How are Increasing Sales of Electric Vehicles Driving Electric Motor Market?

In 2017, about 1 million electric cars were sold globally, with China emerging as the world’s largest electric car market, as approximately 580,000 electric cars were sold in the country in 2017. The requirement for electric vehicles is increasing due to the surging air pollution levels. In order to deal with this alarming situation, the governments of various countries are implementing strict rules and regulations and initiatives (subsidies).

For instance, the Chinese government allotted a subsidy of over $10,000 per vehicle in 2017, because of which the adoption of electric vehicles rose by 42% from 2016 in the country. An electric motor is a vital component of electric vehicles, and since the demand for electric vehicles is growing, the requirement for electric motors is also increasing.

In simple terms, an electric motor converts electric energy into mechanical energy, and can be powered by a direct current (DC) source or an alternate current (AC) source. The global electric motor market generated a revenue of $108.5 billion in 2017, and it is expected to reach $155.1 billion, witnessing a CAGR of 6.2%, in the near future.

Various applications of electric motors are transportation, household, motor vehicles, heating, ventilation, and air conditioning equipment, and industrial machinery. Among all the applications, the largest demand for electric motor was generated by motor vehicles due to the above-mentioned factor during 2013–2017.

Since the need for electric vehicles to deal with the rising pollution levels is only going to increase in the future, the application of motor vehicles will continue to create the highest demand for electric motors.

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Growing Trend of Electric Scooters and Motorcycles in Indian Market

The Indian electric scooters and motorcycles market is predicted to generate a revenue of $698.3 million by 2025, progressing at a 36.3% CAGR during the forecast period. The increasing concerns toward greenhouse gas emissions (GHG), leading to various government initiatives and the formulation of strict emission regulations, are some of the key factors responsible for the growth of the market. In addition, the entrance of new and existence of established manufacturers, as well as the introduction of various new variants of electric scooters, are projected to augment the market growth during the forecast period.

Based on battery type, the Indian Electric Bike market is bifurcated into lithium-ion (Li-ion) and sealed lead acid (SLA). Of these, the sealed lead acid battery bifurcation led the market of two-wheelers in India in terms of sales volume. This is attributed to the fact that SLA batteries are comparatively lower priced than Li-ion batteries. However, in recent years, Li-ion batteries costs have fallen rapidly, helping the segment grow at a significant pace.

Additionally, government support for Li-ion battery-based electric scooters under the Faster Adoption and Manufacturing of (Hybrid and) Electric Vehicles (FAME II) scheme is also predicted to benefit the category during the forecast period. The Indian government is strengthening the electric vehicles market by offering subsidies on their purchase. These subsidies have also aided the Indian electric scooters and motorcycles market by making electric two-wheelers more affordable for customers.

Under the Fame II scheme, the government has introduced a subsidy of up to $369 on the purchase of electric two-wheelers, on the basis of battery size. This is making electric two-wheelers more reasonable for customers, which is further driving the growth of the Indian electric scooters and motorcycles market. In India, while the majority of the electric scooters and motorcycles are powered by SLA batteries, the share of Li-ion batteries is predicted to surge owing to their reducing prices and more benefits compared to lead acid ones.

Each SLA battery consists of 10–20 kg of lead, which is an extremely toxic substance. The sealed lead acid batteries have a lower density than the Li-ion batteries, making the latter efficient and lighter. In addition, Li-ion batteries have a longer life span (over 2,000 charge cycles) than SLA batteries (maximum 400 charges). Furthermore, during the forecast period, the decreasing price of Li-ion batteries is expected to help increase their consumption in the Indian electric scooters and motorcycles market. Hero Electric Vehicles Pvt. Ltd., Lohia Auto Industries, and Electrotherm (India) Ltd. are some of the key players operating in the market. 

