Market News Point

 The number of people traveling by air increased massively from around 310.4 million in 1970 to 4.3 billion in 2019, as per the World Bank. This is credited to the rapid expansion of airlines in terms of their fleet size and the constant entry of new airlines around the world. With the sustained surge in the number of people and amount of freight being transported by air, aircraft fleets are growing rapidly. As per P&S Intelligence, as air travel becomes affordable for a wider spectrum of the society, the aerospace titanium blisk market size will rise from $3,988.3 million in 2017 to $4,945.4 million by 2023, at a 3.7% CAGR between 2018 and 2023. This is because the blisk is one of the primary components of a jet engine. It consists of two parts: a rotating disc and the blades attached to it. Unlike conventional alternatives, wherein the blades are detachable from the disc, a blisk is a one-piece component made via additive manufacturing, computer numerical control (CNC) millin...

The burgeoning demand for advanced driver-assistance system (ADAS) sensors, rising government regulations regarding vehicle safety, and increasing vehicle electrification are expected to drive the automotive sensors market at a CAGR of 7.4% during the forecast period (2020–2030). According to P&S Intelligence, the market value stood at $25,723.8 million in 2019 and it is projected to reach $58,215.3 million by 2030. Moreover, the mounting investments being made in the development of advanced sensors are creating ample opportunities for the automotive sensors market players . The surging demand for ADAS sensors, on account of the increasing adoption of autonomous features in vehicles, will support the market growth in the foreseeable future. Autonomous features such as speech recognition, virtual assistance, eye tracking, gesture recognition, natural language interface, and driver monitoring are highly dependent on advanced automotive sensors. Moreover, the development of the ADAS, ...

The 21st century is definitely the time of electric mobility, with countries around the world taking numerous initiatives to embrace it. Globally, purchase subsidies are being offered, taxes are being reduced, and even dedicated parking lanes are being offered to encourage people to go for electric vehicles (EVs). Now, while these efforts are bearing fruit, they are also creating a problem. In a world already starved of energy, the growing number of EVs is only going to make this problem worse, by further driving the demand for electricity. This creates another problem; still, the majority of the electricity, especially in developing countries, is produced from fossil fuels. In its latest report, the International Energy Agency (IEA) says, “The share of renewables in electricity generation is projected to increase to almost 30% in 2021.”, meaning that 70% of the energy will still be produced from natural gas, coal, and oil. As per P&S Intelligence, these apparent disadvantages of t...

Shared mobility services have become very popular in India over the last few years, and with the increasing focus of the government on mitigating the environmental degradation caused due to the extensive usage of oil and gas-powered vehicles, this trend is expected to continue in the coming years. Vehicular emissions are one of the primary factors responsible for the escalating air pollution levels and rapid environmental deterioration. Due to this reason, the government is enacting stringent regulatory policies to reduce the generation of vehicular emissions. In addition to implementing such policies, the government is also providing subsidies and other financial incentives for encouraging the adoption of eco-friendly vehicles such as electric vehicles, for commercial usage. For example, under the Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles II (FAME II) scheme, the Indian government is providing incentive plans for encouraging the deployment of electric vehic...

Almost 74% of the English mothers were employed in 2018, as per the Office for National Statistics (ONS). Similarly, in 2019, 50.6% of the working-age women in Australia had a job. The entry of women in the workforce has changed the family dynamics, with caring for children becoming increasingly difficult because of the long and hectic working hours for both parents. One of the most-critical aspects of caring for children is food and nourishment, which parents are finding increasingly difficult to provide on account of having little time at home. As a result, P&S Intelligence sees a bright future for the baby food market, which already valued $30.0 billion in 2020. This number is expected to reach $53.9 billion by 2030, at a 6.1% CAGR between 2021 and 2030. Baby food is essentially pre-cooked or processed food that can be fed to children straight out of a can or after warming it up. With advances in food processing technologies, a variety of food products are available for babies, ...

