The organization’s business model has been witnessing a significant amount of pressure from different macroeconomic forces resulting in a substantial amount of profits being foregone as the costs are eating up high percentages of the revenues. Simultaneously, the pace of technological innovation and the requirement of resources that the enterprises need while ensuring adherence to IT and regulatory related compliance further drains out the financial resources that could otherwise be utilized in achieving the company’s goals. As such, the businesses are focusing on refining the operational efficiency and effectiveness in order to improve their financial health and increase the ability to whether the unanticipated changes in the macroeconomic environment. This is promoting the adoption of managed services as it has the potential to reduce the cost by approx. 35% in comparison to the traditional/in-house IT teams (source: Avendus). Similarly, managed services tend to reduce the recurring in-house cost by 30% to 40% while boosting the overall efficiency by 50% to 60% (source: Cisco). This is driving the third-party data center industry – with the trend projected to further continue over the years to comes, the managed data center services market size is estimated to reach US$408.684 billion in 2025 from US$191.673 billion in 2019 at a CAGR of 13.45%.
High Potential for Small and Medium Scale Enterprises
The small and medium scale enterprises are increasingly migrating towards a cloud solution that allows them to compete in an increasingly crowded market. Planning and implementing an IT strategy is no longer limited to the large firms, but also for the smallest of companies on the planet. However, it is extremely capital intensive for small firms to build their own data center. The estimated cost of building a data center is approx. US$200 per square foot while the maintenance, staffing, and monitoring costs are separate. Furthermore, depending upon the usage, the average life of a server is between 3-5 years, and the replacement costs further adds to the total cost of ownership, making the decision of a firm with the limited financial ability to invest in building its own data center space redundant.
Enterprises Employinig, Recruting, and Trying Recruit and Having Hard-To-Fill Vacancies for ICT Specialists in EU-28, in %, 2018
Source: Eurostat
Fortunately, there is a way, where the small businesses can exploit the potential of digital and big data without investing significantly in building the data center. These businesses seek budget-friendly plans which are offered by the managed service providers that provide the flexibility and cost-effective IT solutions that can be scaled according to the requirement. For instance, the growing amount of digital data could possibly create storage capacity related issues that can be easily be alleviated by opting for colocation solutions offered by the managed service providers. Moreover, only 25% of the small and medium scale (10-249 persons employed) are using cloud computing solutions in the EU-28 (source: Eurostat) while only 18% of them have hired an IT specialist in 2018. It is expected that the cloud solution will capture a greater proportion of the SME’s in the next five years, however, small businesses can potentially save on the cost of hiring IT specialists and other resources by outsourcing its IT needs to the third-party service providers. The agility, advisory expertise, and cost efficiencies are key factors that are extremely attractive to businesses with a limited budget and will drive the managed data center services market for small and medium-size firms in the immediate future.
Developing Regions Providing High Growth Opportunities
The number of internet users in the developing regions has grown at a CAGR of 12.69% between 2008-2019 as against the 3.55% growth achieved in the developed region. Access to the internet in the developing region has stimulated a number of investments specifically in the media, entertainment, and content creation industry. The ability to reach large masses at a relatively low cost is strategically significant for internet companies. Moreover, e-commerce has also grown in the Asian market at a very high pace and is set on a path of disrupting the traditional method of shopping. Thus, the amount of data generated every day is estimated to have increased from 39.151 billion GB in 2016 to 74.438 billion GB in 2019 (source: Knowledge Sourcing Intelligence Analysis).
Number of Internet User and Data Created Everyday (In Billion GB)
Source: International Telecommunication Union & Knowledge Sourcing Intelligence Analysis
The expected increase in the competition in the media & entertainment industry is anticipated to generate higher revenue generation opportunities for the managed data center service providers as these companies will strive to focus on core objectives while simultaneously outsourcing its data management requirement to the third-party service providers. Moreover, with the anticipated rise in the internet penetration – the investment in the development of data center infrastructure and the simultaneous rise in demand for managed services is projected to substantially escalate in the next five years. Thus, the managed service providers are also strategizing innovatively that will allow them to improve them their market position. For instance, in February 2020, Yotta Infrastructure introduced a launch offer for its managed data center services at a price that we were 40% cheaper than the prevalent market rates. Similarly, ESDS Software Solutions Pvt Limited – one of India’s leading managed data center services company announced the expansion of its office in Kolkatta, India in February 2020 to accelerate its growth plans.
ABOUT THE AUTHOR
Siddharth David is a Senior Market Research Analyst at Knowledge Sourcing Intelligence LLP. His expertise lies in offering predictive analysis and an all-inclusive outlook of different industry verticals from both the macro and micro point of view, with a special knack for market sizing and delivering key strategic insights. To read more articles by him, and for more information regarding multiple global markets, visit https://www.knowledge-sourcing.com.
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Armrests are considered to be some of the additional features that are incorporated in the modern vehicles that add up to the luxury of the vehicle as well as adding more comfort. These armrests offer extra comfort to the passengers they can rest their arms on them. It also makes the driving experience a bit more convenient, especially during the long rides. The figure below represents the market size of the global automotive armrest market from 2019 to 2015.
Global Automotive Armrest Market, Forecasts From 2019 to 2025, in US$ Billion
Source: Knowledge Sourcing Estimates
The market for armrests is poised to witness a nominal growth over the course of the next five years. The primary growth factor of the market includes the growing consumer preferences towards having additional comfort features added to their vehicles. Growing automotive production worldwide, despite some slowdown due to shrinking sales in some regions, can be seen as one of the major factors driving the growth of the market. Increasing penetration of advanced comfort features across the automotive sector is significantly driving the adoption of armrests across the different vehicle segments. The growing focus on the reduction of vehicle emissions is encouraging governments to invest heavily in the electric vehicle market. This provides a great business opportunity for armrest manufacturers to expand their market reach and gain a competitive edge over other players. These products are already installed in mid-range and all luxury cars.
However, the presence of a wide variety of aftermarket products that can be tailored as per the needs of different vehicle types further provides an impetus for the market to witness decent growth during the next five years. Integration of technology has led to the development of new armrest products with heating and cooling systems also, this in turn is also positively impacting the demand for these armrests especially in the luxury vehicle segment. For instance, in February 2016, Yanfeng Automotive Interiors a globally known leading company that offers numerous automotive interior solutions announced the development of new heated armrest products for the door panels that are made form much thinner and lighter materials. Thus, the rising trend of heated armrests also plays a significant role in shaping up the global automotive armrest market growthduring the next five years.
Growing Automotive Production
The market for armrests is poised to witness a nominal growth primarily on account of the decent growth of automotive production worldwide. The increasing demand for vehicles especially in developing economies such as India, China, and Indonesia among others has led to an upsurge in the production of vehicles as well. Rising disposable incomes and living standards is significantly driving the sales of passenger cars which is fueling the demand for armrests as various automotive manufactures are further offering preinstalled armrests in the vehicles.
Automotive Production in Asean Region, 2014 to 2018
Source: Asean Automotive Federation
The above figure represents the production of automobiles in the ASEAN region between the years 2014 to 2018. Furthermore, booming investments by major automotive manufacturers in the expansion and setting up of new production plants to cater to the growing demand for vehicles also provides an impetus for the market to witness a growth until the end of the forecast period. For example, In January 2018, Toyota announced to spend $471 million to upgrade and expand its factory near Valenciennes, northern France. Similarly, in July 2018, Renault announced to invest $1.2 billion to increase electric vehicle production capacity in France. In July 2018, Nissan announced its investment in Argentina for boosting the production of pickup trucks in order to meet the growing global demand. The company also announced its key milestone which is aimed towards the increase in the sales of light commercial vehicles by 40% by the year 2022. Thus, all these factors are anticipated to positively impact the demand for armrests, thereby augment the market growth during the next five years.
