India Electric Rickshaw Market to Record CAGR of 33.3% and Increase in Revenue by 2025

The stringent government norms to curtail environmental degradation and several incentives being offered in this regard are the prime reasons behind the increasing adoption of electric three-wheelers/rickshaws in India. Government initiatives, such as subsidies and tax refunds, help in reducing the cost of these rickshaws, which are otherwise quite expensive. This is why these government benefits go a long way in helping replace the conventional electric variants. 

The Indian government, under its Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles (FAME) scheme, offers subsidies based on the model, within a range of $364 (INR 25,000)–$887 (INR 61,000). Moreover, the government is also enduring 60% of the research and development (R&D) cost for indigenous low-cost electric technology, which can be successfully employed in e-rickshaws. In response to government initiatives, original equipment manufacturers (OEMs) are heavily investing in the development of affordable and energy-efficient rickshaws, to broaden the array of electric rickshaw models.

According to P&S Intelligence, Delhi created tzhe largest demand in the Indian electric rickshaw (three-wheeler) market in the past. The adoption of these electric rickshaws in the city has significantly increased since 2013. This is primarily due to the increasing air pollution levels and the subsidy of INR 30,000 provided by the Delhi government on the purchase of electric rickshaws. Furthermore, the state of Uttar Pradesh is expected to witness a rapid proliferation of electric rickshaws in the future. This can be attributed to the increasing adoption of these rickshaws in the rural-urban fringe and Tier-1 and Tier-2 cities.

Therefore, the growing awareness about the implications of air pollution and increasing government initiatives to preserve the environment will drive the adoption of electric rickshaws in Indian states.

India Set to Witness Rapid Advancement in Electric Bike Market During 2020-2025

The World Air Quality Report 2020 states that the annual average particulate matter (PM) 2.5 concentration in India was 51.9 µg/m³ in 2020. According to this report, the highest concentration of PM 2.5 was recorded in Delhi (84.1 µg/m³), in 2020. The report further states that 22 of the top 30 most polluted cities of the world are located in India. The transportation sector is one of the largest emitters of pollutants in the country, as per the report. Furthermore, the World Bank states that 2,434,520 kilotons (kt) of carbon dioxide (CO2) were emitted in India in 2018. 

Thus, the extensive emission of CO2 and PM in the country, primarily on account of the extensive usage of oil and diesel-powered vehicles, will help the Indian electric scooter and motorcycle market to progress at 57.9% CAGR during 2020–2025. The sales of electric scooters and motorcycles are expected to increase from 152.0 thousand in 2019 to 1,080.5 thousand units by 2025. Furthermore, the market is expected to generate $1,043.4 million by 2025. In an attempt to reduce air pollution levels and owing to the implementation of strict emission norms, automakers in India are largely focusing on the production of electric vehicles (EVs).

Additionally, the plunging lithium-ion (Li-ion) battery prices will also supplement the adoption of electric scooters and motorcycles in India in the forthcoming years. As battery accounts for nearly 40–50% of the total cost of an EV, battery manufacturers are focusing on the development of low-cost Li-ion batteries. Moreover, the lower weight of Li-ion batteries, as compared to that of sealed lead acid (SLA) batteries, help in enhancing the fuel efficiency of electric scooters and motorcycles, by reducing the overall weight of these two-wheelers.

Nowadays, electric scooters and motorcycles are being largely procured from online retail platforms, due to the rising internet penetration, flourishing e-commerce sector, soaring popularity of electric two-wheelers among millennials, and mounting consumer confidence in India. Besides, the ease and convenience of shopping offered by these sales channels are also encouraging users to shift from physical outlets to such virtual stores. Nowadays, manufacturers of these new energy vehicles are engaging with prospective buyers through online platforms and sharing the leads with their dealer partners, to boost their sales in India. 

According to P&S Intelligence, Uttar Pradesh adopted the highest number of electric scooters and motorcycles in the recent past, due to the increasing focus of EV manufacturers on penetrating the tier 2 and tier 3 cities of the state. Additionally, these electric two-wheelers were widely preferred by end-users, due to the heavy traffic and narrow lanes of these cities, which are not viable for large vehicles. Moreover, the low operating and maintenance costs of electric scooters and motorcycles are also boosting their adoption in the state.

