Electric Vehicle Battery Demand Globally - An Emerging Market

The global automotive battery market is anticipated to witness a steady growth during the forecast period due to increasing end users’ preference for zero-emission hybrid and electric vehicles, owing to falling battery price, reducing crude oil reserves, and environmental effect of conventional automobiles. In accumulation to this, increase in the global battery production capacity has helped to achieve economies of scale in the automotive battery industry, which is another major driver for the growth of the market.

On the basis of type, the automotive battery market has been categorized into lithium-ion, and sealed lead acid. Among these, the market for lithium-ion batteries is anticipated to observe the fastest growth during the forecast period. Lithium-ion battery is equipped in applications, which demand high-energy density solutions such as hybrid and electric automobiles. Also, in an effort to increase vehicle economies, manufacturers are continuously focusing on reducing the price of the battery, which leads to propel the market growth, globally.

Based on vehicle, the automotive battery market has been categorized into two-wheelers, passenger vehicles, electric vehicles, and commercial vehicles. Among these, the demand for automotive batteries from electric vehicles is estimated to register an exponential growth during the forecast period, owing to increasing sales of electric vehicles and rising environmental pollution. Government initiatives to promote electric vehicles by offering generous subsidies and implementing regulations continue to drive the market for electric vehicles, which in turn, increase the demand for automotive batteries.

On the basis of region, the automotive battery market has been categorized into North America, Europe, Asia–Pacific (APAC), the Middle-East and Africa (MEA), and rest of the world (RoW). The APAC market for automotive batteries is estimated to witness the fastest growth in the coming years. This regional market is led by China, Japan, India, and Indonesia, which are forecasted to experience robust growth in the sales of commercial and passenger vehicles. Also, sales of electric cars are anticipated to experience a massive growth in APAC region in the coming years, fuelling the battery market in the region. Ongoing product developments by several companies to produce high-performance and cost-efficient vehicles are estimated to contribute to the growth of the market for automotive batteries in the APAC region.

The growth of the automotive electric vehicle battery market is primarily driven by the increasing demand for electric vehicles due to falling battery price and stringent regulations set by several government agencies across the world. Decline in prices of lithium-ion battery packs are resulting in the increase in electric vehicle sales. The average price of lithium-ion battery pack is reduced to around $220 per kWh from 1000 per kWh, a decline of more than 75%. The decrease in battery cost is resulting in the decrease in electric vehicle upfront cost, as battery accounts for around 30–40% of total electric vehicle’s cost. This is uplifting the market of the automotive battery.

Key players operating in the global automotive battery market are Panasonic Corporation, Samsung SDI Co. Ltd., Johnson Controls International PLC, Kokam Co. Ltd., BYD Company Limited, Toshiba Corporation, LG Chem Power Inc., Sanyo Electric Co. Ltd., Li-Tec Battery GmbH, Furukawa Electric Co. Ltd., Leoch International Technology Limited, GS Yuasa International Ltd., Crown Battery Manufacturing Company, Exide Industries Limited, Hitachi Ltd., Fengfan Co. Ltd., Shandong Sacred Sun Power Sources Co. Ltd., and Chaowei Power Holdings Limited.

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High-Throughput Screening Market is Expected to Witness the Fastest Growth in APAC During the Forecast Period

The global high-throughput screening market size is witnessing considerable growth due to increasing geriatric population, increasing healthcare expenditure, increasing research and development activities, launch of technologically advanced products that are miniaturized and automated and growing popularity of high-throughput screening for drug discovery. Moreover, high adoption of high-throughput screening models in pharmaceutical and biotechnology companies across the globe is supporting the growth of the market. Based on technology, 2D cell culture segment is expected to grow at the fastest rate during the forecast period owing to its low cost and ease of use.

The rapid growth in emerging economies and growing research and development activities on stem cells and toxicology is expected to create opportunities for the manufacturers of high-throughput screening products. However, high cost of high-throughput screening, lack of trained professionals and complexity in assay development are the key factors hampering the growth of the global market.

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Geographically, North America has been the largest market for high-throughput screening, owing to its increased awareness, increasing government funding, established healthcare industry, and easy accessibility to advanced technologies due to the awareness in the region. The U.S. contributed largest revenue to the North American as well as global high-throughput screening market. The increased research and development activities and increasing prevalence of chronic diseases arising the need for novel treatments is the key growth driving factor for the U.S. high-throughput screening market.

