Electric Car in India Finally Showing Potential to Scale

Growing awareness about air pollution and government support toward adoption of electric vehicles (EVs) is driving the market for electric cars in India. Valued at $71.1 million in 2017 by P&S Intelligence, the Indian electric car market is projected to grow by almost 10 times during the forecast period 2018–2025, eventually generating a revenue of $707.4 million! And, it’s not just the total revenue, which is expected to be high during the forecast period, but also its CAGR (34.5%).

Electric cars are essentially battery-operated cars that produce little or no emission. Based on technology, the electric car market in India has been segregated into plug-in hybrid electric vehicle (PHEV), battery electric vehicle (BEV), and hybrid electric vehicle (HEV). Among these, BEV led the market in 2017 with over 70% sales volume share. Similarly, the categories of the domain when segmented by battery are lithium-nickel-manganese cobalt oxide (Li-NMC), lithium-iron-phosphate (LFP), and others, among which the LFP category led the market in 2017 with 65% sales volume share.

Talking of the market drivers, India is expected to adopt BS VI emission norms in 2020. Aimed at reducing vehicular emissions even further, this move is predicted to drive the electric car market in India rapidly. To encourage EV adoption, the central and state governments are actively formulating favorable policies. For instance, the Central Government launched the FAME scheme in 2015, to bring down the price of electric cars across the country.

Similarly, in 2017, the NITI Aayog brought out a scheme for the construction of e-vehicle charging points along the Indira Gandhi International Airport-South Delhi-Noida corridor. Under this, 135 charging stations, including 89 slow alternating-current (AC) stations and of 46 quick charging direct-current (DC) stations are to be built at 55 locations. The governments of several states have come out with policies and schemes of their own, all of which are expected to aid in the growth of the Indian electric car market.

For instance, the Karnataka government offers 100% reimbursement on expenses incurred to set up EV manufacturing plants on agricultural land. Similarly, the Maharashtra government offers complete exemption of registration fee and road tax on electric vehicles. Under this scheme, EV and electric battery manufacturers also get 20% incentives. In another such initiative, the Uttarakhand government will set up an EV research hub in the state and offer every trainee a stipend.

All these factors have radically changed the scenario of the electric car market in India in recent years. Earlier dominated by Mahindra Electric Mobility Limited and Toyota Kirloskar Motor Pvt., the market has seen the entry of several new players, including Tata Motors Limited, Honda Motor Co. Ltd., and Hyundai Motor Company. All these manufacturers are launching electric cars with improved range, as short range has been somewhat discouraging people to buy electric cars. An example would be Mahindra Electric Mobility Limited’s eKUV100, which can run up to 140 km on a single charge.

Thus, we see that stricter emission norms and government incentives will lead to increase in electric car sales, taking the domain forward.

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Commercial Electric Vehicle Market - Growth Opportunities in Global Industry

The improvement in the operational efficiency of batteries and the long-term cost advantages of commercial electric vehicles are some of the key factors driving the growth of the commercial electric vehicle market. In addition, the rising government and environmental agency concerns over greenhouse gas (GHG) emissions and surging government initiatives to promote these vehicles over conventional fuel-based ones are predicted to strengthen the market during the forecast period (2018–2025). The market size is predicted to cross 1,839.4 thousand units by 2025, progressing at a CAGR of 18.1% during the forecast period.

In simple terms, electric vehicles are those vehicles that use one or more electric motors for movement. Such commercial vehicles are used for carrying passengers or transporting goods. The commercial electric vehicle market, on the basis of propulsion, is categorized into hybrid electric vehicle (HEV), battery electric vehicle (BEV), fuel cell electric vehicle (FCEV), and plug-in hybrid electric vehicle (PHEV). Due to the increasing government incentives in the form of grants and subsidies and other financial benefits to encourage the use of BEVs, this category is anticipated to dominate the market during the forecast period.

There are two types of vehicles in the commercial electric vehicle market, i.e. electric bus and electric truck. Of these, during the 2013–2017 period, electric buses advanced at a CAGR of 75.4% in term of sales volume. This is ascribed to the rising replacement sales and long-term cost advantages associated with e-buses. Furthermore, with the increasing demand for these buses from end users such as city governments and public-transit operators, the market is witnessing robust growth.
The electric bus market, on the basis of length, is bifurcated into more than 10 m and less than 10 m. Of these, electric buses of less than 10 m length are predicted register faster growth in terms of volume as well as value during the 2018–2023 period. This is attributed to the high adoption rate of small buses in China and other emerging countries along with the cost-efficiency benefit, which continue to escalate the market growth across the world.

