U.A.E. Fragrance Market to See Massive Growth by 2030

The U.A.E. fragrance market revenue stood at $720.2 million in 2020 and it is predicted to demonstrate a CAGR of 8.3% from 2020 to 2030 (forecast period). The market is being driven by the soaring investments being made in marketing and advertising initiatives, particularly on digital channels, increasing disposable income of people, surging consciousness of people toward grooming, and burgeoning requirement for natural, environment-friendly, and custom-made perfumes across the region. 

The growing public awareness about the necessity of grooming is a major growth driver of the U.A.E. fragrance market. Fragrances improve self-esteem and positively impact the overall personality of people. Moreover, fragrances also help in improving personal hygiene. Besides, the surging digital marketing activities are also propelling the advancement of the U.A.E. fragrance market. Many fragrance producing organizations are turning to digital marketing for gaining relevant information, growing their operations, raising brand awareness, better engaging with customers via social listening, and increasing customer loyalty. 

Moreover, people prefer to shop online, as these platforms provide a wide range of products, great discounts, and the convenience of avoiding store visits for shopping. Owing to these benefits, many popular fragrance producing companies are targeting customers via digital marketing channels. Depending on consumer group, the U.A.E. fragrance market is categorized into unisex, women, and men. Out of these, the unisex category dominated the market in 2020. This was because of the huge requirement for unisex fragrances, on account of the fact that they can be worn by both women and men. 

This is attributed to the rising brand awareness among millennials and the surging expenditure on luxury products in the country. Abu Dhabi and Dubai are currently dominating the U.A.E. fragrance market. This is because these cities are witnessing the large-scale utilization of fragrance and cosmetic products, on account of the presence of a highly cosmopolitan population and greater per capita income of people than the individuals residing in other cities. One of the major trends currently being witnessed in the industry is the booming popularity of natural-ingredient-based and organic products in the country, owing to the increasing public awareness about the environmental benefits of these products. 

Therefore, the market for fragrance in U.A.E. is set to exhibit explosive growth in the coming years, mainly because of the growing per capita income of people, rising consciousness of residents toward looks, appearance, and personal hygiene, and the surging public awareness about the importance of grooming in the country. 

India Electric Bus Market to Record CAGR of 48.8% and Increase in Revenue by 2025

With the rapid deterioration of the environment and the escalating air pollution levels, owing to the large-scale usage of oil and gas-powered vehicles, the Indian government is enacting policies for facilitating the adoption of electric vehicles, including electric buses, in the country. For instance, the Ministry of Heavy Industry and Public Enterprise announced the eligibility criteria for electric passenger vehicles, two- and three-wheelers, and buses, as per which, the manufacturers and buyers of these vehicles will be able to avail the various benefits of the FAME II (Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles in India) in March 2019.

Additionally, the government announced the plan for the deployment and procurement of 5,585 electric buses all over the country in August 2019, which when completed is predicted to result in savings of 1.2 billion liters of fuel. Besides these government initiatives, the surging manufacturing of electric buses is also expected to fuel the expansion of the Indian electric bus market in the coming years. Many local manufacturers are increasingly announcing collaborations with various foreign players for meeting the soaring requirement for electric buses in the country.

For example, GreenCell Mobility entered into a partnership with PMI Electro Mobility Solutions and intends to manufacture 350 electric buses in Uttar Pradesh in the coming years. This is expected to create 1,000 jobs in the country. Apart from these factors, the growing public awareness about the benefits of electric buses is also fueling the growth of the Indian electric bus market. Because of these factors, the revenue of the market is predicted to surge from $94.3 million in 2020 to $1,364.4 million by 2025, while the market will demonstrate a CAGR of 48.8% between 2021 and 2025 (forecast period). 

Depending on type, the market is divided into hybrid electric bus (HEB) and battery electric bus (BEB) categories. Of these, the BEB category is predicted to dominate the market during the forecast period. This will be because of the higher adoption of these buses and the existence of suitable infrastructure for the manufacturing of these buses in the country. Additionally, the government is providing various incentives and subsidies for promoting the use of these environment-friendly buses. 

