Why Will Small Tractor Sales Benefit India Tractor Market Players?

The constant growth of the agriculture sector, high farm mechanization rate, and burgeoning on struction activities due to the rapid urbanization will drive the Indian tractor market during the forecast period (2020–2030). Moreover, the rising investments by the major tractor manufacturers in the country willfacilitate the market growth. Nearly 70% of Indians are dependent on the agriculture sector for their livelihood. The production of food crops, fruits, and vegetables requires tractors for sowing and harvesting. Owing to the vast size of the farming sector, tractors will always be significant for India.

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Currently, the Indian tractor market is observing the trend of small tractors for agricultural practices. Small tractors are being utilized in large numbers for activities like mowing grass, hauling, and cleaning up the piles. This helps in enhancing the efficiency of agricultural activities, as a particular tractor is designed to perform a particular task. Moreover, these tractors also help in reducing the cost burden on the farmers, who can now purchase the tractor designed for a specific purpose only, without affecting the utility of the larger tractors.

Geographically, the northern states of Uttar Pradesh, Punjab, and Haryana account for large shares in the Indian tractor market because of the flourishing agriculture sector in these states. These states practice extensive farming and are key producers of wheat, pulses, and other staple food grains. Additionally, the states of West Bengal, Madhya Pradesh, Assam, Kerala, Karnataka, Gujarat, and Tamil Nadu also generate a high demand for tractors and will be significant contributors in the coming years as well.

Some of the leading companies in the Indian tractor market include Mahindra & Mahindra Ltd., John Deere India Pvt. Ltd., Claas Agricultural Machinery Pvt. Ltd., Tractors and Farm Equipment Ltd., Force Motors Ltd., Eicher Motors Ltd., and CNH Industrial (India) Pvt. Ltd. These players are involved in the production of earth-moving tractors, utility tractors, garden tractors, rotary tillers, orchard-type tractors, row-crop tractors, implement carriers, and industrial tractors, to be used for multiple purposes in the construction and agriculture sectors.

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Thus, the expansion of the agriculture and construction industries will fuel the market growth in the coming years.

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What Are Catalysts for 3D Printing Filament Market Growth?

The 3D printing filament market stood at $693.1 million in 2019, and will reach $7,082.0 million by 2030, registering a 26.8% CAGR during 2020–2030. This growth can be ascribed to the rapid adoption of 3D printing technology in end-use industries like aerospace, automotive, and manufacturing. Application of filament in 3D printing allows the production of durable and lightweight components and parts. Moreover, the filaments aid in developing intricate and sophisticated designs on the components.

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Moreover, burgeoning demand for 3D printed parts and components from the automobile sector will accelerate the 3D printing filament market in the coming years. Automakers are making huge investments in the research and development (R&D) of this technology to reduce the vehicle weight and enhance the strength of automobiles. Moreover, utilization of these novel components amplifies the aesthetics of the vehicles. Due to these factors, the vehicle manufacturers have started creating components like air ducts, functional mounting brackets, full-scale panels, and interior parts through filament-based 3D printing.

Globally, the North American 3D printing filament market generated the highest revenue in 2019 and it is expected to remain the frontrunner in the forecast period. This is attributed to the hefty investments in advancement of 3D technology and initial adoption of this technology in several North American nations. Businesses are making hefty investments to integrate this technology with the traditional manufacturing machines. Additionally, the presence of industry leaders like 3D Systems Corporation, Stratasys Ltd., Huntsman Corporation, and DuPont de Nemours Inc. will aid the market growth in the foreseeable future.

Whereas, the Asia-Pacific 3D printing filament market will exhibit the fastest growth during the forecast period. This can be ascribed to the rapid development in 3D printing technology and extensive digital manufacturing of medical prototypes, automobile components, agricultural machinery, and industrial tools. Among APAC nations, China will account for the largest market share, on account of strong government support to promote 3D printing filaments. Additionally, the existence of automotive giants like Hyundai Motor Company and Toyota Motor Corporation and the improving healthcare industry across the region are also facilitating the market growth. 

Thus, the expansion of the automobile and aerospace sectors will amplify the adoption of 3D printing filaments in the manufacturing of several components and parts.

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Which Is Ride Hailing Most-Popular Shared Mobility Service in Indian Cities?

“By 2050, it is projected that India will have added 416 million urban dwellers.”, the United Nations (UN) had said in its 2018 World Urbanization Prospects report. With such an influx of people from rural areas into cities and the latter’s own increasing population, urban areas are becoming increasingly crowded. Cities like Mumbai, Delhi, and Bengaluru are already notorious for their alarming traffic congestion due to an increasing number of vehicles on the limited road area.

