How Is Rising EV Sales Supplementing Electric Motor Market Growth?

Factors such as the rising adoption of electric vehicles (EVs) and increasing compliance for energy-efficient electric motors are expected to propel the electric motor market at a CAGR of 6.3% during 2020–2030. According to P&S Intelligence, the market was valued at $105.5 billion in 2020 and it is projected to generate $195.1 billion revenue by 2030. At present, the manufacturing industry is opting for energy-efficient electric motors to reduce energy consumption and reduce operating costs. 

The surging adoption of EVs is one of the key growth drivers of the market, as electric motors are their major components. As per the International Energy Agency (IEA), the global stock of battery electric vehicles (BEV) (cars) and plug-in hybrid electric vehicles (PHEV) (cars) will surge from 6,850,327 in 2020 to 79,975,992 by 2030 and 3,346,713 in 2020 to 44,355,904 by 2030, respectively. Furthermore, the total number of BEV (vans) and PHEV (vans) will escalate from 427,525 in 2020 to 11,041,648 by 2030 and 8,384 in 2020 to 1,959,625 by 2030, respectively. 

The application segment of the electric motor market is categorized into medical, industrial, space, transportation, commercial aerospace, non-industrial robotics, defense, marine, and others. Under this segment, the transportation category generated the highest revenue in 2020, due to the surging adoption of EVs and booming demand for motor vehicles. The rising shift toward EVs can be attributed to the soaring public awareness about worsening air quality and increasing government support toward the EV industry in the form of tax rebates and subsidies.

Globally, the Asia-Pacific electric motor market generated the highest revenue in 2020, and it is projected to showcase the fastest growth throughout the forecast period (2021–2030). This can be attributed to the presence of a large number of manufacturing plants in developing countries, such as Bangladesh, China, Indonesia, and India. Moreover, the mounting investments being made by the market players in the untapped markets of the region will also augment the demand for electric motors in APAC.

Thus, the burgeoning EV production and escalating demand for energy-efficient electric motors are expected to steer the market growth across the world.

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Australia Micromobility Market To Generate $19,185.6 Million Revenue by 2030

Factors such as the burgeoning demand for first- and last-mile connectivity and the surging need for reduced traffic congestion in urban areas are expected to drive the Australian micromobility market at a robust CAGR of 89.5% during the forecast period (2021–2030). The market growth will also be steered by the low cost and convenience offered by micromobility solutions. According to P&S Intelligence, the market was valued at $16.9 million in 2020, and it will generate $19,185.6 million revenue by 2030.

The rising need to reduce traffic congestion, which can be credited to the booming population, is augmenting the demand for micromobility services in Australia. As per the World Bank, the population of the country surged from 25,365,745 in 2019 to 25,687,041 in 2020. The surging population is exerting additional burden on transportation systems, owing to which the government and market players are encouraging the use of such solutions. Micromobility offers better connectivity to a public transit hub, aids in reducing the carbon footprint, and helps in lowering the dependence of people on their vehicles.

Currently, the battery swapping technology is becoming a prominent trend in the Australian micromobility market. The advent of this technology has increased the fleet uptime, while reducing operational costs, owing to which market players are registering significant profits. Battery swapping can be done by the rider as well as a micromobility company employee or a freelancer. The rider can swap the discharged battery with a charged one at any swapping center, or a micromobility company employee or contracted person visits the required places to accomplish the task.

Key players in the Australian micromobility market, such as Vmoto Limited, Localift Services Pty. Ltd., Giant Manufacturing Co. Ltd., Lime, Beam Mobility Holdings Pte. Ltd., Neuron Mobility Pte. Ltd., Segway Inc., Flamingo Technologies Limited, Spinway WA, Airbike, and Kwang Yang Motor Co. Ltd., are currently focusing on business and operational expansions to stay ahead in the competition. For example, in July 2019, Beam Mobility Holdings Pte. Ltd., an e-scooter sharing service provider, established its operations in Adelaide, Townsville, Canberra, Brisbane, Sydney, and Melbourne.

Thus, the escalating need to decrease traffic congestion and the rising popularity of swappable batteries are the key contributors to the market growth.

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How Is High Disposable Income Driving Electric Massager Equipment Demand?