Whereas, Delhi and Karnataka are expected to advance at the fastest pace in the Indian electric scooter and motorcycle market in the upcoming years. This will be due to the increasing government support, rising customer acceptance for new energy vehicles, and developing EV value chain in these states. Besides, the soaring environmental concerns and escalating popularity of two-wheeler mobility services among the vast population of migrants will also augment the adoption of electric scooters and motorcycles in these states in the foreseeable future. 

Thus, the escalating air pollution levels and declining Li-ion battery prices will fuel the adoption of electric bikes in India in the forthcoming years.  

Seasonings and Spices Market is Poised to Drive Accelerated Expansion in Coming Years: P&S Intelligence

 With the increasing disposable income of people, the popularity of the ‘eating out’ culture and the consumption of baked goods, ready-to-eat food items, and confectionary products are rising, which is, in turn, driving the demand for seasonings and spices, as they are extensively used for preparing various exotic and scrumptious dishes. Moreover, the easy availability of a wide range of recipes and the easy access to information regarding ingredients via cooking-based television shows and the internet are fueling the popularity of various international cuisines in which seasonings and spices are heavily used.

For instance, in rural India, the share of salts and spices in the total consumer spending stood at 2.4% during 2009–2010 and 2011–12, whereas, in urban India, the share grew from 1.5% to 1.7% during the same period, primarily because of the increasing awareness of various recipes. Additionally, many people don’t have the time to cook meals these days, because of busier lifestyles and long working hours. This is also fueling the demand for seasonings and spices as these ingredients help people cook meals quickly. 

Furthermore, with the increasing multiculturalism and surging immigrant population in several countries, the demand for Asian and Mediterranean foods is growing. As pepper, ginger, cardamom, chili, and anise are extensively used in various Chinese, Indian, and Middle Eastern dishes, the growing popularity of these cuisines is propelling the worldwide sales seasonings and spices. This is subsequently causing the expansion of the global seasonings and spices market. As a result, the market value is expected to rise from $21.5 billion in 2017 to $30.4 billion by 2023.

Additionally, the market will advance at a CAGR of 6.0% from 2018 to 2023. Depending on product, the market is bifurcated into whole and ground. Of these, the whole category dominated the market in 2017, as per the observations of the market research company, P&S Intelligence. This was ascribed to the fact that large quantities of spices and seasonings were used in the food service, retail, industrial sectors and also by individuals all over the world. 

Geographically, Asia-Pacific (APAC) held the largest share in the seasonings and spices market in 2017. This was due to the huge demand for seasonings and spices, on account of the booming population in the regional countries such as India and China. For example, as per the United Nations, the population of India increased by nearly 1.26% from 2010 to 2015 and it is predicted to surge rapidly in the forthcoming years as well. 

Hence, it can be said without any hesitation that the sales of seasonings and spices will shoot up in the coming years, primarily because of the increasing popularity of ready-to-eat food items and the growing demand for easy-to-prepare meals. 

Internet of Things in Automotive Market is Expected to be on Course to Achieve Considerable Growth to 2030

Internet of Things (IoT) refers to an integrated system that comprises machines, people, computing devices, and other devices that allow data sharing among them, over a defined network. As the automotive sector is observing a significant technological shift, automakers across the world are integrating this technology in their vehicle models.  With the surging customer preference for a convenient driving experience and seamless connectivity, automobile manufacturers are increasingly incorporating the IoT technology in their offerings. Additionally, the burgeoning need for capturing real-time information by vehicle operators and users is also augmenting the adoption of this technology worldwide.

Besides, the increasing shift toward connected cars will also fuel the IoT in automotive industry during 2020–2030. Connected cars have internet access and a wireless local area network (LAN), which facilitate the cars to share their information with various devices inside and outside the vehicles. As these cars are mostly dependent on the usage of IoT, the rising demand for connected cars will amplify the need for IoT solutions in the coming years.  

