Car Rental, An Emerging Market

The global car rental market was valued at $78.7 billion in 2018, which is projected to reach $122.6 billion by 2024, progressing at a CAGR of 7.9% during the forecast period (2019–2024). Among the various vehicle categories operating in car rental market, economy cars held the largest market share during the historical period.

Historically, the market witnessed the fastest growth in the category of luxury cars, mainly driven by the increased usage of luxury cars by business professionals.

The deployment of electric vehicles in the car rental fleet is a rising trend worldwide, in the car rental market. Various major players are adding fleet of electric cars in their rental services as a result of regulations and policies related to sustainable mobility notified by government in various countries. For example, Zoomcar India Pvt Ltd., in 2018, partnered with Mahindra & Mahindra Ltd. to deploy electric cars in its rental fleet in India.

The car rental market is driven by its convenient mobility feature. Renting a car allows individuals to enjoy the facilities of owning a personal vehicle, without having the need to actually own it. Additionally, owning a private car demands a high investment, which mainly comprises the vehicle cost, fuel cost, parking expenses, maintenance charges, and insurance cost. This is acting as strong growth factor for the car rental market globally.

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Furthermore, with growing digitization in the rental services, the users can easily rent a car by booking it directly through the company’s mobile application or website. The mobile application provides every detail and assistance, along with customized rental services to the users while booking the car.

Geographical Analysis of Global Car Rental Market

Together, North America and Europe accounted for over 67.0% revenue of the global car rental market harborough, in 2018. The large market size in these regions is due to presence of major car rental players in both regions and higher car rental length (days).

APAC held significant share in global car rental market in 2018, due to the fact that APAC is the second most preferred regions for travel and visits worldwide. China and Japan were the major revenue generating countries in APAC, in 2018. However, the market size in India is expected to surpass the Japanese car rental market size by 2022. This can be mainly attributed to rising number of car rental companies in India and customized rental services being offered by these companies.

The global car rental market is highly consolidated in nature as major part of the revenue is generated by only few companies. These major companies provide car rental services in many countries. For example, Enterprise Holdings Inc. operates in over 100 countries across North America, Central America, South America, Europe, the Caribbean and parts of Middle East and APAC. Sixt SE, Localiza Rent a Car SA, Europcar Mobility Group S.A., Avis Budget Group, Addison Lee Ltd., Hertz Global Holdings Inc., Zoomcar India Pvt. Ltd. are some of the major players providing car rental and leasing services.

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How is Increasing Disposable Income Driving Anti-Aging Market?

The disposable income of people across the world is rising. As per the U.S. Bureau of Labor Statistics, the personal disposable income of the people in the U.S. increased from $11,394 billion in 2006 to $15,929 billion in 2016 and is further predicted to reach $24,174 billion by 2026. Similarly, according to the Organisation for Economic Co-operation and Development, in Germany and Denmark, the house disposable income rose from 1.6% and 1.5% in 2014 to 2.6% and 3.3% in 2016, respectively. Because of this growth in the disposable income, people are able to spend money on aspects such as personal care, which, in turn, has resulted in the rising adoption of anti-aging products and devices.

Anti-aging refers to the treatment, prevention, reversal of age-related conditions, such as scars, wrinkles, and age spots. Anti-aging products come in the form of gels, moisturizers, creams, serums, facial oils, and cleansers. In 2017, the global anti-aging market generated a value of $165.2 billion and is projected to advance at a 7.9% CAGR in the coming years.

Different anti-aging treatments are chemical peel, breast augmentation, hair restoration treatment, anti-adult acne therapy, liposuction, and anti-pigmentation. Other treatments include photorejuvenation, eyelid surgery, and sclerotherapy. Among these, the demand for hair restoration treatment was the most during 2014–2017 and is further going to be required the most in the near future as well. Various conditions, such as genetic balding and hormonal issues, along with some medical conditions, including lupus, thyroid diseases, and trichotillomania, and radiation treatments and chemotherapy lead to hair loss. Due to technological advancement, now this condition can be cured with several types of hair restoration treatments, namely stem cell and platelet-rich plasma-assisted hair transplant, hair replacement, hair restoration surgery, and laser light therapy.

