Why are Sales of On-Board Chargers Rising Sharply?

The mushrooming demand for electric vehicles is encouraging electric vehicle charging system manufacturers to focus on developing technologically advanced and innovative variants. Moreover, with the surging concerns being raised over the deteriorating environmental conditions, many electric vehicle manufacturers are making huge investments in research and development (R&D) projects in order to fuel advancements in the electric vehicle technology. For instance, Fiat Chrysler Automobiles N.V. announced in July 2019 that it intends to make an investment of $788 million (EUR 700 million) for developing a manufacturing line for the newer models of its Fiat 500 minicar.

Industry Outlook for On-Board Charger

This manufacturing line will enable the production of around 80,000 units every year. These investments are causing a sharp fall in manufacturing costs, which is, in turn, leading to the production of affordable electric vehicles. This is subsequently pushing up the demand for on-board chargers. These projects have led to the development of batteries having increased power densities. Besides, the increasing deployment of alternating current (AC) charging stations in emerging economies is also fueling the expansion of the on-board charger market.

This is primarily ascribed to the deployment of numerous AC chargers, as they are majorly used at homes for charging electric vehicles. As these chargers are cheaper than the other variants, they are being preferred by people throughout the world. Some of the major on-board charger manufacturing companies across the world are NXP Semiconductors N.V., Delta-Q Corporation, Delphi Technologies PLC, Eaton Corporation plc, Delta Electronics Inc., Avid Technology Inc., Toyota Motor Corporation, Infineon Technologies AG, and LG Chem Ltd.

Hence, it can be said without any doubt that the demand for on-board chargers will surge sharply in the forthcoming years, primarily because of the growing deployment of electric vehicles and the development of technologically advanced charging systems, on account of the surging investments being made by industry players across the world. 

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Optical Amplifier Market Future Trends, Prominent Players, Covid 19 Impact and Forecast by 2030

A number of factors such as the soaring infrastructural investments, rising technological advancements in wireless sensor, mounting number of data centers, burgeoning demand for data transmission without data losses for longer distances, and surging number of smart cities and smart homes will act as a growth driver for the optical amplifier market. An optical amplifier refers to a device that directly amplifies an optical signal and generates an output signal with elevated optical power without converting it to an electrical signal. 

This device has completely transformed networking and communication systems. Categories under the type segment of the optical amplifier market are Raman amplifier, earth doped fiber amplifier (EDFA), and semiconductor optical amplifier. In 2019, the EDFA category generated the highest revenue in the market, as this amplifier is an important component in long-range optical fiber communication. Due to the large gain bandwidth of EDFA, it is utilized in data channels with high data rate. 

As compared to the other amplifiers, EDFA is more reliable and has a longer lifetime. The end user segment of the optical amplifier market is classified into aerospace, industrial, healthcare, telecommunication, data center, military and defense, and others. Among these, the telecommunication category is expected to account for the largest market share, primarily on account of the rising use of optoelectronic devices, such as optical amplifiers, and optical fiber for communication medium. 

Whereas, the data center category will hold the second position in the market in the coming years, due to the surging need for multiple devices, servers, and devices, using optical amplifiers, in data centers. According to P&S Intelligence, Asia-Pacific (APAC) is expected to account for the largest share in the optical amplifier market in the coming years. This can be attributed to the increasing penetration of smartphones and expanding broadband user base in the region. 

For instance, according to the India Cellular & Electronics Association (ICEA), the number of smartphone users in India will rise from 500 million in 2019 to 829 million by 2022. ICEA also states that the average monthly data consumption of an individual will reach 18 GB by 2024.

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Facial Care Products Helping People Look Fresher and Younger

Facial care products, such as face wash, face creams, face masks, moisturizers, cleansers, scrubs, serums, and toners are gaining prominence among the working class,  as they alleviate stress and signs of aging and revitalize the skin, which, in turn, helps people look fresh even after long working hours. For instance, Tata Harper aromatic stress treatment, Estée Lauder stress relief eye mask, and Vitruvi facial spray help in increasing facial glow and alleviating the stress of end-users.

