Diabetic Patients in India Extensively Using Neem Extracts

Neem extracts are being increasingly used in the production of bio-pesticides due to their ability to exhibit unparalleled insecticidal effects. As these extracts act as nonneurotoxic pest control agents, they are being preferred over chemical-based bio-herbicides, bio-fungicides, and bio-insecticides. Neem extracts have antifeedant and deterrent effects on many insects, especially the ones belonging to the polyphagous species. Thus, the surging public awareness about the harmful effects of fertilizers and pesticides and the increasing requirement for soil and water preservation, will create a huge demand for neem extracts in India in the foreseeable future.

Moreover, the rising shortage of animal feed, on account of the burgeoning demand for animal products, is creating a huge requirement for an alternative feed, such as neem extract-based feed. Neem extract is one of the most ideal plant-based feeds as it helps in facilitating the growth of animals. Additionally, the soaring number of pet animals will also boost the Indian neem extract market growth in the coming years. To meet the increasing need for animal feed, the country is witnessing the large-scale plantation of neem trees. 

India Neem Extract Market - P&S Intelligence 

According to P&S Intelligence, the Indian neem extract market is characterized by the presence of several small-sized companies such as P.J. Margo Pvt. Ltd., Bros India Group, Patanjali, Agro Extract Limited, The Indian Neem Tree Company, and Ozone Biotech Pvt. Ltd., which do not have a fixed channel for international sales. Even though these companies do not have a definite international sales channel, their products are being offered to overseas customers through e-commerce platforms.

Thus, the increasing demand for water and soil preservation, rising prevalence of diabetes, and soaring awareness about oral health will boost the adoption of neem extracts in India in the forthcoming years.  

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Obese Population Consuming Dairy Alternatives To Improve Health

Dairy alternatives are derived from non-dairy resources, such as nuts, rice, wheat, oats, and barley. As these products are derived from nuts and cereals, they have numerous health benefits and are suitable for obese people and gastrointestinal (GI) patients. Moreover, dairy alternative such as soy milk provides protective health advantages due to the presence of phytoestrogen in it. Additionally, hemp milk is one of the best sources of Omega-3 fats and almond milk is a good source of calcium. 

Thus, the increasing prevalence of obesity and GI diseases will strengthen the dairy alternatives market in the forthcoming years. For instance, the World Health Organization (WHO) stated that, in 2020, 39 million children under the age of 5 years were overweight or obese. The organization also stated that nearly 4 million global deaths were caused due to obesity in 2017. Apart from obese people, dairy alternatives are also beneficial for people suffering from GI disorders such as irritable bowel syndrome (IBS), gas, constipation, bloating, and diarrhea. 

According to P&S Intelligence, North America and Europe are the major dairy alternatives market, due to the surging popularity of soy and almond milk and the soaring vegan population in these regions. Additionally, the increasing focus of regulatory bodies on reducing CO2 emissions from the animal agricultural sector also encourages the adoption of dairy alternatives in these regions. For instance, the 'Fit for 55' package by the European Union will help Europe mitigate CO2 emissions by 55% by 2030 and reach carbon neutrality by 2050, by promoting a plant-based diet.

Whereas, Asia-Pacific (APAC) is expected to consume dairy alternatives at the highest pace in the upcoming years, owing to the mounting population and accelerating urbanization rate in the region. According to the United Nations Population Fund (UNFPA), APAC is home to approximately 4.3 billion people, accounting for 60% of the global population. Furthermore, the World Bank stated that 861,289,360 people, 22,152,760, people, 115,494,820 people, 481,980,330 people in China, Australia, Japan, and India, respectively, resided in urban areas in 2020.

Thus, the surging prevalence of obesity, increasing shift toward veganism, and rising incidence of GI diseases are expected to propel the production of dairy alternatives across the world in the coming years.

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How Is mHealth Technology Enhancing Patient Care?

The adoption of mobile health (mHealth) connected devices, such as blood pressure monitors, pulse oximeters, blood glucose monitors, sleep apnea monitors, multiparameter monitors, and electrocardiogram (ECG) monitors, has surged over the years, on account of the rising prevalence of chronic disorders and easy mobility of these devices. Among the various products, the demand for blood glucose monitors is expected to escalate in the coming years, due to the increasing cases of diabetes. For instance, the World Health Organization (WHO) states that nearly 629 million people will be affected by diabetes by 2045.

Browse detailed report on mHealth Market - Global Industry Analysis, Technology Trends and Demand Forecast to 2023

Furthermore, application of mHealth devices and services has significantly increased, due to the rising penetration of tablets, smartphones, and other mobile platforms, especially in developing countries. Mobile users in these economies are rapidly switching to smartphones, due to the affordability of 3G and 4G spectrums and the increasing adoption of mobile applications. This has led to the high adoption of healthcare apps in these countries. Moreover, advancements in mobile technologies and apps have immense potential to transform mHealth technology.

In recent years, North America has registered the highest adoption of mHealth connected devices, services, and apps. This can be ascribed to the escalating incidence of chronic and lifestyle-associated ailments, augmenting healthcare spending, growing elderly population, and improving accessibility to connected medical devices. The high populace of the elderly with chronic disorders fuels the demand for remote monitoring devices and several other patient-centric mobile applications. According to the United Nation Department of Economic and Social Affairs (UNDESA), the population of people aged 60 years or above in North America is estimated to reach 122.8 million by 2050.

Major players in the mHealth market, such as Medtronic plc, AirStrip Technologies Inc., Koninklijke Philips N.V., Athenahealth Inc., OMRON Corporation, AgaMatrix Inc., Johnson & Johnson, AliveCor Inc., iHealth Labs Inc., and Cisco Systems Inc., are acquiring related enterprises and entering into partnerships for introducing novel digital health solutions. For example, in March 2018, Koninklijke Philips N.V. partnered with Samsung Electronics Co. Ltd. to expand its connected health ecosystem. The partnership aspires to connect the ARTIK Smart IoT platform of Samsung with the HealthSuite digital platform of Philips.

Thus, the increasing penetration of internet devices and the rising incidence of chronic diseases among the older population will boost the adoption of mHealth devices and apps in the coming years.

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How is Growing Prevalence of Cardiovascular Diseases Driving Demand for Defibrillators?

 The lifestyle of people has changed drastically over the past few years, and the surging consumption of high-calorie food, sedentary lifestyle, increased obesity levels, and growing consumption of tobacco has resulted in the rising incidence of heart-related ailments. While before heart-related diseases used to affect aged people, these days, youngsters and adults are also being affected by these diseases. As per the World Health Organization, about 17.9 million people died because of cardiovascular diseases in 2016, which represented 31% of the total number of deaths across the globe.

