Used Car Market Status & Supply Demand | Industry Forecast Report To 2030

The global used car market attained 115.2 million units in 2019 and is predicted to reach 275.3 million units by 2030, exhibiting a CAGR of 8.7% during 2020­­–2030 (forecast period). The increasing number of organized sector players such as CarGurus Inc.,CarMax Inc., and Cars24 Services Pvt. Ltd. isone of the biggest factors fueling the advancement of the market. The organized sector companies not only offer certified used cars at competitive prices but they also provide service guarantees and warranties on their vehicles.
                                   
Based on sector, the used car market is divided into unorganized and organized categories. Between the two, the organized division is predicted to exhibit faster growth in the coming years. This is credited to the higher preference of customers for dealer certified vehicles as compared to the vehicles sold in the unorganized sector without any guarantees and warrantees. Due to this factor, the certified programs are becoming a critical differentiating factor for the organized sector players. In addition to this, the rising popularity of online portals for both buying and selling of used vehicles in the developed nations such as the U.K., the U.S., Japan, and Germany will further boost the progress of the organized sector division in the market in the future years.

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Under the vehicle type segmentation of the used car market, the main categories are small, medium, and large. Out of these, the medium division accounted for a majority of the market share, in volume, in the past. The main factors responsible for the advancement of the category are the high supply of good-quality, less-driven second-hand vehicles and the growing spending power of buyers, especially in the various developing nations around the world.
 
Under the propulsion segmentation, the internal combustion engine (ICE) category recorded higher growth in the market during the last few years. Furthermore, this category is predicted to exhibit rapid progress in the developing regions across the globe such as Latin America, Middle East, and Africa (LAMEA) and Asia-Pacific (APAC) in the coming years, primarily due to the surging average age of the automobiles using ICE propulsion. For example, in China, the average age of automobiles is presently ~5 years, while in other nations such as the U.S., the average vehicle age is currently ~11 years. Thus, the ICE division will demonstrate higher growth in the used car market between 2020 and 2030.
 
Geographically, the used car market is predicted to register the highest CAGR in the LAMEA region in the forthcoming years. The major factors driving the progress of the market in this region are the surging manufacturing of automobiles and the increasing disposable income of the people in various developing countries such as Mexico, Brazil, and Argentina. The market is extremely fragmented in the Middle Eastern nations such as Saudi Arabia and the U.A.E., on account of the presence of numerous unorganized players such as Gargash Enterprises LLC,AL FUTTAIM COMPANY LLC, and The Elite Cars in the region.

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The major players operating in the used car market are increasingly focusing on getting into strategic partnerships and launching mergers with each other, mainly for gaining a foothold in the market. For instance, AB Volvo (U.S.), TrueCar Inc., and PenFed Credit Union started a partnership for each other in December 2019. They worked together on a private incentive program that offers competitive pricing and various other incentives such as access to special rates and incentives on AB Volvo’s premium vehicles to the members of PenFed Credit Union.
 
The COVID-19 pandemic has caused large-scale unemployment and reduced earnings, which has, in turn, caused a sharp fall in the spending power of people, thereby hampering the progress of the market. Furthermore, the pandemic has made many market players and industry stakeholders re-examine their strategies for the medium and long-term growth of the industry.

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Forklift Market Analysis 2020 Insight Growth Analysis Technology Innovation, Opportunity by 2030

The global forklift market generated a revenue of $33,878.7 million in 2019 and is predicted to attain a value of $42,519.4 million in 2030, advancing at a CAGR of 2.8% between 2020 and 2030. The major factors driving the advancement of the market are the development of autonomous and electric forklifts and the rapidly growing e-commerce industry across the globe.

The adoption of advanced technologies such as robotics, analytics, and internet of things (IoT) by logistics organizations has significantly mitigated the problems associated with the timely and cost-efficient delivery of products. Furthermore, these firms are making huge investments in various automation technologies such as autonomous forklifts for gaining a foothold in the global forklift market.

