Indian EVSE Market Will Generate Massive Revenue in Future

In 2019, the Indian electric vehicle supply equipment (EVSE) market generated a revenue of $1,027.9 thousand and is expected to attain a value of $13,833.0 thousand in 2025, registering a 54.2% CAGR during the forecast period (2019–2025). On the basis of type, the AC chargers accounted for the major share of the market in 2019. During the forecast period, the DC chargers are predicted to grow at the faster pace, as the government is making extensive plans for installing fast-charging stations in tier-1 cities and along the expressways and highways.

The private chargers category dominated the Indian EVSE market in 2019, due to the early adoption of these chargers in the country, higher requirement among customers for overnight charging at homes and commercial places, and low cost. The supportive government policies and initiatives is a major driving factor of the market. For example, the Faster Adoption and Manufacturing of (Hybrid & Electric) Vehicles in India (FAME) scheme was launched in India in March 2015 and was later revised in 2019 for promoting hybrid and battery electric vehicles.

Indian EVSE Market 

The increasing investments from different start-up companies, EV manufacturers, solution providers, and EVSE manufacturers is a key trend in the Indian EVSE market. For instance, in August 2019, an India-based start-up company, EV Motors India Pvt. Ltd. announced that it is aiming to install more than 6,500 charging outlets for EVs, in collaboration with ABB India Ltd. and Delta Electronics Inc., with an investment of approximately $0.2 billion (INR 14 billion). Moreover, Tata Power Co. Ltd. announced in August 2019 that it will invest $1–1.5 billion to install 500 EV charging stations across the country by 2020.

When geography is taken into consideration, the western region is predicted to dominate the Indian electric vehicle supply equipment (EVSE) market in 2019. This is ascribed to the presence of key EV and EV component manufacturers and state government support for EV adoption, primarily in Maharashtra and Gujarat. Furthermore, the high per capita income is also a key factor for the growth of this region. During the forecast period, the northern region is expected to witness the fastest growth because of the increasing government concerns regarding the poor air quality.

The Indian EVSE market is currently consolidated in nature and the key players operating in the market are ABB Ltd., Schneider Electric SE, Delta Electronics Inc., Magenta Power Pvt. Ltd., Tata Power Co. Ltd., Exicom Tele-Systems Ltd., Ather Energy Pvt. Ltd., Bharat Heavy Electricals Ltd., ANI Technologies Pvt. Ltd. (Ola), and EV Motors India Pvt. Ltd.

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mHealth Market Growing due to Increasing Chronic Disease Menace

The increasing usage of smartphones and connected devices and surging geriatric population, prevalence of chronic diseases, focus on patient-centric healthcare services, and demand for remote patient monitoring services are driving the adoption of mobile health (mHealth). The mHealth market generated $23.0 billion in revenue in 2017, which is predicted to grow at a CAGR of 33.5% during the forecast period (2018–2023), to ultimately reach $132.2 billion by 2023. The term refers to the provision of healthcare services via mobile phones and other telecommunication devices.

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Blood glucose monitors, blood pressure monitors, multiparameter monitors, electrocardiograph (ECG) monitors, sleep apnea monitors, and pulse oximeters are among the various connected devices available. Among these, blood glucose monitors are expected to experience the fastest growth in the market, at a CAGR of 31.9%, during the forecast period. This would be due to the growing prevalence of diabetes, as a result of the changing lifestyle and food habits of people across the world.

The rising incidence of chronic diseases, including diabetes, cancer, stroke, heart diseases, and chronic obstructive pulmonary disease (COPD), is one of the key mHealth market growth drivers. Patients suffering from such conditions need continuous monitoring and strict adherence to medication schedule. With mHealth devices and apps, patients can not only monitor their own condition, but also receive timely advice from their doctors, without having to go anywhere. In addition, several mHealth apps alert patients about any anomalies and drug dose time.

The availability of 3G and 4G internet is also leading to the rising adoption of smartphones, which, together with the increasing awareness on the advantages of mHealth, is driving the market. Additionally, mobile devices are increasing penetrating across developing regions; as per the 2017 African Mobile Trends Paper, 960 million people or around 80% of the African population were mobile phone subscribers. Further, the U.S. Food and Drug Administration (FDA) had claimed that around half of the total 3.4 billion smartphone and tablet users would download healthcare apps in 2018.