Attributed to this, the demand for defibrillators is increasing around the world. Defibrillators are medical devices which are needed for restoring normal heartbeat by sending an electric shock or pulse to the heart. They are majorly utilized for preventing or correcting arrhythmia, a heartbeat which is uneven, too fast or too slow. These devices can also be of help if the heart stops suddenly. According to a report by P&S Intelligence, the global defibrillator market size is predicted to $20,281.6 million by 2030, rising from $9,621.2 million in 2019, and is projected to advance at a 7.2% CAGR during the forecast period (2020–2030).  

This is due to the fact that sudden cardiac arrest affects adults more than pediatric patients. As per the American Heart Association’s statistics, the number of out-of-hospital cardiac arrests among adults was 347,322 in 2018, whereas, it was 7,037 among pediatric patients. The major end users of defibrillators are home care settings, hospitals, clinics, and cardiac centers, public access settings, and pre-hospital care settings. Out of these, hospitals, clinics, and cardiac centers made the most use of defibrillators during 2014–2019, owing to the rising adoption of innovative defibrillation technologies that provide higher efficiency.

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What are Key Factors Fuelling Progress of Medication Management Market?

One of the main factors propelling the demand for medication management services is the rising adoption of mobile health (mHealth) technologies throughout the world. Since the last few years, there has been a massive rise in the demand for mHealth technologies, on account of the increasing internet penetration and surging number of smartphone users. Moreover, the mHealth technologies are cost-effective and provide effective remote patient monitoring solutions, owing to which they are being increasingly adopted across the world. 

Browse detailed report on Medication Management Market Size, Growth and Demand Forecast

Medication management services and systems are widely adopted by medical practitioners in various healthcare settings for electronically prescribing medications to the patients. In addition to this, the systems offer a plethora of services such as the monitoring of medicine administration and the automated dispensing of medicines, which help in the efficient regulation of the operations of the entire hospital. Medication management systems also provide appropriate calculations of medicine dosage and improve the legibility of prescriptions, which in turn enhances the efficiency of the treatment process.

Across the world, North America and Europe observed large-scale adoption of medication management systems in the last few years. Europe is also expected to register significant growth in the demand for medication management systems in the coming years. This is primarily credited to the increasing incidence of chronic diseases, booming geriatric population, and burgeoning demand for mHealth technologies in the region. In Europe, Germany is predicted to observe large-scale adoption of medication management systems over the next few years. 

Therefore, it can be said with full confidence that the demand for medication management systems will increase tremendously throughout the globe in the coming years, owing to the increasing adoption of mHealth technologies, rising incidence of chronic diseases, soaring geriatric population, and rapid advancements in healthcare technologies all around the world.

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How Are Hefty Government Investments Driving Electric Vehicle Demand in India?

 The government of India approved Phase-II of the Faster Adoption and Manufacturing of (Hybrid and) Electric Vehicle (FAME) Scheme for 3 years commencing from 1st April 2019. The scheme has an outlay of Rs.10,000 crore. This phase aims to put 7,000 e-Buses, 55,000 e-four-wheeler passenger cars, 5 lakh e-three wheelers, and 10 lakh e-two wheelers on the roads of India. These numbers may vary in the future. This scheme will only incentivize advanced battery and registered vehicles. 

Thus, the incentives being provided by the central government will support the Indian electric vehicle market growth during 2020–2030. Additionally, the central government is offering subsidies on the purchase of electric buses, passenger cars, three-wheelers, and two-wheelers. The surging government support can be primarily attributed to the rising environmental concerns and soaring air pollution levels in the country. According to the 2020 World Air Quality Report, 22 of the top 30 polluted cities of the world are in India and most of the pollution in these cities can be ascribed to automotive fuel combustion.

India Electric Vehicle Market - P&S Intelligence

Nowadays, Hero Electric Vehicles Pvt. Ltd., Okinawa Autotech Pvt. Ltd., TVS Motor Co. Ltd., Olectra Greentech Ltd., Lohia Auto Industries, Ather Energy Pvt. Ltd., Terra Motors Corporation, Ashok Leyland Ltd., Saera Electric Auto Pvt. Ltd., Mahindra Electric Mobility Ltd., Electrotherm (India) Ltd., Tata Motors Ltd., and Toyota Kirloskar Motor Pvt. Ltd. are offering electric variants of two-wheelers, three-wheelers, passenger cars, and commercial vehicles to Indian customers. At present, the sales of e-three-wheelers exceed that of other EVs, due to the extensive demand for last-mile connectivity in the country.

According to P&S Intelligence, Gujarat dominated the Indian electric vehicle market in the recent past, due to the escalating environmental concerns, surging need for first- and last-mile connectivity, rising air pollution levels, and increasing government support toward EV production and adoption in the state. Furthermore, Uttar Pradesh is also expected to witness a significant sale of EVs in the coming years. The state will witness booming sales of electric two-wheelers and three-wheelers in tier 1 and tier 2 cities to bridge the first- and last-mile connectivity gap. 

Thus, the escalating government support in the form of subsidies and incentives will boost the production and sales of EVs in India in the coming years.

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New Zealand Micromobility Market To Grow by 64.3% by 2030

The major factors driving the New Zealand micromobility market are the convenience and cost-effectiveness of these services, rising need to make the earth greener, and supportive government regulations for these transport solutions. As a result, the cumulative revenue garnered by the providers of these services in this island country will increase to $2,395.1 million by 2030 from $9.5 million in 2020, at a 64.3% CAGR during 2021–2030 (forecast period). These services are essentially provided on two-wheelers, mostly electric, which commuters drive themselves.

New Zealand Micromobility Market - P&S Intelligence 

E-scooters, e-mopeds, e-bikes, e-pods, scooters, and bikes are the categories of the type segment. Among these, the e-scooters category held the largest share in the New Zealand micromobility market in 2020 as these vehicles are immensely popular here. Compared to pedal-assist bikes, e-scooters are faster and more convenient as they save riders’ effort in propelling them forward. Due to the same reason, the scooters category will likely witness the fastest growth during the forecast period.

The biggest trend in the New Zealand micromobility market is investment in start-ups. Seeing the burgeoning demand for smoother connectivity within cities, many new companies are entering the country’s micromobility landscape. To establish their operations, they are raising significant investments from major capital firms, wooing them with their innovative business models. Moreover, even automakers and providers of conventional mobility services are funding these start-ups, in order to expand their own areas of operations.

As a result of the rising demand for these services, New Zealand micromobility market players are expanding their fleets and service areas. For instance, Neuron Mobility Pte. Ltd. added 880 N3 e-scooters in Auckland in January 2020, as part of its expansion drive in the Asia-Pacific (APAC) region. Designed to allow people to traverse the city’s hilly terrain, they are provided with safety helmets. In the same vein, in June 2019, 400 e-scooters were deployed in Wellington by Flamingo Technologies Limited, as part of the state’s micromobility trial.

