Why Are Automakers Using Wireless Charging Systems in Electric Vehicles?

Wireless chargers being used by various industries consist of transmitters and receivers. Wireless charging technology uses radio frequencies transmitted through a wireless charger and picked up by a receiver within the device to convert them into direct current (DC) voltage. Wireless chargers offer an easier charging experience to customers as the transfer of power through wireless technology is not dependent on the alignment of the receiver and transmitter. 

As many receivers are utilized to charge multiple devices from a single source, EV charging stations are deploying them in abundance. In the preceding years, the wireless charging market was dominated by North America, due to the presence of a large number of wireless charger manufacturers, such as Qualcomm Technologies Inc. and Plugless Power Inc., in the region. 

Wireless Charging Market Drivers and Growth Rate, Forecast by 2030

Moreover, the advancements in the charging technology in the medical equipment sector, especially in the U.S., and the expansion of the EV industry will also fuel the usage of wireless charging systems in the region in the forthcoming years. Owing to these reasons, North America will retain its dominance in the coming years as well.

Whereas, the Asia-Pacific (APAC) region will witness the fastest rise in the sales of wireless chargers in the forthcoming years, due to the burgeoning demand for EVs, such as smartphones, laptops, smartwatches, ear pods, gaming consoles, and personal digital assistants (PDAs) in the region. 

For instance, according to the Society of Manufacturers of Electric Vehicles (SMEV), 155,400 units of EVs were sold in India during the financial year 2019–20. Furthermore, the China Association of Automobile Manufacturers (CAAM) states that 200,000 new energy vehicles were sold in China in November 2020.

Therefore, the booming demand for EVs and consumer electronics will augment the adoption of wireless charging systems in the foreseeable future.

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Rising Aromatherapy Demand Fueling Essential Oils Market Growth

A number of factors such as the booming demand for aromatherapy, surging customer preference for natural products, and increasing consumption of essential oils in the cosmetics and food and beverage industries are expected to drive the essential oils market growth during the forecast period (2021–2030).  According to P&S Intelligence, the market generated a revenue of ~$11 billion in 2020. In recent years, the escalating use of essential oils at spas has become a prominent market trend, owing to the rising public awareness of skincare treatments.

The burgeoning demand for aromatherapy is one of the primary growth drivers for the market. Aromatherapy refers to an alternative treatment process that utilizes naturally harvested essences to support, harmonize, and balance the mental and physical health of patients. This treatment process uses essential oils as they activate the smell receptors in the nose, which convey information to the brain through the nervous system. The oil is also used to treat anxiety or chronic stress, fatigue, skin problems, depression, and respiratory infections.

Whereas, the Asia-Pacific (APAC) essential oils market is expected to showcase the fastest growth during the forecast period. This will be due to the surging availability and rising affordability of essential oils in the region. Additionally, the improving lifestyles of people and mounting awareness about such oils will facilitate the market growth in the region in the foreseeable future. Besides, the escalating awareness about the outcomes of aromatherapy and the booming number of patients suffering from chronic diseases will also augment the demand for essential oils in the region in the coming years. 

Thus, the increasing public awareness of aromatherapy and surging demand for natural products will fuel the market growth in the years to come.

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Asia-Pacific 1,5-Cyclooctadiene Market To Prosper in Coming Years

The global 1,5-cyclooctadiene market revenue stood at around $210.0 million in 2020, and the market is predicted to progress rapidly during 2020–2030 (forecast period). This is attributed to the surging adoption of various modern agricultural methods, which are driving the use of agrochemicals such as pesticides and fertilizers. In addition to this, the increasing industrialization and urbanization rates and soaring disposable income of people, especially in the Eastern countries, are also fueling the expansion of the market across the world. 

As 1,5-cyclooctadiene is a major raw material for polystyrene, which is heavily required in the production of food packaging, the burgeoning need for packaged meals, on account of the mushrooming population of working people in both developing and developed countries, is driving its demand. In addition, the growing preference of people for purchasing food products and groceries online is also pushing up the requirement for polystyrene packaging, which is, in turn, propelling the expansion of the market.

Across the globe, the Asia-Pacific (APAC) region contributed the highest revenue to the 1,5-cyclooctadiene market in 2020, as per the observations of P&S Intelligence, a market research company based in India. This trend is also expected to continue in the upcoming years. This is credited to the surging per capita income and the growing demand for personal care and home-use products in regional countries such as South Korea, China, Thailand, and India.