Therefore, as more people purchase mobile communication devices and realize their advantages in the area of health and wellbeing, the market for mHealth will keep prospering.

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Smart Parking Systems Market - Industry Opportunities, Risk and Overview

The smart parking systems market generated revenue of $3.4 billion in 2018, and it is projected to value $9.1 billion in 2024. Off-street parking was the larger category in 2018, based on parking site, as it makes the parking and payment process easy, with improved payment and ticketing options. Further, such solutions allow for the parking of vehicles for shorter as well as longer durations. With the development of smart cities, governments are promoting such systems, to make parking in cities more organized.

A major driver for the smart parking systems market is the rapid smart city development. Extensive research and development (R&D) activities are being undertaken to integrate managed operations with connected solutions. Due to this, smart parking systems have witnessed widespread adoption, aimed at making real-time information about the parking slots available to drivers, before they even begin the journey. Additionally, government initiatives aimed at making cities smart are also supporting the usage of smart parking systems.

Lucrative opportunities for smart parking systems market are being offered by the rapid automation in the sector. Robot valets and automated parking technologies are already being tested in several cities across the world, for instance, in Boulder, Colorado, where a completely automated parking garage was recently installed by Park Plus Inc. The systems can park four times the vehicles accommodated by a conventional garage of almost equal space. Additionally, using it, a car can be retrieved within five minutes of placing a request.

In 2018, North America held the largest revenue share in the smart parking systems market. The continent is projected to see an even higher adoption of such systems, during the forecast period, with governments working to reduce traffic congestion, which has become a grave problem as a result of the increasing number of vehicles on the roads. During the forecast period, Asia-Pacific (APAC) would witness industry growth at the highest CAGR, on account of the increasing adoption of such solutions in China.

Robert Bosch GmbH, Amano Corporation, Smart Parking Ltd., Urbiotica S.L., IPS Group Inc., Kapsch TrafficCom AG, Nedap N.V., ParkMobile LLC, Siemens AG, WORLDSENSING S.L., Continental AG, Valeo SA, Xerox Corporation, Delphi Technologies PLC, and Cisco Systems Inc. are the most prominent players in the smart parking systems market, which is highly competitive. The players are taking several measures, such as partnerships, mergers, and acquisitions and successful client win pursuance to stay on top of the competition. For instance, SWARCO TRAFFIC Ltd. agreed to integrate 11 count-control cabinets and 17 red–green–blue (RGB) matrix signs in the city of Cambridge, in 2019.

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Mobility as a Service Market - Gearing up for Automotive’s Next Frontier

The mobility as a service (MaaS) market, which generated a revenue of $171.5 billion in 2018, is predicted to grow to $347.6 billion in 2024, at an 11.9% CAGR during 2019­–2024 (forecast period). Car rental was the largest service type category in the market during 2014–2018 (historical period), as a result of the rapid shift from offline booking to online booking and expanding travel and tourism sector.

A major trend in the MaaS market is the adoption of electric vehicles for sharing purposes. Concerned at the high pollution levels and fossil fuel prices, the government of various nations are formulating policies and offering incentives to encourage the usage of electric vehicles in sharing fleets. Additionally, several automotive giants are also taking efforts to offer mobility services on clean-energy vehicles. For instance, plans of launching a sharing service, solely on electric cars, were announced by Hyundai Motor Company in 2019.

Governments are also taking initiatives to make shared mobility popular, thereby driving the mobility as a service market across the world. With an increasing number of people shifting to shared mobility, from driving their personal vehicles, the problem of urban traffic congestion can be solved. This is why, not just the national governments, but those on the state/province or local levels are also making efforts to augment the popularity of the concept. For instance, intentions of constructing parking infrastructure for shared vehicles were announced by the Mayor of London in November 2018.

In 2018, the largest share in the MaaS market was occupied by the daily commuting category, based on commuting pattern. This is attributed to the increasing number of students and young professionals demanding shared mobility, for meeting their everyday traveling needs. Further, on the bases of vehicle type, the car category led the market in 2018; during the forecast period, the bus category would progress at the highest CAGR, as service providers are expanding in new cities and shuttle services are witnessing swift adoption.