In India, the sales of electric buses will surge at the fastest pace in the northern region in the coming years, as per the estimates of the market research company, P&S Intelligence. This is credited to the enactment of supportive policies regarding the deployment of electric buses in the region by both state and central governments. Furthermore, the implementation of strict emission norms and escalating air pollution levels are also propelling the advancement of the Indian electric bus market in the region. 

Hence, it can be said without any doubt that the demand for electric buses will soar in India in the coming years, primarily because of the rising public awareness about the environmental degradation caused by the large-scale usage of oil and gas-powered buses and the implementation of favorable policies and provision of financial incentives by the government. 

Italian Electric Bus Charging Station Market Hit Almost $44.8 Million Figure By 2025

The Government of Italy is making several attempts to replace convectional public transport modes with energy-efficient buses. Major cities like Turin, Cagliari, and Milan are making rapid changes in their public transport fleet to increase the number of electric buses and related charging stations. The government submitted a proposal for the integrated national plan for energy and climate to the European Union (EU), in December 2018. This proposal lays emphasis on the vital role of transit agencies in drafting strategies for cleaner transport in the country.

Moreover, advantages offered by opportunity charging system-based electric buses over depot charging system-based buses will amplify the incorporation of new energy buses in public transport fleet. The depot charging buses include bigger size battery as they need overnight charging. Heavy and big batteries increase overall weight and price of such buses. Owing to these disadvantages, Italy is focusing on opportunity charging system-based buses, thereby, escalating the Italian electric bus charging station market at 20.3% CAGR during 2019–2025, to reach $44.8 million by 2025 from $12.3 million in 2018. 

According to P&S Intelligence, public-owned utilities and private companies of Italy are recently focusing on accommodating fast-charging infrastructure in the country. Installation of fast-charging stations will enable electric buses to offer uninterrupted service, without carrying a large size battery. Due to the expansion of fast-charging infrastructure, several bus manufacturers are incorporating fast-charging technology in their electric bus models. Fast charging ensures optimum availability, as the charging takes only two to five minutes to charge buses, which can occur while passengers board or disembark the buses.  

Furthermore, the rapid shift toward fast-charging technology has led to the largescale introduction of direct current (DC) fast charging buses in Italy. These electric buses offer fast charging in less time and at an optimum cost. Besides, the country is also witnessing a widescale installation of off-board chargers as these enable bus manufacturers to decrease the weight of the buses and allow rapid charging. Moreover, vehicle-to-grid reactive power capability of such chargers will boost their installation in the foreseeable future in Italy.  

In recent years, key players in the Italian electric bus charging station market have started engaging in numerous orders and contracts to deploy electric buses and associated charging stations in several cities. For example, Solaris Bus & Coach S.A., in August 2019, got an order to supply zero-emission buses in Italy. The order for 30 Solaris Urbino electric buses and related charging infrastructure were placed by Azienda del Consorzio Trasporti Veneziano (Actv S.p.A.), a transport operator, in Venice. The contract encompassed a mobile plug-in charger, six fixed plug-in battery chargers, and nine fast pantograph battery chargers.

In the same vein, market players such as BYD Co. Ltd., JEMA Energy S.A., Bombardier Inc., Ekoenergetyka-Polska Sp. z o.o., Schunk Carbon Technology, ABB Ltd., Powerdale NV, Heliox B.V., and Siemens AG have also taken several orders and contracts to provide electric buses and strengthen charging infrastructure in the country. With the presence of these few key players, the market is consolidated and it is expected to eventually expand in the coming years. 

With the increasing focus of the Italian government on substituting diesel buses with electric buses, the country is set to witness a significant rise in the number of electric bus charging stations in the coming years.

Mattress Market Set to Flourish 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.

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.

Truck Platooning Market: What are the Key Growth Factors?

