COVID-19 Impact Analysis on Electric Motor Market | Insights on Strategies of Key Players

Almost everything which moves, apart from humans and animals, has an electric motor, be it a washing machine or a train. It is a simple device which converts electricity into mechanical energy, most commonly in the form of motion. In the current scenario, the major reason behind the increasing demand for such devices is the need to reduce the consumption of energy. 

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For instance, in a factory, an electric motor accounts for the maximum electricity usage, and by using energy-efficient devices, not only can the expenditure on power be reduced, but the carbon emissions can also be ultimately brought down. Thus, with the expansion in the industrial sector, especially in developing countries, in a world constantly plagued by air pollution, the electric motor market is projected to grow to $155.1 billion by 2023 from $108.5 billion in 2017, at a 6.2% CAGR during 2018–2023. 

The implementation of the International Energy (IE) standards, in order to reduce the electricity consumption, is bolstering the demand for compliant motors. Currently, motors compliant with the IE3 standards are majorly used, but with the implementation of stricter standards, the demand for IE4-compliant variants is rising. Apart from energy-efficient models, those with a high power-to-weight ratio are also witnessing a rising demand from industries. 

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This is because large and heavy motors, though offering appreciable power output, are difficult to transport. This is why Siemens AG developed a motor in 2015, weighing merely 50 kg, but offering a power output almost 260 kilowatts (kW). Apart from the portability issues, the constant reduction in the size of machines is also a reason for the rising popularity of high-power-to-weight-ratio motors around the world.

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What is the major forces driving the connected car business?

 The increasing customer demand for a safer and enhanced driving experience and the introduction of advanced technologies such as the internet of things (IoT) in the automotive domain are the major factors driving the advancement of the global connected car market. The market is predicted to reach a valuation of $198,459.7 million by 2025, demonstrating a CAGR of 24.1% from 2020 to 2025.

Driver assistance, vehicle safety, fleet management, mobility management, and entertainment are the main categories under the service segmentation of the connected car market. Out of these, the mobility management division is predicted to register the fastest market growth in the coming years. This is because of the rising incorporation of shared mobility solutions and services such as ride-sharing, ride-hailing, two-wheeler sharing, and carsharing across the world. The vehicles used for shared mobility purposes must have higher operational efficiency, enhanced road safety and vehicle tracking features, improved vehicle management features, and higher adoption of IoT-based solutions and are thus, heavily dependent on connected car solutions.

Between the aftermarket and the original equipment manufacturer (OEM) categories under the end use segmentation of the connected car market, the aftermarket category is predicted to demonstrate faster growth in the market during the coming years. Due to the rising requirement of retrofitting the connected car solutions into the already existing automobiles and the ballooning demand for the upgradation and replacement of these solutions, the incorporation of these solutions by the aftermarket companies will increase rapidly in the coming years.

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Globally, the Asia-Pacific (APAC) connected car market will exhibit the fastest growth in the upcoming years. This is ascribed to the rapid technological advancements and innovations in the automotive industry in the various APAC nations such as Japan, South Korea, and China. Furthermore, China is currently one of the largest manufacturers of connected cars across the world, on account of the launch of numerous connected car-associated technology development programs, changing government safety regulations for automobiles, and the rising manufacturing capacity of the passenger vehicle manufacturing companies in the country.

The players operating in the connected car market are getting into partnerships with each other for enhancing their market presence. For example, DENSO CORP. announced in September 2019 that it has started a partnership with BlackBerry Ltd. for developing connected mobility solutions. Under this partnership, the firms started working on an integrated human-machine interface (HMI) digital cockpit system called Harmony CoreTM. This system would incorporate the use of QNX Hypervisor technology, developed by BlackBerry Ltd., for enabling integrated control over the in-vehicle HMI devices.

Similarly, Otonomo Technologies Ltd. and Microsoft Corp. entered into a partnership with each other in September 2019 for developing the latter’s connected vehicle platform. The organizations, through this partnership, aim to improve the various services offered via the platform such as mapping, parking, on-demand fueling, emergency response, usage-based insurance, predictive maintenance, in-vehicle package delivery, and media measurement. Furthermore, under this partnership, the connected vehicle platform developed by Microsoft Corp would be incorporated for plugging the connected car data into the existing ecosystem of Otonomo Technologies Ltd.

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Robert Bosch GmbH, NXP Semiconductors N.V., ZF Friedrichshafen AG., Panasonic Corp., Delphi Technologies PLC, Continental AG, , Infineon Technologies AG, DENSO CORP.,Valeo SA, and TE Connectivity Ltd.are some of the major market players.

