Telematics Market by Sector, Distribution Channel, End-User and Region

The global telematics market is expected to grow from an estimated $26,314.4 million in 2015, and reach $140,100.0 million by 2022, growing at a CAGR of 28.5% during 2016 – 2022. The growth of the global telematics market is being driven due to several factors, including government initiatives to include advanced technology in public safety on roads, increasing demand for premium passenger cars and growing demand for connectivity in vehicles.

The use of telematics has been constantly increasing in insurance sector for tracking the driving conditions to calculate precise vehicle insurance premium. North America dominated the global market; however Asia-Pacific is estimated to grow at the highest pace during the forecast period. The high cost of telematics equipment and hacking threats are the key restraints in the global market. The poor internet infrastructure in the developing countries is also hindering the adoption of telematics.

In order to assure vehicular safety, the government in several countries has been promoting the use of telematics in vehicles. For instance, eCall project promoted by European Commission (EC) was adopted in Europe in 2013. eCall is targeted to provide assistance to motorists, who have met with road accident and are unable to speak due to injuries. It is applicable for the vehicles in which telematics is installed.

The key competitors in the global telematics market include Verizon Communication Inc., Harman International Industries Inc., TomTom International BV, AT&T, Vodafone Group Plc, Ford Motor Company, BMW Group, Telefonica SA, MiX Telematics, Trimble Navigation Ltd.

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Key Questions Addressed/Answered in the Report

• What is the current scenario of the global telematics market?
• What is the present size of the market segments and their future potential?
• What are the major catalysts for the market and their impact during the short, medium, and long terms?
• What are the evolving opportunities for players in the market?
• Which are the key regions from the investment perspective?
• What are shares of key players in the market?
• What are the key strategies being adopted by major players to expand their market shares?

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Electric Bus Charging Station Still has a Dominant Position in the European Market, Says Report

Growing at a 17.8% CAGR during the forecast period, the European electric bus charging station market is estimated to generate a revenue of $697.7 million by 2025. The inclusion of electric buses in the public fleet, implementation of government schemes and regulations favoring their usage, as well as the increasing investments in building electric bus charging infrastructure are driving the market growth.

Enormous inflows of investment for developing the charging station infrastructure are being witnessed by the European electric bus charging station market. Electric buses are being increasingly adopted in many countries as they have become affordable due to the implementation of different subsidy schemes. For instance, in 2018, the Federal Ministry for the Environment, Nature Conservation and Nuclear Safety of Germany created an $82.7 million fund to encourage public transport operators to invest in electric and plug-in electric buses.

The categories of the electric bus charging station in european market, based on power, are less than 50 kW, 50–150 kW, 151–450 kW, and more than 450 kW. In terms of volume, during the historical period, the less than 50 kW category dominated the market. However, the fastest growing category during the forecast period is expected to be the more than 450 kW category, due to the increasing requirement for faster charging of electric buses.

Based on type, the market is subdivided into opportunity charging, depot charging, and others. The largest market share in terms of volume, in 2018, was held by the opportunity charging category. The ease of functioning offered by this type of charging is driving the category’s growth. These chargers not only reduce the downtime for charging, but also hasten the overall charging process, thereby resulting in the longer operating hours of the vehicle.

In the region, the government sector employs buses for transit services, military, and other purposes. Therefore, the European electric bus charging station market is highly reliant on government support. Countries across the region are highly motivated to include more electric buses in their transportation systems. For instance, the Netherlands’ national plan, named Green Deal, plans to electrify the entire public transport fleet of more than 5,000 buses by 2025.

The European e-bus charging station market, during the historical period, was dominated by the U.K., which, in 2018, held a 20.0% market share in terms of volume. The increasing government support in the form of financial and non-financial incentives would aid in the faster adoption of these vehicles, which is expected to make the U.K. the dominating market in the forecast period as well.

Some of the prominent players in the European electric bus charging station market are Bombardier Inc., Schunk Carbon Technology, Ekoenergetyka-Polska Sp. z o.o., Heliox BV, Powerdale NV, and JEMA Energy SA.

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How is Rising Demand for Energy-Efficient Cooling Systems Driving Chiller Market?

As the global population and economy continue to grow, the demand for high-end construction projects as well as affordable ones is rising. The construction sector takes into account projects ranging from residential buildings and commercial buildings to public spaces and transport facilities, such as railway stations and airports.

The global construction sector stood at $10.5 trillion in 2017, and is predicted to grow to $12.8 trillion by 2022. There are many such construction projects, which are in the pipeline. In Chicago, U.S., about 42 high-rise projects are under-construction, as of 2019.

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Further, the tourism sector is witnessing growth, which is resulting in the development of better airports across the world. One such example is of China, which plans to build around 136 new airports by 2025 in the country.

Such commercial spaces and residential projects require a centralized cooling system, for which chillers are used. These are compressor-based machines, which via an absorption-refrigeration or vapor compression cycle, remove heat from a liquid for cooling large facilities.

