Covid-19 Impact on Automotive Lithium-Ion Battery Market CAGR Rapidly Growing in Coming Years

 During 2018–2019, global electric car sales witnessed a massive 40% increase, to reach 2.1 million. This took the total number of such new-energy vehicles in operation around the world to 7.2 million. These observations made in the Global EV Outlook 2020 report of the International Energy Agency (IEA) clearly suggest that the earth is witnessing the electric vehicle (EV) revolution. Fueled by the widespread awareness on the degradation of the environment due to the greenhouse gases (GHG) released from conventional vehicles and the government support for cleaner alternatives, EV adoption is picking pace.

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Considering this, P&S Intelligence says that the automotive lithium-ion battery market value will surge from $24.2 billion in 2018 to $74.3 billion by 2024, at a healthy 15.9% CAGR during the forecast period (2019–2024). However, as EVs are expensive, government support will continue to be necessary to boost their sales. For instance, China has been offering incentives of $4,390 on the purchase of EVs with a driving range of over 400 km on a single charge. Similarly, under phase II of the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles in India (FAME India) scheme, the Indian government is pumping INR 10,000 crore in its EV sector.

One of the prominent trends presently being witnessed in the automotive lithium-ion battery market is the rising incorporation of lithium nickel manganese cobalt oxide (NMC) batteries in electric vehicles across the globe. This is primarily attributed to the ability of the NMC batteries to provide high energy density and the rising requirement of vehicles having high ranges throughout the world. In addition to this, the declining prices of the NMC batteries, their lesser space requirements, and lighter weights are further boosting their sales across the world.

During the historical period (2014–2018), the Asia-Pacific (APAC) region dominated the automotive lithium-ion battery market because China and India are two of the largest EV markets in the world. Of the 7.2 million electric cars that were in operation globally in 2019, as per the IEA, 47% were in China alone. In addition, China and India account for the majority of the electric two- and three-wheeler (electric rickshaw) sales. During the forecast period, the market is expected to witness the fastest growth in Europe, which is hoping to become self-reliant in EV technology, therefore promoting domestic battery production.

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Hence, with government initiatives to encourage the masses to switch to alternative-fuel vehicles, automakers will continue to generate an increasing demand for Li-ion batteries.

Electric Scooter and Motorcycle Market is Set for Lucrative Growth During 2021–2025

 In the context of transportation, one phrase that is on everyone’s minds these days is ‘electric vehicle (EV)’. Such automobiles are being considered the future of traveling, as they are specifically designed to reduce the air pollution levels drastically. Therefore, to increase their penetration among the masses, governments across the globe are offering purchase subsidies, tax rebates, and financial incentives. For instance, the Indian government has made an investment of INR 10,000 crore under the FAME India II scheme to promote EVs.

Thus, P&S Intelligence expects the electric scooter and bike market value to rise to $10,529.7 million by 2025 from $5,913.9 million in 2019, at a high 14.4% CAGR between 2020 and 2025. Unlike several models of hybrid cars and buses, only pure-electric two-wheelers are available, which makes them, on average, more environment-friendly than other vehicles. Moreover, they are cost-effective, which is why government EV promotion schemes generally support more scooters and motorcycles than cars, trucks, and buses. For instance, the FAME India II scheme is offering support for one million electric two-wheelers compared to just 35,000 cars and 7090 buses.

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Due to all these reasons, electric scooters and motorcycles are rapidly finding their way into the fleet of e-commerce and last-mile delivery and shared mobility companies. Since such firms require a large number of automobiles, the purchase cost and additional expenses associated with ICE variants create a large dent in their finances. Thus, to expand into new cities and towns, while maintaining a fine balance between revenue and expenditure, such companies are swiftly replacing their conventional two-wheelers with electric variants.