COVID-19 to Hamper the Demand
The global automotive armrest market is poised to witness a slight downfall on account of the recent outbreak of the novel coronavirus disease. The strict government restrictions to control the impact of the diseases have led to a temporary halt in the manufacturing activities across many regions due to social distancing measures and lockdowns. Also, many automotive manufacturers have temporarily suspended manufacturing activities, thereby inhibiting the demand from the OEMs.
Segment Overview:
The global automotive armrest market has been segmented on the basis of position, vehicle type, sales channel, and geography. On the basis of position, the segmentation of the market has been done into front and rear. On the basis of vehicle type, the classification of the market has been done on the basis of passenger vehicle, light commercial vehicle and heavy commercial vehicle, By sales channel, the market has been classified into OEMs and aftermarket. Geographically, the classification of the market has been done on the basis of North America, South America, Europe, Middle East and Africa, and Asia Pacific.
By position, the front segment is anticipated to hold a substantial market share throughout the forecast period as these armrests are widely adopted across all luxury vehicles as well as some of the mid-range vehicles as well. Also, these armrests are already equipped in some vehicles by the automotive manufacturers. The rear segment is expected to show decent growth throughout the forecast period.
By vehicle type, the passenger vehicle segment is projected to hold a significant share in the market over the course of the next five years on account of the growing production of passenger vehicles throughout the globe. Furthermore, the LCV segment is anticipated to show a healthy growth over the forecast period on account of the booming e-commerce and logistics industry in many parts of the world.
Geographically, the APAC region is expected to hold a considerable share in the market due to the presence of one of the largest automotive industries in countries like China and India among others. Furthermore, the rapid urbanization and industrialization are also some of the factors bolstering the market growth in the Asia Pacific region over the course of the next five years.
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Engine oil is the most essential lubricant that is used in a vehicle this oil is used to lubricate the internal combustion engine as it prevents wear and tear by lubricating the internal parts of the engine and allowing them to run smoothly by cleaning the sludge of the engine.
The market for automotive engine oils is poised to witness a nominal growth over the course of the next five years. The key factor supplementing the growth includes the increasing concerns of the vehicle owners towards the faster deterioration of engine components due to wear and tear. The rising adoption of enhanced quality lubricants is bolstering market growth until the end of the forecast period. The constantly increasing disposable income and the rapid urbanization in the various developing economies around the globe have led to an increase in the sales of automobiles, which is further providing an impetus for the market to grow in the near future. Also, the growing use of synthetic products is also propelling the business opportunities for the manufacturers to expand their market share during the forecast period.
Furthermore, the rising requirements to meet stringent regulations regarding vehicle emissions and safety are also projected to expand the automotive engine oil market during the coming years. The graph below represents the market size of automotive engine oil that shows the market reached US$12.866 billion by 2025 from US$9.931 billion in the year 2019. However, the volatility in the prices of oil and petroleum is projected to restrain the market growth to a certain extent.
Global Automotive Intercooler Market, Forecasts From 2019-2025, in US$ Billion
Source: Knowledge Sourcing Intelligence Estimates
Rising Automobile Sales
One of the key factors augmenting the market growth includes the constantly increasing sales of automobiles around the globe. The rapid urbanization, growing disposable income, and the growing middle-class population are the major factors that have led to an increased standard of living especially for those people who live in developing economies such as Brazil, India, and China among others. Since automotive engine oil is an important part of the maintenance and smooth functioning of the engines, the rise in the automotive vehicle sales is projected to positively drive the automotive lubricants market in the coming years.
Total Automotive Sales, 2010 to 2017, in Million Units
Source: International Organization of Motor Vehicle Manufacturers
The graph above represents the total sale of automotive units from 2010 to 2019. It states that the total automotive sales reached 91 million units by the year 2019 from 75 million units in the year 2010 (Source: OICA). In addition to this, there is a constant rise in the demand for commercial vehicles for both passenger and goods transport which is further fueling the demand for automotive vehicles globally. Moreover, the rising import and export activities combined with the budding e-commerce sector have also contributed positively to the growing vehicle sales, in turn budding the automotive engine oil market during the forecast period.
Recent COVID-19 Outbreak
The recent COVID-19 outbreak is anticipated to show a slight downfall in the demand for automotive engine oils due to the declining sale of automobiles as well as a decline in the production of automobiles. The recent advent of COVID has led to a temporary halt in the manufacturing activities across several industries as the government regulations such as social distancing and lockdowns have led to a decline in the production activities in various industries. Also, the disruption of the economic growth in various countries has led to a slight decline in the sales of vehicles as well. Thus, the advent of COVID-19 is expected to moderately impact the market growth especially during the short period of the next six to eight months. Also, the suspension of vehicle sports events and adventure sports due to the outbreak of novel coronavirus disease is also expected to negatively impact the demand for performance engine oils, thereby hampering the global automotive engine oil market growth during the short run.
Participation of Key Market Players
The participation by the key market players in the form of R&D for product portfolio expansions, partnerships, mergers, and acquisitions play a major role in shaping up the market growth as it further shows the potential for the market to grow in the near future. For instance, in July 2019, IndanOil announced the launch of a new range of high-performance lubricant products, SERVO SuperMile Plus and SERVO SuperMile for the new generation cars. Also, in June 2018, Shell plc and Maserati announced their collaboration for the induction of a brand new co-branded motor oil known as Shell Helix Ultra Maserati 10W-60, this will be considered as the only oil recommended on all the Maserati’s 2018 models that will be equipped with the V6 gasoline engines.
Segment Overview:
The global automotive engine oil market has been segmented on the basis of type, engine type, vehicle type, sales channel, and geography. By type, the market has been segmented as synthetic oil, synthetic blend oil, and conventional oil. By engine type, the market has been classified into petrol and diesel. By vehicle type, the market has been segmented on the basis of passenger vehicle and commercial vehicle. By the sales channel, the segmentation of the market has been done as online and offline. Geographically, the market has been distributed into North America, South America, Europe, Middle East and Africa, and Asia Pacific.
The Asia Pacific to Hold a Decent Market Share
Geographically, the Asia Pacific region is anticipated to hold a substantial share in the market throughout the forecast period due to the growing demand for passenger vehicles in major developing countries such as India, China, and Indonesia among others. The rapid urbanization, growing middle-class population are some of the factors bolstering the high demand for vehicles in the APAC region, thereby supplementing the automotive engine oils market growth during the next five years. Also, the stringent government regulations regarding vehicular emissions is also a major factor playing a significant role in shaping up the market growth in the APAC region over the course of the next five years.
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There has been a continuous advancement is vehicle features to make it safer and better for passengers while avoiding road crashes and fatalities. Although improvements in passive safety features such as seat belts, lighting, and air bags have resulted in reduced rate of road crashes, fatalities, and injuries, still there are rising cases of road accidents due to driver’s lack of attention and other reasons. According to the World Health Organization (WHO), approximately 1.35 million people die in road accidents annually. This costs, most countries, 3 per cent of their gross domestic product (GDP), causing loss of human life as well as public property.