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Asia-Pacific (APAC) contributed the highest revenue to the mobility as a service market in 2018, as a result of the high demand for such services, rising disposable income, and widespread concerns about air pollution, especially in India and Taiwan. Additionally, with high industrialization and urbanization rates, the number of people commuting for work is surging in the region. The governments in regional nations are also working to constructed infrastructure for shared commute as well as boost the number of electric vehicles for the purpose.

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How is Increasing Global Population Driving Artificial Intelligence (AI) in Agriculture Market?

As per the United Nations (UN) report, the world population, which is currently 7.7 billion, is predicted to reach 8.6 billion by 2030. This surge in the population is sure to increase the demand for agricultural products. This demand is primarily rising in countries including India, China, Brazil, and the U.S. because of the rapid urbanization, changing consumption habits of the populace, and increasing disposable income. With the increasing population, the current sources of agricultural production will not be enough, due to which there is a growing need for increasing the productivity. For this reason, the key agricultural product-producing countries are incorporating artificial intelligence (AI) into their agricultural practices.

AI, the imitation of human intelligence, empowers machines, especially computer systems, with capabilities such as self-correction, learning, and reasoning. In the agricultural sector, AI can be implemented for farming and gardening, in order to increase the precision and efficacy in maintaining, planting, and harvesting the crops. According to a report by P&S Intelligence, the global AI in agriculture market generated revenue of $584.0 million in 2018 and is predicted to witness a CAGR of 38.3% in the coming years. The major applications of AI in the agricultural sector include drone analytics, agricultural robots, livestock monitoring, and precision farming. Among these, the highest demand for AI was created by the precision farming application in 2018, and it is also going to be at the top in the coming years.

Among the above-mentioned applications, the demand for drone analytics in agricultural farms is projected to grow significantly in the near future. This is because drones that are enabled with AI are able to fly autonomously in an obstacle-filled environment. Moreover, drones are increasingly being used in the agricultural sector for assisting in irrigation schedules, estimating yield data, scanning soil health, and applying fertilizers. For instance, there is a rising demand for drones in the Xinjiang province of China for spraying pesticides in cotton fields, as by using drones, over 1,544 square miles of cotton fields can be sprayed at once, making the process time-efficient and improving the agricultural output. Because of all these advantages, several government initiatives are encouraging the adoption of drones for modernizing agricultural practices. 

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The demand for AI in the agricultural sector is also increasing due to the growing use of robotics in the field. Due to the increasing population and lack of skilled farm workers, the automation of agricultural processes has resulted in easier, modernized, and sophisticated farming practices via the deployment of robots. Furthermore, agricultural stakeholders are majorly focusing on refining the productivity using advanced farming practices and reducing the carbon footprint created by the entire agricultural process. 

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Growing Electric Vehicle Production and Demand Driving Automotive Lithium-Ion Battery Market

In 2018, the global automotive lithium-ion battery market reached a value of $24.2 billion and is predicted to attain $74.3 billion in 2024, advancing at a 15.9% CAGR during the forecast period (2019–2024). The market is growing due to the falling cost of battery and its components and rising electric vehicle production and demand. A rechargeable battery which comprises a positive and negative electrode that are contacted by a chemical called the electrolyte is referred to as lithium-ion battery. Lithium-ion is allowed to exchange between electrodes because they are separated by a separator.

In terms of battery type, the automotive lithium-ion battery market is divided into lithium iron phosphate (LFP), lithium nickel cobalt aluminum oxide (NCA), lithium titanate oxide (LTO), lithium manganese oxide (LMO), and lithium nickel manganese cobalt (NMC).  Among these, the LFP battery type contributed the largest revenue share to the market during the historical period (2014–2018), as these batteries are safer than other type of electric vehicles batteries and have a higher lifespan. The NCA battery type is projected to grow at the fastest pace during the forecast period.

The rising usage of NMC batteries in electric cars is a key trend that is being observed in the automotive lithium-ion battery market. While before a large number of electric vehicle manufacturers made use of LFP batteries, in the recent years, the usage of NMC batteries has increased significantly. This shift from LFP to NMC batteries is due to the rising requirement for higher range in passenger cars from a single charge. In addition to this, these batteries are lighter than LFP batteries and occupy lesser space in the vehicle.

When vehicle type is taken into consideration, the automotive lithium-ion battery market is categorized into commercial vehicle, two-wheeler, and passenger car. Out of these, the passenger car category accounted for the largest share of the market in 2018 and is expected to dominate the market during the forecast period as well, in terms of value. This is because the governments in major automobile selling countries, including the U.S. and China, are focusing on producing new energy cars and increasing requirement for fully electric passenger cars with high-range per charge feature.

