Need to Lower Carbon Dioxide Emissions to Augment the Electric Car Market Growth

The compliance to the stringent emission norms across the globe, combined with government incentives and subsidies for electric vehicle (EV) adoption, is positively influencing the electric car market. In 2017, 927,485 electric cars were sold, and the market is expected to progress at a 33.6% CAGR during the forecast period (2017–2023). An EV is an automobile that uses electric energy as fuel, which is stored in battery packs which are rechargeable.

A shift toward battery electric vehicles (BEV) from plug-in hybrid battery electric vehicles (PHEV) is being observed in the electric car market. BEVs, being eco-friendlier, are compelling the governments to offer subsidies and incentives for their adoption. In the U.S., car companies are motivated to sell more BEVs than PHEVs, owing to the fact that the former vehicle type gets them more Zero Emission Vehicle (ZEV) credits. Likewise, in France, the provision for more tax exemptions exists for electric cars emitting up to 20 g CO₂/km than those emitting 21 to 60 g CO₂/km, where the former and latter figures usually correspond to BEVs and PHEVs, respectively.

To increase their electric car market presence, automakers are seeking expansion by acquiring small local players and engaging in joint ventures (JV). Foreign companies are rapidly entering the Chinese market through collaborations with regional players. For instance, Volkswagen Group is collaborating with SAIC Motor to develop electric cars in China. By 2022, the Renault–Nissan–Mitsubishi Alliance aims to launch 12 new electric vehicle models. Similarly, BMW Group, in 2018, entered into a JV with Great Wall Motor Company Limited in China for the production of electric cars under the Mini brand.

Further, stringent emission norms are driving the electric car market forward. With increasing global concerns about the rising greenhouse gas levels in the environment, and automobile fuel being one of the major contributors to that, many countries are imposing strict regulations to limit these harmful emissions. For instance, in keeping with the Europe 2020 strategy, the European Union aims to cut down the CO₂ emissions by 20.0% by 2020 from the levels reported in 1990.

Another contributing factor in the growth of the market is the reducing prices of battery packs, as they hold a significant share in the pricing of an EV. To help BEVs compete with conventional cars in terms of pricing, the cost of battery packs should be lower than $120/kWh. During the 2010–2016 period, their cost dropped to $227/kWh. The market would benefit by the decreasing costs of battery packs, which combined with improved battery range and capacity, would further drive the market growth.

Based on technology, the electric car market classifications are PHEVs and BEV. BEV’s dominance in China and higher subsidies provided for their adoption compared to PHEVs contributed to their larger volume share in the market during the historical period (2013–2017). Owing to their better eco-friendliness as compared to PHEVs, they are projected to be the faster growing category in the forecast period as well, leading the market in 2023.

On the basis of segment, the categories are premium, medium, low, and economy. In 2017, the economy category held the largest volume share in the electric car market, with the low category coming in second. The sales of the cars under these categories were observed to be higher than the others during the historical period owing to their affordability and popularity in key markets such as China. The fact that China is the largest market for EVS further substantiates this finding.

Hence, the market is slated to advance owing to the surging concerns about air pollution.

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Autonomous Vehicle Advancements Strengthening AI in Transportation Market

Due to the rising concerns for vehicle and driver safety, increasing focus on lowering the transportation costs, and advancements in autonomous vehicles, the artificial intelligence (AI) in transportation market is witnessing significant growth. In 2017, the market valued at $1.4 billion, and it is predicted to generate a revenue of $3.5 billion by 2023, exhibiting a CAGR of 16.5% during the forecast period (2018–2023). AI in transportation involves the use of computer vision, deep learning, and natural language processing technologies.

Video camera, radio detection and ranging (RADAR) sensors, and light detection and ranging (LiDAR) equipment are some of the AI-based hardware installed in fully autonomous vehicles which are under trial. Based on application, the AI intransportation market is bifurcated into human-machine interface (HMI) and advance driver-assistance system (ADAS). Of these, during the historical period (2013–2017), HMI dominated the market in terms of revenue, and it is expected to maintain its lead during the forecast period, owing to its extensive penetration in trucks compared to ADAS.

However, ADAS is anticipated to witness faster growth during the forecast period as it helps in easy handling of the vehicle while driving and parking, and also reduces the chances of accidents by giving prior alarms and warnings. Based on offering, the AI in transportation market is categorized into software and hardware. Of the two, during the historical period (2013–2017), the software category led the market, and it is predicted to dominate it during the 2018–2023 period as well. This is ascribed to the rising deployment of software as a platform, such as Microsoft Azure, in HMI applications.