Presently, Asia-Pacific (APAC) is the largest electric two-wheeler market due to the dominance of China on the worldwide EV sector. According to the Global EV Outlook 2020 report of the International Energy Agency (IEA), 25% of all electric two-wheelers around the world are operational in China. This is a result of the rapid urbanization and people’s rising disposable income, as well as government bans on conventional scooters and motorcycles. With other regional countries also promoting electric two-wheelers strongly, their sales will keep picking up in APAC.

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Hence, with the rising environmental concerns and cost-effectiveness of electric scooters and motorcycles, their adoption will rise in the coming years.

Boom Predicted in Carsharing Market in Europe in Future

The presence of favorable government policies and measures in many European countries and cities is one of the important factors responsible for the soaring adoption of carsharing services in Europe. For instance, the Mayor of London announced, in 2018, his plans of building public parking spaces in the city that would significantly reduce the private ownership of cars and facilitate car parking in the city. Similarly, the Mayor of Paris announced, in April 2017, her plans of making the city the first post-car city in the world.

Powered by the above-mentioned factors, the European carsharing market is predicted to register huge growth in the coming years. The most widely used types of cars in the carsharing services in the region are—luxury, executive, and economy class cars. Out of these, the adoption of economy class vehicles was found to be the highest in the carsharing services in Europe in the past. This is mainly credited to the higher fuel efficiency and lower requirement of maintenance services in these cars.

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One of the prominent trends currently being observed in the European carsharing market is the rising deployment of electric vehicles in the carsharing fleets by the carsharing service providing companies in Europe. EVs are being increasingly adopted in carsharing services, on account of the global warming and environmental damage caused by the emissions from the fossil-fuel powered cars. Moreover, the electric cars require lesser maintenance and have lower total cost of ownership (TCO) as compared to the conventionally used vehicles and are thus, being increasingly preferred in carsharing services.

Hence, it can be said with full surety that the demand for carsharing services will shoot-up across Europe in the coming years, owing to the increasing road congestion in several European cities, rising popularity of shared mobility solutions, and the presence of numerous government policies supporting the adoption of carsharing services in the European countries.

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Market Segmentation:

Based on Car Type

Economy
Executive
Luxury

Based on Propulsion

Electric
Fuel-Based
Based on Model

Peer-to-Peer (P2P)
Round-Trip
One-Way Trip

Based on Application

Business
Private

Geographical Analysis

Germany
U.K.
France
Italy
Spain
Netherlands
Rest of Europe

Bike Sharing Market to Witness Robust Growth in Coming Years

The booming population and increasing number of vehicles on the road shave led to excessive traffic congestion, which, in turn, has led to the penetration of bike sharing services in towns and cities. The roads in urban settings are packed with automobiles during peak hours, owing to an exponential rise in the number of daily commuters. The availability of bike sharing fleets in cities has helped in dealing with traffic problems, as bikes need a smaller parking area and narrower traveling space.

Additionally, the recent trend of partnerships between bike sharing companies and other mobility as a service (MaaS) providers will drive the bike sharing market at a CAGR of 10.2% during the forecast period (2019–2025). These partnerships are directed at amplifying the shared bike ridership by offering integrated solutions to users. Commuters can access several efficient modes of transportation in one trip via these integrated solutions. These sharing services further reduce the dependence of daily commuters on costlier modes of public transport, particularly for first- and last-mile connectivity. These factors will help the market grow from $2.7 billion in 2018 to $5.0 billion by 2025.

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With the advent of electric vehicles (EV) on account of the rising environmental concerns, fleet operators have started focusing on the induction of e-bikes in their fleets. These service providers are also preferring e-bikes over pedal bikes as the former offer higher speed while covering short distances. Additionally, the enhanced convenience, effortless driving, and variable motor power according to the road conditions have added to the popularity of e-bikes globally. Moreover, service providers are also inducting e-scooters into their fleets, including those that are integrated with internet of things (IoT) devices for smart unlocking.

