Opportunities for the Electric Rickshaw Battery Market in the India

Different transportation systems all across the globe are still mostly dependent on fossil fuels, however, with the surging concerns regarding the environment, the focus is predicted to shift towards electric vehicles eventually. In India, the transportation system consumes about 70% of petroleum products, and the fact that the country is relied on other nations for the procurement of fuel has been taking a toll on gross domestic product. Owing to this, the Indian government is increasingly focusing towards encouraging the adoption of electric vehicles in the country. Moreover, since the pollution levels in urban cities is off the charts, the need for electrifying the transportation system is pressing.

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Due to all these factors, the adoption of electric rickshaws in the country is growing, which, in turn, is resulting in the rising need and demand for electric rickshaw batteries. According to a P&S Intelligence report, in 2019, the Indian electric rickshaw battery market generated a revenue of $385.0 million and accounted for the sale of 4,290.0 thousand units. The market is further projected to reach a value of $722.3 million in 2024, advancing at a 13.2% CAGR during the forecast period (2020–2024).

The higher demand for batteries in the years to come is projected to be created for replacement purposes. This is because an electric rickshaw goes through three or four battery replacement cycles throughout its lifetime. Within the country. Delhi has been the largest Indian electric rickshaw battery market up till 2018. However, the demand for batteries is expected to rise significantly in Uttar Pradesh in the coming years, owing to the rising usage of electric rickshaws by daily commuters in small towns in the state.

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Hence, the demand for batteries in India is growing due to the growing adoption of electric rickshaws and surging air pollution levels.

 

Wireless EV Charging Market is Expecting Major Tech Revolution in Near Future

The increasing adoption of plug-in electric vehicles (PEVs) is one of the biggest factors responsible for the surging demand for wireless electric vehicle charging stations across the world. For instance, in China, the sales of plug-in EVs were recorded to rise by almost 83% from 2017 to 2018. Moreover, the country observed 1.1 million sales of electric cars in 2018. Furthermore, 384,040 units of plug-in electric vehicles were sold in Europe in 2018, exhibiting an almost 33% rise in the sales of EVs from the previous year. 

Driven by the above-mentioned factors, the sales of wireless electric vehicle charging stations will increase considerably over the coming years, which will in turn, increase the revenue of the global wireless electric vehicle charging market tremendously during the forecast period (2020—2030). Wireless electric vehicle charging is an innovative technology that is rapidly replacing the traditional method of EV charging. This type of charging removes the requirement of large battery capacities and allows the EV to operate like the conventionally used internal combustion engines (ICE)-based automobiles. 

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Globally, the wireless EV charging market is expected to register the highest growth in the Asia-Pacific (APAC) region during the forecast period, on account of the fact that China is observing the highest growth in the world in the adoption of electric vehicles and therefore, recording rapid rise in the demand for wireless EV charging stations. For instance, Zhejiang VIE Science & Technology Co. Ltd., a company based in China, and Evatran Group Inc., an American company, entered into a joint venture in 2016 for incorporating the latter’s wireless EV charging device called Plugless into the electric vehicles in China.

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Hence, it is clear that the sales of wireless electric vehicle charging systems will skyrocket throughout the world in the upcoming years, mainly owing to the increasing adoption of electric vehicles all over the globe.

Revenue Share of Automotive Camera Module Market During 2020-2030

The mushrooming sales of autonomous and luxury vehicles and the growing requirement for advanced safety systems and features are the main factors boosting the demand for automotive camera modules across the world. In addition to this, the enactment of the New Car Assessment Program (NCAP) is further fueling the sales of automotive camera modules. Due to the growing incidence of road accidents, the governments of many countries are implementing strict regulations that mandate the incorporation of safety features in automobiles.

Due to the above-mentioned reasons, the sales of automotive camera modules are rising rapidly, which is, in turn, driving the advancement of the global automotive camera module market. According to the estimates of the market research firm, P&S Intelligence, the market would register huge expansion from 2020 to 2030. The biggest application areas of these camera modules are park assist (PA), lane departure warning (LDW), blind spot detection (BSD), autonomous emergency braking (AEB), and adaptive cruise control (ACC).

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This would be a result of the mushrooming requirement for luxury automobiles and the rapid integration of advanced safety features and systems such as the advanced driver assistance systems (ADAS) in both commercial vehicles and passenger cars. After North America, the automotive camera module market will register the second-highest growth in Europe in the coming years, on account of the enactment of regulatory policies regarding the adoption of safety systems in vehicles in the region.

Hence, it can be said with full surety that the demand for automotive camera modules would surge all over the world in the forthcoming years, primarily because of the increasing popularity of autonomous and luxury vehicles and the growing installation of advanced safety systems and features in automobiles around the world.

Cathode Material for Automotive Lithium-Ion Battery Market Expected to Exhibit Huge Expansion in Future

The global cathode material for automotive lithium-ion battery market generated a revenue of $1,744.9 million in 2019 and is predicted to advance at a CAGR of 6.9% between 2020 and 2030. The market is expected to attain a valuation of $3,777.8 million by 2030. The growing usage of electric vehicles, rapid fall in the costs of cathode materials, and the growth of the energy storage battery industry are the key factors driving the advancement of the market.