As such, automotive manufacturers are constantly adding innovative features in various auto models to make them safe and secure. Vehicle daytime running lamps are one such feature which is coming in-built in various models. These are generally low-wattage headlights that turn on automatically when a vehicle’s ignition is started. It is a type of safety feature which is aimed to reduce multiple-vehicle crashes during daylight hours by making vehicles more visible to other drivers. Daytime running lights ensure that the car is visible even in the extreme climatic conditions such as dense rain and foggiest weather. By increasing the visibility of vehicles, daytime running lamps reduce the chances of vehicle collision and fatalities. Numerous studies have shown that with daytime running light equipped in the vehicle, the chances of having an accident during blurred vision weather conditions reduce to a significant rate. For example, in Denmark, there was a decline in left turn-related incidents of over 37 per cent. Around 20 per cent of traffic accidents in the EU region were prevented, thanks to daylight running light.
Furthermore, governments in various countries across the globe have implemented regulations that require the mandatory use of vehicle daytime running lights. This is significantly bolstering the market growth of vehicle daytime running lamps. According to the Motor Vehicle Safety Act in Canada, all vehicles sold or imported into the country after December 1, 1989, must have automatic daytime running lights. Transport Canada advises that all road users in Nova Scotia, including visitors, must have either daytime running lights (DRLs) or low beam headlamps on during daytime hours with full lights must be on both in case of dark (night) or in poor visibility. The government in Japan has implemented the regulation which requires automatic headlights on all new cars sold from April 2020 onward. Drivers in Thailand and Malaysia also fully support the use of vehicle daytime running lights because they can see other drivers from far away, thus reducing the chances of vehicle collisions.
Global Vehicle Daytime Running Lamps Market Size, Us$ Billion, 2019 and 2025
Source: Knowledge Sourcing Intelligence Analysis
Global auto manufacturers are also supporting the use of vehicle daytime running lamps as an important safety feature in vehicles by manufacturing models with in-built daytime running lights even when many countries, including the United States, have still not mandated their use. In the world’s most powerful country, there is no national regulation which requires automotive companies to manufacture vehicles with daytime running lights and drivers are also not required to use vehicle headlights unless it is dark, or during bad weather conditions. Only some U.S. states have laws which require turning on the headlights in conditions that call for wipers.
However, the current restraining factor for the growth of global vehicle daytime running lamps is the declining production of automotive industry. The production in this sector has been witnessing some disruption over some time, with production declined from 96,869,020 units in 2018 to 91,786,861 units in 2019, witnessing a fall of 5.2 per cent during the period, according to the statistics provided by the International Organization of Motor Vehicle Manufacturers (OICA).
Global Automotive Production, 2011 to 2019
Source: International Organization of Motor Vehicle Manufacturers (OICA)
This fall in the production of vehicles was primarily attributed to shrinking automotive sales worldwide which is expected to continue over the medium term. This decline in sales is attributed to factors such as heavy traffic congestion, poor quality roads, lack of parking slot availability, declining resale value of cars, and expensive vehicle ownership. However, the major reason for this stagnating sales of cars is the emergence of ride-hailing services, with companies like Uber and Ola taking up the market share. People are increasingly opting for these services in order to avoid stress while driving in congested roads and traffic. With people in heavily congested urban areas preferring taking taxis or ride hailing services to commute rather than owning and driving themselves, the sales of automobiles, especially passenger cars, have declined drastically which has ultimately affected the production level as well. Moreover, the recent COVID-19 global pandemic outbreak has further negatively impacted the growth of the global automotive sector. Temporary halt in production due to shut down of production facilities and global supply chain disruption on account of closing of borders by countries in order to curb the spread of the coronavirus has also resulted in a further weakening of the global automotive industry. Nationwide lockdowns and social distancing measures has restricted the production in factories which has severely impacted the global automotive sector. Since a major share of the global automobile manufacturing heavily or solely relies on China for auto parts and components, global supply chain disruption caused by this pandemic has further forced automakers to halt their production. Global auto giants including General Motors, Volkswagen, Ford, and Fiat Chrysler temporarily closed down their facilities across different regions as part of their effort to prevent the spread of the novel coronavirus.
ABOUT THE AUTHOR:
Anjali Joshi is a senior market research analyst at Knowledge Sourcing Intelligence. She oversees a team of analysts and is known for the quality of market intelligence she delivers to the clients which range from start-ups and Non-profit Organizations to Fortune 500 companies. Anjali’s keen understanding of international business and market dynamics, coupled with her years of experience working in this industry, allows her to analyse current and future trends across both global and clients’ target markets and help them in making informed decisions.
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Maternity clothing refers to that type of clothing that is specially designed for women to be work during pregnancy. These dresses are made out of comfortable fabric that includes elastics, tabs, and spandex that allows the females to have extra comfort during the gestating period.
Global Maternity Wear Market, Forecasts From 2019 to 2025, in US$billion
Source: Knowledge Sourcing Estimates
The figure above represents the global maternity wear market size from 2019 to 2025 which shows the market is expected to reach US$18.899 billion by the year 2025 from US$13.767 billion in the year 2019. The major factors driving the market growth include the rising focus of the pregnant woman regarding pregnancy fashion majorly in the developing regions such as North America and Europe among others. The changing fashion trend has led to an upsurge in the adoption of various types of maternity dresses as the females are increasing their consciousness towards wearing fitted dresses. Moreover, the rising fashion sense and a decent growth in the female working population are also some of the additional factors that play a significant role in propelling the business opportunities for the major market players over the next five years. Earlier, the maternity wear was used to hide the baby bumps but over the years the trend has changed which has led to an upsurge in the adoption of various type of maternity dresses for the showing off of the baby bumps. The market is also poised to witness a healthy growth on account of the expansion of distribution channels, especially across the developing economies such as India, China, and Indonesia among others. Furthermore, the penetration of new players in online business has also augmented the demand for maternity wear in both developed and developing economies. Also, the investments by various startup companies with an aim to gain a competitive edge and tap the potential that the market holds further provide an impetus for the market to witness a healthy growth in the near future.
Segment Overview:
The global maternity wear market has been segmented on the basis of product type, distribution channel, and geography. On the basis of product type, the segmentation of the market has been done on the basis of dresses, bottom wear, lingerie, and others. By the distribution channel, the segmentation of the market has been done on the basis of online and offline. Geographically, the market has been distributed into North America, South America, Europe, Middle East and Africa, and Asia Pacific.
By product type, the dresses segment is expected to hold a substantial share in the market throughout the forecast period on account of the presence of a wide variety of products under this segment coupled with the considerably higher price of these products among other product types. Furthermore, the rising demand for formal wear on account of the increasing pregnant working population in major developing economies such as India, China, and Brazil is also a key factor boosting the growth of this segment over the next five years. Also, the presence of players in the market such as H&M and GAP also offers a wide variety of product offerings under this segment is also a major factor supplementing the share of the market over the next five years. The lingerie segment is expected to witness a healthy growth as the rising number of conscious women that take necessary care of themselves while undergoing several body changes has led to an upsurge in the demand for lingerie that caters to the requirements of the women during their pregnancy phase.