The type segment of the bike sharing market is bifurcated into station-based and dock-less. Of these, the dock-less category dominated the market in 2018, as this concept requires lesser capital and involves lesser operational expenses in comparison to a station-based system. However, the station-based category will witness the faster growth in the coming years, due to the increasing acceptance of this model by the governments of different countries. This concept reduces the chances of the chaos generated by the improper parking of dock-less bikes.

Geographically, the Asia-Pacific (APAC) region witnessed the highest adoption of bike sharing services in the past, and it will continue to do so in the foreseeable future. This can be attributed to the enormous fleet size of the bike sharing companies operating in the region. Currently, China has the largest fleet size in the region due to the presence of established bike sharing operators like Mobike and Hellobike and the hefty investments they have received in the last few years.

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Furthermore, the European bike sharing market is expected to display the highest growth rate during the forecast period, owing to the soaring number of such schemes in regional nations. For example, Jump introduced its bike sharing services in Rome, Italy, in October 2019. Under this service, 700 bikes were deployed in the initial phase, with the number being increased to nearly 2,800 by November 2019. Moreover, the increasing preference for e-bikes in the region will support the market growth during the forecast period.

Thus, the cost-effectiveness and high convenience of bike sharing services will increase their penetration in the coming years.

Economic Impact of Coronavirus on Lipstick Market to Reap Excessive Revenues

The attention to one’s physical appearance, especially for women, has been a major aesthetic aspect of the society since perhaps the start of civilization, or at the very least, since the gender roles came into being. In the modern society, the adherence to a regulated personal care routine has become very common, for both men and women. However, for women, most of the time, the consciousness regarding physical appearance is not limited to just paying attention to personal hygiene, but the usage of different cosmetic products, such as eyeliners, lipsticks, and make-up, is also of significant importance.

The demand for such products has further been rising because of the growing number of working women and the increase in disposable income of people. As physical appearance has often been related to confidence, a large number of working women make use of cosmetic products, including lipsticks for feeling more confident and enhancing their personality.  As per a report by P&S Intelligence, in 2018, the market for lipstick reached a value of $9.2 billion, and it is projected to generate a revenue of $13.4 billion by 2024, progressing at a 6.6% CAGR during the forecast period (2019–2024).

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Lipsticks are of different types such as shimmer/pearl/frost, satin/sheer, luminous, matte, metallic, crème, natural, and glossy. Out of these, the largest demand in 2018 was created for satin/sheer lipsticks, however, the adoption of matte lipsticks is also expected to increase considerably in the coming years. This is due to the shifting preference of consumers related to the availability of wide range of color shades in the market. Among different types of colors, including maroon, nude, red, and pink, red-colored lipsticks were the most in demand in 2018. Apart from this, the demand for nude lipsticks is growing rapidly as well.

Different types of lipstick applicators are lipstick palette, lipstick tube/stick, lipstick pencil, liquid lipstick, and lipstick cream. Lipstick tube/stick have been the most preferred applicators among the consumers. These different types of lipstick products are available on various distribution channels, such as convenience stores, departmental stores, cosmetic stores, supermarkets/hypermarkets, and online. The highest demand for lipsticks were create from departmental stores in 2018. But other than this, online channels are becoming increasingly popular when it comes to the sales of such products. This is primarily attributed to the fact that working women prefer online channels for shopping.

Women between the ages of 20–30 years have been creating the largest demand for lipstick across the globe, as most of the women under this age group are working women. Geographically, Europe emerged as the largest lipstick market in 2018, however, the Asia-Pacific region is also expected to create a considerable demand for different lipstick products in the coming years. This is because of the growing social media influence and improving female financial independence in the region.

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In conclusion, the rising number of working women and growing consciousness regarding physical appearance is driving the demand for lipsticks.

Micromobility Telematics Market- Rising Environmental Concerns Aiding Market Growth

The global micromobility telematics market revenue stood at $957.7 million in 2020, and the market is predicted to advance at a CAGR of 26.7% from 2021 to 2030. Furthermore, the market will reach a value of $13,010.4 million by 2030, as per the forecast of P&S Intelligence, a market research company based in India. The market is being driven by the large-scale adoption of micromobility solutions all over the world. 

