Why Is Europe Leading Region in Global Cordless Power Tools Market?

Battery-powered portable tools known as cordless power tools are ideal for various DIY projects around the home and office. Both brushed and brushless motors may be added to operate these small, wireless tools.

Cordless power tools are often utilized in the business and at home. Long-lasting batteries are a must for cordless power tools, which must be sturdy, small, and lightweight. The increasing usage of Li-ion batteries drives the need for cordless power tools. The global cordless power tools market is expected to reach $46,729.5 million by 2030.

Technology development has produced several tools and equipment employed in many different sectors. Due to the need for efficiency, power tools are exceeding traditional tooling in both the residential and commercial sectors. For instance, there is a lot of pressure on the construction sector to provide cutting-edge products that minimize human labor.

Power tools, such as assembly tools, are precision equipment that needs ongoing maintenance of their stirring components. For specific activities, power tools must be recalibrated at predetermined times. Power tool motors, connections, batteries, and other components age and degrade with time.

The proper operation of tools needs routine maintenance, which is considerably costly. Customers in undeveloped nations favor human labor over power tool maintenance.

Therefore, the high cost of maintenance is restricting the growth of the cordless power tools market. Similar to this, power tool maintenance and repair costs increase with time. Therefore, customers in emerging nations rely heavily on rental tools, impeding their growth.

Wind turbine installation involves a significant amount of electric fastening equipment. The maintenance and inspection of tower procedures require these fastening tools. A compression factor is chosen to maintain precision, and connections are torqued in accordance. Electric fastening equipment should be the appropriate power tools for this industry since installation requires special force.

Read More

High Demand for Electric Rickshaw Batteries Led by Increasing Traction of Vehicles Due to Low Running Cost

 Do you have ever experienced traveling on e-rickshaws? It is a convenient travel mode in metro cities to cover short distances. The nine to five workforces heavily rely on e-rickshaws to reach the metro stations at their nearby location. It is quite common to see people with office bags in the morning looking for e-rickshaws to reach metro stations, and from metro stations to reach offices. It goes the same during evenings they take e-rickshaws from nearby office locations to reach metro stations, and after their metro travel, they further take e-rickshaws to reach home.

Inexpensive Cost of E-Rickshaws

Instead of picking motor vehicles to cover such short distances, e-rickshaws are massively encouraged as a convenient travel facility. There are numerous benefits of this transport. It is extremely cheap as compared to auto-rickshaws, which can sufficiently accommodate two passengers. An e-rickshaw cost amount from Rs. 60 thousand to Rs. 1.1 lakhs, while an auto-rickshaw costs between Rs. 1.5 lakhs to Rs. 3 lakhs.

Employment Generation By E-Rickshaws

The e-rickshaws usually experience fewer maintenance issues, and hence save cost. Along, with this, the rising popularity of this travel service provides employment to a large number of people. The cycle-rickshaw drivers are massively shifting toward e-rickshaws due to higher convenience and rising preference for this travel service over cycle-rickshaws. The running cost of e-rickshaws for a distance of 2.1 to 2.3 km is only Rs. 0.4.

Environment Benefits of E-Rickshaws

The e-rickshaw pose numerous environmental benefits. It includes alleviating air and noise pollution caused by transport. Around 1,036.6 tonnes of carbon dioxide emissions can be eliminated by replacing CNG auto-rickshaws with e-rickshaws.

Government Initiatives Driving E-Rickshaw Sales

Moreover, the government initiatives encourage e-rickshaw traction. It includes National Electric Mobility Mission, 2013, FAME I and II, Pradhan Mantri Mudra Yojana, 2015, and National Urban Livelihood Mission 2013. Along with these initiatives, the electric vehicle policy of the state in the forms of loans, direct subsidies, and regulatory framework also supports the rising adoption of the e-rickshaws.