 

Currently, IoT solution providers such as Robert Bosch GmbH, NXP Semiconductors NV, International Business Machines Corp., General Motors Co., Google LLC, Cisco Systems Inc., Intel Corp., and Microsoft Corp. are offering such solutions to be installed in ADAS components such as park assist system, tire pressure monitoring system (TPMS), adaptive cruise control system (ACCS), drowsiness monitoring systems (DMS), lane departure warning system (LDWS), blind spot detection system (BSDS), adaptive front lighting system (AFLS), driver monitoring system, and night vision system. 

According to P&S Intelligence, North America dominates the IoT in automotive market, with the automotive industry in the U.S. witnessing the large-scale use of IoT solutions. The leading position of the country can be primarily attributed to the constant technological innovations being made in the region, such as advancements in telematics for vehicles. Besides, the presence of leading automobile manufacturers, such as Ford Motor Co. and General Motors Co. and their increasing focusing on developing connected vehicle technologies are also accelerating the adoption of IoT solutions in the automotive industry in the region. 

Thus, the soaring demand for connected cars and the rising integration of ADAS components in vehicles will augment the need for IoT solutions in the foreseeable future.  

India Electric Rickshaw Battery Market Expected To Reach Highest CAGR by 2030

With the soaring sales of electric rickshaws in different cities and towns, on account of the rising popularity of eco-friendly vehicles, the demand for electric rickshaw battery is growing steeply in India. According to statista, more than 380,000 electric rickshaws were sold across India in 2018. This is credited to the fact that e-rickshaws have lower operating costs than the other variants, such as the conventionally used auto-rickshaws. Additionally, the government is providing strong support, in the form of financial incentives, for boosting the deployment of these economical vehicles in the country.

For example, under the second phase of the Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles (FAME-II) scheme, that came into effect in April 2019, the government provides $735 (INR 50,000) each to five lakh electric rickshaws having ex-factory prices of up to $7,351 (INR 5 lakh). Besides, the increasing average age of electric rickshaws in India is also fueling the demand for electric rickshaw batteries in the country. Initially, the industry was mainly dominated by local and unorganized players. 

As a result, the rickshaws were of poor quality and had an average lifespan of 1.8 years. However, after the launch of the Goods & Services Tax (GST), the industry has witnessed the entry of several organized manufacturers. As the rickshaws manufactured by these companies have an average lifespan of 3.5 years, their surging production is propelling the demand for electric rickshaw batteries in the country, thereby driving the progress of the Indian electric rickshaw battery market.

According to the estimates of the market research company, P&S Intelligence, the market revenue will grow from $385.0 million to $722.3 million by 2024. Moreover, the market is predicted to progress at a CAGR of 13.2% from 2020 to 2024. Depending on vehicle, the Indian electric rickshaw battery market is bifurcated into passenger and load carriers. Between these, the passenger carrier category held the largest share in the market in the years gone by.

This is credited to the existence of a large passenger pool and the growing demand for convenient public transport for last-mile connectivity in the country. On the other hand, in the forthcoming years, the load carrier category will demonstrate faster growth in the market, on account of the lower total cost of ownership (TCO) of these vehicles in comparison to the passenger carriers. The Indian electric rickshaw battery market was dominated by Delhi in 2018.

However, Uttar Pradesh overtook the capital city and became the largest market in 2019. This is ascribed to the soaring adoption of these vehicles by commuters, especially in the small towns, because of their lower fare than the other public transport vehicles. In addition to this, many cities in the rural-urban fringes and tier-2 cities also adopted these vehicles for improving feeder services and last-mile connectivity, thereby causing a sharp surge in electric rickshaw battery demand in the state. 

Hence, it is safe to say that the sales of electric rickshaw batteries will shoot up in India in the coming years, primarily because of the growing adoption of electric rickshaws in the country. 

