Market News Point

The South Korean micromobility market reached a value of $120.3 million in 2020, and it will generate $11,178.5 million revenue by 2030, as per the estimates of P&S Intelligence, a market research firm based in India. The market is being driven by the rising focus on mitigating traffic congestion in cities, burgeoning requirement for reducing air pollution and traveling expenditure, and soaring need for better first- and last-mile connectivity across the country. Due to their low cost, abundant availability, and ability to provide greater convenience than conventional transportation systems, the popularity of micromobility services is growing rapidly in South Korea. Moreover, the increasing concerns being raised over the escalating pollution and deteriorating air quality levels are also driving the requirement for micromobility services in the country. According to a study conducted in February 2017, South Korea recorded the second-worst air quality level out of all developed coun...

 The mushrooming popularity of lightweight and fuel-efficient vehicles is pushing up the worldwide demand for automotive thermoplastics. This is because thermoplastic components are extensively used for reducing the weight of the automobile, which, in turn, causes a sharp rise in its fuel economy. Moreover, as thermoplastics are heavily used in various applications in the automobile industry, the expansion of this industry, owing to the burgeoning manufacturing and sales of automobiles, especially in the Asia-Pacific (APAC) region, is driving their demand across the world.  According to the Organisation Internationale des Constructeurs d'Automobiles, 77,971,234 automobiles were sold all over the world in 2020. Furthermore, as per the India Brand Equity Foundation (IBEF), the automotive industry in India is predicted to witness its value rise to Rs. 16.16-18.18 trillion (US$ 251.4-282.8 billion) by 2026. These materials are being increasingly used in the manufacturing of severa...

With the burgeoning number of vehicles in operation, the incidence of road accidents is also increasing. As per the World Health Organization (WHO), 1.3 million people die on the roads every year, with the actual count rising continuously. Therefore, governments across the globe are making policies to impel automakers to install advanced safety features in automobiles. One of the most-common such features nowadays in four-wheelers is an airbag. As per P&S Intelligence, with the strong government and individual focus on vehicle and passenger safety, the automotive airbag market will expand by a considerable degree in the coming years. If a vehicle comes to an abrupt stop, the airbags automatically inflate and stop people from banging their heads on the seat in front, doors and their windows, or on the front windshield, thus protecting them from severe cerebral trauma. There are three types of airbags: curtain & side, knee, and front. Curtain & side airbags are deployed near ...

Factors such as the burgeoning demand for first- and last-mile connectivity and the surging need for reduced traffic congestion in urban areas are expected to drive the Australian micromobility market at a robust CAGR of 89.5% during the forecast period (2021–2030). The market growth will also be steered by the low cost and convenience offered by micromobility solutions. According to P&S Intelligence, the market was valued at $16.9 million in 2020, and it will generate $19,185.6 million revenue by 2030. The rising need to reduce traffic congestion, which can be credited to the booming population, is augmenting the demand for micromobility services in Australia. As per the World Bank, the population of the country surged from 25,365,745 in 2019 to 25,687,041 in 2020. The surging population is exerting additional burden on transportation systems, owing to which the government and market players are encouraging the use of such solutions. Micromobility offers better connectivity to a p...

 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...