Globally, the high-throughput screening market is expected to witness the fastest growth in Asia-Pacific during the forecast period. The highest growth in the region is attributed to the increasing research and development activities, increasing per capita income leading to improving standard of living, increasing healthcare spending, growing demand for better quality medical care, and awareness about high-throughput screening in the region.

The key players operating in the global market are Agilent Technologies, Inc, Danaher Corporation, Thermo Fisher Scientific Inc., Merck Millipore, Bio-Rad Laboratories, Inc., Hamilton Company and Aurora Biomed, Inc.

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Hexamine Market Analysis with Key Players, Applications, Trends and Forecasts

The increasing requirement for hexamine in various sectors, such as rubber, fuel, pharmaceutical, and explosives, is positively impacting the hexamine niche. Hexamine is a white, crystalline compound that is formed by the chemical combination of formaldehyde with amine. The increasing population is resulting in the rising poverty rate due to the mismanagement of resources. This is causing an increase in urinary tract infections and neurological disorders. Hexamine is prescribed as an antibiotic to treat bacteriuria in such patients. 

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The compound is also used in the production of vulcanized rubber tires. The automobile sector is expanding on account of the increasing vehicle sales due to the growing disposable income. Another factor aiding in the hexamine niche progress is the use of the compound by the plastics sector for manufacturing plastic sewage pipes used in construction projects. Hence, the hexamine niche is projected to advance during the forecast period due to the growth in the end-use sectors.

Globally, Asia-Pacific (APAC) has been the largest hexamine market, with a contribution of more than 50.0% revenue in 2017. It is also expected to be the fastest growing market during the forecast period, with 4.5% CAGR. Increasing demand for the chemical from different industries, such as rubber, resin, and pharmaceutical, is driving the growth of the market in the region.

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Of all application categories in the hexamine market, resin accounted for the highest consumption of the chemical, with a contribution of more than 50% in 2017. This is attributed to the fact that it acts as an important component in thermosetting the resin production by working as a curing agent.

The white crystalline heterocyclic organic compound, i.e., hexamine, is highly soluble in water and organic solvents. However, there are certain side effects of taking it as a medication. The most common side effects of taking this as a medication are vomiting, diarrhea, loss of appetite, and stomach cramps, rashes, swelling of tongue, difficulty in breathing, and dizziness. Thus, these effects act as a restraint to the growth of the hexamine market.

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Wiring Harness Market for Auto Sector - Business Forecast Revenue

The global automotive wiring harness market is growing, due to increase in demand for electronics and safety features in passenger car, technological advancement in automotive wiring harness system, and growing demand for electric vehicles. Additionally, the increase in overall vehicle production and legislation mandating automotive safety technology are also supporting the growth of the market. Wiring harness for alternate energy vehicles and growing automotive safety norms in developing countries are some of the factors providing ample growth opportunities for the global automotive wiring harness market. Some of the factors restraining the growth of the market are maintenance issues related with automotive wiring harness, and their high cost. 

The automobile sector is growing, especially in Middle East & Africa, due to increasing government support in form of tax exemptions and fiscal incentives in free zones of the region. In Japan,   the small car segment of the automotive industry is growing, which is supporting the growth of the automotive wiring harness market. Additionally, the adoption of module, demand for car digitalization and connectivity, and platform strategies adopted by key passenger car manufacturers, such as Volkswagen and General Motors are supporting the growth of the market. Due to strict government regulations for reducing harmful fuel emissions, the demand for hybrid and electric vehicles is increasing. Moreover, the motorization trend has substantially improved the economy of the countries in Asia-Pacific, especially China, which is resulting in the growth of automotive industry, thus leading to increased demand for automotive wiring harness.

Geographical Outlook

The Asia-Pacific market is growing with the highest rate, due to the growing consumer preference for safety features and high-end electronics in the heavy and light vehicles in the countries, such as India and China. The automotive wiring harness market in some countries of North America and Europe is saturated, as safety equipment and high-end electronics are already installed in most of the vehicles in these regions. Whereas, Canada and Mexico are still untapped markets, due to the commissioning of new vehicle assembly plants and increasing vehicle production capacity in the countries.