With the increasing adoption of network services, smartphone connectivity, fleet optimization, and locking mechanisms into these services, the market will register rapid expansion in the coming years. Besides these, the burgeoning requirement for first- and last-mile transportation is also fueling the advancement of the micromobility telematics market around the world. Micromobility services provide mobility solutions for shorter distances, which, in turn, bridges the gap existing in first- and last-mile transportation.

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These services are generally required for covering a distance of less than 5 km (3.1 miles) per trip. Furthermore, these services are majorly provided via the station-less or dock-less model, that allows users to leave the vehicle after use at any location as per their convenience. This is massively improving first- and last-mile traveling. Another major factor driving the expansion of the micromobility telematics market is the huge investments being made in the industry by top investors across the world. 

Globally, the Asia-Pacific (APAC) region dominated the micromobility telematics market in 2020. This was attributed to the huge investments received by various regional micromobility telematics firms and the emergence of several technology start-ups in the region. Furthermore, the industry players operating in this region are increasingly focusing on offering affordable micromobility solutions in order to gain the first-mover advantage. This is massively propelling the expansion of the market in this region.

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Hence, it is safe to say that the market will exhibit huge expansion in the years to come, primarily because of the surging adoption of micromobility solutions, soaring requirement for first- and last-mile connectivity, and the huge investments being made by various venture capitalists and investors in the industry. 

What is Biggest Trend Currently Witnessed in Automotive Busbar Market?

The global automotive busbar market reached a value of $17.4 million in 2020, and it is predicted to progress at a CAGR of 24.6% between 2021 and 2030. Furthermore, as per the estimates of P&S Intelligence, a market research company based in India, the market will generate a revenue of $177.1 million in 2030. The surging deployment of electric vehicles (EVs) in several countries is a key factor driving the expansion of the market.

This is primarily because busbars are extensively used in EVs, as traditional cell connections such as strips, lugs, and welded wires are extremely prone to failure due to the dislocation of the cells because of the vibrations caused by a moving automobile. Moreover, busbars have low thermal and electrical resistance and are thus, used heavily in EV manufacturing processes. Besides these, the soaring usage of plug-in hybrid EVs (PHEVs) is also fueling the worldwide demand for automotive busbars.

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Many automakers such as BMW AG, Tesla Inc., and Hyundai Motor Company are increasingly focusing on manufacturing EVs, thereby positively impacting the market expansion across the world. The other factors fueling the market growth are the operational benefits and lower costs of busbars than cables. Busbars reduce the assembly time, which, in turn, curtails the internal manufacturing and material handling costs. Additionally, they are widely preferred in motor control center applications, due to their ability to provide ease of retrofitting. 

Because of the aforementioned factors, automobile manufacturers are increasingly preferring busbars over cables. Depending on conductor, the automotive busbar market is divided into aluminum and copper. Between these, the copper category accounted for majority shares in the market in 2020. This was because of the large-scale usage of copper as a conducting material in busbars, on account of its high electrical conductivity, non-magnetic and easily machinable characteristics, and high corrosion resistance. Hence, it can be safely said that the market will register huge expansion in the coming years, primarily because of the growing deployment of EVs and EV charging stations in several countries around the world. 

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Hence, it can be safely said that the market will register huge expansion in the coming years, primarily because of the growing deployment of EVs and EV charging stations in several countries around the world.

Economic Impact of Coronavirus on India Electric Bus Market to Reap Excessive Revenues

The Indian electric bus market had a valuation of $94.3 million in 2020 and it is predicted to advance at a CAGR of 48.8% between 2021 and 2025. According to the market research company, P&S Intelligence, the market will generate a revenue of $1,364.4 million by 2025. The key factors driving the advancement of the market are the increasing implementation of favorable government policies regarding electric bus deployment and the surging domestic manufacturing of electric buses in the country.

