U.K. Electric Bus Charging Station Market Witnessing Growth due to Rising Popularity of Electric Buses

From valuing $13.3 million in 2018, the U.K. electric bus charging station market is expected to garner $95.5 million in revenue by 2025, registering a 30.7% CAGR during the forecast period (2019–2025). The major factors having a positive influence on the market are the inclusion of electric buses in public fleet and the increase in government initiatives in popularizing these buses and providing the required infrastructure. Charging stations, also known as electric recharging points that are used to recharge an electric bus’s batteries are termed as electric bus charging stations.

Based on type, the classifications of the U.K. electric bus charging station market are opportunity and overnight chargers. In 2018, with more than 95.0% sales volume, the market was led by overnight chargers due to their popularity among public and private transport agencies for charging buses overnight as these buses have larger batteries to operate over longer distances. Further, the falling prices of batteries have also contributed in their demand as they are now competitively priced with opportunity charging buses. 

On the basis of power, the U.K. electric bus charging station market is categorized into <50 kW, 50–150 kW, and >150 kW. The largest market share in 2018 was held by the <50 kW category. The main reason behind the popularity of these chargers was their cost compared to chargers of higher power ranges. In the forecast period, the highest CAGR is projected to be witnessed by the >150 kW category. This can be credited to the rising demand for larger batteries, which would take longer to charge, thereby driving the demand for more powerful chargers.

The U.K. electric bus charging station market is observing the trend of increasing procurement of overnight charging buses.  Battery-run electric buses are presently available in two models — buses meant for short range travel with a smaller battery, and an extended-range bus with a larger battery, which gets charged overnight. Buses with larger battery were more in demand as they have similar operational characteristics to diesel buses. Previously, being equipped with larger batteries, overnight charging buses were costlier than opportunity charging buses; the reduction in battery prices in recent years have further contributed to their popularity. 

The U.K. electric bus charging station market is witnessing growth due the rising number of electric buses in the public transport fleet, which is mainly being supported by the government. Buses procured by the government are deployed for various purposes, such as military, transit, and public transport. Further, at the local level, electric buses are being integrated into the public transportation system, as the country is strongly committed to curbing vehicular pollution. For instance, in the U.K., approximately 4.0% of newly procured buses in 2018 were engineered to produce no emissions.

The major opportunity for growth for the U.K. electric bus charging station market lies in the surging demand for wireless charging of electric buses. Even though the initial installation cost of wireless charging infrastructure is high, these charging systems are becoming popular among users. A depot charger takes about 4–8 hours for charging the battery of an electric bus, whereas a conductive charger only takes 5–7 minutes to charge the same battery. This particular type of charger uses cordless technique and can effectively decrease the off-road time while traveling.

Therefore, the market for electric bus charging station in the country is headed toward a bright future in the forecast period amidst rising environmental concerns.

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Rising Demand for Electric Vehicles Driving Electric Vehicle Component Market

In 2018, the global electric vehicle component market reached a value of $22.2 billion and is projected to attain $157.4 billion by 2025, advancing at a 29.4% CAGR during the forecast period (2019–2025). The market is witnessing growth because of the rising adoption of electric vehicles (EV) and declining cost of the components used in them. On the basis of end-use, the market is bifurcated into original equipment manufacturers (OEM) and aftermarket, among which, the larger demand for electric vehicle components was created by the OEMs division in 2018.

When component is taken into consideration, the electric vehicle component market is categorized into battery pack, controller, electric vehicle supply equipment, high-voltage cable, thermal management system, motor, DC-DC converter, power distribution module, and vehicle interface control module. The battery pack category is projected to account for the major share of the market during the forecast period, as it the most important part of the vehicles. Moreover, battery pack accounts for approximately 35–50% of the total cost of electric vehicles, which is why this component is the major revenue contributor to the market.

Among all the regions, namely Europe, Asia-Pacific (APAC), North America, and Rest of the World, the largest share of the EV component market was held by the APAC region in 2018. This was due to the increased usage of electric vehicles in the region, primarily in China. Factors including rising government support for EVs in the form of subsidies, increasing environmental concern, and growing ownership costs of internal combustion engine-based vehicles are leading to the use of electric vehicles in the region.

