicle parts and components in the upcoming years, on account of the mushrooming demand for replacement parts and components. 

Geographically, the sales of electric vehicle components are currently the highest in the Asia-Pacific (APAC) region. This is because of the surging manufacturing and sales of electric vehicles in the regional countries. For example, the Chinese government has been providing various subsidy schemes for augmenting the sales of electric vehicles in the country from 2017. Because of this scheme, the sales of electric vehicles grew sharply in the country (more than 60%) from 2017 to 2018.

Hence, it is safe to say that the sales of electric vehicle components will surge sharply all over the world in the forthcoming years, primarily because of the increasing deployment of electric vehicles, on account of the escalating air pollution levels and the implementation of favorable government policies in several countries. 

Sales of Mattress To Soar in Asia-Pacific in Coming Years

The global mattress market revenue is expected to rise from $32,875.3 million in 2020 to $64,045.5 million by 2030. According to the estimates of the market research company, P&S Intelligence, the market will progress at a CAGR of 7.0% from 2021 to 2030 (forecast period). The market is being driven by the booming tourism industry, which is causing a massive rise in tourist footfall and propelling mattress sales, in several countries. Additionally, the rising health concerns of consumers are driving the demand for various everyday items, such as mattresses.

Besides the aforementioned factors, the growing disposable income of people and the implementation of government policies regarding real estate development are also propelling the home ownership rate all over the world, which is, in turn, fueling the expansion of the mattress market. As per the Organisation for Economic Co-operation and Development (OECD), government initiatives and the surging average annual growth rate in disposable income, which is more than 2%, are making housing affordable for the masses.

The other major factor fueling the demand for mattresses is the increasing migration of people from rural to urban areas, especially in the Asia-Pacific (APAC) and Middle Eastern regions. As per the World Urbanization Prospects report published by the United Nations (UN), nearly 55% of the global population resided in urban areas in 2018, and this share is expected to rise to approximately 68% by 2050. Depending on distribution channel, the market is divided into offline and online.

The major players operating in the mattress market are focusing on product launches in order to consolidate their position. For example, Tempur Sealy International Inc. launched a new line of mattresses, that leverage the ultra-responsive coal technology and memory foam for providing enhanced support and durability, in February 2021. Furthermore, Serta Simmons Bedding LLC announced the launch of its new iComfort Hybrid mattress collection in January 2018 at the Winter 2018 Las Vegas Market.

Hence, the sales of mattresses will soar in the coming years, mainly because of the rising disposable income of people, rapid urbanization, and surging tourist footfall in various countries.