By the distribution channel, the online segment is anticipated to show fast growth during the next five years. The major factors that supplement the growth of this segment include the booming internet penetration and smartphone penetration in both developed and developing economies of the globe. Also, the expansion of distribution channels by various retail chains to capture a greater share of the population has led to an upsurge in the sales through online sales channels, thereby supporting the share of this segment during the next five years. For instance, AKS aa leading ethnic wear brand based out of India announced the launch of a new product line of maternity and nursing wear collection on its e-commerce store in June 2019. Similarly, in March 2018, H&M announced the launch of its online store in India with an aim to accelerate its market share across the country. The offline distribution channel is expected to hold a considerable market share throughout the forecast period on account of the presence of a considerable large population base that is reluctant towards online shopping. Also, the presence of a vast number of retailers especially in the developing economies also plays a significant role in shaping up the growth of this segment during the next five years.
Regionally, the Asia Pacific region is expected to witness a considerable growth in the market throughout the forecast period on account of the increasing urban population and increasing purchasing power of the women in countries like India, China, Indonesia, and Vietnam among others. Furthermore, the booming e-commerce industry across these countries is also significantly driving the global maternity wear market growth during the course of the next five years. Also, a significant increase in working pregnant women is also bolstering the adoption of maternity wear market throughout the forecast period. According to the data from the World Bank Group, GDP per capita (current US$) in India and China reached 2,104.146 and 10,261.679 respectively by 2019 from 1,357.564 and 4,550.454 in 2010.
GDP Per Capita (Current US$) – India and China, 2010 to 2019
Source: The World Bank Group
Furthermore, the North American region is expected to hold a substantial market share throughout the forecast period on account of the presence of a large fashion-conscious female population base in countries like the United States and Canada. Furthermore, the higher purchasing power of the people in these countries also supplements the demand for numerous types of maternity clothing which is a key factor supporting the share of the North American maternity wear market over the course of the next five years.
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Millennials are not interested in buying anything, be it property, entertainment, or even expensive clothes. According to the Institute of Fiscal Studies, renting figures have trebled since the 1990s. We are living in an age of virtual libraries where we stream music and films online, without needing to own any of them. People are using the same concept when it comes to their wardrobe. This ‘generation rent’ does not want to spend money on high-end global brand clothes which, in the era of social media, get ‘old’ and ‘non-reusable’ just with a click of one photo. Gone are those days when renting clothes and jewellery was only reserved for the rich and famous for a shoot or any red carpet event. There are plenty of rental fashion sites that are offering premium branded clothing line on rent for a fraction of the retail price. As people are socializing more often, they are preferring to ‘hire’ fine-quality branded dresses instead of paying the retail price for just one-time use.
Growing popularity of online shopping portals, supported by rising internet penetration and proliferation of smartphones is the prime reason of booming online clothing rental market. The advancement in technologies such as artificial intelligence (AI) has further driven the demand for online shopping by making the process even more convenient for people. Growing middle class population in developing economies is further contributing to the market growth of online clothing rental.
Global Internet Penetration, Percentage of Population, 2012 to 2017
Source: The World Bank Group
Rising use of social media platforms such as Twitter, Facebook, Snapchat, and Instagram has surged the demand for rented clothes, especially among women. Rapidly emerging popularity of fashion vlogs across these social media platforms is also contributing to the market growth of online rental clothing globally. Increasing number of red carpet events, both across movie and television industry, is further augmenting the demand for clothes on rent for short duration, and thereby positively impacting the market growth of online clothing rental.
Global Online Clothing Rental Market Size, US$ Billion, 2019 and 2025
Source: Knowledge Sourcing Intelligence Analysis
Another reason for emerging popularity of using rented clothes instead of buying new ones is the rising awareness regarding environmental sustainability. Clothing companies are encouraging people not to throw away their used clothes and re-use them as ‘fashion pollution’ is having detrimental effects on the environment. Clothing generates its own carbon and water footprint, with the fashion industry’s CO2 emissions expected to rise to more than 2.5 billion tonnes per year by 2030. According to the figures from the United Nations Environment Programme (UNEP), it takes 3,781 litres of water to make one pair of jeans from the production of the cotton to the delivery of the final product to the store. This is equal to the emission of nearly 33.4 kilograms of carbon equivalent. As a result, consumers as well as companies are bringing up the concept of not buying something new and expensive while diminishing the environmental footprint. With the rise of online clothing rental platforms, the reduction in the amount of new clothes in circulation will eventually help to maintain the environmental sustainability. The idea of minimalism and the option of renting clothes also offers people more opportunities to be creative and constantly changing their fashion style without even buying more expensive clothes.
Growing number of fashion-conscious individuals who lack finances to purchase clothes of their choice which are expensive are anticipated to make use of online clothing rental platforms to the fullest since renting a dress is always cost-efficient, especially in today’s world when the trend keeps changing with a blink and people do not want themselves to be seen wearing the same outfit on different occasions. As a result, the global online clothing rental market will continue to boom during the forecast period.
Rapidly growing e-commerce sector, especially in the Asia Pacific region is expected to propel the market growth during the next five years. Consumers in countries like India and China are increasingly opting for rented clothes including runway-ready outfits and haute couture fashion for various events and occasions. With social media playing a crucial role in the success and failure of brands, fashion rental startups are attracting primarily millennials who are aware of the latest trends and the best designers. Rentals help consumers save money, time and the headache of storage and maintenance of a huge pile of clothes.
Companies in online clothing rental industry are constantly trying to provide clothes on rent both accessible and affordable and are launching new clothing rental platforms in order to make a strong position in this emerging industry. In 2019, for instance, etailer My-Wardrobe.com launched a website called MyWardrobe HQ where users can buy and rent clothing and accessories. Rental costs are agreed between the renter and the owner or brand. In 2018, the country’s largest, the first and only official online rental platform for designer outfits as launched- BChu Runway-offering outfits from over 150 world-class brands. In the United States, a healthy clothing rental economy has also emerged with brands like Gwynnie Bee and Le Tote offering clothes on rent. Canada is also a home to various online rental companies including Atelier Privé, Rent Frock Repeat, and dresst.
The future of fashion is expected to move beyond traditional model with a keen focus on accessibility, affordability, and environmental sustainability. With more and more efforts are being put across various industries in saving the planet, the market for online rental clothing will continue to thrive during the forecast period.
ABOUT THE AUTHOR:
Anjali Joshi is a senior market research analyst at Knowledge Sourcing Intelligence. She oversees a team of analysts and is known for the quality of market intelligence she delivers to the clients which range from start-ups and Non-profit Organizations to Fortune 500 companies. Anjali’s keen understanding of international business and market dynamics, coupled with her years of experience working in this industry, allows her to analyse current and future trends across both global and clients’ target markets and help them in making informed decisions.
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Wearable devices help to keep a track of real-time data on the activities of its user and can be worn on the body with ease and comfort. Wearable devices include earwear, wrist bands, smartwatches, glasses, and other fitness trackers. Today wearable devices are becoming an area for innovation and development and with the adoption of the Internet of Things (IoT) the market is expected to witness significant growth during the forecast period. In addition, a growing number of the product launch of wearable devices by major market players in developing economies like China and India to increase their market share is anticipated to propel the wearable devices market growth opportunities for manufacturers and vendors during the forecast period. Like in March 2019, Fitbit launched three brand new wearable devices in Malaysia under the budget segment and aimed at a bigger market for consumers with their affordability.
