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.