Mattress Demand Expected to Shoot Up in United State in Coming Years

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

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

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

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

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

Technological Advancements Propelling Valet Parking Technology Market Growth

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

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

The parking space must be equipped with the advanced sensing technology with intelligent infrastructure, cloud server connection for backend management, and communication units. Depending on design, the technology is divided into flat floor (one-way ramp) and flat floor (helical). Between these, the demand for the flat floor (one-way ramp) technology is predicted to surge in the coming years. This will be because of the fact that this technology can minimize the slopped floor space and provide greater flexibility in parking and various other applications.

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

Additionally, many developers are connecting with local-level and city authorities for getting approval and grants for testing their automated parking solutions. For example, Daimler AG and Robert Bosch GmbH took approval from various local authorities in Baden-Württemberg in July 2019 for testing the automated parking systems developed by them in the Mercedes-Benz Museum parking garage located in Stuttgart, Germany. Clarion Co. Ltd., Nvidia Corp, Audi AG, and Continental AG are some of the other major automated valet parking technology developing companies across the world. 

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

Baby Diaper Market Set for Prosperity in Future

With the increasing number of working women across the world, the sales of baby diapers are surging. As per the World Bank, the percentage of working women in 60 countries increased by over 6% from 1990 to 2013. This is because these diapers offer convenience to working women and help them care for their children while they are outside their homes. Moreover, these diapers provide convenience to women who return to their jobs quickly after giving birth. 

Besides the aforementioned factor, the surging disposable income of people is also fueling the sales of baby diapers across the world. Furthermore, owing to the increasing environmental concerns over the disposal of diapers, many baby diaper producing companies such as Procter & Gamble, Kimberly-Clark Corporation, Nobel Hygiene Pvt. Ltd., Kao Corporation, SVENSKA CELLULOSA AKTIEBOLAGET SCA, Bummis Inc., and Fujian Heng Group Co. Ltd. are focusing on development hybrid diapers. These diapers consist of reusable inserts, which are called g-pants, that are easily disposable and can easily absorb the baby’s waste output. 

Geographically, the sales of baby diapers are predicted to rise tremendously in the Asia-Pacific (APAC) region in the coming years. This will be because of the growing disposable income of people, increasing birth rate, soaring research and development (R&D) investments being made by several diaper producing companies, and rising public awareness about the various benefits of baby diapers in the region. 

As per the National Bureau of Statistics in China, the annual per capita income of urban families in the country was $2,271 in 2008. This number increased to $3,408.5 in 2012. Similarly, the annual disposable income of middle-class people in India grew from $1,366.2 billion in 2010 to $1,587.6 billion in 2013. The demand for baby diapers is also expected to boom in the Middle East & Africa region in the forthcoming years. This will be because of the rising urbanization rate in the region. 

Thus, it can be said with surety that the sales of baby diapers will surge sharply in the coming years, primarily because of the increasing number of working women, rising birth rate, growing public awareness about hygiene and the benefits of sanitary products such as diapers, and soaring disposable income of people all over the world. 

Automotive Clutch Market to Witness Robust Growth in Coming Years

With the mushrooming sales of automobiles, especially in the Asia-Pacific (APAC) region, the demand for automotive clutch is rising sharply. According to the Organisation Internationale des Constructeurs d’Automobiles, automobile production increased to a record level of 97.4 million units across the world in 2017 after exhibiting 8 years of continuous surge. Furthermore, as per the India Brand Equity Foundation (IBEF), automobile manufacturing in the country rose at a CAGR of 2.36% from FY16 to FY20, with the country witnessing the production of 26.36 million vehicles in FY20.

As the automotive clutch is an important component of an automobile, the rising sales of automobiles are pushing up its requirement. This automotive component basically enables the transmission of power from the engine to the gearbox and controls the functioning and speed of a vehicle, thereby providing a smooth and comfortable driving experience. In addition, it mitigates the effects of torsional vibration and prevents transmission overload, which is extremely necessary in order to maintain the proper functioning of an automobile.

Besides, the increasing concerns being raised over vehicle safety in several countries are also driving the demand for automotive clutches, which is, in turn, fueling the expansion of the global automotive clutch market. Moreover, the market is predicted to exhibit huge expansion from 2019 to 2030 (forecast period). Automotive clutches are required in three-wheelers, two-wheelers, passenger cars, medium and heavy commercial vehicles (M&HCV), and light commercial vehicles (LCV). Out of these, the incorporation of automotive clutches was found to be the highest in passenger cars and this trend is predicted to continue in the upcoming years as well.

