How are Government Policies Driving the Demand for Electric Trucks?

As the air pollutions levels around the world are increasing, governments of various countries are imposing various policies and taking initiatives for reducing carbon dioxide emissions. The transportation industry is among the key contributors to the growing greenhouse gas emissions, most of the steps are taken in regard of vehicles, for example, the introduction of electric vehicles. Approximately, 200 cities in the European region have low-emission zones and access regulations, with Italy, Germany, and the U.K. at top, at the present time. Due to this kind of regulatory pressure, the sales of electric vehicles have risen significantly over the past few years.

Owing to all these factors, the demand for electric trucks is also expected to increase considerably in the near future. According to a report by P&S Intelligence, the global electric truck market revenue is predicted to reach 1,508.1 thousand units by 2025 and is expected to progress at an 18.5% CAGR during the forecast period. Electric trucks are of different types in terms of propulsion, namely fuel cell electric vehicles, battery electric vehicles (BEV), plug-in hybrid electric vehicles, and hybrid electric vehicles, among which, the demand for BEVs is projected to rise substantially in the coming years.

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Geographically, the Asia-Pacific region has emerged as the largest electric truck market in the past and is further is expected to create the largest demand for these trucks in the near future as well. As is the case with most electric vehicles’ domain, China has been creating the largest demand for electric trucks within the region. This can be owing to the national alternative-fuel-vehicle replacement sales target, favorable government subsidies, and municipal air quality targets. Other than this, the demand for electric trucks is also expected to rise in other regions as well in the coming years because of heavy investments by manufacturers.

In conclusion, the demand for electric trucks has been increasing due to government efforts for decreasing carbon dioxide emissions.  

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Increasing Popularity of Ready-To-Eat Foods Fueling Demand for Cold Chain Logistics

Cold chain has been an integral component of logistics since the late 18th century when ice was used for preserving temperature-sensitive and perishable products such as dairy products, fish, and meat during transportation from one place to another. With rapid technological advancements in the following decades, cold chain logistics witnessed a drastic evolution. At present, cold chain logistics includes exclusively built cold storage facilities, cooling equipment, cold processing, cold transport, and cold distribution. 

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This rapid transformation in cold chain logistics made the transportation of perishables and temperature-sensitive products over large distances possible. This, in turn, fueled large-scale commercial activities involving these products, which subsequently caused the expansion of the global cold chain market. Moreover, with the growing popularity of ready-to-eat food items, especially in the developing countries such as India, Brazil, and China, the industry will exhibit rapid progress in the coming years. 

The other major factor propelling the demand for cold chain logistics is the rising consumption of processed food items and fast foods, especially in the emerging economies, mainly because of the surging disposable income of the people residing in these countries. Besides this, the increasing popularity of the ‘eating out’ culture and the development of numerous hypermarkets, supermarkets, quick service restaurants (QSRs), and fast-food chains in these countries are also driving the expansion of the cold chain market. 

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Bakery & confectionery, meat & seafood, dairy & frozen desserts, biopharmaceuticals, sauces, and fruits & vegetables are the main categories under the application segment of the market. Out of these, the meat & seafood category recorded the highest growth in the market in the years gone by, as per the findings of the market research company, P&S Intelligence. This was because of the huge demand for proper cold storage facilities for meat and seafood in several countries around the world.

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Rising Demand for Energy-Efficient Lighting Solutions is Leading the Smart Lighting Market Growth

As per a study conducted by P&S Intelligence, the global smart lighting market is expected to generate a revenue of $27,064 million by 2024, and is predicted to advance at a 20.0% CAGR during the forecast period (2017–2023). The market is witnessing growth because of the increasing adoption of innovative technologies, including intelligent sensing and internet of things (IoT) in lighting solutions, rising need for energy-efficient lighting solutions, owing to the growing awareness regarding energy conservation, swift commercialization of the Wi-Fi technology, and gradual replacement of incandescent lamps with light-emitting diodes (LED). 

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Smart cities make use of embedded sensors and devices at a number of places, such as streets and traffic signals, and the utilization of smart devices can aid in reducing the energy consumption. Moreover, smart city plans rely on open connected technology infrastructure and need the streamlining of operations for energy conservation. Smart lighting creates a powerful sensing network, through a multi-node and connected node, and collects information regarding the city’s development. 