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The surging geriatric population is, without a doubt, a major factor leading to the rising demand for anti-aging products and devices. As per the United Nations Department of Economic and Social Affairs, the population of people aged 60 years or above will reach 437 million in China, 107 million in the U.S., 324 million in India, and 58 million in Brazil by 2050. Since old age is associated with reduced vascular and glandular network in the skin layers and loss of fibrous tissue, the occurrence of dryness, skin sagging, pigmentary alteration, and wrinkles becomes usual. These skin problems can be dealt by using anti-aging products and devices, as they help reduce the skin aging, which gives a younger look by tightening and revitalizing the skin.

Another factor driving the demand for anti-aging devices and products is the expanding medical tourism industry. According to the Shanghai Medical Tourism Products and Promotion Platform, about 60,000 Chinese travel abroad every year for receiving advanced medical services, which range from anti-aging therapy to chronic diseases management.  Medical tourism means the traveling of patients from one country to another for medical treatment. Different factors contributing to the growth of this industry are quicker accessibility, high quality of care at lower cost, and advanced technology. Due to these factors, the requirement for products and devices related to anti-aging therapy is rising.

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How Rising Demand for a Safer Cooling Systems is Contributing to Industrial Refrigeration Systems Market Growth?

Cold chain is a logistics system which helps maintain the ideal storage conditions for perishable items while transporting them from the point of origin to the point of consumption in the supply chain. The aim of the cold chain is to reduce spoilage and retain the quality of products till their consumption.

The cold chain infrastructure comprises pre-cooling facilities, cold storages, packaging, refrigerated carriers, warehousing, and information management systems (traceability and tracking). It plays a major role in the logistics of various products, such as pharmaceutical drugs, seafood, frozen foods, and agricultural goods. 

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The systems also maintain the nutritional content of the food items as well as increase their shelf life. In the coming years, these systems are expected to witness the fastest growth in demand by the chemicals & pharmaceuticals industry due to the rising requirement for pharmaceuticals across the globe, especially from the African region, as the countries in this region lack proper pharmaceutical industry setup.

With ease of doing business and increasing globalization, it has become easier to produce vaccines and other pharmaceutical products on one side of the earth and transport them to other. However, it is crucial to store these products at a specified temperature to maintain their viability, thereby necessitating the use of industrial refrigeration systems.

Due to this, the industrial refrigeration systems market is expected to register a 5.8% CAGR, generating $33.6 billion revenue, in the near future.

Industrial refrigeration systems are used in various industries, such as oil & gas, food & beverage, chemicals & pharmaceuticals, manufacturing, and construction. These systems were most heavily deployed in the food & beverage industry during 2013–2017. This was because of the ability of refrigeration systems to maintain the freshness of food and beverages over a long period.

Global Industrial Refrigeration Systems Market Segmentation

Market Segmentation by Equipment Type

• Compressors
  • Reciprocating
  • Screw
  • Centrifugal
  • Scroll
• Condensers
  • Air-cooled
  • Evaporative
  • Water-cooled
• Evaporators
  • Shell and tube
  • Bare tube
  • Finned
  • Plate
• Controls
• Others (includes pumps, valves, vessels and auxiliary equipment)

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Europe Electric Two-Wheeler Sharing Market is Fastest Growing and Demanding with CAGR of +35.0%

The Europe electric two-wheeler sharing market is estimated to grow to $597.2 million by 2025 at a 35.0% CAGR during the forecast period (2019–2025), owing to the technological advancements in sharing services, increasing concerns over greenhouse gas emissions, and worsening urban road congestion. Furthermore, convenience in using shared vehicles is one of the factors driving the market growth. Sharing services refer to a facility, in which electric two-wheelers are available for short-term rentals.

Based on vehicle, the European electric two-wheeler sharing market is classified into kick scooter and scooter. Among these, electric scooters, due to the availability of scooter sharing services in the region from the last five years, dominated the market in the historical period (2017–2018) and will continue to do so in the future as well. However, in the near future, the market for kick scooters is anticipated to witness faster growth, at a CARG of over 65.0%.

The European electric two-wheeler sharing sector players currently have huge growth opportunities due to the large investments made by top investors from across the globe. For example, in 2018, Atomico and the European Investors Index Ventures invested in two U.S. companies offering electric kick scooter sharing services, namely Neutron Holdings Inc. (Lime) and Bird Rides Inc., respectively. Index Ventures invested around $100 million in the Series B round of Bird, whereas Atomico did not share the amount it invested in Lime.