These machines generate chilled water, which is then used for cooling purposes. The growth of chiller market is predicted to advance at a 4.9% CAGR during the forecast period (2019–2024), as predicted in a P&S Intelligence study.

Chillers are of the following type: reciprocating, absorption, centrifugal, scroll, and screw. In 2018, the highest demand was for the screw type chillers, which are more efficient than centrifugal chillers; they work by a positive displacement compression technique.

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How Increasing Disposable Income is Contributing in Dermocosmetics Market Growth?

The improvement in the global gross domestic product (GDP) can be attributed to the ease of doing business that has been possible due to globalization. This increase in GDP is indicative of the financial stability of a country, which translates into the increasing disposable income of the individuals there. One such example is of the U.S., where the Bureau of Labor Statistics reported that the personal disposable income in the country is expected to reach $24,174.5 billion by 2026 from $15,928.7 billion in 2016. Another instance of economic prosperity is the figures reported by the Organization for Economic Co-operation and Development for Canada, where the annual household disposable income growth rate rose to approximately 3.4% in 2017 from around 2.0% in 2009. Economic prosperity has allowed people to spend on products that were earlier bought only by the wealthy and deemed unaffordable by others. Among such products are dermocosmetics, used for the treatment and management of numerous skin disorders. The rising skin disease prevalence and growing concerns of people regarding their appearance have been instrumental in driving the demand for dermocosmetics.

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In a study conducted by the P&S Intelligence, from $52.5 billion in 2018, the dermocosmetics market is expected to witness a 6.5% CAGR to amass $76.3 billion in the coming years. Dermocosmetic products are of two types — haircare and skincare. Skincare dermocosmetic products were in larger demand in the past and would continue on the path in the coming time as compared to haircare products. Skincare products are designed to clean the skin by removing oil, dirt, and dead cells and also provide moisture to the skin. There are several types of skincare products, such as toners, creams, gels, serums, cleansers, and lotions. Among these, in the near future, the most popular skincare product is predicted to be creams, which are essentially a blend of water and oil, and these may or may not have medicinal ingredients.

Even though people may suffer from same ailments with similar causes, at times, the response by the body could be entirely different. This variation in response can be an avenue for cosmetic manufacturers to multiply their profits. Both the hair and skin are extremely sensitive to water, climatic conditions, and pollution. Previously, only basic products were available in the market that aimed at treating the conditions superficially. With advancements in technology and research, personalized products, which cater to special skin and hair types, are providing a more customized and targeted treatment to people, therefore are witnessing a spike in demand. Many renowned companies, such as L’Oreal S.A., Estee Lauder Companies Inc., and Phyto Botanical Power, have launched a special product range based on geography, targeting the needs of people depending on the climatic conditions they live in.

Cosmetic products can either be medicinal or non-medicinal, therefore are sold via different distribution channels, namely online and pharmacies & retail stores. In the past, majority of the sales were reported by pharmacies and retail stores, and in fact, in the coming time, the popularity of this channel would continue to grow. This can be attributed to the ready availability of such products at pharmacies and retail stores. However, in the coming time, online channels are expected to witness a rapid increase in popularity, owing to the easy ordering and home delivery facility provided, thereby resulting in an even higher demand for dermocosmetics.

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Electric Two-Wheeler Sharing Market Gaining Momentum in North America

Market Overview
The North American electric two-wheeler sharing market is projected to grow considerably in the coming years, owing to growing demand for quick and affordable last-mile connectivity, ease of availability, improvements in the energy storage systems, and significant technological advancements needed for efficient fleet management and vehicle sharing systems.

Based on the vehicle, the North American electric two-wheeler sharing market has been categorized into scooters, kick-scooters, bikes, and others. The bikes category had a significant share in the market in 2017, owing to their early introduction as compared to other categories. In addition, heavy investments made by leading vehicle-sharing companies into electric bike-sharing start-ups is further expected to boost the market during the forecast period. For instance, in April 2018, Uber Technologies Inc. made a $200 million acquisition of bike-sharing start-up JUMP and further plans to bolster the start-up through significant investment. Such investments helped various electric bike-sharing start-ups to establish a sustainable business model and increase their consumer base, thereby driving the demand for electric bikes. However, kick-scooters are expected to be the fastest growing category during the forecast period.

The U.S. leads the North American electric two-wheeler sharing market, owing to the growing number of electric two-wheeler sharing start-ups in the country and wide acceptance/adoption of electric two-wheelers for short commute or last-mile connectivity in the country. Also, these start-ups are being heavily backed up by investors, thereby allowing them to expand their business models to other cities/states in the country and increasing their consumer base. For example, Lime, a U.S.-based electric scooter sharing start-up, is backed by Uber Technologies Inc. and Alphabet Inc. to expand its reach to other cities in the U.S.