Total Number of Adults With Diabetes (20-79 Years) in Million
Source: International Diabetes Federation (IDF), Knowledge Sourcing Intelligence
Growing Health Awareness
The treatment of diabetes is considered as the prime focus area of healthcare sector around the world. The changing lifestyle and eating habits along with the reduction in the physical workout have led rise to obesity, which is considered to be the major cause of diabetes among adults. The rising prevalence of diabetes coupled with increasing healthcare expenditure around the globe is expected to be the prime driver for the growth of the market for diabetes segments during the forecast period. The rising economic burden of diabetes and other chronic diseases coupled with increasing healthcare expenditure in various parts of the world is also anticipated to increase the demand for rapid diagnostic kits for glucose monitoring over the forecast period. Since, people with diabetes require access to systematic, regular, and organized healthcare and access to these essential services are considered as the main concern in diabetes management, especially in low- and middle-income countries, which is expected to boost the demand for wearable devices. Such issues can be effectively addressed by technological innovation like mobile health tools etc, thus it works as a driving factor for the growth of the market. In the fast-moving world, technological innovation like continuous glucose monitoring systems gives the blood glucose profile at the isolated times during the day, it allows diabetic patients to see their blood glucose level throughout the day all this increases the patient's preference towards the product which widen up the growth prospects of the market.
Increasing Demand for Data-Driven Operation in Various Industries
Industries such as sports over time have become competitive where a small moment can change the course of the game. Sports teams now have much loyal fan-base therefore agencies and teams are now realizing the need for proper performance tracking management to gain a competitive edge against the competitors. All such efforts towards the adoption of data-driven technologies and operations are expected to drive the growth of the market for witness trackers among others during the forecast period. With the increasing involvement of fans and rising number of stadiums around the globe, there is an increasing demand for data operations technology is further expected to propel the wearable device market growth opportunities for technology providers in ICT industry. Furthermore, increasing strategic analytics partnerships by the sports clubs in order to enhance their performance is further expected to boost the demand for sports technology wearable devices in the coming years. For instance, Manchester City Football Club recently expanded its partnership with SAP to bring analytics technology to the pitch so that coaches and players can access real-time data from side-lines during the games.
Sports Industry
Wearable devices technology is the leading sports revolutions that are changing the definition of overall sports and the level of efficiency of the game today. The technology had expanded from simple biometric monitoring to the incorporation of the perceptual and psychological aspects of sports in order to enhance the overall performance. Today even big leagues incorporate wearable devices in their games and practice sessions and consider it an important part of the increasing initiative by the big market players are expected to drive the growth of the wearable devices market during the forecast period. For instance, sports wearable giants like Adidas introduce products like miCoach Elite systems which are fitted inside a gear or clothing is able to determine athletic performances like acceleration, speed, distance, and power is widely being used by major soccer leagues in American MLS games and European counterparts. Besides, a growing initiative by big sports clubs in various parts of the world for the adoption of wearable devices technology is expected to augment the wearable devices market growth in the coming years. For instance, recently Spanish football Club Barcelona teamed up with tech giant Wimu to develop wearable technology for itself to increase efficiency.
Competitive landscape
The number of players in the wearable device market is large and growing with the opportunity to generate significant revenues as a result of growing demand. Key players in the wearable device market are seen to adopt differentiated strategies and are also looking to expand their market portfolio through investments in the development of the new product line, and some companies are even opting for mergers, acquisitions, and strategic partnerships to expand their market presence. Moreover, major firms offer differentiated yet similar products to meet the different requirements of various end-users. The market growth will be high in the coming years since existing firms have invested heavily to capture significant market share in this competitive market. Therefore, the possibility of incurring high potential losses will act as a barrier to exit for the firms.
ABOUT THE AUTHOR:
Rajat Sudan is a Market Research Analyst at Knowledge Sourcing Intelligence, working on estimates and global/regional specific reports on multiple industries ranging from healthcare to semiconductor, with a special knack for ICT. With the addition of his formal education in Economics, Commerce, and Finance, he is able to provide more light on the macro aspects of the story. To read more articles by him, and for more information regarding multiple global markets, visit https://www.knowledge-sourcing.com.
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NEV refers to the new energy vehicles that are either fully or partially powered by electric power such as Battery Electric Vehicles (BEVs) or Plug-in Hybrids (PHEVs). These taxis further have low running and maintenance costs and cause less or no harm to the environment. These are some of the key factors that are augmenting the adoption of new energy vehicles as taxis in various countries.
Global Nev Taxi Market, Forecasts From 2019 to 2025, in US$ Billion
Source: Knowledge Sourcing Estimates
The graph mentioned above represents the market size of the global NEV taxi market which shows that the market is poised to witness a strong growth throughout the forecast period by reaching US$55.558 billion by the year 2025 from US$11.674 billion. The major factors that are anticipated to augment the market growth for NEV taxi include the several initiatives taken by the government of both developed and developing economies regarding the protection of the environment. The booming adoption of electric vehicles as a sustainable mode of commuting is also a key factor that plays a significant role in shaping up the growth of the globalNEV taxi marketthroughout the course of the next five years. Furthermore, the rapid penetration of new market players in the electric vehicle industry with an aim to expand their market share and gain a competitive edge over other players also shows the potential for the market to grow in the near future.
The market is also expected to grow on account of several government initiatives in the developing economies to promote the use of NEVs as taxis as public transport is considered to be a major contributor to carbon emissions. For instance, the Indian Government announced its plans in 2019 in which it is expected that the government may mandate the deployment of around 40% of electric feet by the various taxi providing companies throughout the country. Also, increased funding in the country received by taxi providers for the promotion of the electric fleet also shows the potential for the market to grow in the near future. For instance, in March 2019, Ola announced its spin-off Electric Business as a separate business unit and received funding worth US$56 million from Tiger Global and Matrix India.
Segment Overview:
The global NEV taxi market has been segmented on the basis of vehicle type and geography. By the vehicle type, the market has been segmented on the basis of Battery Electric Vehicle (BEV), Plug-in Hybrid Electric Vehicle (PHEV), and Fuel Cell Vehicle (FCV). Geographically, the segmentation of the market has been done on the basis of North America, South America, Middle East, and Africa, Europe, and Asia Pacific.
The battery-electric vehicle (BEV) segment is anticipated to hold a decent market share throughout the forecast period on account of the presence of a vast number of vehicles under this segment. The plug-in hybrid segment is projected to show a notable growth during the next five years as the entry of new market players under the plug-in hybrid segment is a major factor supplementing the growth of plug-in hybrid electric taxis over the course of next five years. Also, Plug-in hybrid electric vehicles are those electric vehicles that use batteries for powering up the electric motor and also use an alternative fuel such as gasoline or diesel for power the other propulsion source such as an internal combustion engine. These vehicles can run on electricity and on fuel also offers a higher fuel economy in comparison with conventional vehicles.
Geographically, the North American region is anticipated to hold a substantial share in the market on account of early technology adoption of the presence of a well-established electric vehicle charging infrastructure in the countries like the United States and Canada. The European region is expected to hold a good amount of share in the market on account of the presence of a considerable large number of automotive manufactures across several countries of the region. Furthermore, the market in the APAC region is expected to witness a healthy growth on account of the presence of the fastest-growing economies such as India and China among others, and transport is considered as the backbone of these economies. The constantly growing pollution coupled with the increasing government budgets towards the setting up of necessary infrastructure for the easy deployment of electric feet further bolster the market growth in the APAC region. For instance, in November 2018 EV Motors India in partnership with DLF, ABB India, and Delta Electronics plans to set up 6500 electric vehicles (EC) charging stations across the country over the next five years.