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Among all the vehicle types, the commercial vehicle and passenger vehicle holds more than three-fourth share of the global market. Additionally, the hybrid vehicle category is expected to lose its share in the coming years, due to higher cost as compared to other vehicle types. Among all the products, the chassis wiring harness is expected to lead the global market in the coming years. The Original equipment manufacturers (OEMs) are focusing to design a light weight and compact wiring harness, which occupies less space in the interfacing of electronics and electrical devices of the vehicle. The global market of automotive wiring harness is also growing due to the increasing need of protection against abrasions and vibrations, compact wiring, and simplicity of operation in managing different electronic devices.

Some of the competitors in the market are Lear Corporation, Furukawa Electric Co. Ltd., Samvardhana Motherson Group, Nexans Autoelectric GmbH, Sumitomo Electric Industries Ltd., YAZAKI Corporation, THB Group Ltd., and Delphi Automotive LLP.

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Virtual Fitting Room Market: New Developments Helps to Grow Market Opportunities & Forecast until 2024

The global virtual fitting room market is expected to witness rapid growth between 2019 and 2024, on account of the growing consumer inclination toward online shopping, increasing demand for personalized experience, rapid shift toward digitization, changing lifestyle of people, and growing adoption of technologies such as augmented reality (AR) and virtual reality (VR).

Based on application, the virtual fitting room market is classified into apparel, beauty and cosmetics, footwear, and others, wherein others include eyewear, jewelry, and watches. Among these, the apparel category is expected to demonstrate the fastest growth in the market during the forecast period.

Increasing adoption of technologies such as AR and VR by large retailers, such as Amazon Inc., Walmart Inc., and eBay Inc., is a major factor driving the virtual fitting room market. The technology adoption in stores is facilitating improved customer interaction and providing customers with a personalized shopping experience.

However, in the online fashion industry, the return rate of apparel is quite high, majorly due to sizing and fit concerns. Virtual fitting rooms are, thus, the solution to this conundrum, as these allow the customers to virtually try on clothes, with advanced technologies facilitating accurate measurements and ensuring a proper fit.

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To provide a convenient shopping experience to the users, online and offline fashion retailers are increasingly introducing virtual fitting room applications, thus supporting the market growth.

Some of the major players operating in the global virtual fitting room market are Zugara Inc., True Fit Corporation, Fit Analytics GmbH, Autumn Rock Limited, Imaginate Software Labs Private Limited, Metail Limited, Else Corp Srl, Fision AG, FXGear Inc., and MemoMi Labs Inc.

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Increasing Shale Gas Extraction Driving Proppant Market Growth

The proppant market is being driven by the rising requirement for frac sand during petroleum extraction and surging use of resin-coated and ceramic proppants for enhancing the well productivity. Revenue of $6,057.0 million was generated by the market in 2017, which is projected to rise to $10,562.9 million by 2023, at a 9.5% CAGR during the forecast period (2018–2023). During oil and gas extraction, fractures are created in the hydrocarbon-containing rocks. Once the pressure is released, proppants, which are solid materials, are used to keep the cracks open. 

When segmented on the basis of type, the market is divided into sand, resin-coated, and ceramic. Among these, the sand division led the proppant market in 2017, in terms of sales volume, with a share of over 85.0%. Sand-based proppants’ low cost and the fact that they are widely preferred by exploration and production (E&P) firms were the reasons behind their dominating position. Even during the forecast, this division is expected to witness the highest CAGR and continue leading the market till 2023. 

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The various categories of the proppant market, on the basis of application, are tight gas, coal-bed methane, shale gas, and others. In 2017, shale gas extraction was the largest category, with more than 50.0% share in terms of value, owing to the heavy usage of proppants during the process. In recent years, shale gas extraction using the hydraulic fracturing technique has risen significantly in North America. With similar growth expected in China, shale gas would continue being the largest category in the market during the forecast period. 

The increase in hydraulic fracturing activities in North America is itself a key proppant market trend. As per the Railroad Commission of Texas (RRC), during January–March 2018, 2,712 shale gas wells were completed in the continent. This was a considerable rise from the 1,925 wells completed between January and March in 2017. Proppants made from sintered high-grade kaolin and bauxite are utilized during hydraulic fracturing for the gas’s extraction, due to their high strength, which is important in the process. 