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Conversational AI Market Future Trends, Prominent Players, Industry Impact and Forecast by 2024

Valued at $3.2 billion in 2018, the conversational artificial intelligence (AI) market is expected to reach $15.0 billion in 2024, registering a 30.2% CAGR during 2019–2024. The market is witnessing growth due to the rising demand for AI-powered customer support services, positive return on investment (ROI) for companies deploying conversational AI solutions, and increasing number of solution providers in the market. 

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Among these, the retail & e-commerce industry accounted for the major share of the market during the historical period (2014–2018) and is going to retain its position during the forecast period. The fastest growth is projected to be witnessed by the BFSI industry.When application is taken into consideration, the conversational AI market is categorized into personal assistant, customer engagement and retention, customer support, branding and advertisement, and onboarding and employee engagement. 

The application of intelligent virtual assistants (IVA), chatbots, and intelligent interactive voice response (IVR) systems in different industries for automating interaction with customers and creating a personalized customer experience is called conversational AI. On the basis of industry, the conversational AI market is divided into retail & e-commerce, hospitality, media & entertainment, banking, financial services, & insurance (BFSI), healthcare, telecom, and others (which include oil & gas, government, energy & utilities, education, and automotive). 

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The largest share of the market was occupied by the customer support category during the historical period, which is further going to account for the major share of the market during the forecast period. This is because chatbots assist in increasing the response rate of customers. The personal assistant application is expected to witness the fastest CAGR during the forecast period. The rising demand for AI-powered customer support services is a major factor driving the growth of the conversational AI market.

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Automotive Fuel Injection System Market Set to Exhibit Tremendous Growth in Future

 The automotive industry has been witnessing a robust growth all across the globe, which can primarily be attributed to the rapid economic growth in developing countries, rising disposable income of people, and emergence of electric vehicles in the market. Because of all these factors, the production capacity of automobile industries has risen significantly. During the time period, 2005–2019, approximately 91.3 million motor vehicles sold worldwide, and the global automotive industry is predicted to generate a revenue of nearly $9 trillion by 2030. Moreover, about 92 million motor vehicles were produced around the world.  

Ascribed to these factors, the automotive fuel injection system market is expected to advance at a substantial pace in the coming years. among heavy commercial vehicles, light commercial vehicles (LCV), and passenger cars, the largest demand for fuel injection systems in the past was created for passenger cars. This is due to the growing disposable income of people and swift urbanizations. Other than this, the requirement for these systems for light commercial vehicles is also predicted to rise considerably in the coming years, on account of low cost of LCVs and their high adoption for logistics supply chains, particularly in emerging economies. 

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Diesel direct injection was the most in demand in the past, as these engines are currently the most efficient combustion engines and have the highest degree of thermal efficiency. The Asia-Pacific region is projected to emerge as the largest automotive fuel injection system market in the coming years. This is because of the high vehicle production and stringent regulations regarding emissions in the region. The enhanced economy and living standards in India and China have led to the increased sales volume of vehicles in the region. 

Hence, the demand for fuel injection systems is growing due to the surging sales of vehicles. 

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Rising Medical Tourism Driving Anti-Aging and Skin Rejuvenation Energy-Based Aesthetic Devices Market

This is due to the rising medical tourism, awareness about the safe use and advantages of anti-aging and skin rejuvenation energy-based aesthetic devices, geriatric population, and inclination toward minimally invasive aesthetic treatments. These devices are utilized for performing various virtually painless, fast, and non-invasive or minimally invasive aesthetic treatments by making use of different energy-based technologies.

On the basis of technology, the anti-aging and skin rejuvenation energy-based aesthetic devices market is divided into light-based, ultrasound-based, laser-based, electromagnetic energy-based, and plasma energy-based. Out of these, the laser-based technology accounted for the major share of the market (28.3%) in 2018 as it is increasingly being adopted for performing different aesthetic treatments for skin rejuvenation, signs of aging, and other applications. Attributed to these factors, the division is also expected to dominate the market during the forecast period.

When application is taken into consideration, the anti-aging and skin rejuvenation energy-based aesthetic devices market is categorized into fine lines & wrinkle reduction, oxygenation, skin tightening, and scar treatment. Among these, the largest share of the market was held by the category of skin tightening during the historical period (2014–2018). This was because of the increasing geriatric population, as aging results in the reduction of collagen in the skin, and anti-aging and skin rejuvenation energy-based aesthetic devices can be useful for treating the sagginess of the skin.  