In recent years, the agriculture sector has witnessed the large-scale usage of the hydrocarbon, primarily because of the surging requirement for agrochemicals such as insecticides and fertilizers. Moreover, the ballooning utilization of agrochemicals for augmenting the crop yield and preventing the chances of crop losses is becoming highly essential for sustainable and organic agriculture, thereby driving the demand for 1,5-cyclooctadiene. Additionally, the rising scale of farming operations, especially in developing countries such as China, Brazil, India, South Africa, South Korea, and Indonesia, is expected to propel the need for 1,5-cyclooctadiene in the coming years.

Hence, the market will grow rapidly in the forthcoming years, primarily because of the burgeoning requirement for food packaging and processed food products, expansion of the personal care industry, and the surging usage of agrochemicals such as pesticides, insecticides, and fertilizers in farming processes all over the world.

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How Is Booming Construction Sector Fueling Mobile Cranes Market Growth?

A number of factors such as the expanding construction industry in developing countries, accelerating industrialization rate in emerging economies, and surging adoption of global positioning system (GPS) technology will support the mobile cranes market growth during the forecast period (2021–2030). The market generated a revenue of ~$13.0 billion in 2020. At present, the increasing frequency of product launches is becoming a prominent market trend. For example, in February 2021, Manitex Valla of Italy, a subsidiary of U.S.based Manitex International, introduced a remote-controlled and battery-operated electric mobile crane named V110 R.

One of the primary growth drivers for the market is the rising construction activities, owing to the booming world population. A spike in the population is encouraging the governments of several countries to invest in the construction sector. Moreover, the mounting purchasing power of people, escalating urbanization rate, increasing government efforts to provide affordable housing, and soaring investments being made in the construction of offices, hotels, retail centers, apartments, and civic infrastructure will also supplement the market growth in the forthcoming years.

In recent years, companies operating in the mobile cranes market have been focusing on mergers and acquisitions to gain a competitive edge. For instance, in August 2019. Tadano Ltd. acquired Demag Mobile Cranes to expand its product portfolio of lifting equipment. The former acquired eight lattice boom crawler crane models, which have a lift capacity of 400–3,200 tons. Similarly, in September 2019, Solley Equipment & Rigging LLC was acquired by Maxim Crane Works L.P. With this acquisition, the latter expanded its operations across the U.S. and improved its full-service, nationwide crane lifting, and rental solutions platform.

According to P&S Intelligence, Asia-Pacific (APAC) accounted for the largest share in the mobile cranes market in 2020, and it is expected to retain its dominance throughout the forecast period. This can be primarily ascribed to the surging construction activities in developing countries, such as India, the Philippines, Indonesia, and China. Besides, the escalating purchasing power of people, increasing urbanization rate, burgeoning population, and rising government efforts to offer affordable housing will also augment the demand for mobile cranes in the foreseeable future. 

Thus, the flourishing construction industry and amplifying frequency of product launches will facilitate the market growth in the foreseeable future.

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Increasing Prevalence of Neurological Diseases Propelling Brain Implants Demand

 With the surging geriatric population in several countries, on account of the falling death rates and increasing life expectancy of people, the demand for brain implants is growing rapidly across the world. As per the findings of the United Nations (UN), the share of people aged 65 years and above in the global population increased from 6% in 1990 to 9% in 2019. Furthermore, the share will to rise to 16% by 2050, as per the estimates of the UN. 

Access Detailed Report on Brain Implant Market Revenue Estimation

Additionally, according to the 2020 World Population Aging report published by the United Nations Department of Economic and Social Affairs (UNDESA), the population of people aged 65 years or above will rise from 727 million in 2020 to more than 1.5 billion by 2050. As geriatric people are highly vulnerable to various neurological diseases such as Parkinson’s, epilepsy, essential tremors, depression, and Alzheimer’s, their soaring population is augmenting the need for brain implants.

Spinal cord stimulation, vagus nerve stimulation, and deep brain stimulation are the most commonly used types of brain implant procedures around the world. Out of these, the demand for deep brain stimulation treatments is expected to surge sharply in the upcoming years. This will be because of the several advantages of deep brain stimulation over the other treatment procedures such as reduced stiffness, lesser difficulties in walking, and quicker reaction times. This treatment is usually prescribed to the patients who show no improvement in their condition from therapies over a period of at least five years. 