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In terms of class, the forklift market is classified into multiple categories namely class 5, class 4, class 3, class 2, and class 1. Out of these, the class 5 division held the highest share in the market, in value, during the last few years. This is ascribed to the large-scale utilization of the class 5 forklifts in the developing nations such as India, China, Mexico, and Brazil. Internal combustion engines (ICEs) are used for powering these forklifts. These forklifts are primarily used for heavy lifting purposes, on account of being equipped with pneumatic tires. These tires make these forklifts suitable for use in various work environments such as lumberyards, where the risks of tire punctures are much greater.

Based on engine type, the forklift market is categorized into electric and ICE. Between the two, the electric category is predicted to exhibit faster growth in the market, in value, in the coming years. This is credited to the burgeoning demand for environment-friendly and cleaner forklifts in factories and warehouses. Furthermore, the falling prices of the lithium-ion (Li-ion) batteries are boosting the adoption of electric forklifts in various warehouse and factory operations. The forklifts belonging to the class 3, 2, and 1 categories are low-power machines and thus, require the incorporation of electric propulsion for attaining the required operating power.

Geographically, the forklift market is currently demonstrating the highest growth in the Asia-Pacific (APAC) region. In this region, China is presently dominating the market. However, in the future years, the Latin America, Middle East, and Africa (LAMEA) forklift market is predicted to exhibit the fastest growth, on account of the rapid industrialization and advancing warehousing sector in the various developing nations of LAMEA.

The COVID-19 pandemic has massively disrupted the advancement of the forklift market, with stable progress only expected in the last quarter of 2020. The decline in the automotive and industrial sectors and the subsequent fall in the sales of forklifts in the first quarter of 2020 considerably hampered the progress of the market, with nearly 15% decline recorded in global trade during this time. Furthermore, the unstable costs of the raw materials, intense competition amongst the various market players, and the ban imposed on exports and imports by many countries in order to curb the spread of the COVID-19 infection will lead to reduced sales of forklifts over the next few months.

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The players operating in the forklift market are increasingly focusing on R&D (research and development) activities and developing innovative and technologically advanced forklifts that are lighter, either semi or fully automated, and eco-friendly. For instance, Hyster-Yale Materials Handling Inc. launched four trucks in April 2020 for various low-intensity applications. These trucks will be sold by the Yale Europe Materials Handling subsidiary.

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COVID-19 Impact Review: Outdoor Lighting Market Outlook in 2020? | Know the Challenges and Trend Analysis

The prime focus of the different governments across the world at the present time is saving energy due to the surging energy crisis. It is because of this that the demand for energy efficient lighting solutions, primarily light emitting diodes (LED), is growing. Since LEDs can work efficiently for long operating hours and have low maintenance cost, they are particularly beneficial in outdoor lighting applications.

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Outdoor lighting includes illumination of public landscapes and private gardens for the purpose of security, safety, convenience, and nighttime aesthetics. As per a research conducted by P&S Intelligence, in 2017, the global outdoor lighting market generated a revenue of $8,740.0 million and is expected to advance at an 8.0% CAGR during the forecast period (2018–2023).

In addition to this, LEDs make excellent directional light source and are substantial with a long lifespan, which is why many local authorities, such as municipalities of different counties, have initiated projects to change their conventional outdoor lighting sources to LEDs. Apart from LEDs, high intensity discharge (HID) lamps, plasma lamps, and fluorescent lights are also utilized for outdoor lighting applications.

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Among these, the largest demand during 2013–2017 was created for HID lamps; however, during 2020–2023, the requirement for LED lights is predicted to be the highest. Out of these, the largest demand for outdoor lighting solutions was created for street lighting applications during 2013–2017 and the situation is expected to be the same during the forecast period as well due to the rising adoption of LED and solar-based lighting around the world.

Different types of outdoor lighting solutions are distributed by commercial and retail distribution channels. The higher demand for outdoor lighting is projected to be created by the commercial distribution channel in the coming years.

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How is Growing Preference of Herbal Personal Care Products Driving Demand for Neem Extract?