Geographically, the sales of automotive clutches are currently the highest in the Asia-Pacific (APAC) region, as per the observations of the market research firm, P&S Intelligence. This is because of the surging manufacturing of automobiles in the region. Additionally, the rising urbanization rate and the growing disposable income of people are also boosting the sales of automobiles, which is, in turn, propelling the demand for automotive clutches in the region.

Thus, it can be concluded that the demand for automotive clutches will shoot up in the coming years, mainly because of the rising manufacturing and sales of automobiles all over the world. 

Why will Use of Automotive Bearing Soar in North America in Coming Years?

The increasing demand for lower vehicle weight is pushing up the requirement for automotive bearings across the world. Bearings that are generally used in automobiles account for a considerable weight and thus, have a major role to play in automobile weight reduction. With the rising focus of automobile manufacturers on reducing the weight of vehicles in order to improve their fuel efficiency, the demand for automotive bearings is shooting up. This is because automakers are increasingly focusing on adopting advanced bearings in vehicles, especially sports utility vehicles (SUVs) and modern cars.

These advanced bearings have higher stiffness and durability and lower weight than the conventionally used bearings, on account of the usage of advanced lightweight materials for manufacturing them. Apart from this, automobile manufacturing organizations are also using improved forging methods and low tolerance techniques for producing vehicles. Besides this, the booming production of automobiles, especially in the developing nations of Asia-Pacific (APAC) such as India, China, Thailand, and Indonesia, is also driving the demand for automotive bearings.

Furthermore, the ballooning sales of passenger cars, owing to the increasing disposable income of people, are also fueling the demand for automotive bearings across the world. This is subsequently causing the expansion of the automotive bearing market, owing to which, the market revenue is expected to surge from $33.4 billion in 2018 to $53.3 billion by 2025. According to the estimates of the market research company, P&S Intelligence, the market will advance at a CAGR of 6.9% from 2019 to 2025.

Geographically, the sales of automotive bearings were observed to be the highest in the APAC region, with the region witnessing the sales of over 45% of the automotive bearings sold all over the world. Depending on country-wise analysis, China is predicted to be the largest procurer of automotive bearings in the coming years. This will be because of the increasing demand for vehicles in the country. According to the Organisation Internationale des Constructeurs d’Automobiles, 19,994,081 cars were manufactured in China in 2020. Additionally, the soaring sales of small-sized and low-end bearings will also propel the growth of the automotive bearing market in the country in the coming years.

Hence, it can be said without any hesitation that the sales of automotive bearings will surge sharply throughout the world in the forthcoming years, mainly because of the growing demand for lightweight vehicles, on account of their higher fuel efficiency, and the booming sales and manufacturing of automobiles, especially in the APAC region.

Why will Demand for Dry Shampoo Surge in Asia-Pacific in Future?

Dry shampoo refers to the shampoo that cleans hair and reduces hair greasing without requiring water. It is mainly available in two forms all over the world namely aerosol spray and powder. Dry shampoo works by absorbing the oil present in the hair and the scalp. It makes the hair look fresh and shiny.With the growth of the fashion industry and rising fashion consciousness among people, the sales of dry shampoo are climbing all over the world. 

Moreover, the emergence of advanced formula-based hare care solutions has made dry shampoo extremely popular among hair stylists and models. This is because the excessive usage of chemical hair stylers and conventional wet shampoo causes scalp issues and makes the hair dry and brittle, which subsequently leads to hair fall. As a result, hair stylists and individuals are increasingly preferring products such as dry shampoo that eliminate the requirement for excessive hair washing. 

As per the findings of Unilever, around 83% of the women residing in the U.S. skip hair wash at least once during a week. Besides this, dry shampoo allows people to reduce the time taken for hair cleaning and styling. This is why dry shampoo is the ideal hair cleaning product for people who are frequently traveling. This product is also rapidly becoming highly sought after among the working-class people.