In recent years, the popularity of truck platooning has surged massively. This has been primarily because of the various advantages offered by this technology, such as safer, cleaner, and more efficient road transport. Moreover, truck platooning assists in reducing the emission of carbon dioxide (CO2) and the consumption of fuel by trucks. As per the European Federation for Transport and Environment, emissions produced by trucks contribute around 25% of the total road transport emissions currently. 

Furthermore, according to an Intelligent Transportation System for Commercial Vehicles (ITS4CV) study conducted by the European Road Transport Telematics Implementation Coordination (ERTICO), platooning can massively reduce CO2 emissions, with up to 8% reduction in emissions from the leading truck and 16% reduction from the trailing truck. In addition, truck platooning can also massively improve the safety levels in truck transportation. For instance, braking under the truck platooning system is automatic and immediate, with the trucks following the lead truck needing less time (around one-fifth) than the normal human reaction time to brake. 

Apart from this, platooning also assists in route optimization, which helps drivers in increasing the truck’s driving range. It also enables the driver to perform other work-related tasks, such as doing paperwork and making calls. Owing to these factors, the demand for truck platooning is surging sharply, which is, in turn, fueling the expansion of the global truck platooning market. Truck platooning basically involves the optimum usage of autonomous driving technologies, which not only mitigates the chances of road accidents, but also, improves the trucks’ overall operational efficiency and assists fleet operators in making significant savings on maintenance and fuel costs. 

Human-machine interface (HMI), global positioning system (GPS), forward collision warning (FCW), lane keep assist (LKA), autonomous emergency braking (AEB), adaptive cruise control (ACC), and blind spot warning (BSW) are the major technologies used in truck platooning systems. Amongst these, the demand for the ACC technology is predicted to rise at the fastest pace in the coming years. This is because the ACC technology is highly critical in truck platooning, as it assists in maintaining optimum distance between trucks in a platoon via the utilization of radio signals and adjusting the speed of the trucks.

Across the globe, the demand for truck platooning will surge sharply in North America in the coming years, as per the estimates of P&S Intelligence, a market research company based in India. This is attributed to the rapid advancements in the autonomous vehicle technology and the increasing concerns being raised over vehicle safety, owing to the rising incidence of road accidents in the region. Moreover, the use of autonomous vehicle technologies is rising rapidly in the U.S., on account of the implementation of various favorable government initiatives in the country.

Hence, it is safe to say that the demand for truck platooning will soar in the coming years, primarily because of the various benefits of this technology and the growing requirement for greater vehicle safety across the world. 

Essential Oils Market Future Estimations Till 2030

A number of factors such as the booming demand for aromatherapy, surging customer preference for natural products, and increasing consumption of essential oils in the cosmetics and food and beverage industries are expected to drive the essential oils market growth during the forecast period (2021–2030). According to P&S Intelligence, the market generated a revenue of ~$11 billion in 2020. In recent years, the escalating use of essential oils at spas has become a prominent market trend, owing to the rising public awareness of skincare treatments.

At present, the essential oils market is fragmented in nature, due to the presence of few companies such as Frontier Co-op, dōTERRA International LLC, PublicGoods, Plant Therapy Inc., Organic Aromas, Rocky Mountain Oils LLC, REVIVE Essential Oils LLC, Young Living Essential Oils, NOW Health Group Inc., Edens Garden, Majestic Pure Cosmeceuticals, and Vitruvi. These market players are mostly focusing on product launches to gain a competitive edge. For instance, in August 2020, Young Living Essential Oils announced a series of new products, such as Ecuadorian oregano oil and cassia oil.

Geographically, the European region is expected to hold the largest share in the essential oils market during the forecast period. This can be primarily attributed to the growing public awareness of the health benefits of such oils in the region. Moreover, the increasing preference for natural products in Europe will lead to the high-volume consumption of essential oils in the cosmetics and food and beverage industries in the region. Both these industries are using such oils in innovative ways to develop better products for their customers.

Thus, the increasing public awareness of aromatherapy and surging demand for natural products will fuel the market growth in the years to come.