 The demand for personal care products has been soaring these days all across the globe. As people are now extremely conscious regarding their physical appearance, they are increasingly investing in personal care products that can aid in enhancing their aesthetic appearance. Moreover, the increased disposable income of people, thanks to the strong economic growth, in various countries is also resulting in the increasing demand for personal care products. These day the demand for herbal personal care products has been rising as well, since people are getting increasingly aware regarding the side-effects of cosmetics.

Several skin and hair care products contain chemicals that can prove harmful for the human body. Owing to this, the demand for neem-based products has increased substantially over the past few years, thereby resulting in the growth of the global neem extract market. Other than this, the preference for Ayurvedic medicines has also been rising in various parts of the world. For example, while the popularity and easy availability of allopathic medicines increased considerably in India a few years back, now the focus is again shifting towards Ayurveda, which is further resulting in the increasing demand for neem extract. 

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Neem contains various chemicals which are capable of reducing blood sugar levels, preventing pregnancy, healing ulcers in the digestive tract, killing bacteria, and preventing the formation of plaque in the mouth. Owing to such advantages, the plant is widely utilized as a natural and home remedy for taking care of several ailments. In addition to all this, the plant also has antioxidant properties and can help in protecting the skin from pollution, harmful ultraviolet radiation, and other environmental factors. The presence of fatty acid and vitamins in neem also helps in maintaining and improving the elasticity of skin and in reducing fine lines and wrinkles.

It is because of all these factors that the global neem extract market is predicted to generate a revenue of $1,868.2 million by 2022, progressing at a 16.3% CAGR during the forecast period (2016–2022). On the basis of segment, the market is categorized into bark extract, seed extract, and leaf extract, among which, the bark extract division is projected to witness the fastest growth during the forecast period. This can be ascribed to the rising requirement for bark extract from the Asia-Pacific (APAC) region.

In terms of application, the neem extract market is divided into animal products, agriculture, and health & personal care, out of which, the animal products division is expected to account for the highest CAGR during the forecast period. This is due to the rising requirement for herbal animal food from countries including Brazil, the U.S., and France. Geographically, the APAC region dominated the market in the past, according to a report by P&S Intelligence. This was primarily because of the presence of the major Ayurvedic companies in the region that consume the product on a large-scale.

In conclusion, the demand for neem extract is growing due to the increasing demand for herbal personal care items and focus towards Ayurvedic medicines.

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Popularity of UHT Milk Set to Soon Eclipse That of Regular Milk

 In recent times, there has been a steep rise in the popularity of UHT (ultra-high-temperature) processed milk all over the world. This is predominantly because of the lack of proper refrigeration space and equipment and long power outages in several countries around the world. Moreover, the high refrigeration costs in various other countries are pushing up the popularity of food items such as UHT milk that can last long without requiring refrigeration. Unlike regular milk which requires continuous refrigeration till consumption, this type of milk can be stored for as long as nine months without refrigeration.

The ability of the UHT milk to remain fresh for such a long period of time and without requiring continuous refrigeration makes it a highly popular food item, particularly in the developing countries that have a poor cold storage infrastructure. Additionally, the longer shelf life of the product is boosting its popularity amongst the people living in apartments, especially in the developing nations of the Middle East, Africa, and Asia-Pacific. Moreover, the rising adoption of busier lifestyles is fueling the consumer demand for ready-to-eat/drink items, which is, in turn, propelling the advancement of the UHT milk market across the world. 

In China, 60% of the total milk drinkers consume UHT milk these days, as per many reports and surveys. This share of UHT milk drinkers is predicted to rise further in the future years, mainly because of the rapidly increasing population of the country. The other major factors contributing to the surging sales of UHT milk are the increasing disposable income of people and the availability of affordable private-label UHT milk in numerous hypermarkets and supermarkets in several countries around the world.

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Because of the above-mentioned reasons, the consumption of UHT milk will increase tremendously in the coming years, which will, in turn, cause huge expansion of the global UHT milk market in the future. The market is categorized on the basis of segment into semi-skinned, skimmed, and whole. Out of these, the whole category recorded the highest volumetric growth in the market during the last few years. The largest consumers of whole milk were children in the age bracket (2 years and below). This is because this milk contains all the necessary nutrients required by a toddler for growing up properly.