The surging electric vehicle demand and production is a key driving factor of the automotive lithium-ion battery market. As per the International Energy Agency, the global electric car fleet exceeded 5.1 million in 2018, rising from 2 million in the previous year. Factors such as the rising concerns regarding the environment and fluctuating oil prices are driving the consumers toward alternative to internal combustible engine-powered automobiles. Furthermore, lithium-ion batteries are being considered the standard for modern battery electric vehicles at the present time, as they have excellent specific capacity and energy density.

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Another factor resulting in the growth of the automotive lithium-ion battery market is the falling cost of battery and its components. The prices of lithium-ion battery components, including battery management system, internal wiring, pack housing, internal wing, and pack housing, are reduced considerably and are further projected to decrease in the coming years, thereby making lithium-batteries more suitable and affordable. In addition to this, several automobile companies are investing heavily into pack assembly, which is further making the battery makers to offer lower prices in order to increase their sales.

Hence, the market is witnessing growth due to the rising demand and production of electric vehicles and the falling prices of lithium-ion battery and its components.

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Asia-Pacific (APAC) Low-Speed Electric Vehicle Market Growing Steadily

Automobiles emit heavy amounts of greenhouse gases, which leads to air pollution. This, in turn, raises the overall temperature and results in climate change. In addition, the toxins in vehicle exhaust are also harmful to humans, as these cause severe diseases, such as lung cancer and chronic obstructive pulmonary disease (COPD). Therefore, to limit carbon emissions and make the world greener, governments across the world are banning fossil fuel-run vehicles and offering incentives and other forms of financial support for the manufacturing and purchase of electric automobiles, including those classified as low-speed electric vehicles (LSEV). As the need to reduce air pollution is especially dire in Asia-Pacific (APAC), the region is witnessing rapid adoption of LSEVs.

APAC LSEV Market

By 2025, the APAC LSEV Market is expected to witness a sale of 71.8 million units, which would be an increase at a CAGR of 6.6% from 2018. Among two-, three-, and four-wheelers, two-wheelers have been the most popular LSEVs up till now, and the situation is expected to be the same through 2018–2025. The major factor responsible for this is their affordability, compared to larger automobiles. Battery costs account for a major portion of electric two-wheelers’ purchase price, and as the component, specifically lithium-ion (Li-ion) battery, is becoming cheaper, the sale of such vehicles is also rising. Technological advancements and a rapid shift to Li-ion batteries from sealed lead–acid (SLA) variants are also helping in this regard.

Similarly, electricity-driven four-wheelers, primarily micro-cars, are also gaining rapid popularity across the region. China and India are witnessing swift urbanization, which is bringing more vehicles on the roads. This is leading to traffic congestion, which often takes the form of 2–3-mile long traffic jams. As per the World Bank, already 57% of the Chinese population was living in urban areas in 2016. In order to reduce traffic congestion as well as pollution levels, e-micro-cars are being promoted by regional governments, as they are quite compact and lead to no emissions.

Three-wheelers are also quite significant in India, China, and Thailand, from the point of mass transit. As not everyone can afford a scooter, motorcycle or car in these countries, a large number of people still commute by auto-rickshaws, which also leads to air pollution and traffic congestion. As electric three-wheelers are more expensive than conventional models, the government as well as manufacturers are increasing their investments to make them cheaper. For instance, subsidies in the range of $370 (INR 25,000)–$910 (INR 61,000) is offered in India under the Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles (FAME) scheme.

Within APAC, China witnessed the highest adoption of LSEVs in 2017, due to the earliest introduction of the concept in the country and government support. During the forecast period, the APAC LSEV market growth in India would be quite significant. This would be primarily due to the swiftly rising prices of gasoline, which would help shift the inclination of a large number of people toward electric vehicles, primarily three- and two-wheelers. Additionally, as e-rickshaws are faster and can carry more people, compared to pedal rickshaws, short-distance mobility service providers are rapidly replacing their conventional vehicles with electric variants. Further, these can be driven for considerable distances with a single full charge.

Therefore, as an increasing number of people realize the dangers of fossil fuel-based vehicles to the environment and themselves, the sale of low-speed electric vehicles would continue surging in APAC.

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