In the past few years, the market has witnessed a considerable number of partnerships and mergers and acquisition activities. Technology-based start-ups are being acquired by large original equipment manufactures. For instance, in February 2018, NVIDIA corporation and Continental announced that they are coming into a partnership to manufacture AI self-driving vehicle systems modeled on the NVIDIA DRIVE platform, with a market introduction in level 3 autonomous vehicles in 2021. Thus, the trend of partnerships is likely to drive the growth of the AI in transportation market during the forecast period.

Further, the advancements in autonomous vehicle technology are anticipated to bring a big change in the transportation sector. AI is the only technology that offers real-time and reliable object recognition around vehicles. AI-powered systems enable the coordination, monitoring, and optimization of fleet utilization, lowering of the operation costs, and escalation in the level of services. Automakers such as Volvo AB, and Tesla Inc., automotive suppliers including Valeo SA, and Delphi Technologies PLC, and technology companies such as Google Inc. are focusing on autonomous trucks and other vehicles for commercial purposes.

For instance, in November 2017, Tesla launched an electric semi-truck with semi-autonomous features. Apart from this, many start-ups including nuTonomy Inc., TuSimple Inc., and Nauto Inc. are manufacturing commercial vehicles and passenger cars equipped with autonomous driving systems. The rising consumer preferences toward safe and secured commute is encouraging the automakers to deploy AI in their automobiles. Autonomous vehicles equipped with smart features are anticipated to fuel the AI in transportation market growth in the long term, globally.

Hence, increasing consolidation among manufacturers, and autonomous vehicle technology advancements for better safety and security are augmenting the market progress.

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Automotive Bearing Market to Observe Strong Development by 2025

In a recent study by P&S Intelligence, the 2025 size of the automotive bearing market has been estimated as $53.3 billion. The expanding automotive industry and the increasing desire to make vehicles lightweight are resulting in the market progress. In a bid to reduce the vehicle weight, manufacturers are going for lightweight bearings that are also stiff and durable. The bearings are now being manufactured by utilizing enhanced forging techniques and low torque. This is how the demand for lightweight vehicles is pushing the demand for advanced bearings, which is, in turn, driving the market growth.

Roller bearing, ball bearing, and plain bearing are the various types of bearings available, among which the ball category is predicted to dominate the automotive bearings market in 2018 with over 50.0% sales volume share. This is attributed to the heavy use of ball bearings in two-wheelers and passenger cars. But, the share of roller bearings is expected to increase during the forecast period owing to a rise in heavy-duty vehicle production.

On segmenting the domain by vehicle type, passenger car, two-wheeler, electric vehicle, and commercial vehicle are the four subdivisions. Among these, the electric vehicle subdivision witnessed the highest automotive bearing market CAGR during the historical period. Alarming air pollution levels impelled governments to form stringent emission regulations and offer subsidies to encourage their adoption. Further, people also accepted electric vehicles with open arms, which resulted in an increased demand for these, which, in turn, drove the requirement for automotive bearings.

Independent aftermarket (IAM), original equipment supplier (OES), and original equipment manufacturer (OEM) are the three main sales channels for such automotive bearings. The fastest growth in the automotive bearing market during the forecast period is expected to be witnessed by OEMs, as these are improving their products as well as manufacturing capacities to cater to the rising demand.

In 2018, Asia-Pacific (APAC) is estimated to purchase almost 45.0% of all the automotive bearings manufactured across the world, owing to the expanding automobile industry in countries, such as India, China, Indonesia, and Thailand. Here, the increasing living standards and affordability of vehicles are pushing the automotive industry, which is further driving the market for automotive bearings. China is slated to be the automotive bearing market leader due to an increasing regional demand for vehicles.

To expand their product range and market share, the key players are actively taking part in mergers and acquisitions. For example, in 2018, Cone Drive Operations Inc., a manufacturer of gears and precision drives, and ABC Bearings Ltd., a bearing manufacturer based in India, were acquired by The Timken Company. Other automotive bearing market players, including MINEBEA MITSUMI Inc., JTEKT Corporation, NTN Corporation, NSK Ltd., Schaeffler AG, RBC Bearings Inc., AB SKF, C&U Group Ltd., and NACHI-FUJIKOSHI CORP., are taking similar steps.