This is because working-class individuals, usually, don’t have enough time on their hands for elaborate and thorough hair washing and styling procedures due to the hectic nature of their jobs. Moreover, they need regular hair cleaning because of dirt and pollution and frequent traveling from one place to another. The advent of innovative dry shampoo products such as tinted dry shampoo, glitter dry shampoo, and dry shampoo texture sprays is further boosting the worldwide popularity of dry shampoo. 

Apart from the aforementioned factors, the aggressive advertising campaigns being launched by the dry shampoo producing companies and the growth of the e-commerce industry are also propelling the sales of dry shampoo across the world. This is, in turn, driving the progress of the global dry shampoo market. According to the forecast of P&S Intelligence, a market research firm based in India, the market would exhibit explosive growth in the forthcoming years. 

Historically, the sales of dry shampoo products have been observed to be the highest in North America. However, in the coming years, the demand for these products is predicted to be the highest in the Asia-Pacific (APAC) region. This would be because of the development of anti-hair fall and anti-dandruff dry shampoo, the growth of retail stores, and the rising adoption of advanced hair care products by the people of the APAC countries.

Hence, it can be safely concluded that the sales of dry shampoo would soar all over the world in the years to come, mainly because of the growing requirement for advanced hair care products, the rising need for dry hair cleaning solutions, and the surging fashion consciousness among people across the world. 

U.S. ADAS Market: What are the Key Growth Factors?

The need for increasing safety and security of vehicles, for the sake of both drivers and pedestrians, is increasing day by day all over the globe, including the U.S. As per the Association of Safe International Road Travel, over 38,000 people die in crashes every day on roadways in the U.S. In addition to this, about 4.4 million people are injured enough to need medical intervention. The country suffers from 50% more road crash deaths among all high-income countries, which further increases the cost of dealing with these situations. Because of these factors, the auto manufacturers are increasingly involved in coming up with advanced solutions that can increase the safety of vehicles. 

One such solution is the integration of advanced driver assistance systems (ADAS) in cars. ADAS is utilized for describing the different safety features that are being integrated in vehicles to enhance driving experience by decreasing the severity and number of vehicle crashes. The system can warn the driver and further intervene for helping the driver to remain in control of the vehicle in case the possibility of an accident arises. In addition to this, if the accident cannot be avoided, ADAS can ensure that its severity is decreased. 

Attributed to such advantages, the U.S. ADAS market is expected to grow at a substantial rate in the near future. ADAS can be integrated in medium & heavy commercial vehicles, passenger cars, and light commercial vehicles. The system consists of a number of sensors, including laser sensor, ultrasonic senor, radar sensor, light detection and ranging sensor, and infrared sensor. Out of all these, the demand for radar sensors is predicted to be the highest in the coming years, which can be ascribed to the increasing applications in autonomous and connected vehicles and reducing cost of these sensors. 

ADAS includes a number of systems for making sure that the safety of vehicles is improved, such as adaptive front-lighting system, tire-pressure monitoring system, lane departure warning systems (LDWS), drowsiness monitoring system, adaptive cruise control system, parking assist system, and blind spot detection system. Out of all these, the demand for LDWS systems is projected to increase considerably in the years to come. The system is designed for alerting the driver when vehicle is leaving a detected lane and if the turn signal is not activated. This ensures that passengers and driver remain safe from crashes, such as striking a car in the adjacent lane. 

In addition to this, introduction of innovative products by key companies in the domain and strict government regulations in the country are further expected to drive the demand for LDWS. Other than this, the U.S. ADAS market is predicted to grow in the coming years because of the emergence of multifunctional sensors in the market. The companies in the domain are further entering into partnerships and joint ventures for developing advanced systems. 

Hence, the demand for safety of roads is leading to the growing adoption of ADAS in the U.S. 