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Nowadays, cathode material accounts for around 25–30% of the manufacturing cost of a lithium-ion battery. The original equipment manufacturers (OEMs) manufacturing cathode materials are focusing on developing these materials at more affordable prices. The availability of these materials at lower prices than before is boosting their sales, which is, in turn, fueling the growth of the cathode material for automotive lithium-ion battery market. The expanding energy storage battery industry is another major factor driving the progress of the cathode material for automotive lithium-ion battery market. 

Depending on vehicle type, the cathode material for automotive lithium-ion battery market is classified into commercial vehicles, passenger cars, and two-wheelers. Amongst these, the passenger car category registered the highest growth in the market in the past years and this trend is predicted to continue in the coming years as well. This would be a result of the lucrative financial incentives being launched and provided to end users and electric car manufacturing companies, especially in the U.S. and China, for promoting the deployment of electric cars. 

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Thus, it is clear that the market would exhibit huge expansion all over the globe in the years to come, primarily because of the growing deployment of electric vehicles and the rapid fall in the prices of cathode materials throughout the world.

What are Factors Expected to Drive Progress of Electric Vehicle Supply Equipment Market in North America in Future?

The adoption of electric vehicles around the world has increased significantly over the past few years, which can be majorly ascribed to the increasing awareness among people. The transportation industry is hugely responsible for the surging levels of air pollution. As people are recognizing the negative effects of owning traditional internal combustion engine vehicles on the environment, they are increasingly opting for electric vehicles which do not cause as much harm to the environment. This, in addition to the increasing government initiatives for promoting the adoption of electric vehicles, is leading to the growth of the electric vehicle supply equipment market as well.

EVSE is basically needed for supplying electric energy in order to recharge electric vehicles. According to a report by P&S Intelligence, the global electric vehicle supply equipment market is expected to generate a revenue of $2.7 billion by 2025, rising from $1.5 billion in 2019, and is predicted to progress at a 10.7% CAGR during the forecast period (2020–2025). Governments across the globe are focusing on providing proper infrastructure for encouraging the adoption of electric vehicles, which is further driving the EVSE market. For example, the government of South Korea has set a target for installing 10,000 fast electric vehicles chargers by 2022.

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Geographically, Asia-Pacific emerged as the largest EVSE market in the past, which can be owing to the wide adoption of electric vehicles and growing installation of related charging infrastructure in China. The country is further the largest EVSE market within the region. This can be ascribed to the surging environmental concerns, decreasing total cost of ownership, and increasing government support in the form of incentives and subsidies in the country.

In conclusion, the demand for EVSE is growing across the globe on account of the increasing adoption of electric vehicles across the globe.

Growing Popularity of Regional Cuisines Boosting Seasonings and Spices Demand

Seasonings and spices are some of the most essential ingredients required for preparing ready-to-eat and convenience foods. Therefore, the growing popularity of these food items is heavily boosting the sales of seasonings and spices all over the world. Long working hours, busy lifestyles of people, and the increasing trend of people moving out of their parents’ houses and living alone for work and other purposes are the main factors responsible for the growing consumption of fast foods and ready-to-eat items.

Additionally, people are increasingly preferring to order food or going to the food outlets such as street stalls and restaurants over cooking at home and this positively impacting the sales of spices and seasonings. Moreover, the rising consumer preference for baked goods, fried foods, and confectionary products, especially in the developed countries, is boosting the requirement for various types of seasonings, which are required for preparing these foods, in the industries associated with confectionary and processed foods.

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As per a report by P&S Intelligence, the Asia-Pacific region dominated the seasoning and spices market, both in terms of volume and value, in 2017. This is primarily due to the surging population in countries such as India and China, which is creating high demand for these products. India is the second-most populated country and the largest consumer of spices and seasonings across the globe. The demand for these products is also expected to increase significantly in North America and Europe in the coming years, as the consumption of various spices in these regions has increased considerably in recent times.

In conclusion, the demand for seasonings and spices is increasing because of the expanding e-commerce sector and changing food habits of people around the world.

Why will Car Subscription Market Boom in Asia-Pacific (APAC) in Coming Years?

There is no doubt about the fact that vehicles, in fact, the whole transportation system, has made lives of human beings comfortable and easy. While owing a car these days is not a big deal as it used to be a few years ago, some people still cannot afford to buy cars or do not want to go through the hassle of buying a car. Buying a new car doe not just include a simple payment for the automobile, but one needs to think about insurance and other maintenance cost that need to be taken care of later.

In the past, North America made extensive usage of car subscription services, which is ascribed to the over 10% penetration into the average household incomes in the U.S. Other than this, the requirement for car subscription services is also expected to increase considerably in the Asia-Pacific region in the coming years. The car subscription market in the region is being primarily driven by developing countries, including Australia, China, and India.

Hence, the need for car subscription services is increasing due to the changing ownership patterns.

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Some of the private/third party major players operating in the global car subscription market are Zoomcar, Drover, Clutch Technologies, Revv (Primemover Mobility Technologies Pvt. Ltd.), Myles, and InMotion Ventures.