Rising Demand for Electric Scooter Sharing Services Driving Growth of North American Electric Scooters and Motorcycles Market

The North American electric scooters and motorcycles market generated a revenue of $164.7 million in 2020 and it is predicted to reach a valuation of $590.4 million by 2025. According to the forecast of the market research company, P&S Intelligence, the market will progress at a CAGR of 25.1% between 2021 and 2025. The growing popularity of electric scooter sharing fleets and the rising provision of tax credits on their adoption are the major factors driving the market advancement.

As electric scooters and motorcycles contain fewer moving and vibrating parts, their maintenance requirements are very low. This massively reduces the demand for periodic maintenance and servicing that usually cost the owners of the conventionally used fossil fuel-powered vehicles a huge amount. Moreover, due to their lower maintenance requirements than traditional vehicles, they are increasingly being adopted by people who don’t have the time required for routine vehicle maintenance and servicing. 

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Apart from the aforementioned factor, the provision of federal tax credits and other financial assistance regarding the purchase of electric scooters and motorcycles by the governments of several North American countries is also fueling the expansion of the electric scooters and motorcycles market in North America. Depending on type, the market is divided into motorcycle, scooter, and kick scooter. Out of these, the electric motorcycle category is predicted to exhibit the fastest growth in the market in the upcoming years.

Additionally, the growing popularity of electric vehicles, due to the soaring environmental concerns and the mushrooming diesel and gasoline prices, is also propelling the advancement of the market in the country. One of the major trends currently being witnessed in the market is the rapid developments and advancements being made in the battery technology in order to increase the capacity of the batteries for meeting the requirements for a longer driving range and reduce their prices.  

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Hence, it is safe to say that the market will demonstrate rapid expansion in the coming years, mainly because of the rising public preference for eco-friendly vehicles and the increasing implementation of favorable government policies regarding the adoption of electric vehicles in the region. 

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Home-Use Beauty Devices Market to Register 20.4% CAGR during 2020–2030

People across the globe are becoming increasingly conscious regarding their appearance. Most because of societal norms, appealing appearance is often related to a likeable personality and good health. At times, one’s appearance can also affect their confidence level. Because of these, people have started paying more attention to their physical appearance.  

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The demand for anti-aging devices is predicted to increase considerably in the coming years due to the surging aging population across the globe. As per the United Nations, in 2017, there were about 962 million people aged 60 or above, which comprised about 13% of the global population. The geriatric population is further growing at a rate of 3% each year. Therefore, several age-related skin problems such as loosening of skin, drooping eyebrows and eyelids, growth in facial hair, and wrinkles are resulting in the rising demand for anti-aging home-use beauty devices. 

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In addition to this, the demand for hair growth devices is also predicted to rise in the near future because of the rising prevalence of androgenetic alopecia (hair loss), primarily in Europe. European population is more prone to this condition as compared to African-Americans, Asians, and Native Americans, which is why the home-use beauty devices market in Europe is expected to lead rather than North America during the forecast period. The region is further registering introduction of specialized hair regrowth devices and applications which educate consumers regarding the utilization of such devices. Other than this, the rising geriatric population and growing prevalence of hair and skin-related diseases is also resulting in the growing need for home-use beauty devices. 

In conclusion, the demand for home-use beauty devices is increasing due to the rising consciousness of people regarding appearance.   

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How Are Anti-Aging Devices Helping the Elderly?

According to the United Nations (UN) World Population Ageing report of 2019, the population of people aged 65 years and above is estimated to reach around 1.5 billion by 2050. This group of people is already adopting large quantities of anti-aging products, as it suffers from the loss of fibrous tissue and reduced glandular and vascular network in the skin layers. All these conditions lead to dryness, skin sagging, wrinkles, and pigmentary alteration, which can be treated with anti-aging products that give a younger look by tightening and revitalizing the skin.

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In recent years, the usage of easy-to-use at-home devices has surged significantly due to the easy availability of an array of such user-friendly and portable devices for skin rejuvenation, wrinkle reduction, microdermabrasion, and cellulite reduction. These products are more advanced and protect the skin from sun damage. The aging population is concentrating on preventive measures to minimize the signs of aging, and the adoption of these devices helps the elderly in maintaining a youthful appearance.