INDIA ELECTRIC SCOOTERS AND MOTORCYCLES MARKET SEGMENTATION

Market Segmentation by Product

·                     Scooter

·                     Motorcycle

Market Segmentation by Battery Type

·                     Sealed Lead Acid

·                     Li-Ion

Market Segmentation by Voltage

·                     36 V

·                     48 V

·                     60 V

·                     72 V

Market Segmentation by Technology

·                     Removable

·                     Non-Removable

Market Segmentation by Maximum Speed

·                     <25 Km/h

·                     25–50 Km/h

·                     >50 Km/h

Market Segmentation by Power

·                     <1 kW

·                     >1 kW

Market Segmentation by Charging Time

·                     <4 h

·                     4–6 h

·                     >6 h

Market Segmentation by State

·                     Uttar Pradesh

·                     Maharashtra

·                     West Bengal

·                     Gujarat

·                     Tamil Nadu

·                     Delhi

·                     Rajasthan

·                     Karnataka

·                     Haryana

·                     Madhya Pradesh

·                     Others

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Automotive Airbag Market Revenue and Industry Expansion Strategies

The global automotive airbag market is expected to grow at a steady rate during the forecast period due to growing demand for efficient, convenient, and safe driving experience. The industry is also propelled by increase in number of road accidents and implementation of stringent safety regulations as per governments’ guidelines to avert the rise in road accidents. Use of airbags even in the low-end and medium-end cars are offering growth opportunities for the market across the globe.

On the basis of airbag type, the automotive airbag market has been classified into curtain and side airbag, front airbag, and knee airbag. Among these, the demand for curtain and side airbags is projected to grow significantly in the automotive airbag industry during the forecast period as these airbags are effective and provide safety to travellers in situation of rollover crash. Also, curtain and side airbags offer head and neck protection to commuters in side collision crashes. These factors fuel the growth of the market.

Geographical Outlook

Globally, North America held the largest share in the market during the historical period. This progress is ascribed to execution of strict regulations by governments and administrations for safety of passengers. For example, the U.S. Highway Safety Act of 1991 instructs usage of airbags and anti-lock braking system (ABS) characteristics in all passenger cars. The United States New Car Assessment Program (US NCAP) provides ratings to automobiles for safety so as to advance safety attributes in the automobiles. However, the Asia-Pacific automotive airbag market is expected to witness the fastest growth during the forecast period. Increased vehicle production coupled with increased incorporation of airbags in these vehicles is driving the market growth in the region.

Market Drivers

Increase in number of deaths due to growing car accidents, growing alertness about safety of automobiles, and inclination toward advanced technologies in automotive to lessen the impact of accidents are some of the drivers for the growth of the automotive airbag market. As stated by World Health Organization (WHO), in 2018, near about 1.3 million accidents happen on road every year across the globe, of which, around 93% road traffic death happens in developing countries.

Thus, governments of several countries are employing strict regulations and standards for safety to minimize fatalities and reduce injuries owing to accidents, by making airbags installation mandatory in vehicles. For example, in India, from October 2017, Ministry of Road Transport and Highways mandated airbags, in all new models of car and for clearance of side crash and frontal tests together with pedestrian protection tests. These factors are anticipated to drive the demand for automotive airbags over the estimated period.

Some of the key players functioning in the global automotive airbag market are Continental AG, Robert Bosch GMBH, Autoliv Inc., DENSO Corporation, ZF Friedrichshafen AG, Aptiv PLC, Hyundai Mobis Co. Ltd., Nihon Plast Co. Ltd., and Ningbo Joyson Electronic Corp.

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Complementary and Alternative Medicines Market in APAC is Expected to Witness Lucrative Growth, with a CAGR of 6.8%

The global complementary and alternative medicines market is expected to generate $271.8 billion revenue by 2024, advancing at a CAGR of 6.0% during the forecast period.

On the basis of type, the complementary and alternative medicines market is classified into nature-based, mind-body intervention-based, manipulative body-based, and energy-based. Among these, nature-based complementary and alternative medicines (CAM) held the largest share in 2018, and the category is further expected to hold 39.9% share by 2024. This is attributed to low side-effects of homeopathic medicines, increasing demand for the prevention and management of medical conditions, and inexpensive nature of CAM products.