Due to the rapid environmental degradation in the country, the government is enacting various policies and regulations aimed at encouraging the deployment of environment-friendly modes of transportation such as electric buses in the country. The Ministry of Heavy Industry and Public Enterprise announced the eligibility criteria for electric passenger vehicles, buses, and two- and three-wheelers to avail the various benefits sanctioned under the FAME (Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles) II incentives in March 2019.

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Moreover, the government announced the procurement and deployment plan of 5,585 electric buses all over the country in August 2019. These government measures are propelling the expansion of the Indian electric bus market. Besides these initiatives, the soaring domestic manufacturing of electric buses is also fueling the advancement of the market. Many local players are increasingly announcing collaborations with leading foreign players for meeting the surging electric vehicle requirements in the country.

For example, GreenCell Mobility and PMI Electro Mobility Solutions entered into a partnership with each other for deploying 350 electric buses in Uttar Pradesh, India. This move is predicted to generate as many as 1,000 jobs in the country in the coming years. Depending on type, the market is classified into hybrid electric bus (HEB) and battery electric bus (BEB). Of these, the BEB category is predicted to register higher growth in the market in the future years.

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This will be because of the higher utilization of these buses and the existence of proper infrastructure for the manufacturing of these buses in the country. Furthermore, the provision of various government incentives and subsidies is also augmenting the sales of electric buses in the country. When application is taken into consideration, the market is divided into intercity and intracity. Between these, the intercity category will exhibit higher market growth in the future. 

The Indian electric bus market will demonstrate the fastest growth in North India in the coming years. This is credited to the implementation of favorable policies by both state and central governments for promoting the deployment of electric buses in this region. In addition to this, the surging pollution levels and the increasing enactment of strict emission regulations and norms are also fueling the adoption of electric buses by various state transport undertakings in the region.

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Hence, it can be said with full surety that the market will register huge expansion in the upcoming years, primarily because of the growing requirement for environment-friendly modes of transportation and the surging enactment of favorable government policies regarding electric bus deployment in the country.

Tremendous Growth Expected in Global Mattress Market in Coming Years

People these days have become increasingly conscious regarding their health, along with which, work-related stress has increased as well. The schedule has become busier as companies are increasingly stressing on increased productivity and efficiency. Along with all this, the disposable income of people has also increased considerably over the past few years, due to strong economic growth. It is because of all these factors that the demand for mattresses has increased significantly. As the focus on sound sleep is rising, because of mental tiredness, people have started invested in mattresses of good quality, thereby leading to the growth of the mattress market.  

These people are also investing in customized mattresses, which is major driving factor for the domain. Since different people have different preferences when it comes to comfort, the requirement for personalized products has risen substantially. Owing to this, mattress manufacturers, including Tempur Sealy International Inc., have started providing people with customization option, where they can modify the firmness, size, and thickness of the mattress as per their convenience. Because of such offerings, people with different weight and height can choose the product that suits their needs. 

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In addition to this, standard sized mattresses do not always fit in customized beds, which is why people are increasingly opting for customized products. The demand for mattresses has further been increasing due to the increasing migration rate form rural to urban areas, majorly in Asia-Pacific and Middle East. As per a report by the United Nations, World Urbanization Prospects, approximately 54% of the worldwide population lived in urban areas in 2014, and the percentage is expected to increase to 66% by 2050. As people have increased disposable income these days, they are willing to spend on luxurious items, such as mattresses. 

The global mattress market is projected to reach a value of over $38.9 billion by 2023, rising from $31.1 billion in 2017, and it is predicted to advance at a 3.8% CAGR during the forecast period (2018–2023). On the basis of size, the market is divided into king size mattress, single size mattress, queen size mattress, and double size mattress, among which, the queen size mattress category accounted for the largest share of the market in the past. Queen-sized mattress is preferred the most, as it is ideal for two people and doesn’t take much space in the room, which is an importance aspect for smaller bedrooms. 