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Some of the most-widely used anti-aging products are anti-stretch mark, hair color, anti-wrinkle, and ultraviolet (UV) absorption devices. Among these products, the demand for anti-wrinkle products, such as dermal fillers and Botox injections, is substantially rising due to the growing awareness regarding aesthetic appearance. Dermal fillers are technologically advanced and can help in slowing down the aging process, which is why collagen-based, hyaluronic acid-based, synthetic polymer-based, and hydroxylapatite-based fillers are being adopted on a large scale.

To meet this demand, players operating in the anti-aging market are strongly focusing on product launches. For instance, Revlon Inc., in January 2020, launched NEW Total Color, a vegan, clean, and high-performance permanent hair color that covers gray hair almost completely. Similarly, in March 2020, Lumenis Ltd. launched the next generation of its multi-application platforms for skincare, named Stellar M22. It includes an enhanced user interface with a larger screen that allows for quick treatment and a more-convenient remote consultation process.

Thus, the booming population of the elderly and rising awareness about skin aesthetics will boost the demand for anti-aging products and procedures in the foreseeable future.

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Why Are Individuals Buying More Electric Scooters and Motorcycles Every Year?

In the context of transportation, one phrase that is on everyone’s minds these days is ‘electric vehicle (EV)’. Such automobiles are being considered the future of traveling, as they are specifically designed to reduce the air pollution levels drastically. Therefore, to increase their penetration among the masses, governments across the globe are offering purchase subsidies, tax rebates, and financial incentives. For instance, the Indian government has made an investment of INR 10,000 crore under the FAME India II scheme to promote EVs.

Thus, P&S Intelligence expects the electric scooter and motorcycle market value to rise to $10,529.7 million by 2025 from $5,913.9 million in 2019, at a high 14.4% CAGR between 2020 and 2025. Unlike several models of hybrid cars and buses, only pure-electric two-wheelers are available, which makes them, on average, more environment-friendly than other vehicles. Moreover, they are cost-effective, which is why government EV promotion schemes generally support more scooters and motorcycles than cars, trucks, and buses. For instance, the FAME India II scheme is offering support for one million electric two-wheelers compared to just 35,000 cars and 7090 buses.

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A key reason for the cost-effectiveness of electric two-wheelers is the reducing price of lithium-ion (Li-ion) batteries. Though the use of sealed lead–acid (SLA) batteries is more prevalent in such automobiles, the low weight, higher energy density, eco-friendliness, and smaller size of Li-ion batteries are making them popular now. Between 2010 and 2019, such battery packs witnessed a massive 87% decline in their prices, and since they account for almost 50% of the purchase cost of an electric two-wheeler, this slump is making these automobiles affordable.

Presently, Asia-Pacific (APAC) is the largest electric scooter and motorcycle market due to the dominance of China on the worldwide EV sector. According to the Global EV Outlook 2020 report of the International Energy Agency (IEA), 25% of all electric two-wheelers around the world are operational in China. This is a result of the rapid urbanization and people’s rising disposable income, as well as government bans on conventional scooters and motorcycles. With other regional countries also promoting electric two-wheelers strongly, their sales will keep picking up in APAC.

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Hence, with the rising environmental concerns and cost-effectiveness of electric scooters and motorcycles, their adoption will rise in the coming years. 

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Global CNG and LPG Vehicle Market Set for Lucrative Growth in Future

The global compressed natural gas (CNG) and liquefied petroleum gas (LPG) vehicle market attained sales of 56.2 million vehicles in 2019. According to the forecast of P&S Intelligence, a market research company, the market size will reach 102.3 million units by 2030. Furthermore, the market will progress at a CAGR of 5.9% between 2020 and 2030. The growing usage of clean-energy vehicles and the ability of LPG and CNG vehicles to replace traditional vehicles are the main market growth drivers.

Additionally, the low running costs of these vehicles are also contributing heavily toward the boom of the LPG and CNG vehicle market. Automobiles that run on LPG and CNG have lower running costs than the diesel and gasoline-based vehicles. This is because of the lower costs of LPG and CNG than diesel and gasoline. The cost of CNG ranges from around $1.50 to $2.80 per gallon in Europe, registering a reduction of as much as 40–75% in fuel cost.

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Depending on fuel type, the CNG and LPG vehicle market is classified into LPG and CNG. Of these, the CNG category recorded higher growth in the market in the past and it is predicted to demonstrate faster growth in the forthcoming years. This is credited to the burgeoning deployment of CNG vehicles, particularly in the emerging economies of the Asia-Pacific (APAC) region. The market is further categorized, based on fuel type, into light and heavy-duty trucks, bus, and passenger cars.