Driving Simulator Market Key Trends And Opportunity Areas by Leading Players

 Factors such as the burgeoning demand for vehicles, soaring number of research and development (R&D) initiatives in the domain of advanced driver-assistance systems (ADAS), and surging demand for skilled drivers, owing to the high road accident rate, will facilitate the driver simulator market during the forecast period (2020–2030). According to P&S Intelligence, the market revenue stood at ~$2 billion in 2020. Moreover, the surging need for skilled commercial vehicle drivers for logistics services will support the market growth in the foreseeable future.

In recent years, the advent of autonomous vehicles has become a prominent market trend. Automakers across the world are heavily investing in the development of components, such as sensors and processors, that are installed in autonomous vehicles. Nowadays, automotive original equipment manufacturers (OEMs) are using driving simulators to test the performance and capabilities of these components and features, as driving simulator systems deliver excellent testing competence in realistic surroundings. The rapid advancements being made in the autonomous technology will drive the demand for driving simulators in the coming years. 

At present, the driving simulator market is moderately consolidated in nature due to the presence of few players, such as Cruden B.V., MTS System Corp., Ansible Motion Ltd., NVIDIA Corp., AutoSim AS, OKTAL SYDAC, CAE Inc., Mechanical Simulation Corp., Dallara Group Srl, and Moog Inc. Nowadays, these players are focusing on product launches to gain a competitive edge in the market. For instance, in July 2020, Anthony Best Dynamics Ltd. introduced a static driving simulator that delivers high levels of driver immersion.

Categories under the simulator type segment of the driving simulator market are advanced simulator, compact simulator, and full-scale simulator. Among these, the compact simulator category generated the highest revenue in 2020, and it is expected to retain its dominance throughout the forecast period. This can be credited to the wide application base of compact simulators in off-highway and commercial vehicles. Besides, the lower cost of such driving simulators as compared to advanced and full-scale simulators will also facilitate the growth of this category during the forecast period. 

Geographically, North America held the largest share in the driving simulator market in 2020, due to the surging number of vehicles on North American roads. Moreover, the rising implementation of stringent government regulations for road safety and traffic control facilitates the market growth in the region. Additionally, the increasing advancements being made in the driving simulator technology, to prevent potential failures that might lead to driver injuries, are also contributing to the market growth in the region.

Whereas, Asia-Pacific (APAC) is expected to demonstrate the fastest growth in the driving simulator market during the forecast period. This can be primarily attributed to the implementation of stringent road safety regulations in South Korea and Japan. Moreover, the burgeoning passenger vehicle sales, on account of the improving lifestyle, booming population, and soaring number of metro cities in APAC, will contribute to the regional market growth in the forthcoming years. 

Thus, the increasing adoption of autonomous vehicles and booming need for enhanced driving experience will facilitate the market growth in the forecast years.  

India Interior Design Market to Witness Robust Growth in Coming Years

The Indian interior design market revenue stood at $22,939.7 million in 2020, and it is predicted to rise significantly from 2021 to 2030 (forecast period). The market is being driven by the increasing real estate activities, mushrooming population, surging disposable income of people, soaring implementation of government initiatives for promoting and developing real estate, and rapid urbanization in the country. As per Invest India, India’s construction sector grew by 5.6% from 2016 to 2020, as compared to the 2.9% growth rate it exhibited between 2011 and 2015.

Furthermore, the real estate sector in the country attracted investments worth $5 billion in 2020. Additionally, the construction sector in the country is predicted to become the third largest in the world by 2025. These are primarily credited to the policies of the central government and the launch of real estate development programs by various state governments. Thus, with the surge in the real estate sector and increasing construction activities, the demand for interior designing services will shoot up in India in the coming years. 

Besides, the surging disposable income of people is also propelling the growth rate of the Indian interior design market. Depending on end use, the market is divided into residential and commercial categories. Between these, the commercial category is predicted to contribute higher revenue to the market in the coming years. This is attributed to the booming commercial real estate sector in the country. Additionally, with the changing work culture in the country, the interiors of offices and commercial spaces are becoming very important. 

The players operating in the industry are focusing on collaborations in order to provide advanced interior designing solutions to their clients. For instance, Signify N.V. entered into a partnership with Livspace (Home Interior Designs E-Commerce Pvt. Ltd.) in August 2019. This partnership made the lighting products developed by Signify N.V. available to the architects and interior designers of India who are designing and decorating homes on the Livspace platform. 