Hence, with government support and the rising need for low-cost transportation, the market will continue to boom.

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Philippines Micromobility Market to Generate $13,899.7 Million Revenue by 2030

A number of factors such as the rising need to curtail transportation costs and mitigate air pollution, plunging cost of batteries, and burgeoning demand for efficient transportation services to bridge the gap between first- and last-mile connectivity are expected to propel the Philippines micromobility market at an exceptional CAGR of 158.6% during the forecast period (2021–2030). According to P&S Intelligence, the market revenue will surge from $1.9 million in 2020 to $13,899.7 million by 2030. 

Philippines Micromobility Market - P&S Intelligence 

The surging public and government focus on reducing air pollution, traffic congestion, and transportation costs is expected to drive the demand for micromobility services in the Philippines. For instance, in 2020, the Philippines had an average US air quality index (USAQI) reading of 52 ³. Additionally, the abundant availability of micromobility services and their ability to provide greater convenience than conventional transportation systems are also driving their popularity in the country.  

Moreover, the plunging battery cost is also a key contributor to the Philippines micromobility market growth. The reduction in battery price causes the upfront cost of electric personal mobility devices (PMDs) to fall, which, in turn, accelerates the inclusion rate of such automobiles in micromobility fleets. Nowadays, market players are opting for lithium-ion (Li-ion) batteries, as they offer increased running economy and reduced charging time than lead-acid batteries. Additionally, the availability of government incentives and tax credits on the usage of Li-ion batteries also fuels the adoption of Li-ion-powered electric vehicles (EVs) in vehicle sharing fleets.  

Presently, the players in the Philippines micromobility market are engaging in service expansions to gain a competitive edge. For instance, in December 2020, Moovr PH introduced its e-scooter and bike sharing services in Bonifacio Global City (BGC), the Philippines, with a fleet of 20 Segway Ninebot Pro Max e-scooters and 200 single-speed bikes and 14 hubs. Companies such as Segway Inc., StreetWheels Philippines, Grab Holdings Inc., Ningbo Kaabo Technology Co. Ltd., Niu Technologies, Kwang Yang Motor Co. Ltd., Merida & Centurion Germany GmbH, and Vmoto Limited are also expanding their services in the country to consolidate their position.

Thus, the escalating need to curtail air pollution levels and declining battery costs will augment the demand for micromobility services in the Philippines.  

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Malaysian Micromobility Market To Grow at 99.9% CAGR during 2021–2030

The Malaysian micromobility market revenue stood at $2.4 million in 2020, and it is predicted to rise to $4,549.8 million by 2030. Furthermore, the market will demonstrate a CAGR of 99.9% from 2021 to 2030 (forecast period), as per the estimates of the market research company, P&S Intelligence. The major market growth drivers are the surging requirement for micromobility services for first- and last-mile commute and convenient and cost-effective mobility options and the burgeoning demand for mitigating road congestion in urban areas. 

Malaysia Micromobility Market - P&S Intelligence 

Micromobility services are being increasingly adopted in Malaysia for first- and last-mile commute, owing to their affordable rates and ability to provide greater convenience than conventional mobility services. These services are generally provided via the station-less or dock-less model, which enables customers to drop off their vehicles at any location as per their convenience. For instance, the popularity of bike sharing services has grown considerably in the country in recent years, owing to their ability to provide low-cost transportation. 

Additionally, micromobility services are highly affordable, unlike personal vehicle ownership, which usually requires huge investments, owing to fuel costs, maintenance charges, insurance costs, and parking expenses. When availing micromobility services, users can make payments, simply on the basis of their usage, while the mobility service providers manage additional expenses, such as fuel costs, insurance charges, parking costs, and maintenance charges. Thus, the cost-effectiveness and convenience of shared micromobility services are driving the expansion of the Malaysian micromobility market. 

When sharing system is taken into consideration, the Malaysian micromobility market is classified into dockless and docked. Between the two, the dockless category contributed higher revenue to the market during the last few years. This was because of the greater convenience and requirement for less efforts for renting micromobility vehicles under this sharing system in comparison to the docked sharing system. In addition, this sharing system provides greater flexibility in parking, which is further propelling the advancement of the category in the market. 

Hence, it is safe to say that the market will demonstrate rapid expansion in the coming years, mainly because of the rising requirement for cheaper and convenient mobility options and surging road congestion in urban areas in the country.

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Public and Private Investments Boosting IoT in Healthcare Market Growth

 The mounting investments being made in healthcare internet of things (IoT) solutions by private and public organizations, surging penetration of connected devices in the healthcare sector, and burgeoning demand for effective and affordable medical treatment are expected to drive the IoT in healthcare market at a CAGR of 30.2% during the forecast period (2018–2023). The market revenue stood at $56.1 billion in 2017 and it is projected to reach $267.6 billion by 2023. Moreover, the booming elderly population, growing incidence of chronic and lifestyle-related diseases, and increasing applications of smartphone-based mHealth technologies also support the market growth.

Browse detailed report with COVID-19 impact analysis at IoT in Healthcare Market Research Report

One of the key growth drivers of the IoT in healthcare market is the escalating investments being made in the healthcare sector by both private and public organizations. For example, the U.S. federal government enacted the Health Information Technology for Economic and Clinical Health (HITECH) Act and the Affordable Care Act (ACA) to provide incentives to healthcare providers for adopting electronic health record (EHR) solutions, infrastructural development, and workforce training. Further, the ACA also supports medication management initiatives for enhanced healthcare in the country. 

The component segment of the IoT in healthcare market is classified into services, medical devices, and systems and software. In 2017, the medical devices generated the highest revenue, due to the increasing usage of IoT-based devices to monitor and analyze the medical condition of patients and provide constant notification to the caregivers about the condition of patients, for further treatment. Whereas, the systems and software category will exhibit the fastest growth during the forecast period, due to the surging penetration of telemedicine across the world.

Whereas, the Asia-Pacific (APAC) IoT in healthcare market is expected to witness the fastest growth throughout the forecast period. This can be ascribed to the soaring prevalence of chronic illnesses and growing geriatric population in the region. Additionally, the escalating investments being made by many public and private organizations in the HIT sector of the region will also boost the APAC market growth. In 2017, China generated the highest revenue, due to the surge in aging population and the implementation of several government initiatives aimed at promoting the adoption of IoT in the healthcare sector in the nation.

Thus, the soaring investments being made in the development and promotion of IoT solutions for healthcare and mounting collaborations among market players will propel market growth in the coming years.