Similarly, the market for electric trucks is divided into medium-duty truck (MDT), heavy-duty truck (HDT), and light-duty truck (LDT). As compared to the other divisions, the CAGR of HDTs in terms of the units sold is anticipated to be the highest. On the global ground, Asia-Pacific, led by China, dominated the electric commercial vehicle market during the historical period (2013–2017). Some of the key factors behind the heavy sale of the electric vehicles in China are reduced battery prices and improved operational efficiency and the government’s commitment to increase electric vehicles’ share in the transportation system.

Increasing GHG emissions in the environment have become a major concern for governments and environmental agencies, globally. The air quality degradation due to the carbon-laden urban vehicular exhaust has led to the implementation of stringent policies. Presently, conventional diesel-powered commercial vehicles are a core part of the public transportation system, which majorly contributes to GHG emission. Therefore, the formulation of stringent policies is resulting in the adoption of low or zero-emission vehicles across the world.

Hence, the increasing adoption of BEVs and stringent government policies to curb air pollution are fueling the growth of the commercial electric vehicle market.

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Silicon on Insulator Market Globally – Learn the Investment Strategy of Market Major Players To Increase Business Growth

In 2018, the global silicon on insulator market generated a revenue of $684.8 million and is predicted to attain $2,285.5 million by 2024, witnessing a 22.7% CAGR during the forecast period (2019–2024).

A key trend in the SOI market is the miniaturization of devices and reduction in the cost of manufacturing chipsets for accelerating their adoption. The demand for miniaturization is increasing due to the rising requirement for smaller assemblies in specific applications and the need for cutting material costs by using smaller parts that function similarly to large parts.

Miniaturization has resulted in the emergence of small devices, which are majorly being deployed in consumer electronics and automotive applications including navigation control, infotainment systems, and collision detection.

When geography is taken into consideration, the APAC region is projected to register significant growth during the forecast period in the SOI market. The reason for this is the rising investments by wafer manufacturers for expanding their facility.

For example, Shin-Etsu Chemical Co. Ltd. announced in March 2018 that it is going to invest $996 million for expanding its production facility for its silicones business. The company is aiming to expand its business footprint in the APAC region in the near future with this investment.

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The competition in the SOI market has increased due to the swift development in fabrication technologies of SOIs, which include bonding, smart cut, and layer transfer. The four major companies in the market are SUMCO Corporation, Shin-Etsu Chemical Co. Ltd., STMicroelectronics N.V., and Soitec SA.

The players in the market are engaging in collaborations in order to expand their footprint in the market. For example, Shanghai Simgui Technology Co. Ltd. and Soitec SA announced that they are entering into an enhanced partnership in February 2019.

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Surging Prevalence of Infectious Diseases Supporting Saudi Arabia Microbiology Cell Culture Market

Growing incidents of infectious diseases, technological advancements, regulatory approvals, and increasing healthcare expenditures are some of the factors driving the growth of the Saudi Arabian microbiology cell culture market. In 2017, the market generated a revenue of $29.8 million, and it is predicted to witness a 4.5% CAGR during the forecast period (2018–2023). Microbial cell culture is the process of multiplying or growing microorganisms in a pre-decided culture medium with the use of a combination of products.

Based on the type of cell culture storage equipment, the Saudi Arabian microbiology cell culture market is bifurcated into refrigerators and freezers, and cryostorage systems. Of these, during the forecast period, the former are expected to lead the market in terms of revenue, but the cryostorage systems bifurcation is predicted to witness the higher CAGR of more than 5.0%. These systems are deployed for preserving cells stocks when the cell lines go through continuous culture, to curb the loss of cell viability.

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The Saudi microbiology cell culture market is observing a trend of automation in microbiology that helps in meeting the increasing necessity for higher test volumes and faster turnaround in laboratories. The deployment of the computer technology and use of laboratory interface systems reduce the sample volumes and deliver accurate results. In addition, the availability of matrix-assisted laser desorption/ionization-time of flight (MALDI-TOF) mass spectrometry equipment has improved the routine identification workflow of pathogenic viruses, fungi, and bacteria.

Additionally, in Saudi Arabia, the growing incidents of infectious diseases, such as malaria, tuberculosis (TB), and invasive streptococcus pneumoniae infection, are accelerating the need for advanced healthcare infrastructure and resources. As per the Global Tuberculosis Report released by the World Health Organization, in 2012, Saudi Arabia, reporting a yearly TB incidence of 18 cases per 100,000 people, remains a country with moderate TB burden. Thus, the increasing prevalence of infectious diseases is boosting the adoption of microbial identification methods for diagnosis and treatment, thereby leading to the progress of the microbiology cell culture market in Saudi Arabia.

Hence, the advancements in cell culture technology and an increasing number of regulatory approvals are expected to help the market advance during the forecast period.

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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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