Moreover, the booming geriatric population will also support the facial care market growth in the foreseeable future. As aging leads to skin loosening, old people across the world are increasingly opting for anti-aging creams, owing to the rising consciousness among this age pool to look younger. The United Nations Department of Economic and Social Affairs (UNDESA) estimates that the population of people aged 65 years or above will surge from 727 million in 2020 to more than 1.5 billion by 2050.

According to P&S Intelligence, Asia-Pacific (APAC) will dominate the facial care market in the forthcoming years. This will be due to the mounting disposable income of people, escalating appearance consciousness among people, and surging public awareness about the benefits of facial care products in the region. For instance, the Reserve Bank of India reveals that the net disposable income of people in India increased from INR 15,534,214 in the financial year 2017–18 to Rs.17,258,624 in the financial year 2018–19.

Thus, the soaring work stress level and burgeoning population of geriatric people will augment the use of facial care products in the upcoming years. 

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Surging Geriatric Population Driving Worldwide Demand for Contact Lenses

With the surging population of geriatric people, the demand for contact lenses is soaring across the globe. According to the 2020 World Population Aging report published by the United Nations Department of Economic and Social Affairs (UNDESA), the population of people aged 65 years or above will rise from 727 million in 2020 to more than 1.5 billion by 2050. As vision ailments are highly prevalent among geriatric people, the ballooning population of older people is fueling the sales of contact lenses.

Out of the daily wear, traditional wear, and extended wear contact lenses, the demand for the daily wear contact lenses was found to be the highest in 2020. This was because of the high risk of vision ailments, which became a major concern, on account of the regular wearing of masks by people to reduce the spread of the COVID-19 infection. 

Furthermore, the rising incidence of vision ailments, on account of the increasing screen time of people, is massively boosting the demand for spherical lenses across the world. Geographically, North America was the dominant region in the contact lenses market in 2020. This was primarily because of the presence of a large geriatric population and the high prevalence of vision ailments in the region. In addition to these, the adoption of sedentary lifestyles and the surging screen time of people have massively increased the occurrence rate of vision ailments in the region, thereby propelling the requirement for contact lenses.

Hence, it is clear from the above paragraphs that the demand for contact lenses will rise enormously in the forthcoming years, primarily because of the mushrooming population of geriatric people, increasing per capita income in several countries, surging healthcare expenditure, and the growing prevalence of vision ailments across the world. 

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Hot and Cold Therapy Packs Market To Generate $2,008.2 Million Revenue by 2030

The rising prevalence of orthopedic diseases, growing aging population, increasing healthcare spending, mounting number of sports injuries, rising number of product launches, surging adoption of non-invasive pain management therapies, and increasing number of road accidents are projected to propel the hot and cold therapy packs market at a 7.7% CAGR during 2021–2030. At this rate, the market size will reach $2,008.2 million by 2030 from $981.9 million in 2020. Moreover, the market is witnessing the shifting patient preference from medicines toward non-pharmaceuticals and non-invasive pain management therapies. 

The type segment of the hot and cold therapy packs market is bifurcated into cold therapy packs and hot therapy packs. Between the two, the cold therapy packs category led the market during the historical period (2015–2020), and it is projected to dominate the market in the coming years as well. This can be ascribed to the high preference of people suffering from chronic bone and joint pain for cold therapy packs. Moreover, athletes use these packs widely for reducing the inflammation and pain caused by sports injuries.

Additionally, on the basis of application, the hot and cold therapy packs market is classified into sports injuries, neuropathic pain, and post-surgical pain. According to P&S Intelligence, among these applications, the sports injuries category generated the highest revenue in 2020, and it is also projected to record the fastest growth in the coming years. This can be attributed to the high usage of hot and cold therapy packs for the treatment of sports injuries, as sportspersons prefer non-invasive pain relief therapies widely, across the globe. 

Geographically, Asia-Pacific (APAC) hot and cold therapy packs market is projected to record the highest CAGR during the forecast period. This will be due to the growing geriatric population, increasing prevalence of orthopedic diseases, rising healthcare expenditure, and surging casing of sports injuries and road accidents in APAC. Whereas, North America held the largest market share in 2020 owing to the presence of major market players, high disposable income, surging incidence of orthopedic diseases, such as arthritis and osteoporosis, growing aging population, and increasing cases of injuries in the region.

