Growing Demand for Greater Vehicle Safety Driving Sales of Autonomous Cars in North America

With the surging demand for safe and efficient driving options and advancements in electric and connected car technologies, the demand for autonomous cars is growing rapidly in North America. Moreover, the federal and the state governments in the region are enacting policies for promoting the adoption of these cars. Every year, the region is witnessing the enactment of a large number of legislations regarding autonomous vehicles. For instance, in the U.S., 15 states enacted as many as 18 autonomous vehicle related legislations, while 29 states passed autonomous vehicle related policies in 2018.

Besides the aforementioned factors, the mushrooming popularity of connected cars is also fueling the demand for autonomous cars in the region. These cars are equipped with advanced systems and features such as traffic and collision warnings, real-time traffic monitoring, road side assistance, and smartphone connectivity with vehicle. As connected cars must be equipped with V2I and V2V connectivity, which is extremely necessary for vehicle autonomy, the adoption of autonomous technology is easier in these cars than in conventional cars. 

Due to the above-mentioned factors, the demand for autonomous cars is soaring in North America, as a result of which, the revenue of the North American autonomous car market is expected to rise to $52.3 billion by 2030. Furthermore, the market will advance at a CAGR of 17.1% from 2023 to 2030, as per the estimates of the market research company, P&S Intelligence. When autonomy is taken into consideration, autonomous cars are categorized into fully and semi-autonomous cars.

In North America, the popularity of autonomous cars was found to be higher in the U.S. in the past years. This was because of the inclination of customers for more-advanced cars (level 2 autonomy) in the country. In addition to this, the country is home to a large number of original equipment manufacturers (OEMs), who are rapidly manufacturing new models equipped with advanced automation systems and features, which is also boosting the demand for autonomous cars. 

Thus, due to the soaring popularity of connected cars, surging requirement for greater vehicle safety, and the increasing implementation of supportive policies regarding autonomous car deployment by various governments, the sales of autonomous cars will boom in North America in the coming years.

Favorable Government Policies Fueling Deployment of Autonomous Cars in North America

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Why will European Low-Speed Electric Vehicle Market Boom in Coming Years?

The global low-speed electric vehicle market revenue stood at $35.2 billion in 2017, and it is predicted to rise to $68.0 billion by 2025, due to the growing government support being provided toward the deployment of low-speed electric vehicles and the surging concerns being raised over the escalating pollution levels all over the world. According to the forecast of the market research organization, P&S Intelligence, the market will advance at a CAGR of 8.7% from 2018 to 2025 (forecast period). 

The increasing government support being provided, in the form of grants and subsidies, to encourage the deployment of these vehicles is a major growth driver of the market. The governments of many countries, especially those in the Asia-Pacific (APAC) region, intend to electrify their public transportation fleets in the coming years. To achieve this goal, they are providing financial incentives and subsidies on the purchase of these vehicles. Besides, many major players operating in the LSEV market are making huge investments in the manufacturing and development of affordable and improved three-wheelers. 

These investments are being made for increasing the manufacturing capacity via expansion of production plants in order to address the ballooning customer needs. Currently, the cost of an electric three-wheeler, even after being subsidized, is greater than that of a conventionally used oil and gas-powered three-wheeler. Owing to this reason, several market players are taking measures for bringing down the price of electric three-wheelers and making them on par with that of fossil fuel-powered three-wheelers. 

Depending on product, the market is divided into three-wheeler, four-wheeler, and two-wheeler categories. Out of these, the two-wheeler category contributed the highest revenue to the market in the past and it is predicted to be the fastest-growing category during the forecast period as well. This will be because of the soaring deployment of LSEVs in shared and personal mobility services. Geographically, the APAC region dominated the LSEV market in the years gone by. Whereas, in the coming years, the European region is predicted to be the fastest-growing region in the market. 

Hence, it can be safely said that the sales of LSEVs will surge in the forthcoming years, primarily because of the rising requirement for eco-friendly vehicles and provision of government subsidies all over the world. 

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Surging Population of Geriatric People Fueling Sales of Nutricosmetics

With the rising public consciousness toward looks and appearance and the surging disposable income of people, especially in the Asia-Pacific (APAC) region, on account of the rapid economic progress of regional countries, such as India and China, the sales of nutricosmetics are soaring all over the world. Nutricosmetics are basically oral-based natural health products that contain antioxidants and targeted nutrients which are required for the treatment of nails, hair, and skin. In simpler terms, nutricosmetics are nutritional supplements that support the structure and function of the skin. These products can be ingested easily and assist in improving the condition of nails, hair, skin, face, and body.

