Mattress Market in US to Make Great Impact in Near Future by 2024

Market Overview

The U.S. mattress market will be observing a constant growth in the coming years due to the improvement in mattress products and rising adoption of gel-based memory foam mattress in the country. The innerspring mattress in the U.S. accounted for majority of market in recent years, followed by memory foam. The market share of memory foam mattress in the country is increasing at a high rate during the entire period of analysis.

Baby boomers, that represents 20% of the U.S. population are the prime consumers for memory foam mattresses in the country. The share of latex mattress in the country is also expected to increase during the forecast period owing to growing consciousness of customers for indoor air quality and toxic chemicals in mattress foams. The markets for plant-based memory foam, latex, and natural fibers such as organic cotton, wool, and bamboo, are also increasing.

Drivers
One of the major driver supporting the mattress market to grow at a considerable rate is the rising consumer preference towards customized mattresses in the U.S. The U.S. mattress market is mainly driven by increasing population, which is leading to increasing rate of home ownership. With the trend of fertility rates going below replacement levels, the aging population is set to accelerate in the U.S. Due to this, the demand for housing and associated markets such as the mattresses is set to increase in future.

Opportunities
A rising number of health-conscious consumers, rapid urbanization and growing demand for eco-friendly mattresses, are some of the factors providing ample opportunities for the market to grow during the forecast period. The need for wellness and health related products is increasing rapidly and the consumers are willing to pay some extra amount for health enhancing products. The consumer’s choice is based on concerns about allergies, potentially harmful chemicals, pesticides and their desire to pick healthier products. Some of the eco-friendly mattresses available in the market are natural memory foam mattresses, natural latex mattresses, and natural innerspring mattresses.

U.S. Mattress Market Competitive Landscape
Some of the key players in the U.S. mattress market include Simmons Bedding Company LLC, Kingsdown Inc., Spring Air International Inc. LLC, Tempur Sealy International Inc., Select Comfort Corporation, Southerland Bedding, and Corsicana Bedding Inc.

The global mattress market is fragmented in nature with top four companies accounting for nearly a quarter of the market. Tempur-Pedic International, Inc. acquired Sealy Corporation in 2013 to increase its market share and presence globally. Tempur and Sealy’s standalone portfolio of mattresses included specialty mattresses and innerspring mattresses before acquisition. After the acquisition, Tempur-Sealy International, Inc. had a complete portfolio of mattresses. Another key strategy behind this acquisition was to use the synergy of Tempur’s strong hold on direct sales and Sealy’s competency in industries such as hospitality, club, and department store marketing channels. Simmons Bedding Company has international license partners in over 100 countries, which are accountable for the warranty issues of Simmons’ products. Serta, Inc. has a strong presence in the U.S. mattress market.

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Ride-Hailing Market value is expected to $120.2 billion by end of 2024

Having a proper means of transportation is an important aspect of life in today’s time. Traveling has become increasingly easy with the advancements in the automobile technology. While in the past, people preferred owning their own vehicles because of the inconveniences related to public transportation, now private vehicles seem more cumbersome. Heavy investments are required for owning private vehicles, which consist of fuel cost, parking expense, insurance cost, vehicle cost, and maintenance charge. Due to these factors, the people have started adopting for ride-hailing services instead of buying their own vehicles, as they get to travel conveniently without paying for any additional maintenance services.

Ride-hailing services are provided by transportation network companies (TNC) by using online mobile applications to cater to the commuters’ needs of reaching a specific destination from a specific origin. As per a study conducted by P&S Intelligence, in 2018, the global ride-hailing market generated a revenue of $50.4 billion and is expected to attain $120.2 billion in 2024, advancing at a 13.0% CAGR in the coming years. Ride-hailing services are offered via luxury, executive, and economy vehicle types. Among these, ride-hailing services were offered the most via economy vehicles during 2014–2018. This was because the majority of commuters opt for ride-hailing services for traveling for short or medium distances, which is why they do not prefer more expensive services, such as that of luxury or executive vehicles. Moreover, the number of cars provided under this option is the highest as compared to other vehicle types. Attributed to these factors, the category is further going to be the most in demand in the near future as well.