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South Korean Micromobility Market Revenue To Surpass $11,000.0 Million by 2030

The South Korean micromobility market reached a value of $120.3 million in 2020, and it will generate $11,178.5 million revenue by 2030, as per the estimates of P&S Intelligence, a market research firm based in India. The market is being driven by the rising focus on mitigating traffic congestion in cities, burgeoning requirement for reducing air pollution and traveling expenditure, and soaring need for better first- and last-mile connectivity across the country. 

South Korea Micromobility Market - P&S Intelligence 

Due to their low cost, abundant availability, and ability to provide greater convenience than conventional transportation systems, the popularity of micromobility services is growing rapidly in South Korea. Moreover, the increasing concerns being raised over the escalating pollution and deteriorating air quality levels are also driving the requirement for micromobility services in the country. According to a study conducted in February 2017, South Korea recorded the second-worst air quality level out of all developed countries that are members of the Organisation for Economic Co-operation and Development (OECD).

As the adoption of micromobility services reduces the requirement for personal vehicle ownership, the soaring popularity of these services is predicted to solve the issue of road congestion, which will, in turn, mitigate the air pollution levels in the country. Besides this factor, the surging demand for better first- and last-mile connectivity is also expected to propel the growth rate of the South Korean micromobility market in the coming years. Depending on vehicle type, the market is classified into e-mopeds, bikes, scooters, e-bikes, e-pods, and e-scooters. 

The players operating in the South Korean micromobility market are actively focusing on partnerships in order to expand their operations and bolster their position in the industry. For example, KT Corporation announced in March 2021 that it has entered into a partnership with Omni System Co. Ltd. and the city authorities of Goyang for deploying 400 Tazo bikes near subway stations and other populated areas in the city. The organization also announced that it would start charging a fixed fee of $0.4 (KRW 500) for every 20 minutes from April 12, 2021.

Hence, it can be safely said that the market will register substantial growth in the coming years, mainly because of the rising requirement for better first- and last-mile connectivity and increasing road congestion in the country. 

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How Is COVID-19 Impacting Vietnam Micromobility Market?

The major drivers for the Vietnamese micromobility market are the worsening issues of traffic congestion and urban parking and favorable economics of these commuting services. Boosted by these factors, the providers of such services in the country can hope to make a combined $10,227.2 million in 2030, compared to $89.9 million in 2020. This increase in the market revenue will likely be at a CAGR of 66.0% between 2021 and 2030 (forecast period). Micromobility exclusively involves two-wheelers, mostly those driven by electricity.

Vietnam Micromobility Market - P&S Intelligence 

The vehicle type segment of the Vietnamese micromobility market is categorized into e-scooters, e-mopeds, e-bikes, e-pods, scooters, and bikes. Among these, the e-mopeds category is predicted to generate the highest revenue for the industry players all through the forecast period. This would be on account of the large tech-savvy and young population of the country, which finds this means of commute extremely fun. Further, the growing tourist inflow to Vietnam, driven by its French heritage, UNESCO-listed Ha Long Bay, and delicious seafood, is propelling the usage of e-mopeds.

A key driver for the Vietnamese micromobility market is the growing problem of traffic congestion, especially in the major cities, including Hanoi and Ho Chi Minh City. The cities’ roads already have more vehicles than they can handle, and with people continuing to pour in from rural pockets, the problem is worsening. Micromobility could help alleviate this issue to a great extent as it involves only two-wheelers, which require less space on the roads and for parking.

The COVID-19 pandemic has further boosted the demand for such transport services. While the service demand was relatively low during the lockdown, it is now picking up. The fear of infection and need to maintain social distancing have made many people shun conventional means of public transit, such as buses, especially for short distances. In micromobility, commuters drive the automobile themselves, therefore face a relatively lower risk of infection. Thus, since the lifting of the lockdown, the market has been witnessing robust growth in the country.

However, the biggest reason for the advance of the Vietnamese micromobility market is the economical nature of these services. Compared to traditional shared mobility, such as carsharing and ride hailing, micromobility is cheaper. To rent an associated two-wheeler, people need to pay merely $0.86 on average for an hour of commute, after an initial fee. Moreover, such services help people travel the first and last miles, which is essentially the distance between the home, office or college and the metro station or bus stop.

Therefore, as these services are eco-friendly, cheap, and convenient for commuters, their popularity will grow in Vietnam in the coming years.

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Why will Sales of Plastisols Soar in Asia-Pacific in Coming Years?

The increasing implementation of flexible taxation policies on the export and import of plastisols by the governments of several countries is driving their sales across the world. Moreover, the large-scale commercialization of plastisols is also pushing up their worldwide demand. In addition, the governments of many countries are making the use of plastisol coating compulsory. For example, in industries, such as transportation, upholstery, and furniture, the utilization of plastisol coatings as flame retardants has been recently made mandatory in order to improve the safety of workers, as the mixture offers excellent fire and heat resistance. 

Besides, the expansion of the textile industry is also propelling the demand for plastisols. Plastic inks are being increasingly used in inking and coating of textiles, due to their opaqueness, excellent performance on various fabrics, and high cost-effectiveness. The mushrooming requirement for printed textiles, such as sweatshirts, cushions, printed tees, tote bags, jeans, jackets, bed covers, and several other apparels is driving the usage of coating inks in the textile industry. In addition, the growing preference of consumers for fabrics with attractive designs and colored patterns is also pushing up the requirement for plastisols. 

Many governments are enacting policies for supporting the expansion of the textile industry, which is also fueling the progress of the plastisols market. Apart from these factors, the increasing adoption of digital screen printing is also predicted to fuel the market at a CAGR of 7.5% during forecast period. Digital screen printing is basically a new process in which the printing operation on fabrics is processed via computers.

Depending on application, the market is divided into textile screen printing, adhesives and sealants, moldings, and coatings. Out of these, the textile screen printing category will register the fastest growth in the market in the coming years. This is ascribed to the ballooning use of textile screen printing in apparels. Geographically, the Asia-Pacific (APAC) region will be the fastest growing region in the plastisols market throughout the forecast period, as per the estimates of the market research company, P&S Intelligence. This will be because of the surging plastisol production capacity of various players based in the region.

Therefore, it can be said without any hesitation that the demand for plastisols will surge sharply in the forthcoming years, mainly because of the expansion of the textile industry and the rising adoption of digital screen printing across the world.

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Surging Disposable Income of People Driving Saudi Arabian Fragrance Market

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. 

Saudi Arabia Fragrance Market Outlook

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.

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How Is Advancement in Battery Technology Supplementing Electric Bus Market Growth?

Factors such as the increasing environmental concerns due to surging greenhouse gas (GHG) emissions and improving operational efficiency of batteries and plunging battery costs are expected to propel the electric bus market at a vigorous CAGR of 14.9% during the forecast period (2021–2026). According to P&S Intelligence, 82,604 units of electric buses were sold in 2020. The burgeoning demand for these buses can also be ascribed to the long-term cost benefits offered by them.