People are becoming more aware regarding the adverse effects of vehicular emissions on the environment, which is why the adoption of EVs is rising, further driving the electric vehicle component industry. At the present time, approximately 43% of the total amount of greenhouse gases being emitted in the world is contributed by the automobile sector. Hence, several countries are taking initiatives to curb the emissions by reducing the use of fuel-based vehicles. The increased usage of electric vehicles will result in the reduction of the amount of carbon dioxide being emitted into the environment.

Furthermore, the governments of different countries are increasingly taking steps for supporting the adoption of electric vehicles. Tax exemptions, financial incentives, and purchase rebates are some of the supportive initiatives taken by governments, which are predicted to drive the electric vehicle component market in the coming years. For example, the federal government in the U.S. provides an Internal Revenue Service tax credit of $2,500 to $7,500 per new EV purchased, where the tax credit amount depends on the size of the vehicle and battery capacity.

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A key trend that is being observed in the electric vehicle component market is the rising preference for induction motors over synchronous motors. The reason for this is that the induction motors have improved efficiency and aid in reducing the magnetic losses by decreasing the inverter voltage. In addition to this, these motors need minimal maintenance because of the absence of slip rings, brushes, and commutators, which is why their popularity has increased in the recent years.

Thus, the market is growing due to the growing adoption of electric vehicles, which is further taking place due to the rapid environmental degradation and rising government support for the adoption of electric vehicles.

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Auto-Injectors Market to Grow due to Rising Prevalence of Anaphylaxis

These days, people are becoming more and more inclined toward home healthcare, especially elderly people. Home healthcare allows one to get better in a more comfortable and convenient way. The need for revisiting hospitals frequently for treatment is reduced significantly, and the patient is able to improve or maintain his/her condition in a more independent way. Attributed to these reasons, manufacturers across the globe are increasingly focusing on developing medical equipment which is patient-compliant and user-friendly. Moreover, due to the enhancing medical services at the bed side, the point-of-care medication administration is also increasing.

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One of the major developments in this scenario is that of auto-injectors, which are pen-like medical devices utilized for injecting a specific dose of drugs into the patient. These spring-loaded syringes are especially designed for the safe administration of drugs with ease. Auto-injectors further aid in reducing medication errors and increasing safety. It is due to these advantages of auto-injectors over traditional devices that the auto-injectors market is expected to register a significant growth in the coming years. Prefilled and fillable are two types of auto-injectors, which are available in the market currently; between these, prefilled auto-injectors were more in demand in the past.

In terms of manufacturing design, auto-injectors are further of two types, namely standardized and customized. In the past, standardized auto-injectors were used more, as they are designed to be assembled with ease and help in the self-administration of drugs, without altering the primary packaging, by making use of automated pathways, thereby reducing the chances of accidental injuries or dosage errors. Auto-injectors are used in the management of several diseases, such as multiple sclerosis, anaphylaxis, and rheumatoid arthritis. Among all these, anaphylaxis has been the largest application area of auto-injectors in the past. 

Hence, the need for auto-injectors is rising because of the increasing prevalence of anaphylaxis and preference for home healthcare.

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Asia Tire Market Business Revenue Forecast

The Asia automotive tire market was valued at $61,523.4 million in 2018 and is expected to reach $109,007.4 million by 2024, witnessing a CAGR of 10.0% during 2019–2024. Categorized on vehicle type, passenger cars held the largest volume share in 2018.

Furthermore, commercial vehicles are expected to witness notable growth in their sales on account of their growing usage in logistics and construction activities. This, in turn, would propel the demand for tires for light, medium, and heavy commercial vehicles, and hence boost the APAC automotive tire market.

Growing Popularity of Next-Generation, High-Performance Tires is a Key Trend Witnessed in the Market

Growing popularity of next-generation, high-performance tires is the key trend observed in the APAC automotive tire market. The fuel-efficient and low-noise high-performance tires have been mainly used in luxury passenger cars; and in recent years, they have made inroads in crossover utility vehicle and premium sport utility vehicle segments. The mainstream adoption of these tires is encouraging tire makers, across the world, to invest in new technologies for the development of ultra-high-performance tires to increase speed and overall performance of tires. Many manufacturers are developing these tires by employing patented technologies, specialized silica compounds and polymers, and unique tread designs to meet changing consumer demands and achieve desired performance. In addition, with increasing tire demand, several tire manufacturers are offering next-generation, high-performance tires with ride comfort, all-season or multi-season driving capacities, and less tread wear.