In terms of end user, the mattress market is divided into commercial and residential, between which, the residential division is predicted to advance at a faster pace during the forecast period. This is owing to the rising disposable income of middle-class families. Geographically, North America dominated the market in the past, as per a report by P&S Intelligence. This is because of the increased disposable income of people and the rising construction of hotels in the region. Asia-Pacific is expected to progress at the fastest pace during the forecast period, owing to the rising population in India and China. 

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In conclusion, the demand for mattresses is growing due to the increasing disposable income, rising migration from rural to urban areas, and provision of customized services and products. 

What are Major Factors Driving Growth of AI in Transportation Sector?

The automotive industry is among the most prominent industries across the globe and is undergoing continuous technological advancements, the latest one being the development of autonomous vehicles. These vehicles have different levels of autonomy, and the level 5 autonomous cars have the capability of operating without of the presence of a driver. These innovations, however, wouldn’t have been possible if it weren’t for artificial intelligence (AI). It is the technology that allows real-time and reliable recognition of objects around the vehicles, which makes possible the proper functionality of autonomous vehicles. Owing to such factors, the adoption of AI in transportation has been increasing rapidly.

The demand for AI in the transportation sector is further increasing due to the growing focus on decreasing the operating cost of transportation. AI offers various opportunities when it comes to reducing cost and making operations more time efficient. The advanced navigation systems in vehicles enable the driver to follow optimized routes and avoid traffic jams. This can further aid in speeding up deliveries. Other than this, AI-based solutions make vehicles safer and more secure. For example, AI-based technologies including adaptive cruise control and auto emergency braking help in preventing potential road accidents and further reduce driver fatigue. 

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The AI in transportation market is further projected to register growth due to the opportunities that are being presented by truck platooning. Platooning is among the various steps that is required for achieving autonomous driving. It offers several advantages such as improved safety features, reduced fuel consumption, and decreased emissions of harmful gases. A number of initiatives have been taken in the past few years in a number of countries for enabling truck platooning and further developments in the field are predicted to taken in the coming years as well. 

The global AI in transportation market is expected to generate a revenue of $3.5 billion by 2023, rising from $1.4 billion, and is predicted to progress at a 16.5% CAGR during the forecast period (2018–2023). In terms of offering, the market is categorized into hardware and software, between which, the software category accounted for the major share of the market in 2017. This is due to the rising utilization of software as a service platform, including the Microsoft Azure, in human-machine interface applications. On the basis of technology, the market is divided into natural language processing, deep learning, and computer vision. 

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Out of these, the deep learning technology held the largest share of the market in 2017, since it allows vehicles to be more intelligent and provided better driving experience in various situations, considering weather conditions and road terrain. Geographically, North America is projected to dominate the AI in transportation market in the coming years, owing to the increasing sales of premium trucks. In addition to this, rising government support and increased funding for autonomous vehicles in the regions is also leading to the growth of the market. 

Hence, the demand for AI in the transportation sector is growing because of the development of autonomous vehicles, technological advancements, and rising focus on truck platooning. 

 

What Makes North America a Strong Growth Avenue for Electric Bike Market?

The North American electric scooters and motorcycles market generated a revenue of $164.7 million in 2020 and it is predicted to reach a valuation of $590.4 million by 2025. According to the forecast of the market research company, P&S Intelligence, the market will progress at a CAGR of 25.1% between 2021 and 2025. The growing popularity of electric scooter sharing fleets and the rising provision of tax credits on their adoption are the major factors driving the market advancement.

As electric scooters and motorcycles contain fewer moving and vibrating parts, their maintenance requirements are very low. This massively reduces the demand for periodic maintenance and servicing that usually cost the owners of the conventionally used fossil fuel-powered vehicles a huge amount. Moreover, due to their lower maintenance requirements than traditional vehicles, they are increasingly being adopted by people who don’t have the time required for routine vehicle maintenance and servicing.