Increasing Sales of Electric Rickshaws Batteries 

In 2021, the sales of e-rickshaw batteries contributed $141.3 million in revenue and are expected to rise to $295.4 million by 2030, advancing T ~8.5% rate from 2021 to 2030. Most of the e-rickshaws sales go unregistered due to their rising popularity and unorganized manufacturing companies. Presently, the registered sales of e-rickshaws account for 15,00,000, with an additional sale of 11,000 new e-rickshaws every month.

The unorganized players sell around 10,000 e-rickshaws per month, while organized players monthly contribute to sales of 1,500 to 2,000 e-rickshaws. E-rickshaws run on electric charge provided by batteries, and hence increasing adoption of e-rickshaws lead to rising sales of electric rickshaw batteries.

Rising Preference for Li-ion Battery 

There are usually two types of batteries used in electric rickshaws, li-ion battery, and lead-ion battery. Li-ion batteries have a higher preference over the lead-ion battery. It is due to their high capacity, lightweight, and availability in industry sizes. The low-discharge rate of lithium-ion batteries supports the maintenance of charge for a longer duration. It can get completely charged within 1 to 3 hours.

Therefore, the inexpensive running cost and high convenience offered by e-rickshaws for short-distance travel, including government initiatives drive the sales of e-rickshaws in India.

Get More Details India Electric Rickshaw Battery Market Demand and Business Opportunities 

Read More

Rising Interest in Personal Grooming Boosts U.S. Razor Market

 In 2021, the U.S. razor market generated $2,753.4 million revenue, and it is expected to advance at a rate of 0.96% from 2021 to 2030, and reach $3,001.9 million by 2030, attributed to the strong presence of the key manufacturers in the country. For instance, the razor industry is dominated by Gillette, owned by Procter & Gamble company. Moreover, the growing interest of the younger population in male grooming to enhance the look is expected to rise in the coming years, resulting in market proliferation. 

U.S. Razor Market Size and Share Analysis Forecast to 2030

The cartridge razor category, under the type segment, captures the highest U.S. razor market revenue, accounting for 40% share, amounting to $1.2 billion, attributed to the rising popularity of the cartridge razors facilitated by increased convenience and faster operation. It is easier to replace as it is less prone to cuts. Another major factor behind the rapid growth of cartridge razors is their effective marketing. 

Electric razors are predicted to witness the fastest growth in the U.S. razor market, advancing at a rate of 4% from 2021 to 2030. It is attributed to its various benefits such as longevity and lower overall usage costs and a rising trend of growing beards. A big chunk of the U.S. population prefers electric razors, for instance around 80.22 million people used electric and battery shavers in 2019, and the number is expected to reach around 85.6 million by 2023.  

The mass category acquires significant revenue in the U.S. razor market, accounting for a 50% share, and it is expected to retain the same position in the coming years. It is attributed to its properties such as being disposable, safe usage, and straight shape, and it is made up of inexpensive materials, including injection-molded polycarbonate. Single blade razors contribute to the major part of the mass category and thus become a default choice for people having irritated skin, dryness, or acne. 

The rising concern of the population toward personal grooming expands the U.S. razor market. Both men and women are becoming more aware of personal grooming nowadays, with their growing interest in haircare and look enhancement. Moreover, the rising focus on personal grooming is witnessed in men, as they have started to visit male salons and spas more frequently to get professional advice for haircuts and shaves. 

As per The Procter & Gamble Company, shaving dominates the men’s grooming segment, and it is expected to follow the same trend in the near future. Moreover, the female population also uses razors to remove hairs from the underarms and legs to smoothen them as a part of their personal grooming. Therefore, the increased demand for personal grooming products expands the market. 

The rise in competition among the major razor providers is expected to boost the U.S. razor market, attributed to the growing focus of razor companies to develop new products and technological advancements to stand out in the market. For instance, Planet Kind, launched by Gillette has utilized 85% recycled plastic and 85% recycled paper or infinity recyclable aluminum. The razor handle is also made of 60% recycled plastic. 

Therefore, the strong presence of top players in the country and the growing focus of the young population on personal grooming leads to a market boom. 