Read more Essential oil Industry Statistics

ASEAN Electric Vehicle Market Set to Flourish in Future

Association of Southeast Asian Nations (ASEAN) countries are characterized by congested roads, which are overwhelmed with diesel- and gasoline-powered vehicles. As a result of this, air pollution levels are worsening in these nations. According to the World Health Organization (WHO), one-third of the deaths from air pollution are recorded in the Asia-Pacific (APAC) region, of which ASEAN is a major part. Thus, the surging concerns regarding the rising air pollution levels and the increasing incidence of respiratory diseases will encourage more customers to shift toward electric vehicles (EVs) from fossil-fuel-based vehicles.

Moreover, the increasing implementation of government policies encouraging the production and adoption of new-energy vehicles will strengthen the ASEAN electric vehicle market in the foreseeable future. For instance, in December 2019, Indonesia enacted an EV support policy to grant incentives to the investors of EV companies. This policy is targeted at EVs constituting 20% of the domestic automobile sales by 2025. Likewise, the National Automotive Policy (NAP) of Malaysia aims to promote the production of battery electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs), and hybrid electric vehicles (HEVs) in the country.

According to P&S Intelligence, Thailand will be quite significant for the ASEAN electric vehicle market in the foreseeable future due to the surging environmental concerns and rising implementation of government policies supporting the production and sale of EVs. For instance, in 2017, the Thai government issued its EV policy to increase the number of EVs to 1.2 million by 2036. This policy offers corporate tax exemptions for 5–8 years on BEV investment projects. Similarly, BEV and PHEV bus investment projects are eligible for corporate tax exemption for 3 years and import tariff exemptions on production machinery.

Therefore, the escalating concerns regarding the soaring air pollution levels and respiratory diseases associated with them and rising government support for EV production and adoption will augment the sale of EVs in ASEAN in the coming years.

Growth of the Adaptive Front-Lighting System Market in United States

The World Health Organization (WHO) estimates that nearly 1.3 million deaths across the globe occur due to road traffic crashes each year. As per the WHO, 93% of the global deaths on the roads are recorded in low- and middle-income countries, even though such nations are home to 60% of the world’s automobiles. The organization further states that over 20–50 million road accident victims suffer non-fatal injuries, many of which result in disabilities among such victims.

Thus, the surging incidence of fatal road accidents will help the automotive adaptive front-lighting system market prosper during 2020–2030. To prevent road crashes, automakers are deploying light-emitting diode (LED), xenon or high-intensity discharge (HID), laser, halogen, and organic light-emitting diode (OLED) adaptive front-lighting systems in their offerings. In the coming years, xenon systems will be adopted at the highest rate because they offer increased visibility of peripheral objects, such as street signs and markers.

Currently, the requirement of passenger car and commercial vehicle manufacturers for such advanced lights are met by Valeo SA, STANLEY ELECTRIC CO. LTD., HYUNDAI MOBIS CO. LTD., Magneti Marelli S.p.A., ZKW Group GmbH, OSRAM GmbH, Varroc Group, HELLA GmbH & Co. KGaA, SL Corporation, KOITO MANUFACTURING CO. LTD., and Mazda Motor Corporation. These companies are entering into collaborations and engaging in product research to expand their product portfolio and cater to a greater number of automobile manufacturers and aftermarket entities.

According to P&S Intelligence, Asia-Pacific (APAC) dominated the automotive adaptive front-lighting system market in the preceding years. This can be credited to the presence of automotive giants, such as Toyota Motor Corporation, Hyundai Motor Company, and Honda Motor Co. Ltd., in the region, which are installing such systems in their offerings. Additionally, the surging automobile sales in developing countries, such as China and India, owing to the mounting disposable income of people, and increasing incidence of road accidents in these emerging economies will create a huge requirement for such lighting systems.

Thus, the rising prevalence of road accidents and surging demand for ADAS features will augment the adoption of automotive adaptive front-lighting systems in the foreseeable future.