Electric Bus Market - P&S Intelligence 

The electric bus demand is being driven by the declining costs and improving operational efficiency of batteries. This energy storage device accounts for approximately 40% of the production cost of such buses. Moreover, the increasing battery capacity, on account of continuous technological advancements, will also propel the demand for electric buses, as such batteries assist in meeting the rising need for a longer driving range. Currently, market players are working toward achieving higher energy density and reducing reliance on cobalt, which is an expensive raw material used in batteries, to boost the sales of electric buses.

Globally, Asia-Pacific (APAC) accounted for the largest share in the electric bus market in 2020, due to the presence of favorable government policies, such as tax rebates and discounts for replacing fossil fuel-driven buses with alternative  fuel variants. For instance, the Government of China provides a subsidy of up to RMB 500,000 (around $72,500) for fuel cell electric buses. Furthermore, the National Development and Reform Commission (NDRC), Ministry of Transport (MoT), Ministry of Finance (MoF), Ministry of Housing and Urban-Rural Development (MoHURD), and Ministry of Industry and Information Technology (MIIT) promote the adoption of electric buses in China.

Whereas, the North American electric bus market is expected to demonstrate the fastest growth during the forecast period, owing to the presence of stringent emission norms in the region. In North America, the U.S. generates higher demand for electric buses, due to the enormous subsidies, tax credits, and financial incentives offered by the federal and state governments. Additionally, government initiatives such as exemption of such new energy buses from vehicle emission tests and toll charges also contribute to the market growth in the U.S.

Therefore, the lowering cost and improving efficiency of batteries and rising concerns being raised over GHG emissions are the prominent growth drivers of the market.  

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Retail E-Commerce Packaging Market To Prosper in Future

Valued at $23,987.7 million in 2020, the global retail e-commerce packaging market is expected to generate a revenue of $74,873.0 million by 2030. Furthermore, the market will demonstrate a CAGR of 12.1% from 2020 to 2030 (forecast period), as per the estimates of the market research company, P&S Intelligence. The market is being driven by the expansion of the e-commerce industry, on account of the increasing penetration of the internet and the changing buying patterns of people across the world. 

Additionally, the mushrooming population all over the world is also positively impacting the e-commerce industry, as people are increasingly buying various products from digital platforms. As per the United Nations Department of Economic and Social Affairs (UNDESA), the global population will surge from 7.7 billion in 2020 to 8.6 billion, 9.8 billion, and 11.2 billion by 2030, 2050, and 2100, respectively, with the addition of nearly 83 million people every year. The rising public preference for shopping from online channels over conventional retail stores is fueling the surge in the retail e-commerce business, thereby propelling the market to new heights.

China is witnessing a sharp surge in e-commerce sales, because of the rising public preference for online shopping, owing to the availability of a diverse range of products at affordable prices on digital platforms. The players operating in the retail e-commerce packaging market are focusing on collaborations and partnerships in order to strengthen their position in the industry. For example, Smurfit Kappa Group Plc entered into a partnership with World Wildlife Fund Colombia in August 2020 to improve forestry conservation efforts and expand, protect, and restore ecosystems and forests. 

Hence, it can be safely said that the market will register rapid expansion in the coming years, mainly because of the surging popularity of online shopping, owing to the increasing internet penetration and changing buying patterns of people all over the world.

Read More: https://www.psmarketresearch.com/market-analysis/retail-e-commerce-packaging-market-analysis

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Asia-Pacific Graphene Market To Prosper in Coming Years

Due to the burgeoning requirement for graphene in electrical and electronics applications and the growing use of graphene in the healthcare sector, the global graphene market revenue is expected to rise from $84.7 million in 2020 to $1,188.8 million by 2030. Furthermore, the market will demonstrate a CAGR of 30.2% from 2020 to 2030 (forecast period), as per the estimates of the market research company, P&S Intelligence. Because of its various beneficial traits, such as high strength and electrical conductivity, graphene is being increasingly used in print circuits, transistors, and microchips. 

Moreover, the soaring utilization of flexible devices is further propelling the growth rate of the graphene market. In addition, the use of graphene in the healthcare sector is also surging, owing to the fact that it is ideal for use in the manufacturing of bioelectric sensory devices, because of its thinness and high strength. These devices are used for monitoring cholesterol, hemoglobin, and glucose levels and also in DNA testing procedures. Graphene is also useful for treating cancer cells and it is usually used in large volumes in therapeutic tools, prosthesis devices, and dental implants. 

Amongst these, the biomedical category is predicted to register the fastest growth in the market throughout the forecast period. This will be because graphene is extensively used in the biomedical sector, including diagnostic tools, cancer therapies, tissue engineering, biomarker, deoxyribonucleic acid (DNA) sequencing, transfer of genetic material, and implants. In addition, graphene is also heavily used in the combined domain of neuroscience and biomedical imaging and production of glucose, cholesterol, and hemoglobin-measuring devices. Geographically, the Asia-Pacific (APAC) region dominated the graphene market in the years gone by, and this trend is expected to continue in the upcoming years as well. 

This is credited to the surging use of graphene in composite materials, which are extensively used for manufacturing electrical and electronic devices, automobiles, and lightweight aircrafts, especially in emerging economies, such as India, China, and various Southeast Asian countries. Additionally, the surging investments being made in research and development (R&D) activities are also driving the progress of the regional market. Some of the major players operating in the graphene market are Angstron Materials Inc., The Sixth Element (Changzhou) Materials Technology Co. Ltd., Ningbo Moxi Technology Co. Ltd., Applied Graphene Materials plc., and Thomas Swan & Co. Ltd.

Thus, the demand for graphene will skyrocket in the upcoming years, primarily because of its extensive usage in the healthcare sector and the manufacturing of aircrafts, automobiles, and electrical and electronic devices across the world.

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How Is Demand for Efficient Transit Options Strengthening Taiwan Micromobility Market?

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.   

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How Is Rising Female Employment Driving U.A.E. Color Cosmetics Market Growth?

A number of factors, such as the growing disposable income of people, rising public consciousness regarding physical appearance, escalating demand for organic color cosmetic products, booming population of working women, soaring number of digital marketing channels and influencers, and mounting investments in advertising and marketing campaigns are expected to drive the U.A.E. color cosmetics market at a CAGR of 7.6% during the forecast period (2020–2030). The market was valued at $370.6 million in 2020, and it is projected to generate $769.7 million revenue by 2030.