The Recent Outbreak of COVID-19
The market is projected to witness a slight downfall especially in the short period of the next six to eight months due to the intense outbreak of the novel coronavirus disease. The outbreak of the disease has led to a ban on travel across may countries. There is a temporary halt in the activities across the tourism sector that has led to a decline in the demand for taxi services. Also, various government measures to reduce the spread of the disease such as social distancing, and lockdowns has also led to a decline in the traveling activities also. Moreover, the temporary halt in manufacturing activities is also anticipated to moderately inhibit market growth during the short run.
Government Initiatives Regarding the Promotion of EVS
Increasing the need to use vehicles that utilize greener technologies is driving the growth of electric vehicles throughout the globe. The governments of various countries in both developing and developed economies of the world are implementing numerous strategies and taking numerous initiatives for the promotion of electric vehicles is expected to significantly drive the NEV taxi market growth during the next five years. Also, the increase in the deployment of electric vehicles has also grown exponentially in the past years, this also shows the growth potential for the global electric sports market to grow during the course of the next five years.
Electric Car Deployment – World, 2013 to 2018, in Million Units
Source: IEA
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The night vision devices market is anticipated to witness a healthy growth throughout the forecast period. The major factors boosting the market growth include the growing adoption of various types of devices for surveillance and security purposes with night vision features on account of rising crimes. Furthermore, the wide adoption of night vision devices across the military and defense sector around the globe plays a significant role in shaping up the market growth throughout the next five years. The booming adoption of night vision devices such as cameras and goggles across the wildlife research fields is also amplifying the demand for night vision devices. Furthermore, the cost-effectiveness of these devices is also a key factor that leads towards a healthy market growth.
Night Vision Device Market, Forecasts From 2019 to 2025, in US$ Billion
Source: Knowledge Sourcing Estimates
The above figure shows the market size of the night vision device market in which the market is projected to reach US10.086 billion by the year 2025 from US$6.258 billion in the year 2019.
Night vision devices are optical observation devices that have the capability to deliver bright images in a low light environment. The various types of night vision devices include scopes, cameras, and goggles. There is also a rising adoption of devices such as cameras across the wildlife sanctuaries primarily for animal tracking which is also a key factor augmenting the business opportunities for the key market players over the next five years. Furthermore, the participation by the key market players in partnerships, acquisition, and product launches is also a key factor that shows the potential for the market to grow over the forecast period. The rising military spending in various countries around the globe for the adoption of technology with an aim to strengthening the military base due to rising regional tensions also provides an impetus for the market to surge in the next five years.
Participation by Market Players
The major factor responsible for the healthy market growth includes constant participation by the major players operating in the night vision devices market. The players are investing heavily in the R&D to develop and launch advanced products on account of the growing requirements of the end-users for achieving a competitive edge over other players. The market also witnessing a plethora of investments in the form of partnerships, acquisitions, and mergers that also further shows the potential for the market to grow. For instance, in April 2020, the U.S Army received the first-ever next-generation 656 combat-ready Enhanced Night Vision Goggle – Binocular (ENVG-B) system from L3Harris Technologies for the enhancement of the abilities of the army soldiers. Similarly, a strategic partnership was signed between the Thales Group and MKU in February 2020, for the development of ELFIE Night Vision Device (NVD) for the soldiers of the Indian army. Also, Elbit Systems acquired the night vision business segment of L3Harris Technologies to enhance its product offerings and business capabilities under a price consideration worth $350 million. Additionally, in March 2018, BAE Systems announced that they have received an order from the U.S army worth US$97 million for new night vision and thermal imaging technologies. Thus, all the factors such as acquisitions, strategic collaborations, and partnerships among companies and various end-users are some of the factors that are collectively contributing towards the night vision device market growth throughout the forecast period.
Segment Overview:
By technology, the night vision device market is segmented as thermal imaging, infrared illumination, and intensification. The thermal imaging segment is expected to hold a considerable market share throughout the forecast period on account of its wide adoption of numerous applications such as surveillance, search and rescue, and road safety among others. The image intensifiers segment is expected to witness a healthy growth during the next five years.
By product, the market has been segmented into goggles, camera, and scope. The goggles segment is anticipated to hold a significant market share throughout the forecast period. There is a wide application of night vision goggles, especially in the military sector. The booming investments in the military sector around the globe for the advancement of technology due to the rising number of attacks and the growing regional tensions among the nations is a key factor bolstering the growth of this segment throughout the forecast period. Also, an increase in the number of military personnel in various countries also adds up to the demand for night vision goggles, thereby projected to significantly drive the market growth over the course of the next five years. The camera segment is expected to witness a robust growth in the next five years primarily on account of the growing adoption among residential and commercial buildings for surveillance purposes due to the rising number of thefts and robberies. Also, increasing government focus towards efficient traffic management has also led to an intense deployment of road surveillance systems, thus offering lucrative opportunities for manufacturers in the coming years.
Armed Forces Personnel – India, 2010 to 2017
Source: The World Bank Group
The above-mentioned graph represents the number of personnel in armed forces in India which reached 3,031,000 by the year 2017 from 2,625,586 in 2010.
By application, the market has been classified on the basis of navigation, security and surveillance, and others. The security and surveillance segment is expected to hold a decent share in the market throughout the forecast period due to the wide applications across the defense sector. Furthermore, the growing adoption of security surveillance systems and road surveillance systems in the various developing economies of the region is a key factor propelling the growth of this segment during the next five years.
Geographically, the global market has been distributed into North America, South America, Europe, Middle East and Africa, and Asia Pacific. The North American region is expected to hold a significant market share on account of the presence of well-established infrastructure and the presence of key market players in the region. The Asia Pacific region is expected to witness decent growth in the next five years due to the rising military spending in the various developing economies. Also, the investments in smart cities have also propelled the adoption of road surveillance systems in India, which is also a key factor bolstering the growth in the APAC region throughout the forecast period.
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As the global population is mushrooming rapidly, growing food insecurity challenge requires rise in the agricultural produce. According to the World Bank Group data, the global population has surged from 6.922 billion in 2010 to 7.674 in 2019. However, with continous rise in dearth of natural resources- land and water- there is a constant need to adopt modernized farming methods and equipment which enables the conservation of these resources and other inputs by ensuring their efficient distribution. It also reduces unit costs of production through higher productivity yields while focusing on input conservation.
Global Total Population Data, in Billion, 2010 to 2019
Source: The World Bank Group
With crop production constantly exposed to dynamic and unpredictable challenges, crop nutrition and pest protection are most important and delicate aspects of farm management. The rising levels of greenhouses gases and global temperature are directly affecting the spread of pests and diseases in crops. According to the study led by a team of researchers from the University of Washington and the University of Colorado Boulder, crop losses is estimated to be most acute in areas where warming increases both population growth and metabolic rates of pests and insects. In a 2016 study, an analysis of 1,300 known pathogens and pests estimated their potential cost to global agriculture at over US$40 billion annually if they continue to spread. As such, rapid shift from traditional to advanced farming techniques to increase the agricultural productivity while saving crops from getting destroyed by pests and insects is accelerating the need for agricultural sprayers.
Agricultural sprayers are a special type of farm equipment which are used for the application of liquidfertilizers and pesticides during the crop growth cycle. These remarkable farming tools are available in various sizes and types, from hand-held and manual sprayers to large trailed or mounted sprayers, followed by advanced atomizers. Versatile, large-scale farmers and farm co-operations have also started practicing aerial spraying.
