EV Charging Station Demand in Market Globally Outlook - Industry Report

One of the main reasons for the growing popularity of electric vehicles is the rising awareness about the degrading quality of the environment. Our age-old dependence on fossil fuels for energy needs, has led to the appalling state of the environment. One of the chief components of fossil fuels is carbon; these fuels release numerous gases including carbon dioxide. These gases are referred to as greenhouse gases as they trap the heat from the sun into the atmosphere and cause the temperature to rise. This rise in temperature is bringing about numerous changes in the environment, ranging from melting of snow and rising sea levels to changes in climatic conditions and occurrence of frequent floods and draughts. Keeping these in mind, active measures are being taken to reduce dependency on fossil fuels, wherever it is possible.  In recent years, the sales of electric vehicles have been surging, which, in turn, has resulted in the high demand for EV charging stations.

EV charging stations are available in two types: AC charging station and DC charging station. During 2012–2015, the higher demand was for the AC charging stations. One of the reasons for their high adoption was also that they came into existence much before their DC counterparts. Most of the electricity that is supplied to users is of AC type. AC charging stations have two levels, 1 and 2. Level 1 charging stations have low charging rate and the level 2 stations provide comparatively faster charging of electric vehicles. In the coming years as well, the popularity of AC charging stations would remain higher, though DC charging stations would also witness faster growth in demand. The electric vehicle (EV) charging stations market is predicted to reach $29,683.3 million by 2022, registering a CAGR of 51.7% in the near future.

Rapidly Surging Electric Vehicle sales are Driving the Growth of the Market
The rapidly growing sales of EVs worldwide, due to the rising concerns for environmental degradation, as a result of vehicular emission, are acting as a major growth factor for the EV charging stations market. Major countries which have seen an upsurge in the electric based vehicle parc are China, Norway, and the U.S., which together account for a dominating share in the global market for EVs. China is the forerunner in the EV market across the world. Owing to the increasing number of electric vehicles in the country, the government recently announced a funding of $16 billion for the installation of EV charging stations.

Geographical Analysis of Electric vehicle Charging Stations Market
Globally, the EV charging stations market is expected to witness the fastest growth in the APAC region during the forecast period. This can mainly be attributed to the growing sales of EVs in countries such as Japan and China. Additionally, governments of many countries in the APAC region are planning to replace a substantial portion of conventional vehicles with battery electric ones in the near future, along with providing subsidies for deploying electric vehicle charging stations.

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Competitive Landscape of EV Charging Stations Market
In recent years, many small players providing charging stations for electric vehicles have emerged. Additionally, giant manufacturers of EVs and charging stations are collaborating with these players for faster deployment of EV charging stations. Some of the leading players in in the global EV charging stations market are Chargemaster Plc., Efacec Electric Mobility S.A., Tesla Inc., ClipperCreek Inc., General Electric Company, Chargepoint Inc., Schneider Electric SE, and ABB Group.
In October 2015, Leviton introduced an easy-to-use level-2 electric vehicle charging station, the Evr-Green Mini charging station. It comes in standard and optional versions, the former having a 12-foot wire and the latter an 18-foot wire option for providing flexibility in mounting location.
Some of the other players in the industry are Signet EV Inc. and AeroVironment Inc.

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How are Expanding Construction and Automotive Industries Driving ASEAN Air Compressor Market?

From garnering $902.9 million in 2018, the ASEAN air compressor market is predicted to generate $1,126.9 million by 2024, witnessing a 3.6% CAGR during the forecast period (2019–2024). A shift toward energy-efficient air compressors, flourishing automotive industry, and increasing construction activities are influencing the market positively.

ASEAN, short for the Association of Southeast Asian Nations, has Vietnam, Laos, Cambodia, Brunei, Thailand, Singapore, Myanmar, the Philippines, Indonesia, and Malaysia as its members. A mechanical device which is used for increasing the air pressure by reducing its volume is termed as an air compressor.

An inclination toward oil-free compressors can be observed in the ASEAN air compressor market. Industries such as oil & gas, automotive, textile, food & beverage, power, chemical, and manufacturing use compressors in high numbers.

Based on lubrication, the ASEAN air compressor market is bifurcated into oil-flooded and oil-free. In 2018, the larger value share in the market was accounted for by oil-flooded compressors all throughout the historical period (2014–2018) due to their high demand across various industries owing to their ability to provide high pressure.

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In the food & beverage industry, for product packaging and handling, oil-free compressors are being used. Further, due to their lower discharge pressure, these compressors consume approximately 6.0% less energy than the oil-flooded type, therefore are high in demand.

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How is Increasing Amount of Electronically Stored Information Driving Demand for eDiscovery?