Color cosmetics demand in the U.A.E. is currently driven by the increasing consciousness about physical appearance among people. The U.A.E.’s populace, especially young working females, is opting for eye shadow palettes, hair color products, nail paints, and lipsticks to enhance their physical appearance. Moreover, the increasing penetration of photo-centric social media networks is fueling the demand for such makeup products, as these networks increase the awareness about physical appearance among young working women and adolescents.

The product segment of the U.A.E. color cosmetics market is categorized into lip products, nail products, facial make-up, eye make-up, special effects products, hair color products, and others. Among these, the facial make-up category accounted for the largest market share in 2020 due to the soaring population of working women and millennial females and their surging focus on physical appearance. This gender is creating an extensive demand for natural facial color cosmetics, such as bronzers, highlighters, facial compacts, foundations, and blushes.

According to P&S Intelligence, Dubai held the largest share in the U.A.E. color cosmetics market in 2020 due to the surging per capita expenditure on cosmetic products, increasing availability of cosmetics on online channels, and growing female workforce in the city. Additionally, the presence of a more-cosmopolitan and richer population as compared to other cities contributes to the growth of the market in the emirate. Further, this emirate is currently hosting the World Expo, during which the demand for cosmetics will boom further.

Therefore, the increasing availability of new products, burgeoning population of working women, and rising penetration of social media platforms will fuel the consumption of color cosmetics in the U.A.E.

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Sales of MRI Compatible Patient Monitoring Systems Set to Soar in Asia-Pacific in Future

The increasing number of MRI exams being conducted in several countries is massively pushing up the demand for MRI compatible patient monitoring systems across the world. As per the Annual International Profiles of Health Care Systems Commonwealth Fund published by the Commonwealth Fund, the U.S., France, and Germany were some of the major countries in the world that saw the highest number of MRI exams of people per 1,000 population in 2014.

Access Detailed Report - MRI Compatible Patient Monitoring System Market Size, Share, Development, Growth and Demand Forecast

According to various reports, there were 114.3, 95.5, and 109.5 MRI exams done per 1,000 people in Germany, France, and the U.S. in 2014. Furthermore, the increasing number of product launches and the surging research and development (R&D) projects and activities in several countries are propelling the demand for MRI compatible patient monitoring systems across the world. Besides these factors, the soaring public awareness about healthcare is also pushing up the demand for MRI compatible patient monitoring systems. 

This is driving the advancement of the global MRI compatible patient monitoring system market. Across the globe, the sales of these systems are predicted to rise sharply in the Asia-Pacific (APAC) region in the coming years. This will be because of the increasing installation of MRI units in the regional countries. As per the Organization for Economic Cooperation and Development (OECD), in Japan, the total number of MRI units per one million citizens was 35.3 in 2002.

This will be a result of various factors such as the surging population of geriatric people, the ballooning usage of technologically advanced and innovative medical systems, and the increasing incidence of several lifestyle-associated and chronic diseases in the region, as per the estimates of P&S Intelligence, a market research company based in India. The MRI compatible patient monitoring system market is also predicted to register huge expansion in Europe in the forthcoming years.

Therefore, it can be said with certainty that the demand for MRI compatible patient monitoring systems will shoot-up all over the world in the future years, mainly because of the rising incidence of various lifestyle-associated and chronic diseases and the increasing number of MRI exams in various countries. 

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How is Rising Prevalence of Chronic Diseases Fuelling Progress of Guidewires Market?

 Owing to the rising prevalence of chronic and lifestyle-associated diseases across the world, the demand for guidewires will boom in the coming years. A majority of the lifestyle-related diseases occur due to these behaviours- obesity, unhealthy diet, physical inactivity, and smoking. As per the obesity report published by the Organization of Economic Cooperation and Development (OECD) in 2015, 19.5% of the adult population was found to be obese across member countries. The obesity rate was less than 6% in the Japan and South Korea and as high as 30% in the U.S, Mexico, Hungary, and New Zealand.

Browse In-depth  Guidewires Market Regional Breakdown

The other major factor pushing the demand for guidewires, which are used while inserting a catheter into the body, is the increasing need for minimally invasive surgeries such as coronary guidewire treatment owing to the rising incidence of cardiovascular diseases in the developed nations. As per a report published by the European Association of Cardio-Thoracic Surgery (EACTS) in 2015, the demand for minimally invasive cardiac surgeries has increased rapidly over the last 10–15 years. As per Eurostat, the number of laparoscopic colectomy procedures per 100,000 people increased from 26.4 to 29.8 from 2010 to 2015.

The major trends currently being observed in the guidewires market are the rising need for interventional procedures in the emerging economies and rapid advancements and innovations in guidewires throughout the world. Since the last few years, there has been a massive surge in the demand for coronary procedures in India. As per the data published in coronary interventional registry set up by the National Interventional Council (NIC), Cardiological Society of India, 177,240 Percutaneous Coronary Intervention (PCI) procedures were performed in the country in 2012. Moreover, there was a 16.4% growth in PCI procedures conducted in India from   2011 to 2012.

Hence, it can be concluded that due to the increasing occurrence of chronic and lifestyle-related diseases and the burgeoning need for minimally invasive surgical procedures across the world, the demand for guidewires will surge in the coming years.

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What are Major Factors Driving Growth of Nerve Repair and Regeneration Market?

The prevalence of neurological disorders and chronic pain is increasing rapidly at the present time across the globe. Depression, fecal incontinence, epilepsy, Parkinson’s, and Alzheimer’s are the different kinds of neurological disorders. As per the Alzheimer’s Association, about 5.35 million people aged 65 years and above were suffering from Alzheimer’s diseases in the U.S. in 2015. Apart from this, as per the Parkinson’s Diseases Foundation, nearly 60,000 new cases of Parkinson’s disease are reported each year in the U.S. Attributed to these reasons, the demand for efficient medical technologies, such as neuromodulation and neurostimulation devices, is increasing rapidly. 

The different applications of the nerve repair and regeneration devices are stem cell therapy, neurostimulation and neuromodulation surgeries, nerve grafting, and direct nerve repair/neurorrhaphy. Out of these, the largest demand for different nerve repair and regeneration devices was created for neurostimulation and neuromodulation surgeries in the past. Ambulatory surgery centers and hospitals & clinics are the major end users of the nerve repair and regeneration devices. Between these two, the hospitals & clinics category is predicted to witness the fastest growth in the coming years because of the surging patient pool, increasing geriatric population, and improving healthcare infrastructure. 

Access Report Summary - Nerve Repair and Regeneration Market Segmentation Analysis

The potential of stem cell therapy in the field is predicted to create wide opportunities for players operating in the nerve repair and regeneration market. Stem cell therapy is an emerging branch of medicine which has the potential of restoring tissue and /or organ function in patients suffering from critical injuries or chronic diseases. According to clinical research findings, stem cell therapy provides better quality as compared to nerve graft surgeries. Moreover, research is going on in the field of stem cell therapy for its application in the treatment of Alzheimer’s disease and Parkinson’s disease. This is further expected to drive the market in the near future.    