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Electric Bike and Scooter Market Trending in Europe Region

The European electric scooters and motorcycles market is expected to reach $892.4 million by 2025, with a CAGR of 26.2% during the forecast period, according to P&S Intelligence.

The major driving factors for the growth of the market are deployment of electric scooters for sharing services, rising concerns over greenhouse gas emissions, government initiatives, and implementation of stringent emission regulations.

The rising concerns over greenhouse gas emissions coupled with introduction of several government initiatives is a major factor for the growth of the European electric scooters and motorcycles market. Accelerating rate of environmental degradation caused by greenhouse gas emissions has become a major concern for governments across the world. This has resulted in various government initiatives to reduce carbon emissions on a large scale.

For instance, the Italian government has recently enacted a legislation to provide subsidies on electric scooter purchases, and the scheme is valid through 2019. The government has allocated $11.34 million (EUR 10 million) to support the scheme. Thus, such initiatives by the government to increase the adoption of electric vehicles as an effort to reduce carbon emissions are driving the European electric scooters and motorcycles market.

Implementation of stringent emission regulations acting as a major driverIncreased demand for high-powered electric motorcycles is a key trend witnessed in the market

The demand for high-powered electric motorcycles is increasing in the European countries. Due to their higher power levels, electric motorcycles witnessed over 100% increase in their sales in 2018, from the preceding year. Many original equipment manufacturers (OEMs) of conventional gasoline-based vehicles have announced their plans of introducing high-powered electric motorcycles in the near future. Thus, the increasing demand for electric motorcycles with high-power engine is one of the key trends observed in the European electric scooters and motorcycles market.

France was the largest electric scooters and motorcycles market in 2018
France held the largest share in the European electric scooters and motorcycles market during the historical period, accounting for over 25% sales volume in 2018. However, Spain is expected to be the largest market for electric scooters and motorcycles in Europe during the forecast period. This is due to the fact that introduction of scooter sharing business is getting popular in major cities of the country and many new players have started their operation in Barcelona as the scooter culture is vibrant in the city.

Some of the major players operating in the European electric scooters and motorcycles market are GOVECS AG, Gogoro Inc., TORROT ELECTRIC EUROPA S.A., Kwang Yang Motor Co. Ltd., unu GmbH, BMW AG, Niu Technologies, Askoll EVA SpA, Zero Motorcycles Inc., Lightning Motors Corp., Alta Motors, Scutum Logistic S.L., emco electroroller GmbH, ETRIX AG, and Piaggio & C. SpA.

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Fuel Cell Vehicle Market is Set to Boom In Near Future

The global fuel cell vehicle market is expected to witness notable growth during 2019–2024 on account of the growing implementation of stringent emission norms with respect to vehicular pollution and the increasing government initiatives to encourage the adoption of fuel cell vehicles across the world. The growing concern over rising pollution levels is resulting in a shift from conventional fuel to green fuel technologies. Moreover, higher fuel efficiency and improved driving range associated with fuel cell technology are driving the market for these vehicles, globally.
On the basis of vehicle type, the fuel cell vehicle market can be classified into passenger and commercial vehicles. Between the two, the commercial vehicles category is expected to register faster growth during the forecast period. This is because fuel cell offers greater mileage than conventional fuel, which further encourages its adoption more in long-haul commercial vehicles. Thus, fuel cell enables commercial vehicles to run greater distance without the need for refueling. Moreover, hydrogen fuel is much lighter than conventional fuel, which further makes commercial trucks and buses lighter.

During the historical period, North America, led by the U.S., dominated the fuel cell vehicle market globally, wherein the country alone held over 50.0% share in the total vehicle sales in 2018. The U.S. government’s support for new energy vehicles, complemented by its plans of ending the sales of conventional vehicles, is expected to propel the demand for fuel cell vehicles in the region. Further, Japan held the second-largest market share, with over 34.0% in terms of volume, followed by European countries, who collectively held around 9.0% share.

Growth Drivers
The fuel cell vehicle market is primarily driven by the regulatory framework of countries across the world. This regulatory framework primarily includes country-level emission standards, local policies, and fuel-efficiency norms. For instance, the European Union is committed to reducing vehicular emissions by 80% by 2050, from the 1990 levels, by focusing on encouraging the adoption of green vehicles. Further, the U.S. Environmental Protection Act (EPA) focuses on implementing fuel cell electric vehicles (FCEVs) to reduce carbon dioxide emissions. Many other countries have also planned to ban the production and sale of gasoline and diesel vehicles in the long term. For instance, Norway, France, the U.K., India, and the Netherlands have plans to ban the production and sale of such vehicles over the 2025–2040 period. Thus, the growing concern over carbon dioxide emissions around the world is leading to the phase-out of conventional vehicles, which, in turn, is benefiting the fuel cell vehicle market.