Taiwan Micromobility Market to Witness Robust Growth in Coming Years

 The Taiwanese micromobility market is expected to advance at an exceptional CAGR of 61.3% during the forecast period (2021–2030), due to the increasing need to reduce traffic congestion and air pollution, mounting public focus on curtailing transportation costs, and burgeoning demand for efficient transportation systems for short distance commute in the country. According to P&S Intelligence, the market was valued at $47.3 million in 2020, and it is expected to generate $5,981.6 million revenue by 2030. 

At present, the people of Taiwan are constantly searching for efficient transportation systems for commuting short distances, owing to which, the market is growing at a considerable pace. City dwellers are consistently adopting transportation systems that bridge the surging gap between first- and last-mile connectivity, owing to the vast population, excessive traffic congestion, high vehicle cost, and scarce parking space in the country. To cater to this need, micromobility service providers are providing e-rickshaws, bikes, cycles, e-scooters, shared pods, and skates for the Taiwanese population. Currently, dockless bike sharing is one of the most preferred last-mile transit modes in the nation.

At present, the companies operating in the Taiwanese micromobility market are expanding their facilities to stay ahead of their competitors. For instance, in October 2019, WeMo Technology Co. Ltd., an e-moped rental share service providing company, expanded its reach in Kaohsiung city in Taiwan. In the initial phase, the player introduced 300 e-mopeds in the highly populous areas of Kaohsiung, such as Cianjhen, Nanzih, and Zuoying districts. Additionally, the company also plans to expand its fleet to 5,000 vehicles by 2022.   

Thus, the burgeoning demand for efficient mobility options for first- and last-mile connectivity and soaring need to curtail air pollution and decrease transportation costs will augment the demand for micromobility services in Taiwan in the years to come.   

Why is Saudi Arabia Fragrance Market Booming?

The Saudi Arabian fragrance market reached a revenue of $1,738.5 million in 2020, and it is predicted to exhibit a CAGR of 8.2% from 2020 to 2030 (forecast period). According to the forecast of the market research company, P&S Intelligence, the market will attain a value of $3,810.5 million by 2030. The market is being driven by the increasing consciousness of people toward personal grooming, surging number of gym-goers, growing research and development (R&D) expenditure, soaring disposable income of people, and rising digital marketing activities in the country. 

As per the Census and Economic Information Center (CEIC) data, the gross national disposable income in Saudi Arabia surged from $617,848.7 in 2016 to $658,493.5 in 2017. Additionally, as per the observations of the Saudi Arabian Monetary Agency, consumer spending increased from $80,067.9 million in the fourth quarter of 2020 to $83,916.1 million in the first quarter of 2021. The rising income of people is positively impacting the demand for premium fragrances in the country. Another major Saudi Arabian fragrance market growth driver is the soaring number of gym-goers in the country. 

Some of the major players operating in the Saudi Arabian fragrance market, such as Elizabeth Arden Inc., Arabian Oud, The Procter & Gamble Company, L'Oréal S.A., Avon Products Inc., Calvin Klein Inc., Symrise AG, Unilever Group, and The Estée Lauder Companies Inc., are focusing on partnerships in order to expand their customer pool. For example, Al Malki Group entered into a partnership with Estée Lauder Companies Inc. in January 2021 to get the exclusive rights to sell Tom Ford, Clinique, and Estée Lauder products at various stores in the country.

Hence, the sales of fragrances will shoot up in Saudi Arabia in the forthcoming years, mainly because of the rising consciousness of people toward looks, appearance, and personal grooming, soaring number of gym-goers, and surging disposable income of people in the country.

UUV Demand Expected to Shoot Up in North America in Coming Years

The surging defense expenditure of countries and burgeoning demand for seafloor mapping data will drive the unmanned underwater vehicles (UUVs) market growth during the forecast period (2021–2030). According to P&S Intelligence, the market generated a revenue of ~$4 billion in 2020. Moreover, the rising advancements in underwater inspection techniques and soaring demand for maritime security will facilitate the market growth in the foreseeable future. Currently, the market players are undertaking several creative approaches to augment the effectiveness of UUVs.