 In addition to this, the nations around the world are focusing on spreading awareness regarding sustainable transportation system. Attributed to this, many countries have started deploying low and zero-emission transport systems. Vehicles that are offered for ride-hailing services are generally powered by electric motors, thus conforming to the environmental standards in order to ensure an emission-free ecosystem. Furthermore, the rising population around the world has resulted in the increased number of daily commuters, due to which roads are congested for longer time periods, especially during the peak hours. Because of this, the countries are further encouraging the commuters to opt for ride-hailing services, as this can comparatively reduce the number of vehicles on the roads.

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India Electric Rickshaw Battery Market Projected To Hit $722.3 million by 2024

The Indian electric rickshaw battery market is anticipated to reach $722.3 million by 2024, registering a CAGR of 13.4% during the forecast period, according to P&S Intelligence.

On the basis of vehicle, the Indian electric rickshaw battery market has been categorized into passenger carrier and load carrier. Of these, the passenger carrier category held the largest share in 2018 with more than 95% share in the market, in terms of value. This is due to the strong passenger base and demand for public transport for last-mile connectivity. However, the load carrier category is expected to witness faster growth in the market, owing to the expansion in e-commerce industry and growth in the economy, coupled with low total cost of ownership (TCO) and operational cost benefit.

The market growth is primarily driven by proliferation of electric rickshaws in many cities coupled with increasing average age of these vehicles. Initially, the electric rickshaw market has been majorly operated by unorganized and local players with a collective share of about 80% in 2016, which offered substandard quality electric rickshaws with average life of around 1.8 years. However, after GST rollout, the number of organized original equipment manufacturers (OEMs) grew, offering better-quality products with increased average battery life of around eight months. Thus, the increased battery life of electric rickshaws in the country is sequentially propelling the growth of the market.

Based on battery capacity, the Indian electric rickshaw battery market has been classified into batteries with capacity less than 101 Ah and more than 101 Ah. Electric rickshaw batteries with capacity less than 101 Ah dominated the market during the historical period. The category is anticipated to continue leading the market in the coming years, due to the dominance of unorganized local players in the market, as most of these players manufacture low-cost electric rickshaws.

Based on end use, the Indian electric rickshaw battery market has been bifurcated into OEM and replacement. The market for replacement batteries is expected to witness faster growth, with a CAGR of above 14%, in terms of volume, during the forecast period. This is due to proliferation of electric rickshaws in the country and more vehicles undergoing battery replacement This category is also expected to continue dominating the market during the forecast period.

Delhi contributed the largest revenue to the Indian electric rickshaw battery market. The large customer base, coupled with the early adoption of electric rickshaws, boosted the market for electric rickshaw batteries in the state. In addition, the increased level of air pollution in the capital led to the proliferation of electric rickshaws in the city.

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Some of the major players operating in the Indian electric rickshaw battery market are Exide Industries Ltd., Eastman Auto & power Ltd., Amara Raja Batteries Ltd., Okaya Power Pvt. Ltd., Jay Ace Technologies Ltd., Sparco Batteries Pvt. Ltd., Gem Batteries Pvt. Ltd., and Grand Batteries Pvt. Ltd.

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How Technological Advancements Are Aiding in Cancer/Tumor Profiling Market Growth?

The changing environment and adoption of unhealthy lifestyle habits, such as tobacco consumption and smoking, exposure to harmful radiations along with other factors have led to a massive increase in the incidence of cancer.  As per the World Health Organization, global cancer burden has risen to 9.6 million cancer deaths and 18.1 million new cases in 2018.  Further, the American Cancer Society reported that in 2017, approximately 1,688,780 new cancer cases were expected to be diagnosed in the U.S. and as many as 600,920 Americans were expected to lose their lives to cancer in the same year, which translates to 1,650 patients succumbing to cancer per day. 

The International Agency of Research on Cancer has predicted that by 2030, the global cancer burden would grow to 21.7 million new cases, mainly due to the increasing aging population. Cancer is an umbrella term that represents a large group of diseases and there are more than 100 types of cancer. In this disease, multiple types of tissues are affected, which contain different biomarkers. Therefore, to correctly identify these biomarkers for diagnostic purposes, cancer/ tumor profiling is the need of the hour as certain cancer types affect specific sets of genes, which can be extremely helpful in drawing a correct diagnosis.