This is resulting in the growth of the smart lighting market. A major driving factor the market is the growing utilization of energy-efficient lighting solutions. The surging demand for energy, owing to the rapidly increasing population, has resulted in the rise in electricity cost and growing government concerns regarding climate change. Since energy-efficient lighting solutions can save energy and reduce operating costs, their demand has been increasing swiftly. 

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Smart lighting systems are integrated with a number of sensors and wireless technologies and are capable of decreasing the energy consumption significantly. In terms of source, the smart lighting market is categorized into LED, high intensity discharge lamp, and fluorescent lamp, among which, the LED accounted for the major share of the market in 2016 and is further predicted to advance at the fastest pace during the forecast period.

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What Makes Kick Scooter Sharing Service an Ideal Option for Tourists?

The adoption of ride sharing services has risen significantly in the past few years. As people across the globe are becoming more reluctant to buy private vehicles, owing to their high maintenance cost and negative effects on the environment, the demand for public mobility services has been rising. Mobility services, such as ride hailing and car sharing, provide customers with convenient mobility services at low prices. These services, however, have not been able to solve the problem of first and last mile connectivity. 

Attributed to this, the global kick scooter sharing market is expected to advance at a significant pace during the forecast period. Kick scooter sharing services aids in covering the gap of first and last mile by offering mobility services for shorter distances, less than 5 km per trip. These mobility solutions further provide convenience to consumers by offering station-less or dock-less model, thereby allowing users to drop the vehicles at any place.

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The kick scooter sharing market valued $143.4 million in 2018, and it is set to garner revenue of $4,090.5 million by 2025, progressing at a 51.3% CAGR during the forecast period (2019–2025). When model is taken into account, the market is bifurcated into first- and last-mile and multimodal models. Between the two, the first and last-mile division held the larger share of the market during the historical period (2017–2018). 

Geographically, North America held the largest kick scooter sharing market share in 2018. After the introduction of these services in the region in the latter half of 2017, companies started to penetrate the regional domain highly. The result of this was the availability of about 85,000 kick scooters by the end of 2018 in the region. Europe is predicted to advance at the fastest pace during the forecast period, owing to the swift entry of major players.

In conclusion, the market is growing due to the need for convenient first and last-mile commuting and rising adoption of kick scooter among the younger generation.

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Commercial Refrigeration Equipment Market to Witness Massive Growth Due to Growing Demand for Ready-to-Eat Products

The rapid development of such food outlets and the upgradation of small restaurants and grocery stores are bolstering the sales of commercial refrigeration systems as these systems are heavily required in these stores. Furthermore, the development of organized food retail chains and the growing popularity of e-commerce are boosting the need for food storage, which is, in turn, fueling the usage of large refrigeration systems. 

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The increasing population in several countries is massively propelling the demand for food products, which is subsequently leading to a sharp rise in the sales of refrigeration systems across the world. Because of the above-mentioned reasons, the global commercial refrigeration equipment market is predicted to register explosive growth in the future years. 

Walk-in coolers, beverage refrigeration equipment, ice merchandisers and ice vending equipment, and display showcases are the most widely used types of refrigeration systems around the world. Amongst these, the sales of the walk-in coolers were recorded to be very high during the last few years. This is ascribed to the burgeoning customer requirement for walk-in coolers. 

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Moreover, the walk-in coolers manufacturing companies are increasingly focusing on R&D (research and development) activities for developing refrigerants having low-global-warming-potential (GWP). The major application areas of the refrigeration systems are the food and beverage production, food and beverage retail, and food service. Out of these, the utilization of these equipment is predicted to be the highest in the food service applications in the coming years. 

This is credited to the rapid growth of the global tourism industry, increasing number of food outlets and restaurant chains, and the rising government support in many countries for the adoption of sustainable refrigeration solutions in hotels, restaurants, educational institutions, fast food chains, and hospitals.

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Legalization of Cannabis to Boost Cannabidiol (CBD) Oil Sales in Future

With its plethora of health benefits and close association with cannabis or marijuana, as it is popularly known, cannabidiol (CBD) oil is one such controversial substance that makes doctors and medical researchers come face to face with the conservative figureheads of the society. However, with growing public awareness and government support, the stigma associated with CBD oil is rapidly going away and the product is finding more and more consumers all over the world.

