Wheelchair Market Set for Prosperity in Future

 The global wheelchair market generated $5,386.0 million revenue in 2020, and it is predicted to progress at a CAGR of 7.9% from 2021 to 2025. According to the estimates of the market research company, P&S Intelligence, the market value will rise to $7,818.5 million by 2025. The factors fueling the expansion of the market are the surging geriatric population, improving healthcare infrastructure, rising incidence of obesity, soaring prevalence of spinal cord injuries (SCIs), and improving post-treatment services across the world.

As per the World Population Ageing 2019 report published by the United Nations (UN), there were 703 million people in the age bracket- 65 years and above- in 2019 and this number will rise to 997.4 million by 2030. Furthermore, the growing incidence of chronic diseases among older individuals is propelling the occurrence of disabilities, thereby driving the demand for wheelchairs. Depending on type, the market is divided into powered and manual categories.

Access Report Summary - Wheelchair Market Global Industry Analysis and Demand Forecast 

For example, as per the World Health Organization (WHO), nearly 2 billion people were diagnosed with disability in 2019. Moreover, disabled people accounted for 37.5% of the global population in 2019. The organization also found that a majority of disabled people were adults. The wheelchair market is also categorized, on the basis of distribution channel, into e-commerce and retail. Between these, the retail category dominated the market in 2020, primarily because of the high customer preference for reviewing the product before buying them and choosing from a plethora of products in retail outlets.

On the other hand, in the upcoming years, the wheelchair market is expected to exhibit the fastest growth in the Asia-Pacific (APAC) region. This is attributed to several factors such as the increasing population of geriatric people, thriving medical tourism industry, and the rising prevalence of chronic disorders in the region. For example, as per the Ministry of Tourism, India, the medical tourism industry in the country surpassed the $9.0 billion mark in 2020 and accounted for as much as 20% of the global industry share.

Hence, it can be safely said that the market will grow rapidly in the coming years, mainly because of the rising incidence of chronic diseases, surging geriatric population, and increasing cases of disability all over the world. 

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Why Are Governments Supporting Distributed Solar Power Generation?

The International Renewable Energy Agency (IRENA) states that the installed capacity of solar photovoltaic (PV) power plants increased from 580,759 Megawatts (MW) in 2019 to 707,494 MW in 2020. Additionally, the installed capacity of solar thermal power plants surged from 6,374 MW in 2019 to 6,475 MW in 2020. These power plants harness energy from the sun and use it to generate heat and electricity. The increasing capacity of installed PV cells and thermal power plants, owing to the mounting focus on sustainable living, will encourage the adoption of solar modules.

The surging installation of solar panels, on account of the rising national and international support, in terms of financial incentives and favorable policies, will fuel the distributed solar power generation market growth in the coming years. For instance, the Solar Risk Mitigation Initiative (SRMI) has been launched by the World Bank and Agence Française de Développement (AFD) to tackle the technical, financial, and policy challenges associated with scaling up solar energy production.

Moreover, the increasing global concerns for sustainable development are propelling the shift toward off-grid power generation. For instance, Goal 7 of the Sustainable Development Goal of the United Nations (UN) aims to provide access to reliable, affordable, modern, and sustainable energy for all by 2030. Furthermore, Goal 7 targets the doubling of the global rate of improvement in energy efficiency, enhancements in international cooperation, to allow access to clean energy technology and research, and encouraging investment in clean energy technology and infrastructure.

According to P&S Intelligence, Asia-Pacific (APAC) is expected to lead the distributed solar power generation market in the foreseeable future due to the shortage of power supply, weak grid connectivity, and extensive government support being offered in developing countries, such as Thailand, China, Indonesia, and India. For instance, the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan (PM KUSUM) scheme targets the installation of ground-mounted renewable energy plants with a total capacity of 10,000 MW by 2022. These solar plants will additionally be connected to the grid, so farmers can sell the extra energy to the power utilities.

Therefore, the escalating environmental concerns and mounting international and national support for renewable energy will boost the adoption of distributed solar power generation modules.

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Why will Asia-Pacific Two-Wheeler Logistics Market Boom in Coming Years?

The global two-wheeler logistics market revenue stood at $57,260.0 million in 2020, and it is predicted to rise to $355,631.2 million by 2030. According to the estimates of the market research company, P&S Intelligence, the market will demonstrate a CAGR of 20.0% from 2020 to 2030 (forecast period). The major factors driving the expansion of the market are the cost-effectiveness and convenience of these services, surging e-commerce industry, and incorporation of the real-time tracking technology. 

In 2020, e-commerce sales accounted for nearly 16% of all retail sales across the world, registering an increment of around 19% from 2019. Further, this share is predicted to rise to 18% by 2021. The e-commerce industry is being propelled by the convenience of online shopping and home delivery and availability of products at great discounts on online platforms. For example, the U.S. Department of Commerce revealed that the total customer expenditure on online shopping stood at $514 billion in 2018, which was 14.2% higher than the one recorded in the previous year. 