Apart from merely causing road congestion, automobiles have also made these cities some of the most polluted in the world. A CNN report published in February 2020 had said that India is home to 21 out of the 30 most-polluted cities in the world. As a result of the dual problems caused by automobiles, P&S Intelligence expects the Indian shared mobility market revenue to increase to $3,952.8 million by 2025 from $1,025.8 million in 2019, at an explosive 56.8% CAGR between 2020 and 2025.

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Of the numerous shared mobility services available in the country — two-wheeler sharing, ride hailing, ride sharing, car rental, bus/shuttle service, and carsharing — ride hailing services witness the highest demand. They are being heavily used for traveling from the home to the office/college and markets and visiting family members and acquaintances. Moreover, the entry of automakers into the ride hailing space has widened the access to these services. Another service that is gaining widespread popularity in the country is two-wheeler sharing, as it is convenient, fast, and cost-effective.

Seeing the rising adoption of both these services, shared mobility companies, especially ride hailing companies, are investing in scooter and motorcycle sharing companies and expanding their service portfolio. For instance, Uber, one of the largest ride hailing companies in the world and India, invested in Neutron Holdings Inc. (Lime), an electric scooter and bike sharing company, in 2018. With this move, the scooters offered by Lime can be directly booked on Uber’s app.

Currently, the Indian shared mobility market is most prosperous in the southern region of the country owing to the presence of numerous urban areas here, including Bengaluru, Chennai, and Hyderabad. All these cities have a huge working population, which uses shared mobility almost daily for the commute between the home and office. Similarly, North India also witnesses a high usage of these services, which are especially popular in the Delhi/National Capital region, which also includes Gurgaon, Noida, Ghaziabad, and Faridabad.

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Therefore, with the rising demand for cost-effective urban transit, along with the increasing awareness on saving the environment, more people in the country are expected to adopt these services and shun their private vehicles.

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Why Are Offshore Wind Turbines Being Set Up around the globe?

“Global installed wind-generation capacity onshore and offshore has increased by a factor of almost 75 in the past two decades, jumping from 7.5 gigawatts (GW) in 1997 to some 564 GW by 2018.”, the International Renewable Energy Agency (IRENA) says. It goes on to say that the amount of wind power generated around the world doubled between 2009 and 2013. Similarly, the International Energy Agency (IEA) had forecast capacity additions of 60 Gigawatts (GW) and 5.3 GW for onshore and offshore wind plants, respectively, for last year.

In the context of offshore wind plants, the IEA further says, “Additions are expected to reach a record 7.3 GW in 2021”. With such a high increase forecast for the offshore wind power capacity in the years to come, P&S Intelligence expects the market for offshore wind turbine to grow from $24,683.3 million in 2019 to $68,869.3 million by 2026. The turbine is the main component of a wind power plant, as it generates the electricity in combination with an alternator.

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With the growing concerns regarding the emission of greenhouse gases from power plants, the focus on replacing fossil fuels with cleaner resources for creating electricity is increasing. The IEA says, “Global energy-related CO2 emissions grew 1.7% in 2018 to reach a historic high of 33.1 Gt CO2. It was the highest rate of growth since 2013, and 70% higher than the average increase since 2010.”, highlighting why switching to cleaner technologies is more important than ever. As a result, countries around the world are investing in renewable energy, including in the setting up of offshore wind power plants.

In 2026, Asia-Pacific (APAC) will be the dominating region in the offshore wind turbine market, as a result of the strong government support for renewable energy. The increasing requirement for electricity in the region, on account of the burgeoning population, coupled with the alarming air pollution levels, is driving the shift toward cleaner energy sources in APAC. Till 2030, China plans to have an aggregate wind power capacity of 400 GW, of which the first large-scale offshore wind farm will likely become operational in Chinese Taipei this year, as per the IEA.

Hence, with a strong focus on reducing the emission of GHGs from conventional power plants, the number of offshore wind power establishments will increase.

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Over $800 Million Worth of Genset Sales Predicted in India by 2030

The increasing enactment of strict regulations for curbing the emission of toxic gases is pushing up the sales of gensets in India. The utilization of gensets in the country is monitored under a regulatory framework implemented by the government, on account of the generation of toxic emissions during their various operations. In the recent years, there has been a sharp surge in concerns regarding the escalating pollution levels in the major cities such as Mumbai, Delhi, Kolkata, and Chennai.