Thus, the rising incidence of sports injuries and road accidents and surging aging population are expected to propel the market growth during the forecast period.

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Increasing E-Commerce Sales Driving Demand for Retail Logistics

The expansion of the e-commerce industry, especially in the developing countries, on account of the increasing internet and smartphone penetration, and the changing styles of logistics models are driving the demand for retail logistics across the world. As per the findings of the United Nations Conference on Trade and Development (UNCTAD), the share of online retail sales in the worldwide retail sales grew from 16% to 19% in 2020. Additionally, the organization also observed that e-commerce sales all over the world increased to $26.7 trillion in 2019, recording a rise of 4% from 2018.

 Retail Logistics Market Outlook

Furthermore, according to the India Brand Equity Foundation (IBEF), in India, the e-commerce order volume surged by 36% in the last quarter of 2020. Retail logistics is basically a sub-arm of logistics. In simple terms, it can be defined as an instrumental process of managing the merchandise flow from the supply source to customers. The retail logistics system ensures smooth flow of products to customers via efficient logistics movement. Basically, this system ensures the delivery of the right product to the right customer at the right time and at the right place. 

Thus, the growing popularity of online shopping is positively impacting the progress of the global retail logistics market. There are mainly two types of retail logistics solutions— e-commerce and conventional. Between these, the demand for conventional retail logistics solutions was found to be higher between 2014 and 2019, on account of the inventory and retailer model of fast moving consumer goods (FMCG), under which, the retailer would manage the first mile delivery of the product, while the last mile delivery would be managed by customers, who will travel to the store and bring the product to his/her home. 

Therefore, it is quite clear that the demand for retail logistics solutions will shoot up in the coming years, primarily because of the expansion of the e-commerce industry, on account of the growing internet and smartphone penetration all over the world. 

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How Is Contract Farming Driving Agricultural Micronutrient Demand?

The United Nations Department of Economic and Social Affairs (UNDESA) forecasts that the global population will reach around 9.7 billion by 2050, and it could further surge to approximately 11 billion by 2100. The population boom will create an excessive demand for food crops in the forthcoming years. The population explosion would, therefore, put immense pressure on the agriculture community to augment the volume of the crops produced. To keep up with the mounting pressure, farmers are already using agriculture micronutrients in abundance.

Additionally, the burgeoning demand for horticulture and high-value crops, such as fruits, vegetables, nuts, and ornamental crops, will aid the agricultural micronutrients market in advancing at a CAGR of 7.5% during forecast period. According to P&S Intelligence, the market was valued at $5,848.0 million in 2017, and it is expected to generate $9,009.2 million revenue by 2023. Horticulture crops require a larger volume of micronutrients, on a per hectare basis, as compared to other agronomic crops.

The micronutrients offered by FMC Corporation, Haifa Group, Akzo Nobel N.V., Chambal Fertilisers and Chemicals Limited, BASF SE, Coromandel International Limited, Sinochem Group, The Mosaic Company, and SAPEC SA are based on diethylenetriaminepentaacetic acid (DTPA), ethylenediaminetetraacetic acid (EDTA), ethylenediamine- N,N'-bis (2-hydroxyphenylacetic acid) (EDDHA), and N,N′-bis(2-hydroxyphenyl)ethylendiamine-N,N′-diacetic acid (HBED). Additionally, these companies are also involved in the production of non-chelated agricultural micronutrients, which are more economical than other variants, therefore widely used in Indonesia, China, and India.

Geographically, Asia-Pacific (APAC) dominated the agricultural micronutrients market in the preceding years, and it is expected to retain its dominance in the upcoming years. This can be ascribed to the low biofortification of crops and high deficiency of micronutrients in the soil due to continuous sowing and reaping cycles in the region. Moreover, the rising number of government initiatives for educating farmers about the benefit of adding micronutrients to the soil and mounting income level of the people of India, Indonesia, and China will boost the consumption of such agents in the forthcoming years.

Thus, the booming global population and increasing practice of contract farming will create a huge requirement for agricultural micronutrients.

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