Hence, the market will grow substantially in the coming years, mainly because of the booming real estate sector, rising disposable income of people, and rapid urbanization in the country.

Memory Market for Autonomous and Connected Vehicles to Witness Robust Growth in Coming Years

The growing requirement for a better driving experience is one of the major factors fueling the demand for memory solutions for autonomous and connected vehicles across the world. The surging number of commercial vehicles and passenger cars in several countries is resulting in various problems such as the high incidence of road accidents, long traffic jams, and the lack of availability of proper parking spaces, especially in the developing countries such as China, Indonesia, and India. 

For example, 1.35 million deaths are caused all over the world because of road accidents every year, according to the findings of the World Health Organization (WHO). Moreover, 93% of these deaths occur in low- and middle-income countries, that account for as much as 60% of the global vehicle fleet, according to the WHO. Vehicle-to-vehicle (V2V) and vehicle-to-infrastructure (V2I) connectivity features are very useful for tackling these issues and improving the overall driving experience. 

This is why many automobile manufacturing companies are increasingly integrating these features in their vehicles. Apart from these factors, the increasing deployment of electric vehicles (EVs) is also positively impacting the global demand for memory systems for autonomous and connected vehicles across the world. This is, in turn, driving the advancement of the global memory market for autonomous and connected vehicles. The market reached a valuation of $4,310.8 million in 2019.

Geographically, the memory market for autonomous and connected vehicles registered the highest growth in North America in the past years and this trend will continue in the upcoming years, as per the estimates of P&S Intelligence, a market research company based in India. This is credited to the burgeoning sales of connected and autonomous vehicles, on account of the surging disposable income of people, and the increasing number of automotive technology developing companies in this region. 

Hence, it can be said with full surety that the demand for memory solutions for autonomous and connected vehicles will soar all over the world in the future years, mainly because of the growing deployment of electric vehicles and the rising requirement for a better and safer driving experience.  

Plant-Based Protein Market is Poised to Drive Accelerated Expansion in Coming Years: P&S Intelligence

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

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

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

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

North American Autonomous Car Market to Witness Robust Growth in Coming Years

With the surging demand for safe and efficient driving options and advancements in electric and connected car technologies, the demand for autonomous cars is growing rapidly in North America. Moreover, the federal and the state governments in the region are enacting policies for promoting the adoption of these cars. Every year, the region is witnessing the enactment of a large number of legislations regarding autonomous vehicles. For instance, in the U.S., 15 states enacted as many as 18 autonomous vehicle related legislations, while 29 states passed autonomous vehicle related policies in 2018.

Besides the aforementioned factors, the mushrooming popularity of connected cars is also fueling the demand for autonomous cars in the region. These cars are equipped with advanced systems and features such as traffic and collision warnings, real-time traffic monitoring, road side assistance, and smartphone connectivity with vehicle. As connected cars must be equipped with V2I and V2V connectivity, which is extremely necessary for vehicle autonomy, the adoption of autonomous technology is easier in these cars than in conventional cars.

Due to the above-mentioned factors, the demand for autonomous cars is soaring in North America, as a result of which, the revenue of the North American autonomous car market is expected to rise to $52.3 billion by 2030. Furthermore, the market will advance at a CAGR of 17.1% from 2023 to 2030, as per the estimates of the market research company, P&S Intelligence. When autonomy is taken into consideration, autonomous cars are categorized into fully and semi-autonomous cars.

In North America, the popularity of autonomous cars was found to be higher in the U.S. in the past years. This was because of the inclination of customers for more-advanced cars (level 2 autonomy) in the country. In addition to this, the country is home to a large number of original equipment manufacturers (OEMs), who are rapidly manufacturing new models equipped with advanced automation systems and features, which is also boosting the demand for autonomous cars.

Thus, due to the soaring popularity of connected cars, surging requirement for greater vehicle safety, and the increasing implementation of supportive policies regarding autonomous car deployment by various governments, the sales of autonomous cars will boom in North America in the coming years.