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Cancer is a genetic disease, which is a result of changes that occur in the genes of cells that continue to divide uncontrollably.  As cancer affects numerous genes, the need for cancer profiling is being felt, which is done using various technologies, namely microarray, next generation sequencing (NGS), in-situ hybridization (ISH), immunohistochemistry (IHC), and quantitative polymerase chain reaction (qPCR).  During 2013–2016, the most popular technology for generating tumor/cancer profiles was the NGS. This can be credited to the immense popularity of this technology among researchers and scientists as it helps in parallelly sequencing millions of fragments per run. It is a high-throughput process which translates into sequencing of thousands of genes at a time. Further, this technology also has the scope of discovering rare or novel variants. Owing to the aforementioned factors, this technology would continue to remain a favorite among end users. This is expected to lead the cancer/tumor profiling market to witness significant growth at a 19.0% CAGR in the coming years, as estimated in a P&S Intelligence study.

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Cancer/tumor profiling can be used for various purposes, such as prognostics, personalized medicine, biomarker discovery, diagnostics, and others. During 2013–2016, cancer/tumor profiling was most extensively used in the personalized medicine domain. This is attributed to the high success rates achieved in cancer treatment using personalized therapy, as it offers a tailormade treatment specific to an individual. This is expected to continue being the most popular application area of cancer profiling in the coming years as well.

Helomics Corp. and Indivumed GmBH entered into a partnership in 2017 in order to analyze annotated clinical data and human cancer biospecimens from consenting patients worldwide. Other key players in the global cancer/tumor profiling market are HTG Molecular Diagnostics Inc., NeoGenomics Inc., Caris Life Sciences Inc., Oxford Gene Technology, RiboMed Biotechnologies Inc., Illumina Inc., NanoString Technologies Inc., and Genomic Health Inc.

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Mushroom Market - An Emerging Market

The mushroom market is growing at a significant rate, due to the growth of consumer awareness related to health and wellness, improving technologies to increase the shelf-life, and increase in consumption of processed foods. The growing concerns about obesity and technological advancements are some of the factors, providing ample opportunities to the expansion of the mushroom market, in the coming years.

Europe leads the global mushroom market, and is also expected to grow at the fastest rate, in the coming years. The dominance of the region is due to several factors, such as shifting consumer preference towards low-fat and healthy food, and increasing awareness about wellness and health, among the consumers of the region.

Mushrooms are the vegetables that provide various nutrients, such as selenium, vitamins, and potassium. Mushrooms contain very less amount of gluten and sodium, and do not contain cholesterol and fat in them. Production method of mushroom is absolutely different from the production method of other green vegetables. Mushrooms depend on other plant materials for their food, as no chlorophyll is present in them. To destroy any bacterial or fungal components on the substrate where mushrooms get mature, the substrate has to be pasteurized, or sterilized.

The mushrooms can be marketed through direct marketing and wholesale marketing. Direct marketing includes selling of mushrooms to restaurants, at local farmers, and in supermarkets, along with most of the regions. While marketing through local markets, the seller should concentrate more on quality and service, instead of low price of mushrooms. Whereas, selling the mushrooms through wholesale marketing, the seller has to concentrate more on the low price of mushrooms. The sellers can also develop a processed product from the mushroom, such as sauce, for selling directly to the wholesalers and end users of the products. Mushrooms can also be marketed in the off season, by drying surplus mushrooms, and storing it.

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The mushroom market can be categorized, on the basis of type, applications, and region. On the basis of type, the mushroom market can be categorized as oyster mushroom, button mushroom, shiitake mushroom, paddy straw mushrooms, and others. Button mushrooms lead the mushroom markets under the types of mushrooms category, whereas shiitake mushrooms market is expected to grow with the fastest rate, in the coming years. Shiitake mushroom’s prices are not fixed throughout the year; price is lowest at the time of high production in summer and highest at the time of low supply in winters. The mushroom market can also be categorized on the basis of applications, as fresh mushroom and processed mushroom. Processed mushroom can further be subcategorized, as frozen mushroom and canned mushroom.

Continuous research and development in the mushroom market is expanding the applicability and accelerating the growth of the mushroom market. Some of the factors restraining the growth of the mushroom market are proper process management requirement, consumer credibility, and limited shelf-life of mushrooms.

Some of the competitors in the mushroom market are Drinkwater’s Mushrooms Ltd, Lutece Holdings B.V., Okechamp S.A., The Mushroom Company, Bonduelle SCA, Monterey Mushrooms Inc., Costa Group Holdings Limited, Shanghai Finc Bio Tech Inc., and Monaghan Mushrooms Ltd.