Read More

Seaweed Protein Market Is on Track To Touch $1,397.7 Million Value by 2030

 An increasing trend is the extraction of protein from edible seaweeds for a variety of medical uses. Revenue from the worldwide seaweed protein market, which was $513.7 million in 2021, is predicted to touch $1,397.7 million by 2030, growing at an 11.8% CAGR from 2021 to 2030. It is urged to adopt alternative protein sources since, unlike raising cattle, they do not consume land or emit greenhouse gases. Furthermore, the intake of meat proteins may increase due to the possibility of contagious viral diseases in animals.

Seaweed Protein Market Analysis Demand Forecast Through 2030

The Gracilaria chilensis is most significant seaweed crop grown in Chile, accounts for up to 100% of all the biomass produced by aquaculture. Given that local fishers are mostly responsible for planting and harvesting it, it has had a favorable socioeconomic influence on residents of coastal communities.

Over the past ten years, seaweed production in Chile has increased dramatically—by more than 400%. The second-most popular export from Chile is dehydrated seaweed, with over two-thirds living in China and the remainder going to Denmark, Japan, France, Canada, and Norway.

Around 50% of seaweeds are grown worldwide, primarily red seaweeds. Red seaweed proteins account for over 70% of the seaweed protein market globally. The red seaweed known as nori has the highest measured protein level at up to 47%.

Red seaweeds are useful to humans primarily as a food product binder and as a bacterial substrate in scientific settings. Carrageenan, a substance used in cosmetics, food processing, and other industries, is produced using Eucheuma and kappaphycus. When compared to alternative approaches, seaweed extracts produced using the conventional alkaline extraction process provide higher yields. However, these techniques of protein extraction take a long time and use a lot of solvents, and the extraction effectiveness is only moderate.

The seaweed protein market dominates by traditional methods of extraction, accounting for around 55% of total sales. An extensive study revealed that enzymatic pre-treatment with a mixture of polysaccharides, coupled with alkaline extraction, is the most effective method and will provide the best yield.

For further processing, China has served as the primary importer of both edible and inedible seaweed. In a similar vein, the Philippines is China's second-largest rival for carrageenan exports, both semi-processed and processed. About 60% of the global production of seaweeds and hydrocolloids is consumed in the APAC.

Over the past ten years, the Philippines has seen a more than 40% growth in carrageenan exports. The largest seaweed protein market for carrageenan is the U.S., which is coupled with the European Union, Brazil, Indonesia, Mexico, Japan, and Thailand.

For example, the Indonesian government has given seaweeds top priority in its goal for economic growth. The rising expenditures in R&D activities to create new technologies for seaweed protein extraction and cultivation are another element boosting the growth of the seaweed protein market in the APAC region. Numerous initiatives have been started to advance farming methods and inform people about them; which has helped to raise the standard of living in coastal villages. 

Read More

Acrylic Adhesives Market to Reach a Value of over $14,921 Million by 2030

The size of the acrylic adhesives market was over $8,964. million in 2021, and it will grow at a rate of about 6% in the near future, to reach a value of over $14,921 million by 2030. The growth is mainly because of the increasing demand for eco-friendly and scientifically advanced acrylic adhesives in different industries. These materials have an extensive range of use in transportation, packaging, woodworking, automotive, and several other areas.

Europe is the region producing acrylic adhesives in large quantities, while the U.S. can import them. Thus, the U.S. will observe a massive increase in product sales in the coming years. Economic performance will rally in Europe and North America, consequently allowing for an increase in investments in manufacturing and research and development, while the Peoples Republic and Japan withstand the existing industrial development.

APAC has the largest demand in the acrylic adhesives market because of a momentous surge in building activities, an increase in the packaging requirement from the evolving e-commerce industry, and the development of the food & beverage sector. Owing to the fast development in internet access in India and China, the e-commerce packaging requirement will expand more quickly in these countries. The surging demand for food and beverages is the reason for the continuous development of paper packaging and rigid packaging businesses in these countries.