In the recent times, many countries such as the U.S. and Canada have legalized the usage of the compound and in the coming years, many more will follow. Several countries in Asa-Pacific (APAC), Europe, and Latin America (LATAM) such as the U.K., Norway, Spain, South Korea, Thailand, Japan, Mexico, South Africa, and Brazil have followed the U.S. and Canada and allowed the complete or partial sale of various cannabidiol-containing items in the last few years.

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The ballooning usage of cannabidiol oil in several countries is causing the advancement of the global cannabidiol (CBD) oil market. As a result, the market attained a revenue of $1,735.1 million in 2019 and is predicted to progress at a CAGR of 24.3% between 2020 and 2025. Cannabidiol is one of the more than 100 chemical compounds found in the marijuana or cannabis plant. It’s a cannabinoid or a non-psychoactive chemical, which has been extracted from the cannabis plant.

Depending on product, the CBD oil market is categorized into cartridges, capsules, topicals, and tinctures. Out of these, the tinctures category is predicted to demonstrate the fastest growth in the market in the forthcoming years, on account of the rising requirement for medical-use cannabidiol for treating patients diagnosed with anxiety, pain, movement disorders, and depression. Moreover, these products are widely available through various distribution channels such as e-commerce websites, specialty and retail stores, and pharmacies.

According to P&S Intelligence, a market research firm based in India, the North American CBD oil market will exhibit the highest growth during the coming years. The large-scale utilization of the compound in the U.S. and the presence of several companies such as Aroura Cannabis Inc.,Tilray Inc., and Medical Marijuana Inc. who are investing in the cultivation, storage, and distribution of cannabis in the U.S. are the major factors causing the boom of the market in this region.

Hence, it can be said without any doubt that the sales of CBD oil will surge all over the world and especially in North America in the upcoming years, owing to the rising cultivation of cannabis and the increasing usage of CBD oil for treating various medical conditions and ailments in many countries across the world.

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Consumption of Omega-3 Set to Surge in Future

The growing incidence of chronic diseases is a major factor responsible for the surging demand for various supplements and functional food items such as omega-3. The high occurrence rate of chronic diseases is affecting the people of both low- and middle-income countries (LMICs) and high-income nations. “According to the World Health Organization (WHO), 9.6 million people died of cancers in 2018 and out of which around 70% were reported in LMICs”. Further, the increasing prevalence of heart disorders in several countries, especially developed nations, is boosting the requirement of heart-healthy food supplements such as omega-3 fatty acids.

Omega-3 supplements play a major role in protecting the body against various diseases and disorders such as asthma, rheumatoid arthritis, depression, and cardiovascular diseases. Besides this, it has also been found through various studies and surveys that omega-3 fatty acids help in slowing down cognitive decline. Furthermore, omega-3 acids contain docosahexaenoic acid (DHA) and are thus, highly essential for pregnant women and breastfeeding mothers. Additionally, the increasing public awareness of healthy foods is boosting the requirement of omega-3 supplements across the globe. As these fatty acids are not synthesized in the body, they need to be obtained through the diet.

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Hence, with the growing consumption of omega-3 supplements, the global omega-3 market will grow, in value, from $19.7 billion to $49.7 billion from 2019 to 2030, advancing at a CAGR of 8.8% from 2020 to 2030. Depending on source, the market is categorized into animals and plants. Of these, the animals category will hold a higher market share in the future years. This is ascribed to the fact that the EPA (eicosapentaenoic acid) and DHA (docosahexaenoic acid), found in animal-based omega-3, are required by the human body in significantly larger amounts than the ALA (alpha-linolenic acid) found in plant-based omega-3.

In the future years, the Asia-Pacific (APAC) omega-3 market will exhibit the highest and the fastest growth in the world, as per the calculations of P&S Intelligence, a market research company based in India. This is attributed to the growing requirement of omega-3 supplements and other products in the various APAC nations such as India, Australia, and China. In addition to this, the ballooning utilization of fish oil in food items and the mushrooming public awareness of health and wellness will push up the sales of omega-3 food items in the region in the forthcoming years.

Hence, it can be said with confidence that the sales of omega-3 food products will boom all over the world in the upcoming years, primarily due to the growing requirement of omega-3 supplements and capsules, mainly because of their numerous health benefits, especially with respect to the heart, in several countries around the world. 

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