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Why Is Asia-Pacific Largest Polypropylene Market?

A number of factors, primarily the increasing consumption of polypropylene in the manufacturing of food packaging products, hinged caps, sweet & snack wrappers, pipes, microwave containers, banknotes, automotive parts, and nonwoven polypropylene fibers, are expected to drive the growth of the polypropylene market at a significant rate in the years to come. A key trend presently is polypropylene compounds, wherein the base material is mixed with impact modifiers, additives, fillers, pigments, and strength enhancers, such as glass fiber and mineral fillers.

One of the prime factors propelling the polypropylene market is the surging consumption of the chemical in the packaging industry. As polypropylene resin has a high tensile strength, it is widely used in plastics production, owing to the increasing demand for plastics in the packaging industry. For instance, according to PlasticsEurope, in 2018, the global production of plastics stood at 359 million tons. Moreover, retailers and brand owners are responding to the consumer need for more-sustainable packaging materials. Thus, the surging need for rigid, sustainable packaging is fueling the consumption of polypropylene.

Moreover, the growing nonwoven polypropylene fiber sector is another key driving factor that boosts the growth of the polypropylene market. The demand for polypropylene staple fibers is increasing in applications such as needle punch durables for geotextiles, vehicle components, upholstered furnishings, indoor & outdoor carpets, blankets, and bedding. As per an article in the International Fiber Journal, 14.9 million tons of nonwoven roll goods were consumed in 2018. The staple fiber represented around 59% of the total sales of nonwoven, out of which polypropylene staple fibers accounted for an around 11% share.

Geographically, the Asia-Pacific polypropylene market held the largest revenue share in the past, and it is also expected to witness the fastest growth in the years to come. This is attributed to the surging consumption of the chemical in the packaging, transportation, machinery, consumer & institutional, building & construction, furniture & furnishings, and electrical & electronics industries of the region. Furthermore, APAC is home to some of the key companies in the market, such as Exxon Mobil Corporation, Washington Penn, PolyOne Corporation, A. Schulman, and Ferro Corporation.

Thus, the rising consumption of polypropylene for the production of food packaging and the growing nonwoven polypropylene fiber sector are expected to propel the market growth during the forecast period.

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Singapore Micromobility Market To Exhibit Over 60.0% CAGR during 2021–2030

The Singapore micromobility market reached a revenue of $15.8 million in 2020, and it is predicted to demonstrate a CAGR of 64.2% from 2021 to 2030 (forecast period). Furthermore, the market will attain a value of $1,817.9 million by 2030, as per the estimates of P&S Intelligence, a market research company based in India. The market is being driven by the burgeoning requirement for efficient transportation systems for short-distance commute, unfavorable automobile ownership regulations in several countries, and increasing road congestion, especially in urban areas. 

Singapore Micromobility Market - P&S Intelligence 

Singapore is a tiny country, with an area of only 728.6-square-km. As a result, the booming population and the surging number of vehicles are causing road congestion, especially in the major cities. Owing to this reason, the government is using the policy of bidding via which citizens are being granted a certificate of entitlement, which permits them to own a vehicle for only 10 years. Moreover, the cost of buying a personal vehicle is quite high in the country, because of the high import charges and the existence of the bidding process. 

Depending on vehicle type, the market is divided into e-bikes, e-pods, e-mopeds, e-scooters, scooters, and bikes. Amongst these, the e-scooters category is predicted to hold the largest share in the Singapore micromobility market during the forecast period. This will be because of the ability of e-scooter sharing services to solve the issue of first- and last-mile connectivity, unlike the other public transportation services in the country. When model is taken into consideration, the micromobility market is classified into multimodal and first- and last-mile. 

Of these, the dockless sharing system category is predicted to exhibit faster growth in the market in the coming years. The implementation of favorable government policies, soaring popularity of bikes, and the greater convenience provided by the vehicles under this sharing system in comparison to the vehicles under the docked system, are driving the advancement of this category in the market. The players operating in the industry are focusing on partnerships and collaborations in order to remain competitive and gain an edge over their rivals. 

Hence, it can be safely said that the market will demonstrate rapid expansion in the coming years, mainly because of the surging requirement for improved first- and last-mile connectivity, increasing road congestion, and unfavorable automobile ownership laws in the country. 

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Surging Road Congestion Driving Indonesian Micromobility Market

The Indonesian micromobility market revenue stood at $1.1 million in 2020, and it is expected to rise to $19,888.5 million by 2030. Furthermore, the market will register an explosive CAGR of 116.1% from 2021 to 2030 (forecast period), as per the estimates of the market research company, P&S Intelligence. The market is being driven by the burgeoning requirement for mitigating urban road traffic congestion, growing need for first- and last-mile connectivity, and the convenience and low cost of micromobility services. 

Indonesia Micromobility Market - P&S Intelligence 

With the mushrooming population, the number of vehicles running on Indonesia’s roads is surging, which is leading to road congestion, especially in urban areas. This is subsequently pushing up the demand for mobility solutions that reduce road congestion. As the vehicles included under micromobility are compact, need less space on roads, and can be parked easily, their demand is surging, on account of the rising road congestion in urban areas. Besides, micromobility is also providing a convenient and cost-effective method of traveling. 

The players operating in the Indonesian micromobility market are focusing on facility expansions to expand their customer pool and strengthen their position in the industry. For example, PT. Surya Teknologi Perkasa, which is a subsidiary of the digital distribution firm, PT M Cash Integrasi Tbk, announced the expansion of its e-bike and bike sharing services, namely, GOWES, in January 2020. The company deploys its fleet at seven parking points all over the BINUS campus in Indonesia. 

Hence, it can be safely said that the market will grow substantially in the coming years, primarily because of the rising requirement for better first- and last-mile connectivity and the surging road congestion in urban areas in the country. 

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How Is Rising Demand for Bio-based Packaging Boosting Green Chemicals Market Growth?

Prominent factors such as the rising demand for bio-based packaging materials and growing concerns over fossil fuel depletion are projected to drive the green chemicals market at a CAGR of 8.9% during 2020–2030. The market was valued at $9,413.1 million in 2020 and it is expected to generate $22,039.0 million revenue by 2030. Green chemicals are non-toxic and do not emit sulfur dioxide or particulate matter, as they are derived from plant or animal waste.

The increasing adoption of bio-based packaging materials, on account of the growing concerns being raised over environmental degradation, is one of the key growth drivers of the market. The packaging industry is generating a high demand for packaging materials derived from renewable sources, such as plant and animal waste, as they are cost-effective, non-toxic, and require less raw materials for production. As compared to traditional materials, bio-based packaging materials are easier to dispose of and thus, their growing adoption helps in reducing environmental pollution to a considerable degree.