The mounting defense expenditure is one of the primary growth drivers for the market. UUVs play an important role in naval warfare as they provide significant clandestine and standoff capabilities and can intelligently adapt to the changes in tactical situations. The onboard systems of UUVs can adapt to the mission plan and identify changes without requiring human assistance. Owing to the benefits offered by UUVs, the navy and other departments of defense of various countries are partnering with private companies to conduct research and development (R&D) for developing next-generation UUVs.

In recent years, the surging introduction of technologically advanced UUVs has become a prominent trend in the UUVs market. Over the years, battery technology, sensor fusion, propulsion systems, and underwater communication solutions have undergone technological advancements, which has resulted in the development of advanced UUVs. For instance, Hugin, an underwater vehicle developed by Kongsberg Gruppen ASA, can operate for up 100 hours, owing to its advanced battery technology. The operators of such underwater vehicles remain on the ground.

At present, the UUVs market is consolidated in nature, with the presence of few players such as Teledyne Technologies Inc., Lockheed Martin Corporation, Subsea 7 S.A., Saab AB, Oceanserver Technology Inc., Kongsberg Gruppen, Oceaneering International Inc., The Boeing Company, and Fugro. These market players are entering into partnerships to gain a competitive edge. For instance, in December 2019, Saab AB won a contract from the Swedish Defence Materiel Administration (FMV) for the development of a new self-propelled naval mine, which is based on autonomous underwater vehicle technology.

The type segment of the UUVs market is divided into autonomous underwater vehicle (AUV) and remotely operated vehicle (ROV). Under this segment, the AUV category is expected to demonstrate the faster growth during the forecast period. This can be attributed to the extensive use of AUV platforms in the oil and gas sector to make detailed maps of the seafloor before constructing the subsea infrastructure, which reduces the cost of installing pipelines. Furthermore, the usage of this platform also minimizes environmental degradation.

Geographically, North America accounted for the largest share in the UUVs market in 2020, due to the early adoption of advanced technologies and huge defense budget, especially in the U.S. Besides, the increasing adoption of UUVs by naval forces for maritime surveillance and defense purposes in the U.S. will result in the development of next-generation UUVs in the region in the coming years. These underwater vehicles are also used for harbor and port security, mine hunting, and detection and disposal of explosives.

Thus, the growing defense budgets and escalating focus on maritime security will support the market growth during the forecast period.

Kick Scooter Market Set for Prosperity in Future

The increasing adoption of kick scooters in kick scooter sharing services is fueling their sales across the world. As compared to the other types of vehicles used by shared mobility service providers, electric kick scooters can be easily leveraged for solving the issue of last-mile connectivity and they can also be hyper-localized. Moreover, these vehicles are highly compact, easy to operate, and do not need any physical exertion, which further boost their popularity among shared mobility service providers. 

Additionally, many companies have started providing their scooter sharing services in different locations, which has also propelled the growth of the kick scooter market. For example, Sharing Muving SL, which is a Spanish electric scooter sharing company, announced in 2018 that it has started offering its service in Atlanta, the U.S. Furthermore, Neutron Holdings Inc., which operates under the name LimeBike, launched dockless electric kick scooters and bikes for sharing in many cities in the U.S. in 2017. 

Apart from the surging adoption of kick scooters in shared mobility services, the burgeoning requirement for last-mile transportation is also fueling the demand for kick scooters. Additionally, with the escalating air pollution levels and rapid deterioration of the environment, many governments are encouraging the adoption of micromobility solutions such as kick scooters. Moreover, these vehicles assist in mitigating the surging road congestion levels, which are majorly responsible for long traffic jams in many countries. 

For instance, in the U.S., cars that are used for short-distance traveling (less than 3 miles) account for around 45% of the traffic on the roads. Lithium-ion (li-ion) and lead-acid batteries are the two most widely used types of batteries in kick scooters. Between these, the demand for kick scooters equipped with li-ion batteries is predicted to rise rapidly in the coming years. This is credited to the various advantages of these batteries over the lead-acid batteries such as their greater energy density, lower weight, and ability to hold charge for a long period of time. 