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Age-Related Macular Degeneration Market Segmental Analysis by Therapeutics, Diagnostics, Patent, Drugs Policy and Regulatory Landscape

The market is experiencing growth due to the rising geriatric population, growing pipeline for AMD therapeutics, surging chronic disease prevalence, and increasing healthcare expenditure. Age-related macular degeneration is a retinal disorder, which is indicated by changes in the fundus of the eye. It commonly affects the elderly, in which, first, the central vision becomes blurred, which ultimately leads to blindness.

The age-related macular degeneration market is classified into Asia-Pacific, Europe, North America, and Rest of the World, based on region. In 2015, the highest value share in the market was held by the North American region. This was attributed to the rising prevalence of conditions, such as obesity and hypertension. Further, the presence of major pharmaceutical companies supports the regional market growth. In 2022, with high healthcare expenditure of countries in the region, it is predicted to hold more than 90.0% of the market share.

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The age-related macular degeneration market is growing due to the rising geriatric population. Old age is one of the major risk factors of the disease, which may lead to visual impairment, and eventually complete blindness. A report on global aging population was published by the United Nations Department of Economic and Social Affairs, which mentioned that the global population of people in the 60 and above age group, is growing at a high rate. The share of geriatric population by 2050 is predicted to grow to 21.1% from 11.7% in 2013.

Therefore, the market for AMD is predicted to register remarkable growth in the forecast period with the rising prevalence of this disease and surging geriatric population.

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Asia Electric Three-Wheeler Market Share, Development, Growth, and Demand Forecast, 2013–2023

Environmental degradation, government support, low ownership cost, and declining battery prices are resulting in increased electric three-wheeler sales across Asia-Pacific (APAC). Electric three-wheelers are those, in which the fuel is replaced by an electric battery as its power source. Projected to witness a CAGR of 4.1% during the forecast period 2018–2023 as per P&S Intelligence, the Asia-Pacific (APAC) electric three-wheeler market is expected to generate a revenue of $11,935.1 million by 2023.

Going by the vehicle segment, the domain is categorized into passenger carrier and load carrier. Of the two, passenger carriers registered higher sales, owing to a wide consumer base in the region and demand for low-cost shared mobility. As per the motive power, <1,000 W, 1,000–1,500 W, and >1,500 W are the three categorizations of the electric three-wheeler market in Asia-Pacific. Among these, the 1,000–1,500 W category recorded the highest sales volume (over 50%) in 2017, owing to its cost-effectiveness.

Coming to the market growth factors, rising air pollution and government impetus toward curbing it are on the top of the list. In many countries in the region, governments offer people incentives and subsidies to encourage the adoption of electric vehicles, while manufacturers get land at reduced rates to set up production facilities. Further, stringent norms related to vehicular emissions and public campaigns focusing on reducing these are further compelling people to adopt electric vehicles.

The second important factor driving the Asia electric three-wheeler market is cost-effectiveness. Battery-powered three-wheelers run on electricity, which is a lot cheaper than gasoline and natural gas, making them more cost-effective than their fuel-based counterparts. Further, electric three-wheelers have fewer moving parts, hence, the risk of malfunctioning due to breakage is significantly less, which means less maintenance cost. In addition, the prices of lithium-ion (li-ion) batteries have come down considerably in the last few years, bringing down the cost of electric three-wheelers even more.

The cost-effectiveness of li-ion batteries, coupled with its light weight, is expected to boost its penetration into the electric three-wheelers industry in the coming years. Another reason these are predicted to eventually replace sealed lead-acid (SLA) batteries is that the latter can be harmful to humans, if not disposed off properly. In China, the government shut down more than 80% of its SLA battery-manufacturing plants by 2011, further paving the way for li-ion variants to dominate the electric three-wheeler market.

Talking of the regional scenario, China dominated the market during the historical period 2013–2017 in terms of sales volume as well as revenue generation. Reasons for this were the early introduction of such vehicles, abundance of manufacturers and suppliers, and favorable government policies. While China will still be the market leader during the forecast period, India will witness the highest sales and revenue CAGRs, owing to rising pollution levels and government support.

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Therefore, it is clear that as environmental degradation impels governments across APAC to form stricter emission norms and encourage electric vehicle adoption, the market for electric three-wheelers will continue to progress.

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