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Apart from the aforementioned factor, the provision of federal tax credits and other financial assistance regarding the purchase of electric scooters and motorcycles by the governments of several North American countries is also fueling the expansion of the North American electric scooters and motorcycles market. Depending on type, the market is divided into motorcycle, scooter, and kick scooter. Out of these, the electric motorcycle category is predicted to exhibit the fastest growth in the market in the upcoming years.

Additionally, the growing popularity of electric vehicles, due to the soaring environmental concerns and the mushrooming diesel and gasoline prices, is also propelling the advancement of the market for electric bike in North America. One of the major trends currently being witnessed in the market is the rapid developments and advancements being made in the battery technology in order to increase the capacity of the batteries for meeting the requirements for a longer driving range and reduce their prices.

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Hence, it is safe to say that the market will demonstrate rapid expansion in the coming years, mainly because of the rising public preference for eco-friendly vehicles and the increasing implementation of favorable government policies regarding the adoption of electric vehicles in the region.

Smart Water Meter Market to Expand at a Healthy Growth Rate in the Coming Years

Smart water meters are rapidly becoming an integral component of both residential and industrial buildings. This is because these systems not only allow the users to track and monitor their water consumption but also help in checking the water expenses regularly. Moreover, these devices allow the users to check the readings in the building premises itself. In addition to their ability to keep water expenses under control in residential settings, smart water meters also assist majorly in curbing the loss of revenue, which is mainly caused because of the loss of water during its supply.

While the developed countries record water losses of nearly 20% of the total supplied water, the developing nations register losses of more than 50% of the supplied water. These huge losses cause sharp decline in revenue generation, thereby negatively impacting the growth of the water supplying companies. As a result, these companies are increasingly adopting smart water meters for tracking and identifying the water leaks and spillages in the entire water delivery network. Furthermore, many governments, especially those of several European countries, are enacting various regulations for reducing the operational expenditure of the water supplying organizations.

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One such major policy is the Water Framework Directive (WFD), which was recently implemented by the European Union (EU) for limiting the revenue losses of the water organizations. The smart water meter industry in Wales and England is being driven by such water management policies. The development of advanced metering infrastructure (AMI) is another important factor fueling the sales of smart water meters. AMI provides improved two-way communication and rapid alerts regarding potential leaks, owing to which, it is becoming highly popular in the water utilities sector.

Geographically, the North American smart water meter market was observed to be very prosperous in the years gone by, as per the studies of P&S Intelligence, a market research company based in India. However, that will change in the future, with Asia-Pacific (APAC) and Europe expected to observe large-scale utilization of smart water meters in the coming years. Apart from these regions, the sales of these meters will also shoot-up in the Middle East and Africa (MEA) region in the upcoming years.

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Therefore, it can be said with surety that the demand for smart water meters will rise considerably throughout the world in the forthcoming years, mainly because of the increasing focus of organizations on reducing the water spillages occurring during water supply and the rising implementation of various water management and conservation policies in several countries around the world.

CNG and LPG Vehicle Market Sales Predicted to Shoot-Up in Coming Years

The global compressed natural gas (CNG) and liquefied petroleum gas (LPG) vehicle market attained sales of 56.2 million vehicles in 2019. According to the forecast of P&S Intelligence, a market research company, the market size will reach 102.3 million units by 2030. Furthermore, the market will progress at a CAGR of 5.9% between 2020 and 2030. The growing usage of clean-energy vehicles and the ability of LPG and CNG vehicles to replace traditional vehicles are the main market growth drivers.

Additionally, the low running costs of these vehicles are also contributing heavily toward the boom of the CNG and LPG vehicle market. Automobiles that run on LPG and CNG have lower running costs than the diesel and gasoline-based vehicles. This is because of the lower costs of LPG and CNG than diesel and gasoline. The cost of CNG ranges from around $1.50 to $2.80 per gallon in Europe, registering a reduction of as much as 40–75% in fuel cost.