Geographically, the Asia-Pacific (APAC) region held the largest share in the two-wheeler logistics market in 2020, and it is predicted to be the fastest-growing region throughout the forecast period as well. This is credited to the growing focus of the logistics companies operating in the region on efficient order management through a platform which will help them arrange drivers for deliveries and pickups. Furthermore, the APAC region is witnessing a digital revolution, with some very innovative and advanced technologiles penetrating important operations and business processes there. 

The players operating in the industry are focusing on collaborations and partnerships to gain a competitive edge. For example, DoorDash Inc. entered into a partnership with PetSmart LLC in June 2021 to enable on-demand delivery of various pet supplies and accessories from over 1,500 PetSmart locations in Puerto Rico, the U.S., and Canada. Likewise, Instacart and The Container Store, a specialty retailer of storage products, initiated a national partnership in May 2021 to offer same-day delivery under an hour to customers from all 93 locations of The Container Store. 

Hence, the market will continue growing in the future owing to the rising requirement for better and faster logistics, on account of the booming e-commerce sales all over the world. 

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Cover Corona Outbreak Impact: Nuclear Imaging Equipment Market is expected to Boom in Coming Years

The global nuclear imaging equipment market is predicted to demonstrate rapid advancement in the coming years. Nuclear imaging procedures are painless and non-invasive medical tests that help healthcare practitioners diagnose the medical conditions of patients. Nuclear imaging involves the use of radioisotopes that are directly administered into the bloodstream, inhaled, or swallowed for providing images of how the organs and tissues function. Radioisotopes emit radiations that are used for diagnosing cancer and evaluating organ disorders.

Access Report Summary - Nuclear Imaging Equipment Market Segmentation Analysis

The rising incidence of cancer and the surging population of geriatric people are the major factors propelling the advancement of the nuclear imaging equipment market across the globe. As per the International Agency for Research on Cancer (IARC), which is a specialized cancer agency of the World Health Organization (WHO), nearly 12.7 million new patients were diagnosed with cancer all over the world in 2008 and this number will rise to 21.4 million by 2030. 

Furthermore, in 2012, 8.2 million people lost their lives around the world because of cancer. Out of these deaths, lung cancer was responsible for the deaths of 1.6 million people, while, live cancer claimed the lives of 745,000 people. Moreover, as many as 400,000 people lost their lives because of esophageal cancer in 2012. The rapidly surging pool of people undergoing cancer screening and cancer diagnostic tests is positively impacting the demand for nuclear imaging equipment across the world. 

Furthermore, the share of geriatric people in the global population will reach 21.1% by the end of 2050. When application is taken into consideration, the nuclear imaging equipment market is categorized into cardiology, oncology, and neurology. Amongst these, the oncology category recorded the highest growth in the market in the past, as per the observations of the market research company, P&S Intelligence. The market is also divided, depending on end user, into research institutes, hospitals, and diagnostic centers. 

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Automakers Using Camera Modules in Autonomous Vehicles To Increase Safety

The Global New Car Assessment Programme (Global NACP) launched by the Towards Zero Foundation aims to create a world that is free from road fatalities and serious injuries. This programme supports the democratization of vehicle safety by encouraging the adoption of advanced automotive designs and technologies across the world. Additionally, NACP also aspires to promote the deployment of vehicle safety technologies with proven effectiveness by increasing public awareness regarding such features and supporting their mandatory application. To comply with the safety standards of this programme, automakers are increasingly integrating automotive camera modules in their offerings.

Additionally, the accelerating demand for autonomous and luxury vehicles will also contribute to the progress of the automotive camera module market during 2020–2030. According to the Autonomous Vehicle Implementation Predictions: Implications for Transport Planning, published by the Victoria Transportation Policy Institute, autonomous vehicles will be reliable and safe by 2025 and maybe commercially available in several parts of the world by 2030. As per this report, at least half of the new vehicles will be autonomous by 2045. 

Automotive camera modules offered by Hyundai Mobis Co. Ltd., Magna International Inc., STONKAM Co. Ltd., OmniVision Technologies Inc., DENSO Corporation, Autoliv Inc., Robert Bosch GmbH, Clarion Co. Ltd., and Valeo SA are used for lane departure warning (LDW), autonomous emergency braking (AEB), adaptive cruise control (ACC), blind spot detection (BSD), and park assist (PA) applications in vehicles. Camera modules being manufactured by these companies are based on digital, infrared, and thermal technologies. In the coming years, thermal cameras will be integrated at the highest rate, due to their surging use in night vision systems. 

According to P&S Intelligence, North America will dominate the automotive camera module market in the forthcoming years, due to the booming demand for luxury vehicles and increasing installation of ADAS in passenger cars and commercial vehicles in the region. Whereas, the European region is expected to emerge as the second-largest consumer of automotive camera modules in the upcoming years. This will be due to the surging implementation of government regulations that encourage the installation of safety features and ADAS in automobiles, primarily in passenger cars.

Thus, the soaring prevalence of road accidents and burgeoning demand for autonomous and luxury vehicles will propel the usage of automotive camera modules in the coming years.

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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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