Furthermore, these nations’ construction industries will expand in the years to come because of the rising count of planned projects, which are in the developmental phase. For example, China will have 400 airports for passengers and cargo by 2035. Aldo, the government has planned the relocation of 250 million people to megacities in the next decade.

The increasing penetration of these adhesives in the automotive and aerospace sectors has contributed significantly to the rising demand for the same across the globe.

Read More

How Does Rapid Urbanization Boost Vietnam Diesel Generator Set Market?

In 2021, the Vietnam diesel generator set market generated around $109 million revenue, and it will progress at a rate of 3.6% from 2021 to 2030, to garner approximately $150 million revenue by 2030. The continuous rise in the sales of diesel generators in Vietnam is projected to increase its dominance in Southeast Asia as gensets market. The surge in construction activities in the country is driven by SEZs construction, government infrastructure projects such as smart cities, metro trains, and national and state road construction with the increased consumption of power proliferating the market.

The expansion of the industrial and construction sectors led by the rapid urbanization has also resulted in the propulsion of the Vietnam diesel generator set market to cater to the increasing demand for power. Moreover, the lack of a proper grid infrastructure causes an inadequate power supply in the country that negatively impacts the operations of the commercial and industrial spaces. Therefore, it results in an increase in demand for generators for an uninterrupted power supply during blackouts with a continuous supply of electricity for various applications.

In addition, the Vietnamese government has planned to increase the total housing space to 27 sq m per person by 2025 and 30 sq m by 2030, under the MOC strategy. Moreover, in the next decade, the government will be focusing on the redevelopment of housing development associated with urban development, old apartment buildings, along with green and smart homes. Furthermore, the housing solutions for low-income earners and workers in the urban areas are covered under government policies. The rise in the residential units, caused by government initiatives leads to a boost in diesel generator sales to cater to the backup power requirement.

The industrial sector captured a significant share in the Vietnam diesel generator set market, ascribed to the country becoming an industrial hub with an extensive and educated workforce. Moreover, the government of the country provides support to businesses that facilitate raw materials, spare parts, and components to various sectors such as automotive, IT, electronics, leather and footwear, and apparel and textile. Therefore, the expansion of the industrial sector has resulted in a surge in the requirement for power with the growing demand for generator sets.

Therefore, the insufficient power grid infrastructure leads to increasing demand for diesel generators in Vietnam for the continuous supply of power.

Read More

North America had the Largest Demand for Inhalation Anesthetics Market

The size of the inhalation anesthetics market was $1,356 million in 2021, and it will reach about $2,145 million by 2030, at a growth rate of over 5%in the years to come. This is because of the increasing use of inhalation anesthetic drugs, as a result of the growing elderly population susceptible to chronic ailments, snowballing trauma cases, and increasing access to health services and operations.

Sevoflurane had about 75% of revenue in the industry in 2021, and this will grow rapidly at a rate of over rate of 5% in the years to come. This is since sevoflurane is one of the most widely used drugs for anesthesia, attributable to its healing features. Likewise, it is an ether inhalation anesthetic agent with a non-irritant redolence, low-blood gas partition coefficient, and low pungency.

North America has the largest share of revenue in the inhalation anesthetics market in the year 2021. This is largely due to the progressions in anesthesia and surgical methods, accompanied by the obtainability of new drugs in the region. The main investors of the industry like doctors accepting and endorsing the consumption of these medications, and producers and investors are devoted to the production and R&D of the drugs. Furthermore, the cases of long-lasting ailments, like vascular glitches and other malignancies, have been hastening quickly in the region, which upsurges the count of surgeries.

APAC will witness the fastest growth in the coming years. The increasing population, snowballing investments in healthcare infra, increasing acceptance of novel technologies in surgeries, and increasing healthcare spending per capita are the important factors accountable for gaining the footprint of anesthetic drugs. Furthermore, the demand for these medications has augmented due to government-preferred reimbursement systems and their acceptance in both private, and public healthcare institutions.

 Due to the increasing geriatric population, the demand for inhalation aesthetics drugs is rapidly on the increase.

Read More