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In 2017, Germany dominated the electric two-wheeler sharing market in Europe going by the total sharing rides taken in a year. However, in 2018, Spain held the largest market share in terms of volume as well as value, owing to fact that many major sharing service providers here massively increased their fleet, thereby leading to the market growth. This shows that this new form of transportation is gaining popularity all across the country. For instance, in Barcelona, many players have begun operations, as the scooter culture is quite prevalent in the city.  

Now, technological advancements are one of the major factors driving the growth of the electric two-wheeler sharing market in Europe. The domain is completely dependent on technology, which proves instrumental in taking the services within easy reach in every corner of a city at the time of requirement. The services are majorly availed via mobile apps, where users and providers get in touch with each other for parking vehicles, booking rides and even at the time of payment.

Furthermore, many technological innovations have been introduced with unique concepts to boost the electric two-wheeler sharing market in Europe. Technological innovations, such as the introduction of the internet of things (IOT) and cloud computing, are aiding in the growth of the domain. IOT in the fleet management system has proved beneficial for operating an electric two-wheeler sharing service, as it helps in optimizing the sharing process via efficient vehicle monitoring and tracking, route handling, and potential problem detecting from a remote location.

Hence, with technological innovations and the growing popularity of kick scooters in various cities of the continent, the electric two-wheeler sharing market in Europe is expected to grow.

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Global Telemedicine Market is Expecting Worldwide Growth

The global telemedicine market was valued at $21.5 billion in 2017 and is projected to witness a CAGR of 14.8% during the forecast period 2018–2023. The major factors driving the market growth are rising healthcare costs, prevalence of chronic and lifestyle-associated diseases, government funding and grants, smartphone users, and need for remote patient monitoring in developing countries, and consistent need for improved healthcare services.

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Due to climate change and changing lifestyle and food habits, incidents of diseases are increasing. Since doctors or medical professionals cannot always be available or patients cannot always go to a healthcare center, telemedicine came into being. Telemedicine helps healthcare professionals diagnose, evaluate, and treat patients, who are far away, using telecommunication equipment, including audio and video devices. The telemedicine market is segmented by type, service, specialty and region. The service segment comprises the tele education, tele monitoring, teleconsulting, tele training, and others categories.

Among all services, tele monitoring services are expected to witness the highest CAGR, of 17.0%, during the forecast period. It involves remotely monitoring patients, who are unable to visit a clinic or hospital. Such patients can have a number of monitoring devices in their home, the data from which is communicated to their healthcare provider via mobile, telephone, broadband technology or cable network. It is an easy way to monitor patients and minimize their frequent visits to the clinic. Owing to the increasing use of home-monitoring devices and associated benefits, especially for heart patients, tele monitoring is expected to fuel the telemedicine market prosperity.

Looking at the growth of the sector, the key telemedicine market players have launched advanced products and technologies or entered into collaborations. For instance, in January 2018, Philips announced a partnership with American Well, a telehealth solution provider. This will help Philips in embedding American Well’s telehealth technology into several of its devices and apps. Citing a product launch example, in April 2018, AMD Global Telemedicine Inc. introduced OnDemand Visit, which allows healthcare organizations to increase their service offerings and engage patients in a convenient way. Further, it also offers a virtual medical visit via a computer or smartphone.

Owing to advanced technologies, new partnerships and growing need for remote monitoring services, the telemedicine market is forecasted to witness healthy growth.

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U.S. Automotive Tire Market to Witness 5.4% CAGR in Near Future

One of the largest automotive markets in the world is that of the U.S. In 2018, the industry contributed 3.0% to the country’s gross domestic production (GDP). Several reasons, such as existence of a large consumer base, presence of a well-developed infrastructure, introduction of an open investment policy, availability of a highly skilled workforce, and provision of local and state incentives for vehicle adoption, are responsible for the steady growth of the automotive industry in the U.S. In addition to this, the country is home to many global automobile and associated component manufacturers. Due to these, the demand for tires in the country is on a considerable rise.

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A tire surrounds the wheel’s rim to transfer the vehicle’s load from the axle to the ground and provides traction on the surface traveled over. As per a research conducted by P&S Intelligence, the U.S. automotive tire market reached a value of $57.9 billion in 2018 and is predicted to grow at a CAGR of 5.4% in the coming years. Tires are used by all kinds of vehicles: passenger vehicle, light commercial vehicle, two-wheeler, and medium & heavy commercial vehicles. Among these, the demand for tires was created the most by passenger vehicles due to the increased sales of large pickup trucks in the U.S., in the recent years.

