Why will Sales of Automotive Bearings Shoot Up in China in Coming Years?

The increasing demand for lower vehicle weight is pushing up the requirement for automotive bearings across the world. Bearings that are generally used in automobiles account for a considerable weight and thus, have a major role to play in automobile weight reduction. With the rising focus of automobile manufacturers on reducing the weight of vehicles in order to improve their fuel efficiency, the demand for automotive bearings is shooting up. This is because automakers are increasingly focusing on adopting advanced bearings in vehicles, especially sports utility vehicles (SUVs) and modern cars.

These advanced bearings have higher stiffness and durability and lower weight than the conventionally used bearings, on account of the usage of advanced lightweight materials for manufacturing them. Apart from this, automobile manufacturing organizations are also using improved forging methods and low tolerance techniques for producing vehicles. Besides this, the booming production of automobiles, especially in the developing nations of Asia-Pacific (APAC) such as India, China, Thailand, and Indonesia, is also driving the demand for automotive bearings. 

Furthermore, the ballooning sales of passenger cars, owing to the increasing disposable income of people, are also fueling the demand for automotive bearings across the world. This is subsequently causing the expansion of the automotive bearing market, owing to which, the market revenue is expected to surge from $33.4 billion in 2018 to $53.3 billion by 2025. According to the estimates of the market research company, P&S Intelligence, the market will advance at a CAGR of 6.9% from 2019 to 2025. 

Geographically, the sales of automotive bearings were observed to be the highest in the APAC region, with the region witnessing the sales of over 45% of the automotive bearings sold all over the world. Depending on country-wise analysis, China is predicted to be the largest procurer of automotive bearings in the coming years. This will be because of the increasing demand for vehicles in the country. According to the Organisation Internationale des Constructeurs d'Automobiles, 19,994,081 cars were manufactured in China in 2020. Additionally, the soaring sales of small-sized and low-end bearings will also propel the growth of the automotive bearing market in the country in the coming years.

Hence, it can be said without any hesitation that the sales of automotive bearings will surge sharply throughout the world in the forthcoming years, mainly because of the growing demand for lightweight vehicles, on account of their higher fuel efficiency, and the booming sales and manufacturing of automobiles, especially in the APAC region. 

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Huge Growth Expected in Vials Market in Future

 The outbreak of the COVID-19 infection has augmented the need for medical products in recent years. As the virus is spreading at an exponential rate, people need to vaccinate at a rapid pace in order to protect themselves from the infection. To meet the high demand for vaccines, pharmaceutical companies are heavily investing in the expansion of their production capacities. Moreover, the mushrooming focus of pharmaceutical and biotechnology companies and research organizations on discovering novel drugs to cure the COVID-19 disease will also amplify the need for vials in the foreseeable future.

Read the full report - Vials Market Insight

Nowadays, vial manufacturers, such as Phoenix Glass LLC, Acme Vial and Glass Company LLC, SGD Pharma, Corning Incorporated, Pacific Vial Manufacturing Inc., O.Berk, Stevanato Group, Gerresheimer AG, SCHOTT AG, Hanna Instruments, and PIRAMIDA d.o.o, are preferring borosilicate glass over fused silica to produce vials, due to the impermeability, thermal stability, and chemical inertness properties of the former glass type. With the launch of COVID vaccination programs, these companies are manufacturing borosilicate vials in large quantities. 

According to P&S Intelligence, the European region adopted the highest quantity of vials in the recent past, due to the surging geriatric population and increasing awareness about newly developed drugs in the region. According to the European Union (EU), in 2020, more than 20.6% of the total population of the 27 member nations of the EU was aged 65 years and above. Moreover, the presence of leading vial manufacturers, such as Stevanato Group, Schott AG, SGD S.A., and Gerresheimer AG, and the high per capita income of people has also led to the high-volume consumption of vials in Europe.

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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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