The most critical stages of crop production is the period between planting and harvesting. Crops need fertilizers for the uptake of necessary nutrients for proper growth and development while they should also be taken care of to eliminate weeds and infestation by crop pests and insects. According to the Food and Agricultural Organization of the United Nations (FAO), the global demand for fertilizer nutrient use is projected to surge from 184,017 thousand tonnes in 2015 to 201,663 thousand tonnes in 2020.
Global Demand For Fertilizer Nutrients, in Thousand Tonnes, 2015 to 2020
Source: The Food and Agricultural Organization of the United Nations (FAO)
The step of controlling weeds and pests also requires the use of agrochemicals such as herbicides and insecticides. According to the World Health Organization (WHO), there are more than 1,000 pesticides that are used around the world to ensure the safety of food crops from insects and pests. According to the FAO statistics, the global trade volume of pesticides increased from 10,230,567 tonnes in 2015 to 11,552,828 tonnes in 2018. Another reason for the high demand for pesticides is the growing plantation of GMO crops which are increasingly becoming more and more resistant to pesticides which, in turn, is further surging their usage in order to prevent the crop loss.
However, high usage of pesticides is not only dangerous to the environment but also to human health. According to the WHO, pesticides are among the leading causes of death by self-poisoning, especially in low- and middle-income countries as they are intrinsically toxic and spread in the environment. The most at-risk population are farmers and agricultural workers who apply pesticides and are directly exposed to these chemicals. Many studies worldwide have also proved the link between pesticides and diseases such as cancer, ADHD, Alzheimer’s disease, and even birth effects. These chemicals also pollute the water sources and thus, throw the whole ecosystem off balance. Also, the excess use of chemical fertilizers has led to a decline in the soil fertility.
In order to spray these chemical in a limited but effective quantities, agricultural sprayers have become an essential piece of agricultural sector for effective crop production and protection. By properly and efficiently applying chemicals to control weeds, insects, and diseases, farmers can give their crops the best chance for high yields.
Traditionally, the spraying of fertilizers, pesticides, and insecticides is done by a farm worker carrying a backpack type sprayer which requires more human effort. With growing adoption of modern farm equipment, the demand for easy-to-use and operate agricultural sprayers is booming at a remarkable rate. With the use of mechanized spraying equipment and machines, agrochemicals are distributed evenly on the farm and reduces the quantity of waste, resulting in the prevention of losses and wastage of input. As against conventional spray technology that requires excessive pesticide use to achieve effective pest control in crop production, new precision agricultural sprayers apply optimum amount of pesticide. Type of agricultural sprayers include hand-held sprayers, airblast sprayers, and aerial sprayers. Emerging popularity of drone sprayers is also playing an important role in the growing agricultural sprayers market.The use of agricultural drones for spraying is rising at a significant rate in order to reduce the amount of crop loss due to pest and insect attacks. Moreover, the relaxation of regulations regarding the use of drones in many countries is also paving the way for drone manufacturers to capture this spraying segment of agricultural equipment market.
Global agricultural sprayer manufacturers are continuously diversifying their product portfolio while collaborating with each other to expand their customer base. FLIGHTS Co., Ltd, a Japanese drone company which promotes the use of drones in various industries, developed its own cost-effective drone for spraying pesticides in 2019. John Deere expanded its 4-Series Sprayers range by introducing its biggest sprayer so far- the 1,600-gallon capacity R4060 Sprayer. LEMKEN launched self-propelled field sprayer NOVA which is able to perform a variety of operations with low noise and stress level. New Holland launched ‘Defensor 2500’ which is an advanced sprayer and is designed to protect Brazilian crops.
ABOUT THE AUTHOR:
Anjali Joshi is a senior market research analyst at Knowledge Sourcing Intelligence. She oversees a team of analysts and is known for the quality of market intelligence she delivers to the clients which range from start-ups and Non-profit Organizations to Fortune 500 companies. Anjali’s keen understanding of international business and market dynamics, coupled with her years of experience working in this industry, allows her to analyse current and future trends across both global and clients’ target markets and help them in making informed decisions.
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Uncovering Potential in the Managed Data Center Service Sector
BlogThe organization’s business model has been witnessing a significant amount of pressure from different macroeconomic forces resulting in a substantial amount of profits being foregone as the costs are eating up high percentages of the revenues. Simultaneously, the pace of technological innovation and the requirement of resources that the enterprises need while ensuring adherence to IT and regulatory related compliance further drains out the financial resources that could otherwise be utilized in achieving the company’s goals. As such, the businesses are focusing on refining the operational efficiency and effectiveness in order to improve their financial health and increase the ability to whether the unanticipated changes in the macroeconomic environment. This is promoting the adoption of managed services as it has the potential to reduce the cost by approx. 35% in comparison to the traditional/in-house IT teams (source: Avendus). Similarly, managed services tend to reduce the recurring in-house cost by 30% to 40% while boosting the overall efficiency by 50% to 60% (source: Cisco). This is driving the third-party data center industry – with the trend projected to further continue over the years to comes, the managed data center services market size is estimated to reach US$408.684 billion in 2025 from US$191.673 billion in 2019 at a CAGR of 13.45%.
High Potential for Small and Medium Scale Enterprises
The small and medium scale enterprises are increasingly migrating towards a cloud solution that allows them to compete in an increasingly crowded market. Planning and implementing an IT strategy is no longer limited to the large firms, but also for the smallest of companies on the planet. However, it is extremely capital intensive for small firms to build their own data center. The estimated cost of building a data center is approx. US$200 per square foot while the maintenance, staffing, and monitoring costs are separate. Furthermore, depending upon the usage, the average life of a server is between 3-5 years, and the replacement costs further adds to the total cost of ownership, making the decision of a firm with the limited financial ability to invest in building its own data center space redundant.
Enterprises Employinig, Recruting, and Trying Recruit and Having Hard-To-Fill Vacancies for ICT Specialists in EU-28, in %, 2018
Source: Eurostat
Fortunately, there is a way, where the small businesses can exploit the potential of digital and big data without investing significantly in building the data center. These businesses seek budget-friendly plans which are offered by the managed service providers that provide the flexibility and cost-effective IT solutions that can be scaled according to the requirement. For instance, the growing amount of digital data could possibly create storage capacity related issues that can be easily be alleviated by opting for colocation solutions offered by the managed service providers. Moreover, only 25% of the small and medium scale (10-249 persons employed) are using cloud computing solutions in the EU-28 (source: Eurostat) while only 18% of them have hired an IT specialist in 2018. It is expected that the cloud solution will capture a greater proportion of the SME’s in the next five years, however, small businesses can potentially save on the cost of hiring IT specialists and other resources by outsourcing its IT needs to the third-party service providers. The agility, advisory expertise, and cost efficiencies are key factors that are extremely attractive to businesses with a limited budget and will drive the managed data center services market for small and medium-size firms in the immediate future.
Developing Regions Providing High Growth Opportunities
The number of internet users in the developing regions has grown at a CAGR of 12.69% between 2008-2019 as against the 3.55% growth achieved in the developed region. Access to the internet in the developing region has stimulated a number of investments specifically in the media, entertainment, and content creation industry. The ability to reach large masses at a relatively low cost is strategically significant for internet companies. Moreover, e-commerce has also grown in the Asian market at a very high pace and is set on a path of disrupting the traditional method of shopping. Thus, the amount of data generated every day is estimated to have increased from 39.151 billion GB in 2016 to 74.438 billion GB in 2019 (source: Knowledge Sourcing Intelligence Analysis).