The International Energy Agency (IEA) estimates that the stock of plug-in hybrid electric vehicles (PHEVs) (cars) and battery electric vehicles (BEVs) (cars) will mount to 44,355,904 and 79,975,992, respectively, by 2030. Furthermore, the IEA forecasts that the stock of BEV vans and PHEV vans will reach 11,041,648 and 1,959,625, respectively, by 2030. The soaring demand for electric vehicles (EVs) and increasing electrification of powertrain systems across the world, owing to the rising implementation of favorable government initiatives and mounting awareness about air pollution mitigation, will create a huge requirement for aftermarket vehicle parts. Additionally, the increasing vehicle age, especially in the developing countries of Asia-Pacific (APAC) and Latin America, Middle East, and Africa (LAMEA), will aid the automotive aftermarket in advancing at a 5.07% CAGR during 2020–2030. Owing to this reason, the market revenue will escalate from $803.22 billion in 2019 to $1,370.17 bill...

Additionally, the increasing number of do-it-yourself (DIY) customers will also help the e-commerce in automotive aftermarket to advance at 23.3% CAGR during the forecast years (2020–2030). The market revenue stood at $38.2 billion in 2019 and it is projected to reach $292.6 billion by 2030. The soaring popularity of DIY culture is encouraging automobile customers and enthusiasts to upgrade their vehicles themselves. Even though service and maintenance centers and mechanics have been the primary customers of automotive aftermarket components traditionally, the rising popularity of the DIY culture has made DIY enthusiasts the major customers of these products recently. Nowadays, conventional retailers are focusing on augmenting their online presence due to the recent drift toward click-&-mortar retailing. This form of retailing is a combination of e-commerce platforms and brick-and-mortar and businesses. Due to this combination, exclusive drawbacks of either store are mutually dimin...

The Saudi Arabian fragrance market reached a revenue of $1,738.5 million in 2020, and it is predicted to exhibit a CAGR of 8.2% from 2020 to 2030 (forecast period). According to the forecast of the market research company, P&S Intelligence, the market will attain a value of $3,810.5 million by 2030. The market is being driven by the increasing consciousness of people toward personal grooming, surging number of gym-goers, growing research and development (R&D) expenditure, soaring disposable income of people, and rising digital marketing activities in the country.  As per the Census and Economic Information Center (CEIC) data, the gross national disposable income in Saudi Arabia surged from $617,848.7 in 2016 to $658,493.5 in 2017. Additionally, as per the observations of the Saudi Arabian Monetary Agency, consumer spending increased from $80,067.9 million in the fourth quarter of 2020 to $83,916.1 million in the first quarter of 2021. The rising income of people is positive...

 Almost 74% of the English mothers were employed in 2018, as per the Office for National Statistics (ONS). Similarly, in 2019, 50.6% of the working-age women in Australia had a job. The entry of women in the workforce has changed the family dynamics, with caring for children becoming increasingly difficult because of the long and hectic working hours for both parents. One of the most-critical aspects of caring for children is food and nourishment, which parents are finding increasingly difficult to provide on account of having little time at home. As a result, P&S Intelligence sees a bright future for the baby food market, which already valued $30.0 billion in 2020. This number is expected to reach $53.9 billion by 2030 , at a 6.1% CAGR between 2021 and 2030. Baby food is essentially pre-cooked or processed food that can be fed to children straight out of a can or after warming it up. With advances in food processing technologies, a variety of food products are available for ba...

The Japanese micromobility market reached a value of $39.4 million in 2020, and it is predicted to demonstrate a CAGR of 78.7% from 2021 to 2030 (forecast period). According to the estimates of P&S Intelligence, a market research organization based in India, the market will generate a revenue of $11,663.0 million by 2030. The market is being driven by the soaring concerns being raised over the rising air pollution levels and transportation costs, surging need for efficient transportation systems for commuting short distances, and increasing demand for lesser road congestion. In Japan, the popularity of micromobility services has increased massively over the last few years. This has been mainly because of factors, such as their greater ease of functioning, low pricing, and high availability. Moreover, these services are highly convenient for daily commuters, as these services not only reduce the overall cost of travel, but also reduce the travel time, owing to their swift and compa...

Environmental degeneration by greenhouse gas (GHG) emissions has become a key concern for the European governments, which has resulted in several initiatives to cut down the emissions. For instance, 1,095 million tons of carbon dioxide (CO2) were released from automobiles in Europe in 2017. Such huge amount of exhaust fumes from vehicles, including motorcycles and scooters, isamplifying concerns regarding environmental degradation, thereby, coercing governments to promote electric mobility and implement stiff emission control norms. To reduce the emissions, Europe is observing a widescale adoption of electric two-wheelers for personal usage. Moreover, rising penetration of scooter sharing services will fuel the European electric scooters and motorcycles market at 27.6% CAGR during 2020–2025. The market was valued at $284.2 million in 2019, which is projected to reach $758.5 million by 2025. At present, nearly 50 scooter sharing service providers are operating in more than 50 European c...