At present, the players in the green chemicals market are launching new products to attain a notable position. For example, in October 2019, Braskem introduced a new 'I'm green' recycled polypropylene in the U.S. to include its entire portfolio of circular economy products as a part of its commitment to aid in the transformation of the plastic chain from a linear economy into a circular economy. In a circular economy, the materials are utilized, disposed of, and then recycled in a circular manner.

According to P&S Intelligence, Europe accounted for the largest share in the green chemicals market in 2020, and it is expected to maintain its dominance throughout the forecast period. This can be ascribed to the high-volume consumption of green chemicals in the personal care, packaging, food and beverages, and automotive industries, owing to the increasing environmental concerns in the region. Moreover, the surging focus of the chemical industry on developing sustainable and eco-friendly solutions will also boost the market growth in Europe.

Therefore, the rapid depletion of fossil fuel reserves and escalating demand for bio-based packaging materials will boost the market growth in the upcoming years.

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Surging Infrastructure Development Driving LED Lighting Market Growth

The global LED lighting market revenue stood at $55,201.9 million in 2020, and it will surge to $152,442.3 million by 2030, exhibiting a CAGR of 10.7% from 2020 to 2030 (forecast period), as per the estimates of P&S Intelligence, a market research company based in India. The market is being driven by the surging use of energy-efficient lighting solutions, falling costs of LED lights, and soaring infrastructure development activities across the world.

The luminaires category contributed higher revenue to the market in 2020, due to the surging adoption of these lights in industrial and commercial spaces and the implementation of favorable government policies. These lighting devices are easier to deploy, allow optic designers to use less light for illuminating an area and provide more light per every unit of power consumed than lamps. When installation type is taken into consideration, the market is classified into retrofit and new.

Of these, the retrofit category is predicted to demonstrate faster growth throughout the forecast period, owing to the rising requirement for replacing sodium-vapor and incandescent lamps with LEDs in several countries, such as the U.A.E, India, the U.S., South Korea, China, and Japan. Globally, Asia-Pacific (APAC) dominated the LED lighting market in the past, primarily because of the launch of supportive government initiatives in China, South Korea, and India regarding the deployment of energy-efficient lights.

This is attributed to the rising demand for replacing conventional lighting systems, such as compact fluorescent lamps (CFL), sodium-vapor lamps, and incandescent lights, with LEDs in commercial, industrial, and residential settings. Furthermore, the rising urbanization rate and growing focus on construction and infrastructure development are pushing up the demand for LEDs, owing to their greater energy-efficiency than conventional lights, in the APAC region. To meet the soaring requirement for LED lights, the players operating in the LED lighting market are focusing on product launches.

Hence, it can be safely said that the market will register rapid expansion in the coming years, primarily because of the increasing infrastructure development activities and burgeoning requirement for energy-efficient lights.

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Explosive Growth Expected in Japanese Micromobility Market During 2021–2030

The Japanese micromobility market reached a value of $39.4 million in 2020, and it is predicted to demonstrate a CAGR of 78.7% from 2021 to 2030 (forecast period). According to the estimates of P&S Intelligence, a market research organization based in India, the market will generate a revenue of $11,663.0 million by 2030. The market is being driven by the soaring concerns being raised over the rising air pollution levels and transportation costs, surging need for efficient transportation systems for commuting short distances, and increasing demand for lesser road congestion. 

In Japan, the popularity of micromobility services has increased massively over the last few years. This has been mainly because of factors, such as their greater ease of functioning, low pricing, and high availability. Moreover, these services are highly convenient for daily commuters, as these services not only reduce the overall cost of travel, but also reduce the travel time, owing to their swift and compact nature. The option of low-cost travelling also encourages consumers to avail these services for last-mile or first-mile connectivity. 

The Japanese micromobility market is also divided, based on model, into multimodal and first- and last-mile. Between these, the first- and last-mile category is predicted to contribute higher revenue to the market in the forthcoming years, due to the entry of various players in the industry and the enactment of favorable government policies in the country. When sharing system is taken into consideration, the market is divided into dockless and docked categories. Of these, the dockless category will demonstrate faster growth throughout the forecast period, primarily because of the surging adoption of the dockless bike sharing model by several companies, owing to its fewer capital requirements than the docked systems. 

Hence, the market will register massive growth in the coming years, mainly because of the surging road congestion levels and the rising requirement for better first- and last-mile connectivity and convenient mobility solutions in the country. 

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How Is Efficient Transportation Demand Strengthening Thailand Micromobility Market?

Factors such as the burgeoning demand for efficient transportation systems and increasing availability of cost-effective micromobility services are expected to drive the Thailand micromobility market at a robust CAGR, of 98.7%, during the forecast period (2021–2030). According to P&S Intelligence, the market was valued at $11.8 million in 2020 and it is expected to generate $15,102.1 million revenue by 2030. Moreover, the soaring air pollution levels and rising traffic congestion will also augment the demand for micromobility services in the country.

At present, the demand for micromobility services in Thailand is driven by the escalating demand for efficient transportation systems to bridge the first- and last-mile connectivity. First- and last-mile refers to the distance that commuters have to cover between a transportation hub to their point of origin or destination. Over the years, this distance has been covered by personal vehicles or walking because shared or public transport are incapable of bridging this gap. Thus, to meet the booming demand for a reliable last-mile connectivity system, the people of Thailand are opting for micromobility services.

In recent years, the mounting investments being made in micromobility service providing companies has become a major trend in the Thailand micromobility market. Several market players are focusing on procuring funds from prominent venture investors, automotive original equipment manufacturers (OEMs), and investors, owing to which the competition has intensified among them. Leading service providing startups, such as Neuron Mobility Pte. Ltd., Ofo Inc., and Grab Holdings Inc., have raised heavy funding to introduce new services and products to meet the last-mile connectivity needs.

At present, the Thailand micromobility market is fragmented due to the presence of numerous players, such as Grab Holdings Inc., Haupcar Company Limited, Ofo Inc., E-Revolution Co. Ltd., Falcon Go, Mobike, Anywheel Pte. Ltd., Innotra Co. Ltd., Neuron Mobility Pte. Ltd., and Go Scoot Bangkok. Currently, the market players are engaging in service expansion to gain a competitive edge. For example, in January 2018, Mobike started its operations in Chiang Mai, Thailand, with the support of the national government agencies, such as the Tourism Authority of Thailand (TAT) and the municipal council of the city, and local universities, businesses, and other community groups.

Thus, the mounting demand for efficient transportation systems and low-cost associated with micromobility services are the key contributors to the market growth.  

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