Globally, the UHT milk market registered the highest volumetric growth in Europe in the years gone by, as per the findings of the market research firm, P&S Intelligence. This is ascribed to the high consumption of various dairy products and the high per capita consumption of milk in the Netherlands, Belgium, Germany, and several other European countries. In addition to this, the easier production and distribution of this milk in the European nations in comparison to the other countries led to huge sales of this milk in this region in the past few years.

Therefore, it can be said with surety that the requirement for UHT milk will rise enormously all over the world in the forthcoming years, mainly because of the longer shelf life of this milk than regular milk and the lack of proper refrigeration space and facilities in various countries across the world.

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Wearable AI Devices Market | Analysis, Post Covid-19 Impact | Potential Business Impacts for Key Players

The demand for AI-enabled voice assistance is gaining popularity, with voice assistance feature being integrated in them to support multiple functions. Such technology allows users to search through the web on the device with a voice command, related to the weather, news, reminders, scheduling appointments, making calls, reading messages, and much more. The wearable AI devices market is expected to advance due to the rapid demand for voice assistants in consumer electronics. North America held the largest share in the wearable AI devices market in 2018. 

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The wearable AI devices market was valued at $11,182.8 million in 2018, and it is projected to reach $49,240.6 million by 2024, witnessing a CAGR of 29.0% during 2019–2024 (forecast period). The market growth across the globe is primarily driven by the changing lifestyle of people, surging use of fitness bands and healthcare applications, and demand for next-generation smartwatches. Such devices are used by consumers to track their fitness level, via inputs in the form of heat, light, sound, and pressure.

It was mainly due to the strong presence of already established market players, such as Facebook Inc. and Apple Inc., in the region. The fastest wearable AI devices market growth is to be witnessed in Asia-Pacific (APAC) during the forecast period, driven by the growing demand for AI-integrated wearables, particularly in India and China, which is itself mostly owing to the increasing concerns for health and fitness. 

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The wearable AI devices market is a promising opportunity for the players to integrate the AI-enabled voice assistant technology in wearable devices. Thus, it is clear that the market will continue to grow substantially during the forecast period, as the demand for advanced consumer electronics, which performs multiple functions, rises.

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Booming Automobile Sales to Boost Demand for Automotive Electronics in Future

Automotive electronics are key components of automobiles and therefore, the mushrooming sales of automobiles are positively impacting the requirement for automotive electronics across the globe. According to many reports, automotive electronics nowadays account for nearly 35% of the total cost of an automobile as compared to their share of only 5% of the total price of a vehicle in 1970.

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Furthermore, as per the predictions of the industry experts, this share will grow to 50% by 2030, which will, in turn, lead to huge revenue generation from the sales of these electronics systems. In the recent times, there has been a drastic rise in the sales of automobiles throughout the globe, primarily because of the rapid growth of the automotive industry in several countries and the surge in the disposable income of the people, especially in the developing nations around the world. 

Globally, the Asia-Pacific (APAC) automotive electronics market will be very prosperous in the future, as per the forecast of P&S Intelligence, a market research firm based in India. Moreover, the sales of vehicles will push up in the future years, which will consequently boost the sales of various automotive components such as electronics. As per the findings of the Organisation Internationale des Constructeurs d'Automobiles (OICA), global vehicle sales increased at a CAGR of 1.8% between 2014 and 2018. The organization also found that 95.1 million automobiles were sold across the world in 2018.

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Furthermore, the growing popularity of electric and autonomous vehicles will lead to a sharp rise in the sales of automotive electronics in the coming years. Besides the burgeoning sales of vehicles, the growing requirement for efficient and safe automobiles is also fueling the worldwide demand for automotive electronics systems. The rising incidence of road accidents has considerably boosted the popularity of vehicles equipped with various safety systems such as advanced driver assistance system (ADAS).

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