The surging population of geriatric people is one of the major factors propelling the sales of these products around the world. 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 vulnerable to various chronic illnesses and medical conditions, their mushrooming population is propelling the worldwide sales of nutricosmetics. 

These products are sold in the form of functional foods, beauty supplements, or beverages that contain various ingredients and active nutrients, such as proteins, minerals, botanical actives, enzymes, sterol esters, vitamins, and lycopene, which are produced and marketed as beauty aids. The word ‘nutricosmetics’ is derived by combining two words—nutraceuticals and cosmeceuticals. Some of the major micronutrients that serve as nutricosmetic products are omega 3 fatty acids, vitamin C, collagen, coenzymes Q10, glutathione, flavonoids, and carotenes. 

untapped markets that are offering lucrative growth opportunities to nutricosmetic producing companies. Ferrosan A/S, Laboratoires Inneov SNC., Laboratoire Oenobiol S.A.S., Beiersdorf Ag, ISOCELL SA, BASF SE, ExcelVite, Perricone M.D., Martek Biosciences Corporation, Nutrilo GmbH, Denomega Nutritional Oils AS, Quest Vitamins, GlaxoSmithKline Pharmaceuticals Limited, Groupe Danone SA, Frutels LLC, and Functionalab Inc are some of the major players operating in the nutricosmetics market. 

Hence, it can be said with full surety that the demand for nutricosmetics will surge sharply in the coming years, primarily because of the rising requirement for personal care products, growing public consciousness toward looks and appearance, increasing disposable income of people, soaring need for natural nutritional supplements, and mushrooming population of geriatric people all over the world. 

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Rapid Digitization Fueling Low-Code Development Platform Market Growth

The global low-code development platform market revenue stood at $12,500.6 million in 2020 and it is predicted to surge to $190,792.6 million by 2030. According to the estimates of the market research company, P&S Intelligence, the market will progress at a CAGR of 31.3% from 2020 to 2030 (forecast period). 

The market is being propelled by the burgeoning requirement for business digitization, less reliance on information technology (IT) professionals, enactment of strict government regulations, rising requirement for automation in business operations, and surging adoption of low-code development tools that minimize the issue of ‘shadow IT’.

The rapid digital transformation and digitization of business operations, owing to the growing penetration of the internet, are driving the demand for low-code development platforms. As per the World Economic Forum, many industries, such as manufacturing, retail, and banking, financial services, and insurance (BFSI), allocated nearly $1.7 trillion for digitizing operations in 2020, registering a Y-o-Y increment of 23%. 

This funding is predicted to rise to $2.4 trillion by 2022. With the mushrooming requirement for business applications in various industries, the demand for low-code development platform is soaring. This is because this platform plays a critical role in facilitating the rapid digitization of several business processes, such as accounting, operations, finance, and sales. 

Besides, the rising need for automation of workflows is also propelling the low-code development platform market. Enterprises with the lowest tolerance for data loss and downtime and the greatest requirement for independent security certification and regular audits are rapidly adopting applications developed with the help of low-code development platforms. Additionally, these platforms assist in the development of customizable applications that achieve certain objectives.

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Government Policies Powering Global Sales of Adaptive Cruise Control Systems

The rising prevalence of road accidents is pushing up the demand for adaptive cruise control across the world. Road accidents are one of the major causes of deaths throughout the globe. According to various reports, Africa and Asia-Pacific (APAC) witness the highest and the second-highest number of road accidents in the world, respectively. This makes the incorporation of advanced safety systems and features such as adaptive cruise control extremely necessary in vehicles.

This is because these systems enhance the vehicular safety, which, in turn, reduces the incidence of road accidents. Moreover, these systems enhance the comfort features in automobiles and improve the overall driving experience. One of the biggest growth opportunities for the players operating in the adaptive cruise control market is the rapid integration of electronic systems in vehicles. The adoption of information and communications technology (ICT) and electronics systems is rising rapidly in automobiles. 

Besides the aforementioned factors, the growing deployment of electric vehicles all over the world is also propelling the sales of adaptive cruise control systems. In addition to this, the rising enactment of safety policies and regulations regarding vehicular safety in several countries is massively pushing up the demand for adaptive cruise control systems across the globe. Due to these reasons, the global adaptive cruise control market is registering huge expansion. 

The valuation of the market is predicted to grow from $4.8 billion in 2016 to $15.3 billion by 2023. Furthermore, the market is predicted to advance at a CAGR of 18.3% from 2018 to 2023. Radar, laser, ultrasonic, and Lidar are the most commonly adopted technologies in adaptive cruise control systems. Out of these, the adoption of the radar technology is currently being observed to be the highest in the world. 