To Learn More About this report: http://bit.ly/2BiWMAB

The complementary and alternative medicines market in APAC is expected to witness lucrative growth, with a CAGR of 6.8%, during the forecast period. This is mainly due to increasing usage of traditional medicines and therapies, side-effects associated with allopathic medicines, rising prevalence of chronic diseases, and growing geriatric population.

The global complementary and alternative medicines market is fragmented in nature. Cipla Limited, Boiron, Dabur India Ltd., Novartis AG, Weleda AG, Arya Vaidya Pharmacy, Pekana-Naturheilmittel GmbH, and Biologische Heilmittel Heel GmbH are some of the major players engaged in the CAM industry.

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COMPLEMENTARY AND ALTERNATIVE MEDICINES MARKET SEGMENTATION

Market Segmentation by Type

·         Nature-Based

o    Ayurveda

o    Homeopathic

o    Mud therapy

o    Others

·         Mind-Body Intervention-Based

o    Yoga, meditation, tai chi, and qigong

o    Biofeedback

o    Guided imagery

o    Hypnosis

o    Others

·         Manipulative Body-Based

o    Chiropractic

o    Physiotherapy

o    Massage

o    Acupuncture

o    Others

·         Energy-Based

o    Reiki

o    Electromagnetic therapy

o    Others

Market Segmentation by Application

·         Depression and Anxiety

·         Pain Management

·         Chronic Diseases

·         Neurological Disorders

·         Infertility

·         Skin Disorders

·         Weight Loss

·         Others

Market Segmentation by Mode of Service

·         Therapy Classes

·         Direct Consultation

·         E-Learning

Market Segmentation by End User

·         Yoga and Meditation Centers

·         Therapy Centers

·         Home Care

·         Hospitals and Clinics

·         Others

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Rising High Power Density Requirements to Drive Power Electronics Market

The power electronics market is witnessing growth due to the rising requirement for higher power density and inclusion of power electronic devices in utility applications. It valued $12.9 billion in 2015 and it is projected to reach $20.0 billion by 2022, advancing at a CAGR of 6.2% during the forecast period (2016–2022).

The power electronics market is witnessing the trend of huge investments by market players in research and development (R&D) to stay ahead of their competitors. This is being done by companies to achieve innovations and come up with superior products and technologies to gain a competitive advantage over other players.

Power electronics are devices that convert electrical energy into different energy forms. They are mainly of three types — power discrete, power integrated circuits (IC), and power modules. R&D activities can provide better products in terms of efficiency, which is a key criterion for customers while deciding to procure a product or technology.

Another trend in the power electronics market is the rising applications of these devices across various sectors. The automobile sector is emerging as a major application area for power electronic devices. The demand for such devices in the automotive industry is witnessing a rise due to the evolution of hybrid electric vehicles and electric vehicles.

The inclusion of infotainment systems in automobiles is further adding to the demand for high-power-density power electronic devices. Industries such as defense, telecom, consumer electronics, and healthcare are other application areas of these devices.

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Indian Electric Bus Market is in Transformational Growth Mode

The Indian electric bus market is predicted to witness a sale of 7,187 units by 2025, progressing at a 53.0% CAGR during the 2019–2025 period. In recent years, the Indian government has come up with various policies and funding schemes for electric bus and charging stations, mainly to address the problem of increasing pollution levels in the country by promoting alternative fuel vehicles (AFVs). Various public transport agencies have inked contractual orders with manufacturers of electric buses for the adoption of such low-emission vehicles.

Based on vehicle type, the Indian electric bus market is bifurcated into a hybrid electric bus (HEB) and battery electric bus (BEB). Of these, during the forecast period, the BEB classification is predicted to maintain its dominance in the market in terms of sales volume. This is attributed to the increasing government support and lithium-ion (LI-ion) batteries’ reducing prices. On the basis of length, the market is classified into electric buses of more than 10 m and less than 10 m.