Electric massager equipment is used to relieve muscle tension by enhancing blood flow, lower pain intensity by decreasing bodily substances that cause prolonged pain, improve recovery by stimulating mitochondria, and reduce inflammation by activating genes that naturally lower swelling. In recent years, technological advancements have resulted in the development of handheld portable massagers, owing to which they have become extremely popular in households. Usage of such massagers can provide enhanced sleep, lower blood pressure, and potential blood loss. Thus, the increasing public awareness regarding such benefits will augment the usage of electric massager equipment in the foreseeable future. 

In addition, the surging public expenditure on personal care, on account of the rising disposable income of the people, will support the electric massager equipment market growth in the upcoming years. For instance, the Reserve Bank of India (RBI) states that the gross national disposable income of India increased from INR 1,73,15,933 crore during 2017–2018 to INR 1,92,37,943 crore during 2018–2019. Further, the Bureau of Economic Analysis (BEA) estimates that personal consumption expenditures (PCE) in August 2021 increased by $130.5 billion from August 2020 levels.

According to P&S Intelligence, North America leads the electric massager equipment market, due to the easy availability of advanced devices in the region. Moreover, the increased public awareness regarding potential applications of massaging in the treatment of stimulating mitochondria will also fuel the usage of electric massager equipment in North America. Additionally, the presence of prominent electric equipment manufacturers and rapid technological advancements will also encourage the adoption of such products in the U.S. and Canada.

Therefore, the escalating public awareness regarding the benefits of massage, growing disposable income of people, and soaring number of spas will facilitate the adoption of electric massager equipment globally.  

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Increasing Incidence of Road Accidents Driving Sales of Surgical Staplers

The rising incidence of chronic diseases is fueling the demand for surgeries, which is one of the main factors responsible for the soaring sales of surgical staplers all over the world. As per the World Health Organization (WHO), chronic diseases are the number one cause of mortality and they are responsible for around 60% of all deaths across the world. Out of all chronic illnesses, cardiovascular diseases are responsible for the highest number of deaths.

Browse In-depth Surgical Staplers Market Research Report

According to the World Population Ageing 2020 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 geriatric people are highly vulnerable to various diseases, owing to their weak immune systems, their surging population is augmenting the need for surgeries. In addition, the growing preference of people for minimally invasive surgical procedures is also expected to fuel the surgical staplers market at a CAGR of 7.7% from 2017 to 2023.

Furthermore, the value of the market will surge from $3.2 billion in 2016 to $5.4 billion by 2023, as per the estimates of the market research company, P&S Intelligence. This is because these staplers, unlike traditional sutures, allow for rapid and efficient wound closure and cause minimal inflammation. Between powered and manual staplers, the demand for the latter was found to be higher during the last few years. These staplers are preferred over the powered ones, due to their economical nature. Moreover, they cause fewer infections and facilitate faster wound closure than conventional stitches. 

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What is Major Trend Presently Witnessed in U.S. Medical Peer/External Physician Review Services Market?

The increasing incidence of medical malpractices and negligence in the U.S. over the last few years has led to the creation of strict guidelines for medical review process in the country. Moreover, there has been a huge rise in the number of healthcare centres and physicians in the country having limited expertise in conducting reviews, in the past years. Due to these factors, the requirement of medical peer/external physician review services has increased massively in the U.S. and this demand is also expected to shoot-up in the coming years.

The presence of clear guidelines regarding external physician/ medical peer review services in the U.S. is another major factor boosting the adoption of these services in the country. In addition to this, medical peer review procedures have numerous advantages such as the ability to enhance member satisfaction and safety and quality of patient care and reduce the risk of medical errors and consequent negative healthcare outcomes, owing to which, they are being increasingly adopted in the healthcare industry of the U.S.

Browse detailed report with COVID-19 impact analysis at U.S. Medical Peer/External Physician Review Services Market Research Report

Due to the above-mentioned factors, the U.S. medicalpeer/external physician review services market is predicted to exhibit substantial growth during the forecast period (2020—2030). Medical peer review and external physician review services are mainly provided by the medical universities and academic institutes, certified physicians, medical professional societies, peer review organizations (PROs), and law and consulting firms/organizations. Out of these service providers, the law and consulting organizations are expected to provide the maximum number of external physician/medical peer review services in the U.S. during the forecast period.