Across the globe, the brain implant market will register the fastest growth in the Asia-Pacific (APAC) region in the upcoming years, as per the estimates of P&S Intelligence, a market research company based in India. This will be because of the surging investments being made in research and development activities for developing long-term treatment procedures for psychiatric and neurodegenerative diseases and the presence of a rapidly improving healthcare infrastructure in the region.

Therefore, the demand for brain implants will rise tremendously in the forthcoming years, mainly because of the surging population of geriatric people and the rising prevalence of neurological diseases all over the world. 

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Disposable Medical Supplies Quickly Replacing Multiuse Products at Hospitals

 Every day, one in 31 hospital patients contracts a hospital-acquired infection (HAI) in the U.S., which, in total, lead to 1.7 million cases and 99,000 deaths in the country each year, says the Centers for Disease Control and Prevention (CDC). This and the generally high levels of hygiene to be maintained at such places have been driving the demand for disposable medical supplies. Moreover, the COVID-19 situation has raised the general awareness on disposable products as a means to prevent infections.

Access Report Summary on Medical Disposables Market Global Industry Analysis and Demand Forecast to 2030

Due to the combined effect of these factors, the medical disposables market revenue, as claimed by P&S Intelligence, will increase to $90 billion by 2030 from $51 billion in 2020. Medical settings are rapidly adopting disposable medical supplies ranging from surgical gloves and syringes to vital signs monitor electrodes and even the consumables used to sterilize medical products. The idea is since they are used only on one patient and then discarded, the chances of them accumulating pathogens from one patient and spreading them to another healthy one are extremely few.

One of the most-significant factors in this regard is age, which makes people vulnerable to diseases and injuries of all types. For instance, the American Heart Association (AHA) estimates the cardiovascular disease incidence in the U.S. at around 40%, 75%, and 86% for the age groups of 40–59, 60–79, and above 80, respectively. Thus, with the United Nations (UN) predicting the population in the age group of 65 and above to rise from 727 million in 2019 to 1.5 billion in 2050, a lot more hospitalizations are in the offing, which would definitely boost the demand for all types of medical supplies imaginable.

Presently, North America is the largest medical disposables market because of its advanced healthcare industry and high number of medical facilities. In addition, the medical reimbursement scenario here is rather favorable, which allows people to easily afford expensive care. Further, the COVID-19 situation is quite grave in the region, the U.S. being the country with the highest case and mortality counts, which has catapulted the demand for disposable medical supplies.

Hence, with the rising number of hospitalizations and medical examinations amid the growing awareness on hospital hygiene and HAIs, the demand for disposable medical supplies will continue to surge.

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Increasing Adoption of Automotive Electronics Fueling Automotive Diagnostic Scan Tools Demand

 With the surging sales of automobiles, enactment of strict emission norms, and increasing complexities associated with automotive electronics, particularly in connected cars, the demand for automotive diagnostic scan tools is rising sharply. The rising urbanization rate, especially in developing countries such as India, Indonesia, and China, is propelling the requirement for automobiles. As diagnostic scan tools are critical for the efficient and smooth operation of automobiles, their demand is soaring, owing to the expansion of the automobile industry.

In addition, the governments of many countries have made maintenance and inspection checks mandatory in order to reduce the emission of greenhouse gases from vehicles, which is also pushing up the demand for automotive diagnostic tools. For example, the Environmental Protection Agency (EPA) enacted the Clean Air Act and amended it in 2001, which made the administration of vehicle maintenance and inspection programs mandatory for 33 local regions and states in order to curb vehicular emissions and meet the required air quality standards via the use of on-board diagnostics (OBD) technology. 

Therefore, in order to resolve any issues associated with these automotive electronics, automotive diagnostic scan tools are required. Due to these factors, the automotive diagnostic scan tools market is exhibiting huge expansion. Automotive diagnostic scan tools are required for maintaining and repairing both commercial and passenger vehicles. Between these, the usage of these tools is predicted to rise rapidly in passenger vehicles in the coming years. This is ascribed to the growing deployment of passenger cars across the globe. Apart from this, the mushrooming requirement for greater vehicle safety is also pushing up the requirement for these tools, as per the observations of the market research company, P&S Intelligence. 

Hence, it can be said with confidence that the demand for automotive diagnostic scan tools will surge sharply in the forthcoming years, primarily because of the growing sales of automobiles and increasing complexities associated with various automotive electronics. 

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