High tire replacement rate owing to increased vehicle life acting as a major market driver

The U.S. automotive tire market is majorly driven by the high tire replacement rate. Due to various technological advancements in recent years, the average lifespan of vehicles has increased significantly. At present, vehicles in the U.S. have a lifespan ranging between 13 and 17 years. Moreover, the average life of vehicles increased considerably from 10.2 years in 2010 to 11.5 years in 2018. Factors such as fierce market competition and stringent government regulations have contributed to the vehicle’s longevity and reliability over the years. A recent study in the U.S. shows that although Americans are increasingly buying pickup trucks and sport utility vehicles (SUVs), they are also retaining their old vehicles owing to the enhanced longevity of those vehicles. This is resulting in the high replacement rate of tires used in the vehicles in the country.

Development of advanced tires being viewed as a key trend in the market

With advancements in technology and increased penetration of vehicles, the demand for tires with low rolling resistance for improved fuel efficiency, enhanced grip for increased safety, and less wear and tear for enhanced durability has risen considerably. Thus, to meet the changing requirements of the end users, players in the automotive tire market are focusing on the innovation and development of advanced products. For instance, the development of ultra-high-performance tires has helped increase the overall speed and reliability of tires. An average high-performance tire has the ability to sustain a speed up to 270 km/h, whereas an ultra-high-performance tire achieves a maximum speed of 299 km/h. These tires are also suitable for driving over rough terrains and for travelling longer distances owing to their higher durability than other tires. Thus, the development of advanced tires is the key trend observed in the U.S. automotive tire market.

U.S. automotive tire market’s competitive landscape

Some of the major players operating in the U.S. automotive tire market are Michelin North America Inc., The Goodyear Tire & Rubber Company, Cooper Tire & Rubber Company, Continental Tire the Americas LLC, Pirelli & C. S.p.A., Hankook Tire Company Limited, Kumho Tire U.S.A. Inc., Bridgestone Americas Inc., Toyo Tire Corporation, and Yokohama Tire Corporation.

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Infection Surveillance Solutions Market Analysis, Share and Forecast Report 2024

Infection is the invasion and multiplication of microorganisms such as viruses, bacteria and parasites that are not normally present within the human body. An infection may cause no symptoms and be hidden, or it may cause symptoms and be clinically visible. An infection may remain localized, or it may spread through the blood or lymphatic vessels to become systemic (present in the entire body).

The global infection surveillance solutions market is growing due to the emergence of diseases caused by microorganisms that were previously not known. The microorganisms living naturally within the body are not considered as infectious for example, bacteria that normally live within the mouth and intestine such as E. coli do not cause an infection to the body. Hospital associated infections such as urinary tract infection, surgical site infections and pneumonia are increasing due to the use of contaminated devices, patient clothing, and other materials used in hospitals and clinics. This has thus provoked healthcare professionals and hospitals to adopt infection surveillance solutions to identify possible infections during the time the patient remains in hospital, and to develop necessary preventive measures for the same. These infection surveillance solutions also aid in diagnosing antibiotic resistant organisms (AROs) and infections due to non-sterile medical devices.

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The growth in the global infection surveillance solutions market is expected to be mainly due to the increasing incidence of HAIs; policies introduced by government for preventing these HAIs; and increase in expenditure in healthcare sector. According to World Health Organization (WHO), 9.9% of the gross domestic product (GDP) of the world was spent on healthcare in 2014. Furthermore, cost-effectiveness, and redundancy of clinical data and the increase in number of surgeries drive the growth of infection surveillance solutions market.

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The introduction of cloud-based software into the infection surveillance solutions market and high growth in developing countries across Asia-Pacific and Latin America provide vast area of opportunities for players in the infection surveillance solutions market.

Various players in the infection surveillance solutions market are focusing on collaborating with other companies to expand their product and service offerings as well as introduction of new treatment methods into the infection surveillance solutions market.

Some of the other key players in global market are, Premier Inc., Baxter International Inc., Gojo Industries, Inc., Truven Health Analytics (An IBM Company), DEB Group Ltd., Hygreen, Inc., Atlas Medical Software, and RL Solutions.

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