On the other hand, the market is predicted to exhibit the fastest growth in the Latin America, Middle East, and Africa (LAMEA) region in the upcoming years. This will be because of the fact that the emerging economies in this region such as Argentina and Brazil are providing lucrative growth opportunities for the market players, because of the surging purchasing power of the people and the subsequent rise in the per capita spending on personal transportation in the region.

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Hence, it can be said with full confidence that the market will grow substantially all over the world in the upcoming years, primarily because of the increasing public preference of environment-friendly fuel sources and the lower operating costs of CNG and LPG-based automobiles. 

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Why Is Application Base of Levulinic Acid Broadening?

The growing applications of levulinic acid derivatives, such as hydroxymethylfurfural (HMF), diphenolic acid, sodium levulinate, ethyl levulinate, methyltetrahydrofuran (MTHF), and succinic acid, as additives in food and beverages, fuel, and personal care products will accelerate the levulinic acid market growth at a CAGR of 8.8% between 2020 and 2030. According to P&S Intelligence, the market stood at $27.2 million in 2019, and it will reach $60.2 million by 2030. Moreover, the rising investments in research and development (R&D) to find novel applications for these compounds will boost their usage in the coming years.

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At present, bio-based production methods for the compound are being adopted by several key chemical firms. The usage of the base compound and its derivatives is at an infant stage, with a small number of companies offering them. Due to this factor, these chemicals hold an extensive potential for commercialization, thus helping companies achieve economies of scale and driving down the manufacturing costs. Apart from this, manufacturers are also making heavy investments to expand their presence and, in turn, widening the availability of these products.

Globally, North America utilized the highest volume of levulinic acid in 2019, due to a surge in the demand for it in the production of n-butyl levulinate, a fuel additive. The compound is also applied in the production of agriculture and personal care products in Canada and the U.S. In the agrochemical sector, the acid finds usage as an additive in environment-friendly herbicides. With the escalating adoption of herbicides with renewable chemicals, the demand for the compound is projected to accelerate in the foreseeable future. Moreover, the growing focus on non-conventional fuels has led to the rising deployment of levulinic acid in the conversion of biomass into fuels.

Furthermore, the Asia-Pacific levulinic acid market is projected to demonstrate the fastest growth throughout the forecast period. This can be owed to the spurring demand for the compound from the personal care and agriculture sectors of developing countries, such as India, Thailand, Indonesia, and China. These industries mainly use ethyl levulinate as an ingredient in perfumes and fragrances. Other derivatives of the compound are used as additives in cosmetic products like lipsticks and makeup removers.

Thus, the expansion of the personal care and fuel additive sectors will broaden the application base of levulinic acid in the foreseeable future.

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Why Are Drug Manufacturers Using Magnesium Stearate as Releasing Agent?

High-volume of magnesium stearate is used in the personal care industry, especially in India, Germany, South Korea, China, France, and the U.S., as the compound can serve as an excellent lubricant and texturizer in cosmetics. It is also utilized as a thickening agent in creams and haircare products such as hair masks, conditioners, and shampoos. With the rising consciousness about physical appearance, the adoption of personal care products will significantly increase in the coming years, which, in turn, will drive the demand for this chemical.  

Apart from this, magnesium stearate also finds application in the food and beverages sectors, on account of its food additive property. This compound serves as a food additive in food supplements and food items like chewing gums, granulated mints, and confectionery products. Thus, the increasing consumption of the chemical in the personal care and food and beverages industries will drive the market for magnesium stearate at a CAGR of 5.3% during 2020–2030. The market was valued at $1,492.3 million in 2019 and it is expected to reach $2,637.6 million by 2030.

According to P&S Intelligence, Asia-Pacific consumed the highest quantity of magnesium stearate in 2019, due to the considerable rise in applications of the compound in food and beverages, plastics, pharmaceutical, and personal care industries in the region. Chemical companies in APAC nations are focusing on facility expansions to meet the high-volume demand from these end-use sectors. Additionally, the growing requirement for medicated drugs in the region will boost the consumption of the compound.

Thus, the rising consumption of medicated drugs, food items, and personal care products will fuel the adoption of magnesium stearate, globally, in the foreseeable future.

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