How Are Hefty Government Investments Driving Electric Vehicle Demand in India?

 The government of India approved Phase-II of the Faster Adoption and Manufacturing of (Hybrid and) Electric Vehicle (FAME) Scheme for 3 years commencing from 1st April 2019. The scheme has an outlay of Rs.10,000 crore. This phase aims to put 7,000 e-Buses, 55,000 e-four-wheeler passenger cars, 5 lakh e-three wheelers, and 10 lakh e-two wheelers on the roads of India. These numbers may vary in the future. This scheme will only incentivize advanced battery and registered vehicles. 

Thus, the incentives being provided by the central government will support the Indian electric vehicle market growth during 2020–2030. Additionally, the central government is offering subsidies on the purchase of electric buses, passenger cars, three-wheelers, and two-wheelers. The surging government support can be primarily attributed to the rising environmental concerns and soaring air pollution levels in the country. According to the 2020 World Air Quality Report, 22 of the top 30 polluted cities of the world are in India and most of the pollution in these cities can be ascribed to automotive fuel combustion.

India Electric Vehicle Market - P&S Intelligence

Nowadays, Hero Electric Vehicles Pvt. Ltd., Okinawa Autotech Pvt. Ltd., TVS Motor Co. Ltd., Olectra Greentech Ltd., Lohia Auto Industries, Ather Energy Pvt. Ltd., Terra Motors Corporation, Ashok Leyland Ltd., Saera Electric Auto Pvt. Ltd., Mahindra Electric Mobility Ltd., Electrotherm (India) Ltd., Tata Motors Ltd., and Toyota Kirloskar Motor Pvt. Ltd. are offering electric variants of two-wheelers, three-wheelers, passenger cars, and commercial vehicles to Indian customers. At present, the sales of e-three-wheelers exceed that of other EVs, due to the extensive demand for last-mile connectivity in the country.

According to P&S Intelligence, Gujarat dominated the Indian electric vehicle market in the recent past, due to the escalating environmental concerns, surging need for first- and last-mile connectivity, rising air pollution levels, and increasing government support toward EV production and adoption in the state. Furthermore, Uttar Pradesh is also expected to witness a significant sale of EVs in the coming years. The state will witness booming sales of electric two-wheelers and three-wheelers in tier 1 and tier 2 cities to bridge the first- and last-mile connectivity gap. 

Thus, the escalating government support in the form of subsidies and incentives will boost the production and sales of EVs in India in the coming years.

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New Zealand Micromobility Market To Grow by 64.3% by 2030

The major factors driving the New Zealand micromobility market are the convenience and cost-effectiveness of these services, rising need to make the earth greener, and supportive government regulations for these transport solutions. As a result, the cumulative revenue garnered by the providers of these services in this island country will increase to $2,395.1 million by 2030 from $9.5 million in 2020, at a 64.3% CAGR during 2021–2030 (forecast period). These services are essentially provided on two-wheelers, mostly electric, which commuters drive themselves.

New Zealand Micromobility Market - P&S Intelligence 

E-scooters, e-mopeds, e-bikes, e-pods, scooters, and bikes are the categories of the type segment. Among these, the e-scooters category held the largest share in the New Zealand micromobility market in 2020 as these vehicles are immensely popular here. Compared to pedal-assist bikes, e-scooters are faster and more convenient as they save riders’ effort in propelling them forward. Due to the same reason, the scooters category will likely witness the fastest growth during the forecast period.

The biggest trend in the New Zealand micromobility market is investment in start-ups. Seeing the burgeoning demand for smoother connectivity within cities, many new companies are entering the country’s micromobility landscape. To establish their operations, they are raising significant investments from major capital firms, wooing them with their innovative business models. Moreover, even automakers and providers of conventional mobility services are funding these start-ups, in order to expand their own areas of operations.

As a result of the rising demand for these services, New Zealand micromobility market players are expanding their fleets and service areas. For instance, Neuron Mobility Pte. Ltd. added 880 N3 e-scooters in Auckland in January 2020, as part of its expansion drive in the Asia-Pacific (APAC) region. Designed to allow people to traverse the city’s hilly terrain, they are provided with safety helmets. In the same vein, in June 2019, 400 e-scooters were deployed in Wellington by Flamingo Technologies Limited, as part of the state’s micromobility trial.

Hence, with government support and the rising need for low-cost transportation, the market will continue to boom.

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Philippines Micromobility Market to Generate $13,899.7 Million Revenue by 2030

A number of factors such as the rising need to curtail transportation costs and mitigate air pollution, plunging cost of batteries, and burgeoning demand for efficient transportation services to bridge the gap between first- and last-mile connectivity are expected to propel the Philippines micromobility market at an exceptional CAGR of 158.6% during the forecast period (2021–2030). According to P&S Intelligence, the market revenue will surge from $1.9 million in 2020 to $13,899.7 million by 2030. 