Competitive Landscape of the APAC Automotive Tire Market
The APAC automotive tire market is consolidated in nature, with the existence of established manufacturers such as The Goodyear Tire & Rubber Company, Continental AG, Pirelli & C. S.p.A., Cooper Tire & Rubber Company, Michelin Asia-Pacific Pte. Ltd., Yokohama Rubber Co. Ltd., Bridgestone Asia Pacific Pte. Ltd., Hankook Technology Group Co. Ltd., Apollo Tyres Ltd., Nokian Renkaat Oyj, and Sumitomo Rubber Industries Ltd.

Collaborations and acquisitions and facility expansions are key strategies adopted by the players to increase their foothold in the APAC automotive tire market. For instance, in August 2018, Continental AG announced its plans to acquire the Kmart Tyre and Auto Service (KTAS) chain for approximately $244 million. With 258 branches and more than 1,200 employees, KTAS is one of the largest tire and auto service chains in Australia. The acquisition is part of the company’s Vision 2025, which targets systematic expansion of its tire division across the world.

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How is Need for Better Healthcare Infrastructure Driving Healthcare Industry?

The availability of proper healthcare infrastructure is a significant aspect of the healthcare sector, which is why the governments and other organizations are investing increasingly for improving the hospital infrastructure. For instance, the University Hospitals Birmingham National Health Service (NHS) Foundation Trust, along with the U.K. based HCA Healthcare Inc., announced in 2017 to build 138 bedded specialist hospital facility for offering both NHS and private care in the Queen Elizabeth Hospital Birmingham Campus. In addition to this, national and international government organizations are focusing on spreading the information regarding different diseases, which is expected to result in early detection, treatment, and palliative care of diseases.

In the U.S., the healthcare industry is predicted to generate a revenue of $5,605.5 billion in 2024, advancing at a 6.6% CAGR during the forecast period (2019–2024). The industry provides diagnosis and treatment for all types of diseases, including cancer, neuropsychiatric disorders, musculoskeletal disorders, cardiovascular & circulatory diseases, chronic respiratory diseases, diabetes, blood, & endocrine disorders, and chronic liver diseases. In Germany, cardiovascular & circulatory diseases were the most prevalent during the historical period (2014–2018) and the situation is going to be the same in the near future as well.

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Several types of diagnostic equipment are utilized in the industry, such as magnetic resonance imaging, computed tomography, endoscopes, X-ray, ultrasound, and mammography. Some other diagnostic equipment includes elastography, nuclear imaging devices, and fluoroscopy. Among all these, the largest demand, in terms of value, was created for X-ray machines in the U.S. during the historical period due to the increased usage of these systems. In terms of volume, the largest demand in the U.S. was created for ultrasound devices during the historical period, and the need for these devices is further going to be the highest in the country during the forecast period.

The rising prevalence of chronic diseases and geriatric population is further leading to the growth of the healthcare industry. Some of the key factors contributing to the surging prevalence of chronic diseases are increased cholesterol level, high blood pressure, and overweight. Apart from this, behavioral risks, such as poor nutrition, excessive consumption of alcohol, lack of physical activity, and consumption of tobacco, also lead to the occurrence of chronic diseases. Furthermore, geriatric population need constant care as they are more susceptible to different illnesses. It is due to these factors that the healthcare sector is witnessing significant growth.

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Plastic Recycling Market to Witness Growth due to Rising Environmental Concerns

Advancing at an 8.6% CAGR during the forecast period (2019–2024), the plastic recycling market is predicted to garner $64,139.7 million revenue by 2024, growing from $41,238.8 million in 2018. The factors positively influencing the growth of the market are the supportive government initiatives and policies for promoting adoption of recycled products and the rising focus on reducing plastic waste volumes. Plastic recycling is the process of recovering scrap plastic and reprocessing it into useful and functional products. 