Furthermore, the declining prices of these batteries are also boosting their sales across the world. Geographically, the demand for kick scooters is currently the highest in the Asia-Pacific (APAC) region, as per the observations of P&S Intelligence, a market research company based in India. This is attributed to the large-scale deployment of these scooters in China. The existence of many major electric kick scooter manufacturing companies, rapidly developing electric vehicle value chain, implementation of favorable government policies, availability of affordable batteries, and the presence of a large customer pool are the main factors propelling the sales of these vehicles in the country. 

Hence, the demand for kick scooters will surge sharply in the upcoming years, primarily because of their soaring adoption in shared mobility fleets, growing popularity of micromobility solutions, owing to the increasing road congestion levels, rising requirement for better last-mile connectivity, and falling prices of lithium-ion batteries all over the world. 

Automotive Differential Market Set to Flourish in Future

A number of factors such as the rising adoption of all-wheel-drive (AWD) vehicles, surging need for enhanced fuel efficiency and road traction, and burgeoning demand for heavy-duty and commercial vehicles will support the automotive differential market growth during the forecast period (2021–2030). According to P&S Intelligence, the market revenue stood at $19,959.3 million in 2020. At present, the increasing electrification of vehicles is becoming a prominent market trend, due to the mounting focus on mitigating vehicular pollution.

The burgeoning need for AWD vehicles, owing to the enhanced safety, drive control, and stability offered by them, will augment the demand for automotive differentials in the coming years. AWD systems were initially used in high-end vehicles, but due to the escalating consumer focus on vehicle safety, automakers are rapidly integrating such systems in passenger cars as well. Additionally, the surging installation of AWD systems in electric vehicles (EVs) will also facilitate the market growth in the foreseeable future.  

At present, the automotive differential market is fragmented in nature, due to the presence of a few players such as ZF Friedrichshafen AG, JTEKT Corporation, Linamar Corporation, American Axle & Manufacturing Inc. (AAM), Hyundai Wia Corporation, Eaton Corporation plc, BorgWarner Inc., Schaeffler Technologies AG & Co. KG, and Dana Incorporated. Currently, these companies are largely focusing on product launches to gain a competitive edge in the market. For instance, in August 2020, Eaton Corporation plc introduced an electronically controlled scalable limited-slip differential that can be installed in multiple automobile platforms to enhance vehicle performance and ensure driver safety.

Categories under the drive type segment of the automotive differential market include front-wheel drive (FWD), rear-wheel drive (RWD), and AWD/four-wheel drive (4WD). Under this segment, the AWD/4WD category is expected to demonstrate the fastest growth during the forecast period. This will be due to the benefits, such as better traction in slippery conditions, offered by AWD/4WD systems. These benefits help in improving the driving performance and vehicle safety of AWD/FWD-enabled automobiles.

Furthermore, the vehicle type segment of the automotive differential market is divided into commercial vehicle and passenger vehicle. Under this segment, the passenger vehicle category is projected to account for the larger market share in the forecast years. This will be primarily credited to the higher manufacturing rate of passenger vehicles as compared to commercial vehicles. The International Organization of Motor Vehicle Manufacturers (OICA) revealed that in 2020, 55,834,456 passenger cars were produced, whereas only 21,787,126 commercial vehicles were manufactured globally. 

Geographically, Asia-Pacific (APAC) is expected to account for the largest share in the automotive differential market throughout the forecast period. This can be attributed to the presence of the world’s largest automobile production hub—China—in the region, due to the easy availability of raw materials, the existence of a vast workforce, and huge demand for automobiles in the country. According to the OICA, China produced 5,231,161 commercial vehicles and 19,994,081 passenger cars in 2020.

Therefore, the burgeoning demand for AWD vehicles and increasing production of passenger cars and commercial vehicles will drive the demand for automotive differentials in the foreseeable future.