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The rapid expansion of the manufacturing industry, because of government programs such as Make in India, is also fueling the sales of gensets in the country. With the establishment of new manufacturing facilities, the sales of gensets will rise enormously in the country in the coming years. This will be because of the ballooning power requirements. Apart from the manufacturing industry, the rapid growth of the construction industry is also propelling the sales of gensets in the country.

As a result, the valuation of the market is predicted to rise from $554.5 million in 2019 to $855.1 million by 2030. Furthermore, the market is predicted to advance at a CAGR of 6.8% between 2020 and 2030. Based on application, the Indian gensets market is divided into industrial, residential, and commercial categories. Amongst these, the commercial category recorded the highest growth in the market in the past years and the trend will continue in the forthcoming years as well.

Hence, it can be said with surety that the demand for gensets would skyrocket in India in the coming years, primarily because of the rising requirement for a continuous power supply in various industrial, commercial, and residential establishments in the country.

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How is Increasing Incidence of Asthma Contributing to Boom of North American Air Quality Monitoring Market in U.S?

 The rising prevalence of cancerous diseases in people living in highly polluted areas is one of the biggest factors responsible for the surging demand for air quality monitoring solutions in North America. The industrial revolution is one of the main factors responsible for the high air pollution in the region. In addition to this, there has been a massive surge in public awareness regarding air pollution, the diseases caused by air pollution, and the various air quality monitoring techniques, in the region, which has in turn, propelled the need for air quality monitoring in the region. 

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The other major factors fuelling the rise in the demand for air quality monitoring are the rising urbanization, industrialization, and soaring number of government measures and initiatives, in the region, for promoting awareness amongst the public about the adverse effects of air pollution. For instance, the United Nations Environment Programme (UNEP) is seeking to promote the 2030 Sustainable Development Agenda in North America in order to protect the natural environment in the region. As per the Canadian government, pollution in the country is majorly caused by volcanic eruptions, emissions of volatile organic compounds (VOCs) from vegetations, and forest fires.

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The North American air quality monitoring market is expected to boom in the U.S. in the immediate future. This is primarily attributed to the rising incidence of respiratory diseases like asthma, increasing prevalence of smoking, and rapid technological advancements in monitoring products in the country. As per the statistics published by the Asthma and Allergy Foundation of America (AAFA), the number of adults (aged 18 years and above) who died due to asthma in the U.S. in 2017 was 3,564. 

Therefore, it can be concluded that due to the soaring air pollution levels and the rising incidence of respiratory diseases caused due to air pollution, the demand for air quality monitoring equipment will surge in North America in the coming years.

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Rising Demand for Electric Scooter Sharing Services Driving Growth of North American Electric Scooters and Motorcycles Market

The North American electric scooters and motorcycles market generated a revenue of $164.7 million in 2020 and it is predicted to reach a valuation of $590.4 million by 2025. According to the forecast of the market research company, P&S Intelligence, the market will progress at a CAGR of 25.1% between 2021 and 2025. The growing popularity of electric scooter sharing fleets and the rising provision of tax credits on their adoption are the major factors driving the market advancement.

As electric scooters and motorcycles contain fewer moving and vibrating parts, their maintenance requirements are very low. This massively reduces the demand for periodic maintenance and servicing that usually cost the owners of the conventionally used fossil fuel-powered vehicles a huge amount. Moreover, due to their lower maintenance requirements than traditional vehicles, they are increasingly being adopted by people who don’t have the time required for routine vehicle maintenance and servicing. 

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Apart from the aforementioned factor, the provision of federal tax credits and other financial assistance regarding the purchase of electric scooters and motorcycles by the governments of several North American countries is also fueling the expansion of the electric scooters and motorcycles market in North America. Depending on type, the market is divided into motorcycle, scooter, and kick scooter. Out of these, the electric motorcycle category is predicted to exhibit the fastest growth in the market in the upcoming years.

Additionally, the growing popularity of electric vehicles, due to the soaring environmental concerns and the mushrooming diesel and gasoline prices, is also propelling the advancement of the market in the country. One of the major trends currently being witnessed in the market is the rapid developments and advancements being made in the battery technology in order to increase the capacity of the batteries for meeting the requirements for a longer driving range and reduce their prices.  

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Hence, it is safe to say that the market will demonstrate rapid expansion in the coming years, mainly because of the rising public preference for eco-friendly vehicles and the increasing implementation of favorable government policies regarding the adoption of electric vehicles in the region. 

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