The volume of electronically stored information (ESI) is predicted to witness a growth of about 65.0%–70.0% per year in large organizations. This would be due to the increasing use of social media and advanced data repositories such as tablets and smartphones within organizations’ ecosystem. Several businesses are accepting social media platforms for engaging directly with their customers. This is leading to the increasing volume of data online, which can be usable in litigation.

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When a request is made for data production in a lawsuit or investigation, eDiscovery solutions help in collecting, identifying, and producing the ESI. Emails, presentations, databases, audio and video files, websites, social media, documents, and voicemails are all included in ESI. In 2016, the eDiscovery market valued $8,285.0 million and is expected to witness a double-digit growth in the near future. Geographically, North America contributed about 70.0% share to the market in 2016. This was due to the stringent policies and compliance regulations in Canada and the U.S. Furthermore, the enforcement of antitrust law due to the political changes and technological advancements in the U.S. is responsible for the increasing requirement for eDiscovery solutions.

On the industry front, the government sector has been the largest user of such solutions, which is a major driver for the eDiscovery market growth. The governments and their adjacent industries deal with large volumes of commercial and citizen data, and the rapid growth of the digital age and technology transformations are resulting in the rising demand for secure storage of critical information.

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The emergence of predictive coding is another breakthrough that is leading to the growing demand for eDiscovery solutions. This technology is a cultured statistical algorithm that categorizes the attributes of irrelevant and relevant documents, when a review is being conducted of a small subset of documents. Predictive coding provides a lawyer with the expert knowledge of a case through an iterative training process. The system refines the traits of relevant vs irrelevant documents until the system itself can determine no more continued training; this is done in accordance with the designation of the lawyer. This strategy provides clients with the best possible value through the delivery of a higher review quality under a low-cost framework. To make use of this technology, the requirement for the eDiscovery is growing among lawyers. 

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Mobile Virtual Network Operators (MVNO) Market to Grow at 9.7% CAGR

Among the main reasons smart technology has become an indispensable part of our lives is the invention of compact and easily accessible devices, such as smart phones and computers, which utilize internet and mobile services to operate. The growing demand for cellular and broadband connectivity, in recent years, has been met by mobile virtual network operators (MVNOs) as they focus on innovative distribution and segment-based pricing strategies. They are able to provide cost-efficient mobile services to people as they utilize the existing telecom infrastructure of bigger mobile network operators (MNO).

A P&S Intelligence study claimed that the MVNO market would grow to $98.0 billion in the near future from $55.1 billion in 2017 at a 9.7% CAGR. MVNOs are service providers who do not own cellular network infrastructure and licensed spectrum but purchase network services at wholesale prices from bigger MNOs and provide customers with services under their own brand name and retail prices. Media/entertainment, discount, business, telecom, migrant, retail, cellular M2M, and roaming are different types of MVNOs. In 2017, discount MVNOs remained the most profitable and will continue making the most of these services in the coming years. 

Advancements in technology and the increasing spending power of consumers have resulted in the rising popularity of mobile phones and other such devices. Technical advancements have contributed immensely in bringing down the manufacturing and purchase cost of such devices, thereby leading to their increasing penetration and demand in society. This, in turn, has upped the demand for mobile data and other services. 

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Europe has been the most productive region for MVNOs, as in a major part of Western Europe, MVNOs are greatly supported by telecom regulatory bodies, which is why the region will keep accounting for the largest presence of MVNOs in the coming years. This deep penetration of MVNOs in the region has resulted in an increase in the competition among them, thereby resulting in better provision of telecom services to customers and that too at fairly reasonable costs.

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The Value of Electric Bus Market in China is Estimated to Soar Higher During Forecast Period

The Chinese electric bus market is projected to reach 299,866 units by 2025, witnessing a CAGR of 15.9% during the forecast period according to P&S Intelligence, the growth of the market is majorly driven by increasing government support for electric vehicles and falling battery prices.

Insights into market segments

Falling battery prices and increasing operational efficiencies expected to benefit the market

The China electric bus market is segmented on the basis of hybrid powertrain, which includes parallel hybrid, series parallel hybrid, and series hybrid. Among these, the parallel hybrid category held more than 40% share in the Chinese electric bus market in 2017. However, the fastest growth during the forecast period is expected from the series hybrid category, due to the ease in designing and assembling this type of powertrain, which reduces the overall cost of electric bus.

As battery accounts for significant share of electric bus manufacturing cost, declining Li-ion battery prices would help bus companies to keep prices under check. Moreover, increasing battery production capacity would further lower battery prices in China during the forecast period. Similar to the case of internal combustion engine, whose costs fell with decades of experience, the electric vehicle’s cost too, would continue to fall during the forecast period, with industry experience, operational efficiencies, and economies of scale; thus, driving the Chinese electric bus market during the forecast period.