Between these two, in 2018, electric buses of less than 10 m length held the dominating sales volume share of more than 60.0% in the Indian electric bus market. Length agnostic subsidy provided by State Road Transport Undertakings has increased the preference for smaller buses in the nation. As per industry experts, the average price of Li-ion battery cells for larger orders reduced from nearly $1000/kWh in 2010 to approximately $333/kWh in 2018.

As battery price makes up for around 40.0% of the electric bus manufacturing cost, the reduced price of batteries is predicted to help the manufacturer keep the electric bus prices under check. Furthermore, it is expected that the electric vehicle cost, including for buses, would decline owing to the rising operational efficiency. As for internal combustion engines it took decades of experience to lower down the cost,  the cost of electric vehicles is too predicted to come down with technical developments, economies of scale, and bettering operational efficiency, which is further expected to boost the Indian electric bus market growth during the forecast period.

In addition, with governments’ stringent regulations including emission norms and increasing support in the form of grants and subsidies, the Indian electric bus market is projected to grow. Besides, to deal with the rising concerns toward environmental degradation, the government is planning to introduce electric and hybrid bus services and also taking initiatives to promote electric bus manufacturing across the country. Recently, the Ministry of Urban Development launched the Green Urban Transport Scheme with the motive of completely eliminating carbon emissions from public transport in the nation. Olectra Greentech Limited and Tata Motors Limited are two of the prominent players in the market.

INDIA ELECTRIC BUS MARKET SEGMENTATION

By Type

·                     Battery Electric Bus (BEB)

·                     Hybrid Electric Bus (HEB)

By Length

·                     <10 m

·                     >10 m

By Battery

·                     Lithium–Iron–Phosphate (LFP)

·                     Lithium–Nickel–Manganese–Cobalt Oxide (NMC)

·                     Others

By Region

·                     South

·                     East

·                     West

·                     North

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Electric Truck Market to More than Triple by 2023 - Business Data

The main factors driving the growth of the electric truck market are stringent government regulations and incentives aimed at curbing carbon emissions from vehicles. As per P&S Intelligence, the market, by 2025, will register a sale of 1,508.1 thousand units, growing at a CAGR of 18.5% during the forecast period (2018–2025). Electric trucks use an electric battery, either on its own or in combination with an internal combustion engine (ICE), for propulsion, therefore lead to significantly less emissions than ICE trucks.

The electric truck is classified into battery electric vehicle (BEV), fuel-cell electric vehicle (FCEV), hybrid electric vehicle (HEV), and plug-in hybrid electric vehicle (PHEV), based on propulsion. Among these, the BEV classification is predicted to display the highest CAGR during the forecast period, in terms of sales volume and value. The reason for this is that as such trucks do not have an ICE, they produce almost no carbon emission.

Governments across the world have formed stringent regulations to check the emission of carbon dioxide (CO₂) and nitrogen oxides (NO_x) from vehicles. Several cities, including Madrid, Paris, and Mexico City, have already announced bans on the sale and operation of fossil fuel-based vehicles. This is impelling the major truck manufacturers to increase the production of electric trucks as compared to conventional-fuel models. Therefore, with such regulations and bans, the electric truck sector would advance across the world.

  

Coming to the vehicle type, the market is divided into light duty (LDT), medium duty (MDT), and heavy duty (HDT) trucks. Among these, the HDT category is expected to grow the fastest during the forecast period in terms of both sales volume and revenue. The reason for this would be the growing demand for freight transportation in countries including India and China. In developed countries, the major factor for the growth of this type in the electric truck market would be its increasing deployment for long-haul logistics operations.

This is substantiated by the fact that of all the primary applications of electric trucks, including municipal and logistics, the latter category dominated the market during the historical period (2013–2017) in terms of sales volume as well as value and will continue doing so in the forecast period as well. Further, on a global ground, Asia-Pacific dominated the electric truck market in 2017 with more than 85.0% sales volume share, primarily driven by the sale of such trucks in China.

Hence, government regulations and support would be one of the primary reasons for the progress of the market across the world.

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