Philippines Micromobility Market - P&S Intelligence 

The surging public and government focus on reducing air pollution, traffic congestion, and transportation costs is expected to drive the demand for micromobility services in the Philippines. For instance, in 2020, the Philippines had an average US air quality index (USAQI) reading of 52 ³. Additionally, the abundant availability of micromobility services and their ability to provide greater convenience than conventional transportation systems are also driving their popularity in the country.  

Moreover, the plunging battery cost is also a key contributor to the Philippines micromobility market growth. The reduction in battery price causes the upfront cost of electric personal mobility devices (PMDs) to fall, which, in turn, accelerates the inclusion rate of such automobiles in micromobility fleets. Nowadays, market players are opting for lithium-ion (Li-ion) batteries, as they offer increased running economy and reduced charging time than lead-acid batteries. Additionally, the availability of government incentives and tax credits on the usage of Li-ion batteries also fuels the adoption of Li-ion-powered electric vehicles (EVs) in vehicle sharing fleets.  

Presently, the players in the Philippines micromobility market are engaging in service expansions to gain a competitive edge. For instance, in December 2020, Moovr PH introduced its e-scooter and bike sharing services in Bonifacio Global City (BGC), the Philippines, with a fleet of 20 Segway Ninebot Pro Max e-scooters and 200 single-speed bikes and 14 hubs. Companies such as Segway Inc., StreetWheels Philippines, Grab Holdings Inc., Ningbo Kaabo Technology Co. Ltd., Niu Technologies, Kwang Yang Motor Co. Ltd., Merida & Centurion Germany GmbH, and Vmoto Limited are also expanding their services in the country to consolidate their position.

Thus, the escalating need to curtail air pollution levels and declining battery costs will augment the demand for micromobility services in the Philippines.  

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Malaysian Micromobility Market To Grow at 99.9% CAGR during 2021–2030

The Malaysian micromobility market revenue stood at $2.4 million in 2020, and it is predicted to rise to $4,549.8 million by 2030. Furthermore, the market will demonstrate a CAGR of 99.9% from 2021 to 2030 (forecast period), as per the estimates of the market research company, P&S Intelligence. The major market growth drivers are the surging requirement for micromobility services for first- and last-mile commute and convenient and cost-effective mobility options and the burgeoning demand for mitigating road congestion in urban areas. 

Malaysia Micromobility Market - P&S Intelligence 

Micromobility services are being increasingly adopted in Malaysia for first- and last-mile commute, owing to their affordable rates and ability to provide greater convenience than conventional mobility services. These services are generally provided via the station-less or dock-less model, which enables customers to drop off their vehicles at any location as per their convenience. For instance, the popularity of bike sharing services has grown considerably in the country in recent years, owing to their ability to provide low-cost transportation. 

Additionally, micromobility services are highly affordable, unlike personal vehicle ownership, which usually requires huge investments, owing to fuel costs, maintenance charges, insurance costs, and parking expenses. When availing micromobility services, users can make payments, simply on the basis of their usage, while the mobility service providers manage additional expenses, such as fuel costs, insurance charges, parking costs, and maintenance charges. Thus, the cost-effectiveness and convenience of shared micromobility services are driving the expansion of the Malaysian micromobility market. 

When sharing system is taken into consideration, the Malaysian micromobility market is classified into dockless and docked. Between the two, the dockless category contributed higher revenue to the market during the last few years. This was because of the greater convenience and requirement for less efforts for renting micromobility vehicles under this sharing system in comparison to the docked sharing system. In addition, this sharing system provides greater flexibility in parking, which is further propelling the advancement of the category in the market. 

Hence, it is safe to say that the market will demonstrate rapid expansion in the coming years, mainly because of the rising requirement for cheaper and convenient mobility options and surging road congestion in urban areas in the country.

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Public and Private Investments Boosting IoT in Healthcare Market Growth

 The mounting investments being made in healthcare internet of things (IoT) solutions by private and public organizations, surging penetration of connected devices in the healthcare sector, and burgeoning demand for effective and affordable medical treatment are expected to drive the IoT in healthcare market at a CAGR of 30.2% during the forecast period (2018–2023). The market revenue stood at $56.1 billion in 2017 and it is projected to reach $267.6 billion by 2023. Moreover, the booming elderly population, growing incidence of chronic and lifestyle-related diseases, and increasing applications of smartphone-based mHealth technologies also support the market growth.

Browse detailed report with COVID-19 impact analysis at IoT in Healthcare Market Research Report

One of the key growth drivers of the IoT in healthcare market is the escalating investments being made in the healthcare sector by both private and public organizations. For example, the U.S. federal government enacted the Health Information Technology for Economic and Clinical Health (HITECH) Act and the Affordable Care Act (ACA) to provide incentives to healthcare providers for adopting electronic health record (EHR) solutions, infrastructural development, and workforce training. Further, the ACA also supports medication management initiatives for enhanced healthcare in the country. 

The component segment of the IoT in healthcare market is classified into services, medical devices, and systems and software. In 2017, the medical devices generated the highest revenue, due to the increasing usage of IoT-based devices to monitor and analyze the medical condition of patients and provide constant notification to the caregivers about the condition of patients, for further treatment. Whereas, the systems and software category will exhibit the fastest growth during the forecast period, due to the surging penetration of telemedicine across the world.