Government ‘push’ driving the market

The Chinese electric bus market is highly dependent on the government, which accounted for more than 65% sales in 2017. Buses in the government sector are used for public transport, transit services, military, and other purposes. Most of the decisions of purchasing electric buses are made at the central or state government level, by politicians and other government employees. The reduction in electric vehicle subsidy would have a limited impact on the sales of electric buses as the government sector is less cost sensitive compared to the private sector. Moreover, the Chinese government has a strong commitment to increase the share of electric buses in the transportation system of the country.

Business Report on China E bus Market(Image Source- Youtube.com)

Competitive Landscape
Similar to the conventional bus market, domestic players account for most of the sales in the Chinese electric bus market. Important players in the market include Zhengzhou Yutong Group Co. Ltd., Higer Bus Company Limited, BYD Company Limited, Zhongtong Bus & Holding Co. Ltd., Dongfeng Motor Corporation, King Long United Automotive Industry Co., Ltd, and Anhui Ankai Automobile Co. Ltd.

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Healthcare Insurance Market is Expected to Witness the Fastest Growth in APAC

The global healthcare insurance market is witnessing a CAGR of 4.3% during the forecast period by Prescient & Strategic Intelligence.

Based on coverage type, the healthcare insurance market is categorized into lifetime and term coverages. Out of these, in 2018, the term coverage category contributed a revenue of $1.3 trillion and is expected to be the faster-growing category, advancing at a CAGR of 4.7% in the analysis period. Term coverage is a fixed-term policy, which provides benefit upon the death of an insured individual. Due to the benefits associated with term coverage, such as low-cost premium and receipt of a lump sum amount when the term ends, the category is predicted to progress.

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Now, when segmented by insurer type, minors, adults, and senior citizens are the divisions of the healthcare insurance market. Out of these, insurance plans for adults are anticipated to dominate the market across the globe. In 2018, adults generated a revenue of nearly $0.9 trillion for the market, which is projected to reach $1.2 trillion by 2024. On the other side, the minors category is expected to witness slower growth, advancing at a CAGR of 2.9% in coming years, owing to the fact that minors are dependent on adults and mostly covered in the insurance plans for grown-ups. 

The APAC market is projected to generate approximately $0.5 trillion revenue by 2024. This growth is mainly led by expanding healthcare industry, increasing healthcare awareness, and surging prevalence of chronic ailments in the region. Increasing medical tourism industry is also supporting the growth of the market in APAC.

Currently, the world is experiencing a significant rise in the geriatric population. In 2017, according to the World Population Prospects report published by the United Nations, geriatric population is predicted to grow faster as compared to the that of other age groups. The report states that there were 962 million people aged 60 years and above in 2017, globally, and this number is estimated to reach 1.4 billion by 2030, 2.1 billion by 2050, and 3.1 billion by 2100. This is further expected to result in the growth of the healthcare insurance market, as more aged people will lead to more plans being sold.

Hence, with the increase in the geriatric population across the globe, the demand for healthcare insurance plans is expected to rise.

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Research About Advances In Battery Technologies For Electric Vehicles In The Next Upcoming Years

Electric vehicle require battery for their operation, while hybrid electric vehicle use conventional fuel along with an electric propulsion system. Hybrid electric vehicle accumulate energy, when the vehicle decelerates. The power stored in batteries of hybrid electric vehicle is used for forceful tasks, such as accelerating from standstill. Once the vehicle is in motion, the combustion engine later runs the vehicle’s movement.

The global hybrid and electric vehicle battery market is expected to grow at a CAGR of 20.0% in terms of value during 2016-2022. Among the various applications, the electric vehicle segment accounted for largest share (46.5%) in the hybrid and electric vehicle battery market in terms of value in 2015.

Majority of European countries import hybrid and electric vehicle battery from China, Japan, and South Korea. Despite slower economic growth in Europe, countries such as Norway, France and Sweden are expected to witness growth in the hybrid and electric vehicle market during the forecast period. The increasing penetration of hybrid and electric vehicle is expected to drive the growth of the hybrid and electric vehicle battery market during the forecast period.

China accounted for the largest market share of electric vehicle in 2015. With newly built smart cities and modern infrastructure, China is giving significant attention to the emission free public transit system. The government of China offers subsidies on the purchase of emission free vehicles that has assisted the growth of the electric vehicle market in the country. China is expected to lead the global hybrid and electric vehicle battery market during the forecast period. The average cost of lithium-ion battery is expected to decline significantly by the end of 2022.

The major players operating in the global hybrid and electric vehicle battery market include, Panasonic Corporation, Automotive Energy Supply Corporation, BYD Company Limited, Lithium Energy and Power GmbH & Co. KG, LG Chem., Tianneng Power International Co. Ltd, Hitachi Vehicle Energy Ltd., Shenzhen Bak Battery Co. Ltd., and Zhejiang Tianneng Energy Technology Co. Ltd.

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