Therefore, it can be concluded that the popularity of medical peer/external physician review services will skyrocket throughout the U.S. in the upcoming years, mainly because of the rising prevalence of medical malpractices in the country.

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People Turning to E-Commerce for Scar Treatment Products

 Appearance is one of the biggest focus areas of people these days, which is why the demand for personal care and cosmetic products and skin treatments is growing around the world. One of the biggest degraders of appearance is scars, which can be caused by a number of diseases and physical injuries due to accidents, burns, chemical contact, violence, wounds, and surgeries. For instance, as per the American Academy of Dermatology (AAD), 50 million people in the U.S. have acne.

Browse report overview and detailed TOC at Scar Treatment Market Demand Forecast 

As a result, P&S Intelligence expects the scar treatment market value to increase to $63.4 billion by 2030 from $19.6 billion in 2019, at an 11.5% CAGR between 2020 and 2030. This is because the triggers of acne and other skin diseases, such as psoriasis, vitiligo, eczema, and photoaging, are fairly common. These include ultraviolet (UV) exposure, age and the accompanying hormonal changes, pollution, tobacco and alcohol abuse, bacterial and fungal infections, and genetics. Thus, with the increasing prevalence of such diseases, the scar incidence is rising too, which is propelling the demand for treatments.

This clearly reflects a vast unmet demand for topical, laser, surface, injectable, and surgical scar treatment products, among which topicals remain the most popular. This is because topical products include oils, gels, creams, gel sheets, ointments, lotions, and foams, which are easily available over the counter (OTC) and on prescriptions at pharmacies and retail stores and are easy to apply by patients themselves. Additionally, these are some of the cheapest scar treatments available, which is a key reason behind their high popularity among the masses.

In the years to come, the demand for such products will burgeon in Asia-Pacific (APAC), which is majorly home to LMICs. The vast unmet need for skin treatments, combined with the efforts of several public and private firms to make people aware of the issue, will contribute to the increasing product sales. Further, the improving financial status of the populace, rising cases of burns and accidents, and bettering healthcare infrastructure will create a high demand for such treatments here.

Hence, with the rising prevalence of skin issues and appearance consciousness, especially in emerging economies, scar treatment products will witness an escalating requirement.

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How Are Government Regulations Encouraging Car Security System Adoption?

According to the International Organization of Motor Vehicle Manufacturers (OICA), 53,598,846 passenger cars were sold and 55,834,456 were manufactured in 2020. The surging sales and production of vehicles are creating a huge requirement for security systems, such as immobilizers, central locking systems, alarms, and remote keyless entry (RKE) systems. The installation of these systems ensures the safety of passengers and vehicles, owing to which automakers are inking contracts with auto component companies, such as ALPS ELECTRIC CO. LTD., HELLA KGaA Hueck & Co., Delphi Automotive LLP, Robert Bosch GmbH, Mitsubishi Electric Corporation, and Tokai Rika Co. Ltd., for them.

Additionally, the toughening government regulations on vehicle security will steer the car security systems market toward prosperity. For instance, the Central Motor Vehicle Rules (CMVR) of the Indian government mandate the installation of door locks in cars manufactured in the country. Furthermore, the National Highway Traffic Safety Administration (NHTSA) under the Department of Transportation (DOT) has laid down the Federal Motor Vehicle Theft Prevention Standard to ensure the installation of advanced security systems in cars.

According to P&S Intelligence, China and India also hold significant positions in the car security systems market due to the rising car sales in these countries owing to their vast population. The Society of Indian Automobile Manufacturers (SIAM) states that 2,711,457 passenger vehicles were sold in India during 2020–2021. Similarly, the China Association of Automobile Manufacturers (CAAM) reveals that 2,297,000 passenger cars were sold in China in November 2020.

Furthermore, Western European countries, such as Finland, Germany, and the U.K., are expected to create an extensive requirement for car security systems in the foreseeable future, as their governments mandate the integration of such systems in newly manufactured cars. Likewise, North America is expected to record large-scale installations of these components in the cars manufactured here. Of the North American countries, the U.S. will see their higher sales due to the high incidence of vehicle thefts in the country, primarily due to the developed chop shop ecosystem, a part of the broader category of organized crime.

Thus, the soaring car sales, rising cases of vehicle thefts, and increasing implementation of government laws mandating the installation of security features in vehicles will facilitate their adoption worldwide.

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