Whereas, the Asia-Pacific (APAC) IoT in healthcare market is expected to witness the fastest growth throughout the forecast period. This can be ascribed to the soaring prevalence of chronic illnesses and growing geriatric population in the region. Additionally, the escalating investments being made by many public and private organizations in the HIT sector of the region will also boost the APAC market growth. In 2017, China generated the highest revenue, due to the surge in aging population and the implementation of several government initiatives aimed at promoting the adoption of IoT in the healthcare sector in the nation.

Thus, the soaring investments being made in the development and promotion of IoT solutions for healthcare and mounting collaborations among market players will propel market growth in the coming years.

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South Korean Micromobility Market Revenue To Surpass $11,000.0 Million by 2030

The South Korean micromobility market reached a value of $120.3 million in 2020, and it will generate $11,178.5 million revenue by 2030, as per the estimates of P&S Intelligence, a market research firm based in India. The market is being driven by the rising focus on mitigating traffic congestion in cities, burgeoning requirement for reducing air pollution and traveling expenditure, and soaring need for better first- and last-mile connectivity across the country. 

South Korea Micromobility Market - P&S Intelligence 

Due to their low cost, abundant availability, and ability to provide greater convenience than conventional transportation systems, the popularity of micromobility services is growing rapidly in South Korea. Moreover, the increasing concerns being raised over the escalating pollution and deteriorating air quality levels are also driving the requirement for micromobility services in the country. According to a study conducted in February 2017, South Korea recorded the second-worst air quality level out of all developed countries that are members of the Organisation for Economic Co-operation and Development (OECD).

As the adoption of micromobility services reduces the requirement for personal vehicle ownership, the soaring popularity of these services is predicted to solve the issue of road congestion, which will, in turn, mitigate the air pollution levels in the country. Besides this factor, the surging demand for better first- and last-mile connectivity is also expected to propel the growth rate of the South Korean micromobility market in the coming years. Depending on vehicle type, the market is classified into e-mopeds, bikes, scooters, e-bikes, e-pods, and e-scooters. 

The players operating in the South Korean micromobility market are actively focusing on partnerships in order to expand their operations and bolster their position in the industry. For example, KT Corporation announced in March 2021 that it has entered into a partnership with Omni System Co. Ltd. and the city authorities of Goyang for deploying 400 Tazo bikes near subway stations and other populated areas in the city. The organization also announced that it would start charging a fixed fee of $0.4 (KRW 500) for every 20 minutes from April 12, 2021.

Hence, it can be safely said that the market will register substantial growth in the coming years, mainly because of the rising requirement for better first- and last-mile connectivity and increasing road congestion in the country. 

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How Is COVID-19 Impacting Vietnam Micromobility Market?

The major drivers for the Vietnamese micromobility market are the worsening issues of traffic congestion and urban parking and favorable economics of these commuting services. Boosted by these factors, the providers of such services in the country can hope to make a combined $10,227.2 million in 2030, compared to $89.9 million in 2020. This increase in the market revenue will likely be at a CAGR of 66.0% between 2021 and 2030 (forecast period). Micromobility exclusively involves two-wheelers, mostly those driven by electricity.

Vietnam Micromobility Market - P&S Intelligence 

The vehicle type segment of the Vietnamese micromobility market is categorized into e-scooters, e-mopeds, e-bikes, e-pods, scooters, and bikes. Among these, the e-mopeds category is predicted to generate the highest revenue for the industry players all through the forecast period. This would be on account of the large tech-savvy and young population of the country, which finds this means of commute extremely fun. Further, the growing tourist inflow to Vietnam, driven by its French heritage, UNESCO-listed Ha Long Bay, and delicious seafood, is propelling the usage of e-mopeds.

A key driver for the Vietnamese micromobility market is the growing problem of traffic congestion, especially in the major cities, including Hanoi and Ho Chi Minh City. The cities’ roads already have more vehicles than they can handle, and with people continuing to pour in from rural pockets, the problem is worsening. Micromobility could help alleviate this issue to a great extent as it involves only two-wheelers, which require less space on the roads and for parking.

The COVID-19 pandemic has further boosted the demand for such transport services. While the service demand was relatively low during the lockdown, it is now picking up. The fear of infection and need to maintain social distancing have made many people shun conventional means of public transit, such as buses, especially for short distances. In micromobility, commuters drive the automobile themselves, therefore face a relatively lower risk of infection. Thus, since the lifting of the lockdown, the market has been witnessing robust growth in the country.

However, the biggest reason for the advance of the Vietnamese micromobility market is the economical nature of these services. Compared to traditional shared mobility, such as carsharing and ride hailing, micromobility is cheaper. To rent an associated two-wheeler, people need to pay merely $0.86 on average for an hour of commute, after an initial fee. Moreover, such services help people travel the first and last miles, which is essentially the distance between the home, office or college and the metro station or bus stop.

Therefore, as these services are eco-friendly, cheap, and convenient for commuters, their popularity will grow in Vietnam in the coming years.

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