Growth Drivers
The growth of the North American electric two-wheeler sharing market is predominantly driven by rising demand for quick and low-cost last-mile connectivity, ease of availability of the shared electric two-wheelers in the region, advancements in the energy storage systems, and technological innovations in sharing business models.

As per World Bank, the urbanites in the U.S. made up 82.06% of the total population in 2017, while the same stood at 81.35% in Canada. With the urbanization on the rise, ground transportation is getting saturated with vehicles in urban region, thus, leading toward a sharp collapse of the urban transportation industry. The growing congestion in the traffic has been reduced to a little extent with the arrival of car sharing, ride hailing, and ride sharing services in the recent past. Electric two-wheeler sharing is helping mitigate the problem of growing traffic congestion, which is also helping the North American electric two-wheeler sharing market grow.

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Industry Competitive Landscape
The North American electric two-wheeler sharing market is dominated by the vehicle sharing start-ups and is marked by the growing number of acquisitions, and financial backings or investments. Some of the key players in the market are Scoot Networks, Skip Scooters, Bird Rides Inc., Lime, and Spin (formerly known as Skinny Labs Inc.).

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Rising Geriatric Population Responsible for Hong Kong Wound Dressing Market Growth

The wound dressing market in Hong Kong is predicted to reach a value of $27.1 million by 2024, witnessing a CAGR of 5.5% during the forecast period (2019–2024). The factors responsible for the growth of the market include the increasing incidence of traumatic injuries, rising geriatric population, and surging prevalence of diabetes. Wound dressings are used for the treatment of chronic, acute other types of wounds. They accelerate the healing of the wound by providing thermal insulation, absorbing exudates, preventing the entry of infectious agents, and allowing gaseous exchange.

The increasing prevalence of diabetes is among the major driving factors of the Hong Kong wound dressing market. As per the Centre of Health Protection, diabetes is one of the major causes of mortality and morbidity in Hong Kong. Furthermore, obese people have a higher probability of suffering from diabetes. Wound development in diabetic patients is rapid and they tend to heal slowly. For instance, diabetic foot ulcer, a chronic complication of diabetes mellitus, needs to be dressed frequently for effective management, thereby leading to the rising demand for wound dressings.

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The Hong Kong wound dressing market is divided into long-term care settings, home healthcare, and hospitals & specialty clinics, on the basis of end-user. Out of these, the hospitals & specialty clinics division accounted for the major share of the market during the historical period and is also projected to experience the highest CAGR, of 6.0%, during the forecast period. The reason for this is the growing applications of advanced wound dressing products in hospitals in Hong Kong in order to address the needs of chronic wound patients.

A key trend in the Hong Kong wound dressing market is the shift in preference from traditional products to advanced therapies. While traditional products facilitate dry healing when used for primary or secondary dressing, advanced variants accelerate the healing, thereby providing relief quickly to the patients. Since delayed wound healing poses challenges for both the patients and healthcare professionals, they are becoming more inclined toward adopting advanced wound dressing products, as they carry a lower risk of infections and facilitate faster healing of the wound.

The rapidly growing geriatric population and increasing prevalence of diabetes in Hong Kong are thus leading to the growth of the market.   

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Speech Analytics Market to Advance at 19.9% CAGR

Speech analytics software reviews and analyzes live customer calls and recordings to draw an analysis of overall customer experience, and help organizations in devising strategies for enhancing customer experience. Valuing $1,010.4 million in 2018, the speech analytics market is predicted to garner $2910.1 million, advancing a 19.9% CAGR in the coming years. The applications of the speech analytics software are risk & compliance management, agent performance monitoring, call monitoring, and customer experience management. In 2018, the largest application area of this software was customer experience management. 

In fact, in the near future as well, it will continue being the largest application area of speech analytics software. This can be attributed to the rising need for the evaluation of the overall customer experience and further predict the customer satisfaction score to help companies improve their product and services sales.

Speech analytics software is being deployed in various industries, such as retail, government, manufacturing, media & entertainment, healthcare, information technology & telecom, hospitality, and banking, financial services, and insurance (BFSI). In 2018, the highest deployment of the software was in the BFSI industry. Financial institutions struggle to engage customers, which is resulting in the deployment of this software to gain better visibility of customers and provide them a better experience. In the coming years, the fastest growth in demand in the speech analytics market is expected to be witnessed by the retail industry. With ever-changing requirements of customers, retailers are employing the software to understand the needs of customers to serve them better and enhance their brand image and up their customer retention rate.

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The demand for speech analytics software is rising from the small and medium enterprises (SMEs) by the day. These enterprises are taking help from the software for gauging customer preferences and current trends to expand their product portfolio and services. SMEs are including the software in their workflow to retain customers and offer them an improved service. Further, the cloud-based deployment of the speech analytics software has improved the accessibility of speech analytics solutions to SMEs, as it does not require any investments for any new hardware installation. 

About P&S Intelligence

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