Therefore, it can be said with surety that the sales of adaptive cruise control systems would skyrocket all over the world in the forthcoming years, primarily because of the rising prevalence of road accidents and the growing enactment of favorable government initiatives regarding vehicular safety in several countries around the world. 

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Boom Expected in Asia-Pacific Lithium-Ion Battery Recycling Market in Future

The global lithium-ion battery recycling market revenue stood at $161.4 million in 2020, and it is predicted to surge to $991.5 million by 2030. Furthermore, the market will demonstrate a CAGR of 19.9% from 2020 to 2030 (forecast period), as per the estimates of the market research company, P&S Intelligence. The market is being driven by the burgeoning requirement for electric vehicles and the limited availability of the lithium metal across the world. 

The mushrooming use of lithium in various industries is augmenting the requirement for lithium mining, which is creating concerns, owing to the limited availability of the metal all over the world. Moreover, lithium mining causes environmental damage, because of extensive chemical leakage. Owing to these factors, the popularity of lithium-ion battery recycling is soaring. Additionally, recycling assists manufacturers in ensuring that only required quantity of lithium is used in batteries and other applications.

Apart from the aforementioned factor, the ballooning deployment of electric vehicles is also fueling the expansion of the lithium-ion battery recycling market. As per the Sustainable Development Scenario of the International Energy Agency (IEA), the total number of electric vehicles (excluding three- and two-wheelers) will rise to 245 million units by 2030, which is expected to promote the recycling of lithium-ion batteries so that their worldwide requirement can be met. 

Depending on battery type, the lithium-ion battery recycling market is classified into lithium-ferro phosphate (LFP), lithium-cobalt (LCO), lithium-nickel-cobalt-aluminum oxide (NCA), lithium-ion-manganese oxide (LMO), and lithium-nickel-manganese-cobalt oxide (NMC). Out of these, the LCO category dominated the market in 2020 and this trend is expected to continue in the coming years as well. This will be because of the soaring use of LCO batteries in various portable electronics, such as tablets, mobile phones, and laptops, due to their high energy density.

Globally, Asia-Pacific (APAC) held the largest share in the lithium-ion battery recycling market in the years gone by and it is predicted to retain its dominance throughout the forecast period as well. This is credited to the large-scale deployment of electric cars, which is driving the demand for recycled old batteries in order to meet the soaring requirement for these energy devices in the region. Additionally, the rising public awareness about the various environmental benefits of electric cars is also propelling the growth rate of the market in the region. 

Hence, it can be safely said that the demand for lithium-ion battery recycling will skyrocket in the coming years, mainly because of the mushrooming adoption of electric vehicles and the limited availability of lithium across the world. 

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Global Microdisplay Market To Grow At 17.1% CAGR during 2020–2030

The global microdisplay market was valued at $1,145.6 million in 2020, and it is predicted to generate a revenue of $5,535.6 million by 2030. According to the estimates of the market research company, P&S Intelligence, the market will progress at a CAGR of 17.1% from 2020 to 2030 (forecast period). The major factors driving the expansion of the market are the increasing use of heads-up display (HUD)-integrated advanced driver assistance systems (ADAS) and surging number of near-to-eye (NTE) applications.

The rising incidence of road accidents is pushing up the requirement for ADAS, especially in China, Japan, and the U.S. According to the World Health Organization (WHO), around 1.3 million deaths are recorded every year because of road accidents. According to the Federal Motor Carrier Safety Administration (FMCSA), the U.S. launched a project in order to promote the incorporation of ADAS in the trucking industry in 2019, owing to the ability of ADAS to mitigate the prevalence of road accidents and fatalities.

The government made an investment of $0.65 million in the project, which is predicted to be completed by the end of 2021. Besides, the soaring need for microdisplays in NTE applications is also propelling the microdisplay market across the globe. These screens are being increasingly used in NTE devices, such as HMDs, augmented reality (AR)/virtual reality (VR) headsets, full-color projection devices, and personal electronics, such as cameras and mobile phones.

Depending on technology, the microdisplay market is divided into liquid crystal on silicon (LCoS), organic light-emitting diode (OLED), digital light processing (DLP), and liquid crystal display (LCD) categories. Out of these, the OLED category is predicted to register the highest growth rate in the market in the coming years. This is ascribed to the mushrooming utilization of OLED screens in electronic devices and appliances, such as smartphones and TVs. Additionally, these screens provide a high pixel density and compact size, which is further boosting their popularity globally.

This market research report provides a comprehensive overview of the market

• The Future potential of the market through its forecast for the period 2020– 2030
• Major factors driving the market and their impact during the short, medium, and long terms
• Market restraints and their impact during the short, medium, and long terms
• Recent trends and evolving opportunities for the market participants
• Historical and the present size of the market segments and understand their comparative future potential
• Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings

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