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The plastic recycling market is divided into automotive, construction, food & beverage, household & personal care, and others, based on industry. In 2018, the highest amount of recyclable plastic was generated from the food & beverage industry. In the forecast period, the highest CAGR, in terms of amount of plastic recycled would be exhibited by the same division. The industry makes use of a wide range of plastics, such as high-density polyethylene, low-density polyethylene, polyethylene terephthalate, polystyrene, and polypropylene for storage, packaging, preservation, ease of transportation, and maintaining the aesthetic appeal of processed foods and beverages. 

Based on source, the plastic recycling market is categorized into molded products, wires and cables, pipes, sheets, and packaging. In 2018, the largest volume share of more than 78.0% was accounted for by the packaging category. It is predicted to register a CAGR of 8.8% during the forecast period. Owing to their short-use lifecycle and high-waste volumes, packaging plastics witness high-volume recycling. The market is further expected to grow with the roll out of government policies and sustainability targets that aim to integrate the recycling process with the operations of the packaging industry.

The plastic recycling market is witnessing the trend of ban on imports of plastic by many countries, mainly China and shifting of recycling operations to South Asian countries. The Chinese government imposed a blanket ban on imports of waste materials of 24 types. In addition to this, the nation prohibited the import of non-industrial plastic waste, which affected about 5.1 million metric tons of plastic waste, annually. This caused the shifting of the recycling business to other South Asian countries, such as Thailand, India, Vietnam, and Indonesia. 

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The major driver of the plastic recycling market is the efforts being made to popularize recycled products amidst growing concerns regarding the generation of huge volumes of plastic waste. The accumulation of plastic waste is a cause of concern all over the globe. Therefore, the focus of many inter-government organizations is on the integration of recycling operations in many countries. To further support the recycling process, initiatives such as monetary support to recyclers, rising provisions compliance under the extend producer responsibility (EPR) program, and product stewardship programs, are being taken to bring in more investments. 

To drive the plastic recycling market, more investments are being invited in the research & development sector for the development of novel recycling technologies. In 2011–2016, over 470 patents aimed at plastic recycling were filed. These patents have been filed to secure technologies for recycling different polymers, such as PVC, PS, PP, and PET. Another application of these technologies is to increase the recycling of virgin polymers, which are extensively used in packaging. The huge inflow of investments for the development of technology for plastic recycling are further expected to boost the market. 

Therefore, the market for plastic recycling is expected to witness significant growth in the forecast period due to the rising concerns regarding the management of plastic waste.

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How is Growing Demand for Health Monitoring Devices Augmenting Micro Battery Market Growth?

The technological advancements have led to the development of internet of things (IoT), which has proven to be immensely helpful across various industries, such as healthcare. As the incidence of chronic diseases is increasing rapidly across the globe, the healthcare industry is feeling the need for more advanced, accurate, and faster diagnosis and monitoring.

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From bulky and time-consuming machines, the industry has come way ahead with the development of wearable and portable medical devices. Besides helping in accurate diagnosis and monitoring of patients, these devices have also helped in reducing the healthcare cost. The International Diabetes Federation mentioned that in 2015, about 415 million people across the world suffered from diabetes.

This indicates the dire need for the diagnosis of the disease and the requirement for continuous monitoring of patients. To provide patients a complete healthcare solution, medical devices, such as insulin pumps, are being integrated with IoT. This integration of the technology with the devices help physicians in remote monitoring of patients, which would provide caregivers with real-time information of patients.

Further, the technology would also enable devices to monitor physiological parameters and even calculate the required medication dose. These devices are miniaturized and make use of micro batteries as their power source, and the popularity of these devices are aiding the growth of micro battery market globally.

MICRO BATTERY MARKET SEGMENTATION

By Type

• LR (Alkaline)
• SR (Silver Oxide)
• CR (Lithium)
• Others (Zinc Air Battery, Rechargeable Lithium Battery [ML Series], and Vanadium Rechargeable Lithium Battery [VL Series])

By Capacity

• <10 mAh
• 10–100 mAh
• >100 mAh

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