India Electric Rickshaw (Three-Wheeler) Market Players, Competition, Situation & Trends Research Report

From 384.0 thousand units in 2018, the Indian electric rickshaw market is predicted to grow to the production capacity of 935.5 thousand units by 2024, exhibiting a 15.9% CAGR during the forecast period (2019–2024).  The factors positively influencing the growth of the market are the declining prices of the battery and increase in supportive measures by the government, in terms of environmental policies and monetary incentives. Electric rickshaws are majorly used as load and passenger carriers.

Based on motor power, the Indian electric rickshaw market is classified into <1,000 W, 1,000–1,500 W, and >1,500 W. In 2018, with over 50.0% of revenue share, the 1,000–1,500 W classification was the largest in the market. This was attributed to the ideal cost–benefit ratio offered by vehicles fitted with batteries of this power range. The classification of >1,500 W is predicted to register the fastest growth in the forecast period, as the demand for high-speed rickshaws would continue to rise in the nation.

The Indian electric rickshaw market is categorized into Tripura, Assam, Jharkhand, Punjab, Uttarakhand, Chhattisgarh, Haryana, Bihar, Rajasthan, West Bengal, Delhi, Uttar Pradesh, and Madhya Pradesh, based on state. During the historical period (2014–2018), the largest market for these rickshaws was in Delhi. Amidst increasing air pollution, the Delhi government announced a subsidy of INR 30,000 on electric rickshaws, which helped boost their sales. However, in the forecast period, the state of Uttar Pradesh is predicted to be the largest market due to their rising demand from Tier-1,2 cities.

The Indian electric rickshaw market is observing the trend of the inclusion of solar-operated electric rickshaws. An electric rickshaw normally makes use of a nominal battery, which stores electricity from conventional outlets. A solar-powered electric rickshaw is capable of charging itself on-the-go, as it is fitted with the photovoltaic technology for collecting solar energy and converting it into electric energy to power the rickshaw. The solar-powered variants are thought to be more efficient than normal electric vehicles, and the solar panel increases the vehicle lifecycle by 10 years.

The Indian electric rickshaw market is witnessing growth due to the implementation of stringent environment-related policies to take care of the rising air pollution. One of the major causes of air pollution is the emissions from vehicles; the Indian government is taking active measures to popularize electric vehicles among people. Electric vehicles are expensive than their conventional-fuel counterparts, therefore, many subsidies and incentives are being provided to vehicle manufacturers and buyers. Based on the product model and the original equipment manufacturer, subsidies in the range of INR 25,000 and INR 61,000 are being provided under the FAME scheme.

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The reduction in the prices of automobile batteries may boost the Indian electric rickshaw market. Due to their low cost, majority of the electric rickshaws in the country use sealed lead acid (SLA) batteries. Even though they seem a better choice at first, SLA batteries pose a serious threat to human health and the environment, if they are not disposed of properly. Therefore, the manufacturers are focusing on using lithium-ion batteries as an alternative to the SLA ones, as the former are safer and provide longer charge to vehicles.

Hence, the market for electric auto rickshaws in India would continue growing in the forecast period due to the rising requirement for environment-friendly transport.

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1,3-Butylene Glycol Market to Provide Investment Opportunities of $178.5 Billion by 2024

The 1,3-butylene market growth in APAC is expected to be the most significant across the world during 2018–2024. This would be because of the growing demand for the chemical in the developing countries of the region. Though the healthcare expenditure here is quite low compared to Europe and North America, the large population bodes well for the healthcare and pharmaceutical industries. Additionally, China, South Korea, and Japan are among the largest markets for cosmetics across the world, which has a direct positive impact on the demand for 1,3-BG.

The population continues to grow rapidly across world, primarily in developing countries, such as India and China. More people mean more mouths to feed, which continues to drive the food and beverages sector. The rising population also translates into more individuals who need medical treatment, due to the rising prevalence of several diseases. Along with the number of people, their disposable income is also growing, which is giving them a higher spending power. They are now able to afford products and services, which earlier were a luxury, such as cosmetics. Now, there are certain raw materials that go into food, pharmaceutical, and cosmetic products, such as 1,3-butylene glycol or 1,3-BG.

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Owing to the growth of the above-mentioned end-use industries, the 1,3-butylene glycol market reached $127.8 million in 2017, and it is expected to further grow to $178.5 million by 2024. An organic compound, specifically an alcohol, 1,3-BG is produced using a combination of the aldol condensation and catalytic hydrogenation methods. The first method is used to convert acetaldehyde to acetaldol, whereas in the second process, the acetaldol is reacted with hydrogen in the presence of a catalyst. Pharmaceutical and industrial are the two grades, in which 1,3-BG is available. During 2013–2017, the pharmaceutical-grade product was more widely sold.

It is used as an intermediate during the production of personal care, cosmetic, food, and pharmaceutical products, owing to its better anti-bacterial action than similar compounds, including propylene glycol, glycerol, and sorbitol. In cosmetics and drugs, the compound is used for retaining moisture, preventing crystallization, and imparting fragrance. Additionally, it also helps maintain the end products’ viscosity and skin condition ability. Depending on its actual purpose, the amount of 1,3-BG used in cosmetics varies, with a higher amount required for inhibiting the growth of fungi than bacteria.

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Earlier concentrated in Europe and North America, the pharmaceutical industry is expanding in Asia-Pacific (APAC), primarily owing to the improvements in the healthcare infrastructure and boom in the population in India and China. Additionally, with the rising disposable income across the world, the sale of cosmetic, skincare, and haircare products is also increasing. During their production, 1,3-BG lowers the requirement for preservatives with its excellent distribution coefficient, which maximizes the effectiveness of the preservatives used.

The leading manufacturers of cosmetics, such as Avon Products Inc., L’Oreal Group, Oriflame Cosmetics, and The Estée Lauder Companies Inc., are developing enhanced products, thereby driving the demand for the compound. These companies are prospering owing to the rising awareness about skin and haircare, which is driving cosmetics’ sales. Additionally, people are also becoming aware about the ingredients used in hair products, bath products, personal cleanliness products, facial makeup, skincare products, and shaving products, and how those ingredients are being manufactured. Therefore, companies that manufacture 1,3-BG via environment-friendly methods stand to benefit from this heightened awareness.

Hence, with the further increase in population and disposable income, the demand for food, beverages, drugs, and cosmetics would also grow, which would lead to a rise in 1,3-BG consumption.

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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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