The European Union (EU) implemented the Regulation (EU) 2019/631 on 1 January 2020 to set EU fleet-wide carbon dioxide CO2 emission targets to be applied from 2020, 2025, and 2030 and provide a mechanism to incentivize the uptake of zero- and low-emission vehicles (ZLEVs). Similarly, the Government of Canada encourages the uptake of new energy vehicles through its nationwide Zero Emission Vehicle Strategy. Implementation of such stringent vehicular emission standards and extensive focus of governments on deploying fuel-efficient vehicles are encouraging the adoption of environment-friendly automobiles, such as fuel cell electric vehicles (FCEVs) worldwide. Additionally, the burgeoning demand for increased driving range and improved vehicle performance will strengthen the fuel cell electric vehicle market during 2021–2030. According to P&S Intelligence, the market generated around $3 billion revenue in 2020. Over the last few years, FCEVs have gained popularity due to their longer ...

With the burgeoning requirement for freight safety and time-controlled deliveries, surge in global and domestic trade, and increasing adoption of smart technologies such as artificial intelligence (AI), big data analytical solutions, and internet of things (IoT), the demand for digital freight forwarding is rising sharply across the world. Big data analytics and other enterprise management suites (ERP) are used for handling many complex tasks and operations, thereby recuing the dependency on human work, which often leads to operation delays, miscalculations, and inefficiencies.  Moreover, with the growing demand for greater accuracy in product deliveries, shorter delivery time periods, and higher effectiveness of freight operations, the adoption of advanced technologies is surging in the industry. This is subsequently driving the growth of the global digital freight forwarding market. DHL International GmbH, J.B. Hunt Transport Services Inc., Schneider National, UTi Worldwide, C.H....

The mushrooming demand for the incorporation of advanced driver assistance systems (ADAS) in automobiles, on account of the growing prevalence of road accidents, is one of the major factors driving the sales of automotive radars across the world. According to the World Health Organization (WHO), around 1.3 million deaths are recorded every year because of road accidents. Moreover, road accidents cost most nations as much as 3% of the gross domestic product (GDP). Furthermore, the organization also reported that road accidents are the leading cause of deaths in young individuals aged 5–29 years and children. Besides the above-mentioned factor, the soaring deployment of autonomous vehicles is also pushing up the worldwide demand for automotive radars. This is because these vehicles are equipped with various features such as speech recognition, driver monitoring, eye tracking, virtual assistance, gesture recognition, and natural language interface, which are highly reliant on advanced rad...

Since the last few years, the world has seen a sharp rise in the adoption of electric vehicles (EVs), on account of the rising environmental damage being caused due to the widespread usage of oil and gas-powered automobiles. In the developing nations such as India, the sales of EVs have skyrocketed in the recent years, due to the rising public awareness of the harmful emissions released from the fossil fuel-powered vehicles. The total sales of EVs in India rose from 576,000 units to more than 760,000 units from 2018 to 2019, registering a growth rate of 32.0% during that period. According to the World Air Quality Report published by IQAir North America Inc., in 2018, “India ranked third in air pollution ratings, with 72.5 µg/m³ particulate matter (PM) 2.5 concentration”. The report also said that seven out of the top 10 most polluted cities in the world were in India. Furthermore, the report mentioned that 22 cities in India come under the top 30 most polluted cities in the world. Apar...

Electric massager equipment is used to relieve muscle tension by enhancing blood flow, lower pain intensity by decreasing bodily substances that cause prolonged pain, improve recovery by stimulating mitochondria, and reduce inflammation by activating genes that naturally lower swelling. In recent years, technological advancements have resulted in the development of handheld portable massagers, owing to which they have become extremely popular in households. Usage of such massagers can provide enhanced sleep, lower blood pressure, and potential blood loss. Thus, the increasing public awareness regarding such benefits will augment the usage of electric massager equipment in the foreseeable future.  In addition, the surging public expenditure on personal care, on account of the rising disposable income of the people, will support the electric massager equipment market growth in the upcoming years. For instance, the Reserve Bank of India (RBI) states that the gross national disposable ...