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One of the primary factors driving the growth of the anti-aging and skin rejuvenation energy-based aesthetic devices market is the rising medical tourism. The medical industry has been growing rapidly due to globalization and rising awareness among people regarding alternate options for surgical aesthetic treatments. It has been observed over the last few years that patients from developed nations travel to countries such as South Africa, Singapore, Thailand, India, Turkey, Mexico, and Costa Rica for seeking treatment. This is majorly because the treatment offered in these countries is cheaper than in developed countries.   

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Coronavirus Business Impact – Battery Management System Market In-depth Analysis of the Industry with Future Estimations

The rising demand for electric vehicles (EVs) across the globe, on account of the increasing government policies and measures supporting the deployment of eco-friendly vehicles, is one of the major factors powering the sale of battery management systems (BMS) throughout the world. For instance, New Zealand joined the global EV initiative in 2018 that has put the country alongside the top electric vehicle markets.

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Additionally, the country plans to transition from fossil-fuel-powered transport to that running on clean and renewable electrical energy, over the next few decades. As a result, the battery management system market is expected to progress at a CAGR of 14.5% during the forecast period (2020–2030), at which its revenue would increase from $5.1 billion in 2019 to $22.3 billion by 2030.

The surging demand for renewable energy due to global warming is another important factor propelling the uptake of battery management systems across the world. As per the International Energy Agency (IEA), renewable sources of energy currently make up nearly 26% of the global electricity consumption, and it is set to touch 30% by 2024, which is driving the sale of lead–acid and lithium-ion batteries.

A BMS helps prolong the life of the battery by making sure it doesn’t operate above the maximum voltage and current, collecting and analyzing operational data, and monitoring its health. Lithium-ion (Li-ion), lead–acid, and nickel batteries are widely used across the world.

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Amongst these, the integration of BMSs was recorded to be the highest in Li-ion batteries in 2019. This is primarily ascribed to the burgeoning adoption of Li-ion batteries, on account of their numerous advantages, such as higher density, longer life cycle, and stronger resilience. These batteries are also predicted to register the fastest growth in BMS integration during the forecast period.

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Autonomous Commercial Vehicle Market Future Trends, Prominent Players, Industry Impact and Forecast by 2030

 Vehicles have certainly made the lives of human being easier, however, the technology has certain drawbacks as well, one of which is the increasing number of road accidents. The major cause of road accidents is human error, since drivers often fail to pay attention properly, drive vehicles at inappropriate speed, and fail to keep safe distance from vehicles moving in front. It is ascribed to such factors that the need for enhancing safety on roads and requirement for safer and more efficient driving option has been surging rapidly across the globe.

This, in turn, is resulting in the growth of the autonomous commercial vehicle market, since the autonomous technology offers safer performance. In addition to this, the evolution in connecting vehicle technologies has also been leading to the growing demand for autonomous commercial vehicles. It is much easier to integrate autonomous technologies in connected vehicles as compared to traditional vehicles. Connected cars are being equipped with vehicle-to-interface and vehicle-to-vehicle connectivity, which are the key requirements for achieving autonomy of vehicles. This rising digitization in the industry is expected to result in the growth of the domain.

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Number of investments are being made for developing autonomous commercial vehicles, which is predicted to further the growth of the market. For example, Volkswagen AG made an announcement regarding investing $34 billion research & development of autonomous technologies in 2018. Similarly, the French government invested more than $45 million in 2018 for boosting the development of autonomous vehicle technology. Governments of several other countries are also investing extensively for developing autonomous driving technologies, which is expected to result in the growth of the market in the years to come.

According to a report by P&S Intelligence, the global autonomous commercial vehicle market size is expected to progress at an 8.2% CAGR during the forecast period (2020–2030). In terms of vehicle autonomy, the market is bifurcated into semi-autonomous and fully-autonomous. Between which, the semi-autonomous bifurcation held the major share of the market in 2019. For achieving level 1 automation, vehicle needs to be equipped with at least one of the advanced driver assistance system (ADAS) features or electronics stability control. Furthermore, countries in Europe and the U.S. have mandated the installation of basic ADAS features in new commercial vehicles, thereby making them semi-autonomous.

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Geographically, North America dominated the global autonomous commercial vehicle market in the past, as per a P&S Intelligence report. The demand for the technology is further expected to be the highest in the region during the forecast period. The rising research & development activities and increasing support from state and federal governments for the evolution of autonomous driving technologies are resulting in the growth of the regional market. The Asia-Pacific region is projected to exhibit the highest CAGR during the forecast period, due to the fact that the region is the largest automobile manufacturing industry across the globe.

In conclusion, the demand for autonomous commercial vehicles is growing due to the surging need for enhancing safety on roads, advancements in connected technologies, and heavy investments.

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