Competitive Landscape
The global fuel cell vehicle market is consolidated, with three major vehicle manufacturers, namely Toyota Motor Corporation, Honda Motor Co. Ltd., and Hyundai Motor Company, dominating it. Further, it is expected that a total of 11 automobile manufacturers would offer these vehicles by 2021. A few other key players planning to enter the market include Daimler AG, Bayerische Motoren Werke AG (BMW), General Motors Company, Volvo AB, and AUDI AG.

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Automotive Refinish Coatings Market Overview, with Recent Technologies, Applications, Growth, Insights and Status 2024

The segments of the automotive refinish coatings market are vehicle age, product type, auto type, resin type, and technology. The auto type segment is subdivided into commercial vehicles, cars, two-wheelers, and others. in 2017, the cars category dominated the market in terms of revenue generation by holding a share of 70.1%. This can be attributed to the rise in accidental insurance claims. The second-largest category was commercial vehicles, owing to the increasing popularity of RVs in developed nations.

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Based on technology, the automotive refinish coatings market categories are UV-cured, water-borne, and solvent-borne coatings. The solvent-borne category accounted for close to 60.0% share in terms of volume in 2017, as these are more cost-effective than other technologies. Owing to the demand for eco-friendly technologies in order to comply with low volatile organic compound emission regulations, the water-borne category is expected to be the fastest growing during the forecast period. 

On the basis of product, the automotive refinish coatings market is segmented into clearcoats, basecoats, primers and fillers, and others. In terms of value, the clearcoats category has been dominating the market, with an estimated contribution of more than 35.0% in 2017. Primers and fillers are expected to register significant growth during the forecast period, with 4.8% CAGR.

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Globally, Asia-Pacific has been the largest automotive refinish coatings market, with an estimated contribution of more than 30.0% in 2017. This can be attributed to the increase in the number of collisions in developing countries due to increased congestion and population, growing GDP of the region, and increase in the demand of vehicles in countries such as China, India, and Vietnam, among others. Moreover, the increasing commercial fleet due to logistics demand, and the rise in disposable income driving the rental cab service market, are few other factors driving the demand for the automotive refinish coatings in Asia-Pacific.

Therefore, the market for automotive refinish coatings is slated to advance during the forecast period owing to the growing number of vehicles on the road and resulting accidents.

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Increasing Prevalence of Skin Diseases Escalating the U.S. Scar Treatment Market Progress

According to P&S intelligence, the U.S. scar treatment market was valued at $6.3 billion in terms of revenue in 2017 and it is estimated to register a CAGR of 10.4% during the forecast period (2018–2023). The market progress is backed by the increasing prevalence of skin problems, advancements in dermatological device technologies, growing number of road accidents, rise in the volume of surgeries, surging awareness about several scar treatments, and growing spending on personal care.

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Scar treatment simply refers to the treatment of marks appearing on the skin surface after it is damaged. It consists of products used and therapies conducted by cosmetologists, dermatologists, and other skin specialists for either completely removing the scars or making these less visible. Based on the type of treatment, the U.S. scar treatment market is classified into surface, topical, laser, injectable, and surgical categories. Among all, the topical category accounted for 61.2% revenue contribution to the market in 2017.

During the historical period 2013–2017, home-use  was the largest end-user category in the U.S. scar treatment market in 2017 with 36.8% revenue share; this segment also includes hospitals, dermatology clinics, and others.  This was because of higher disposable income, which led to more spending on personal care and increased use of creams, gels and oils for the reduction or removal of scars, owing to their effectiveness.

The growing prevalence of skin diseases is one of the most significant factors backing the growth of the scar treatment market. The prevalence of skin diseases has been growing, owing to excessive exposure to pollution and ultraviolet radiation, which lead to sunburns, hair loss, and reduced skin elasticity. There are several other skin problems, such as burns, acne, post- surgical marks, and stretch marks, that can lead to scar formation. Acne affects the majority of the world population; according to the American Academy of Dermatology (AAD), nearly 85.0% of people in the U.S. had faced acne issues at some point in their lives.

Hence, due to the increasing prevalence of skin issues, primarily because of changing environment, rising pollution, and growing surgeries, the U.S. scar treatment market is expected to grow in the near future. 

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