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Depending on fuel type, the CNG and LPG vehicle market is classified into LPG and CNG. Of these, the CNG category recorded higher growth in the market in the past and it is predicted to demonstrate faster growth in the forthcoming years. This is credited to the burgeoning deployment of CNG vehicles, particularly in the emerging economies of the Asia-Pacific (APAC) region. The market is further categorized, based on fuel type, into light and heavy-duty trucks, bus, and passenger cars.

On the other hand, the market is predicted to exhibit the fastest growth in the Latin America, Middle East, and Africa (LAMEA) region in the upcoming years. This will be because of the fact that the emerging economies in this region such as Argentina and Brazil are providing lucrative growth opportunities for the LPG and CNG vehicle market players, because of the surging purchasing power of the people and the subsequent rise in the per capita spending on personal transportation in the region.

Hence, it can be said with full confidence that the market will grow substantially all over the world in the upcoming years, primarily because of the increasing public preference of environment-friendly fuel sources and the lower operating costs of CNG and LPG-based automobiles.

How is Air Pollution Driving Carsharing Market?

The world is in grave danger, as the high amounts of greenhouse gas (GHG) emissions are making the air fouler by the day. Whenever coal, natural gas or crude oil and its derivatives are burned, carbon dioxide, nitrogen oxides, carbon monoxide, sulfur dioxide, and other harmful gases are released into the atmosphere. These are not only making the earth hotter, but also creating difficulties in breathing. The transport sector is one of the major emitters of GHGs, which is why several steps are being taken to check it and reduce the rate of air quality degradation.

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One such effort has been the strong promotion of shared mobility services, as 3–4 people can travel in the same vehicle, which automatically helps bring down the number of automobiles in operation. As, still, most vehicles run on gasoline and diesel, shared mobility aids in bringing down pollution. This is one of the primary reasons the carsharing market, which valued $5,571.2 million in 2018, is projected to grow to $10,846.9 million by 2025, at an 11.0% CAGR between 2019 and 2025. In such a model, people can rent cars as per requirement and pay on the basis of the journey distance or time.

The key catalyst for the popularity of such models has been the advent of the mobility as a service (MaaS) concept. With shared mobility companies putting in the hard yards of owning and maintaining the vehicles, a great weight has been lifted off the shoulders of users. Those who use MaaS services do not need to spend thousands of dollars on purchasing a personal vehicle, paying for insurance premiums, parking, and regular servicing and maintenance. Not to forget the rapidly increasing prices of diesel and gasoline, all of which become the responsibility of the service provider.

Users just need to have an internet connection, whether on their computer, smartphone, or tablet. The bookings can be made easily on the website or the mobile or desktop application of service providers, which also inform people of the distance, estimated journey time, and the price to pay. Moreover, the websites and apps allow people to choose the car of their preference, from the options available, and the services are available almost throughout the day. As all this has led to better convenience, an increasing number of people are using car sharing services, instead of buying a car themselves.

Luxury, executive, and economy cars are pressed into such services, of which economy cars have witnessed the widest deployment. This is because these vehicles are generally more fuel-efficient than executive and premium cars, which makes them more cost-effective for operators. Moreover, the rides offered on economy cars are also cheaper than those provided via other types of cars, which makes the former more popular among daily commuters, primarily high school and college students and the middle class in general.

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Asia-Pacific (APAC) is currently the largest carsharing market, majorly on account of the strong government support for such a transportation system, especially in China. In this country, the number of electric cars in shared mobility fleets has drastically risen in the last few years. Being one of the most industrially productive, and therefore polluted, countries on earth, China is taking concrete steps to increase the penetration of electric vehicles, including among car sharing companies, such as offering subsidies, tax rebates, and monetary incentives for their purchase.

Hence, as the realization about the fact that shared mobility can potentially reduce the number of automobiles on the road increases, carsharing services are bound to become more popular than ever in the coming years.