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With the growth of E&P operations, the demand for frac sand, which is mixed in water during hydraulic fracturing, is also increasing. As frac sand is the least costly of all proppant types, it is popular among oil and gas firms. The Oil & Gas Journal reported that the requirement for cost-effective sand-based proppants, which was 45 million tons in 2016, would surge to 110 million tons in 2018, thereby driving the market. 

Another major driver for the proppant market is the rising usage of resin-coated and ceramic proppants for improving the economics of the wells. Such products are strong and can withstand high stress, of up to 10,000 pounds per square inch, in deep wells. With the increase in the number of oil and gas wells, companies are looking for proppants for multiple-stage fracturing and low-permeability wells. The focus of E&P firms is shifting to deep wells, where high-strength materials are required to keep the fractures open. 

North America has been the largest market for such materials, with a value share of over 70.0% in 2017. It is expected to be the dominant region in the market during the forecast period too, on account of the increasing E&P activities and use of hydraulic fracturing. The recovery in oil prices and higher material loading levels have been driving the oil and gas industry in the continent. During the forecast period, the proppant market is projected to witness the fastest growth in Asia-Pacific (APAC). 

Hence, with the increasing extraction of shale gas, requiring the cracking of deep rocks and then holding those cracks open, the usage of proppants would also rise.

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Demand for Automotive Ethernet in Auto Sector - Automotive Trend

The global automotive ethernet market is expected to witness significant growth during the forecast period (2020–2030). Growing usage of smart infotainment systems and advanced driver assistance systems (ADASs) in vehicles, and declining cost of ethernet technology are some factors boosting the growth of the industry. Furthermore, increasing research and development (R&D) and investments for autonomous vehicles can provide opportunities to players operating in the market.

Based on application, the automotive ethernet market has been categorized into ADAS, powertrain, infotainment, chassis, and others. Among these, the ADAS category is expected to generate highest revenue during the forecast period, owing to the increasing demand for advanced safety features and to improve fuel efficiency. Increasing number of regulations for implementing ADASs in automobiles, such as mandate of anti-lock braking system (ABS) in all new passenger cars in European Union nations and the U.S., is driving the growth of the market in this category.

Globally, Asia-Pacific (APAC) is expected to embrace the largest share in the automotive ethernet market during the forecast period. This can be majorly attributed to the rising automobile production in China, India, Japan, and South Korea. In 2018, China produced nearly 27.8 million units of passenger cars and commercial vehicles, which was around 24.5 million in 2015. Increase in production of vehicles is positively impacting the growth of the automotive ethernet industry in the region.

High complexity and increasing number of applications in a vehicle are major factors propelling the growth of the automotive ethernet market. With growing technologies, electronics in the vehicle are getting more complex, with more controllers, sensors, and interfaces, which require higher bandwidth. These several electronic components in a vehicle need to increasingly communicate with each other. Due to this, the weight, cost, and complexity of wiring harnesses has increased. These days, several different proprietary standards for communication are used, with each component typically using a dedicated cable or wire. By moving to a single standard, all the communications from all the different components can coexist on the same switched ethernet network, with a single pair going to each location in the vehicle from a central switch. Such factor is boosting the demand for automotive ethernet.

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Industry Opportunities
Increasing R&D and investments for autonomous vehicles holds a potential for the growth of the players operating in the automotive ethernet market. Autonomous technologies are emerging in the transportation sector, with tests and pilot projects being rolled out in several countries. In North America, California is the center for the development of autonomous vehicles. Waymo LLC (a subsidiary of Alphabet Inc.) has been testing autonomous vehicles in California, logging above 10 million miles of test drives. Major original equipment manufacturers (OEMs), such as Ford Motor Company and General Motors Company, are also testing self-driving cars in California.

Market Competitive Landscape
Major players operating in the global automotive ethernet market are Broadcom Inc., Marvell Technology Group Ltd., NXP Semiconductors N.V., Microchip Technology Inc., Texas Instruments Incorporated, Molex LLC, Cadence Design Systems Inc., System-on-Chip Engineering S.L., TTTech Computertechnik AG, and Vector Informatik GmbH.

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