Number of Internet User and Data Created Everyday (In Billion GB)
Source: International Telecommunication Union & Knowledge Sourcing Intelligence Analysis
The expected increase in the competition in the media & entertainment industry is anticipated to generate higher revenue generation opportunities for the managed data center service providers as these companies will strive to focus on core objectives while simultaneously outsourcing its data management requirement to the third-party service providers. Moreover, with the anticipated rise in the internet penetration – the investment in the development of data center infrastructure and the simultaneous rise in demand for managed services is projected to substantially escalate in the next five years. Thus, the managed service providers are also strategizing innovatively that will allow them to improve them their market position. For instance, in February 2020, Yotta Infrastructure introduced a launch offer for its managed data center services at a price that we were 40% cheaper than the prevalent market rates. Similarly, ESDS Software Solutions Pvt Limited – one of India’s leading managed data center services company announced the expansion of its office in Kolkatta, India in February 2020 to accelerate its growth plans.
ABOUT THE AUTHOR
Siddharth David is a Senior Market Research Analyst at Knowledge Sourcing Intelligence LLP. His expertise lies in offering predictive analysis and an all-inclusive outlook of different industry verticals from both the macro and micro point of view, with a special knack for market sizing and delivering key strategic insights. To read more articles by him, and for more information regarding multiple global markets, visit https://www.knowledge-sourcing.com.
Armrests – Adding More Comfort to the Vehicle
BlogArmrests are considered to be some of the additional features that are incorporated in the modern vehicles that add up to the luxury of the vehicle as well as adding more comfort. These armrests offer extra comfort to the passengers they can rest their arms on them. It also makes the driving experience a bit more convenient, especially during the long rides. The figure below represents the market size of the global automotive armrest market from 2019 to 2015.
Global Automotive Armrest Market, Forecasts From 2019 to 2025, in US$ Billion
Source: Knowledge Sourcing Estimates
The market for armrests is poised to witness a nominal growth over the course of the next five years. The primary growth factor of the market includes the growing consumer preferences towards having additional comfort features added to their vehicles. Growing automotive production worldwide, despite some slowdown due to shrinking sales in some regions, can be seen as one of the major factors driving the growth of the market. Increasing penetration of advanced comfort features across the automotive sector is significantly driving the adoption of armrests across the different vehicle segments. The growing focus on the reduction of vehicle emissions is encouraging governments to invest heavily in the electric vehicle market. This provides a great business opportunity for armrest manufacturers to expand their market reach and gain a competitive edge over other players. These products are already installed in mid-range and all luxury cars.
However, the presence of a wide variety of aftermarket products that can be tailored as per the needs of different vehicle types further provides an impetus for the market to witness decent growth during the next five years. Integration of technology has led to the development of new armrest products with heating and cooling systems also, this in turn is also positively impacting the demand for these armrests especially in the luxury vehicle segment. For instance, in February 2016, Yanfeng Automotive Interiors a globally known leading company that offers numerous automotive interior solutions announced the development of new heated armrest products for the door panels that are made form much thinner and lighter materials. Thus, the rising trend of heated armrests also plays a significant role in shaping up the global automotive armrest market growth during the next five years.
Growing Automotive Production
The market for armrests is poised to witness a nominal growth primarily on account of the decent growth of automotive production worldwide. The increasing demand for vehicles especially in developing economies such as India, China, and Indonesia among others has led to an upsurge in the production of vehicles as well. Rising disposable incomes and living standards is significantly driving the sales of passenger cars which is fueling the demand for armrests as various automotive manufactures are further offering preinstalled armrests in the vehicles.
Automotive Production in Asean Region, 2014 to 2018
Source: Asean Automotive Federation
The above figure represents the production of automobiles in the ASEAN region between the years 2014 to 2018. Furthermore, booming investments by major automotive manufacturers in the expansion and setting up of new production plants to cater to the growing demand for vehicles also provides an impetus for the market to witness a growth until the end of the forecast period. For example, In January 2018, Toyota announced to spend $471 million to upgrade and expand its factory near Valenciennes, northern France. Similarly, in July 2018, Renault announced to invest $1.2 billion to increase electric vehicle production capacity in France. In July 2018, Nissan announced its investment in Argentina for boosting the production of pickup trucks in order to meet the growing global demand. The company also announced its key milestone which is aimed towards the increase in the sales of light commercial vehicles by 40% by the year 2022. Thus, all these factors are anticipated to positively impact the demand for armrests, thereby augment the market growth during the next five years.
COVID-19 to Hamper the Demand
The global automotive armrest market is poised to witness a slight downfall on account of the recent outbreak of the novel coronavirus disease. The strict government restrictions to control the impact of the diseases have led to a temporary halt in the manufacturing activities across many regions due to social distancing measures and lockdowns. Also, many automotive manufacturers have temporarily suspended manufacturing activities, thereby inhibiting the demand from the OEMs.
Segment Overview:
The global automotive armrest market has been segmented on the basis of position, vehicle type, sales channel, and geography. On the basis of position, the segmentation of the market has been done into front and rear. On the basis of vehicle type, the classification of the market has been done on the basis of passenger vehicle, light commercial vehicle and heavy commercial vehicle, By sales channel, the market has been classified into OEMs and aftermarket. Geographically, the classification of the market has been done on the basis of North America, South America, Europe, Middle East and Africa, and Asia Pacific.
By position, the front segment is anticipated to hold a substantial market share throughout the forecast period as these armrests are widely adopted across all luxury vehicles as well as some of the mid-range vehicles as well. Also, these armrests are already equipped in some vehicles by the automotive manufacturers. The rear segment is expected to show decent growth throughout the forecast period.
By vehicle type, the passenger vehicle segment is projected to hold a significant share in the market over the course of the next five years on account of the growing production of passenger vehicles throughout the globe. Furthermore, the LCV segment is anticipated to show a healthy growth over the forecast period on account of the booming e-commerce and logistics industry in many parts of the world.
Geographically, the APAC region is expected to hold a considerable share in the market due to the presence of one of the largest automotive industries in countries like China and India among others. Furthermore, the rapid urbanization and industrialization are also some of the factors bolstering the market growth in the Asia Pacific region over the course of the next five years.
Engine Oil – The Most Essential Lubricant for Automobiles
Thought ArticlesEngine oil is the most essential lubricant that is used in a vehicle this oil is used to lubricate the internal combustion engine as it prevents wear and tear by lubricating the internal parts of the engine and allowing them to run smoothly by cleaning the sludge of the engine.
The market for automotive engine oils is poised to witness a nominal growth over the course of the next five years. The key factor supplementing the growth includes the increasing concerns of the vehicle owners towards the faster deterioration of engine components due to wear and tear. The rising adoption of enhanced quality lubricants is bolstering market growth until the end of the forecast period. The constantly increasing disposable income and the rapid urbanization in the various developing economies around the globe have led to an increase in the sales of automobiles, which is further providing an impetus for the market to grow in the near future. Also, the growing use of synthetic products is also propelling the business opportunities for the manufacturers to expand their market share during the forecast period.
Furthermore, the rising requirements to meet stringent regulations regarding vehicle emissions and safety are also projected to expand the automotive engine oil market during the coming years. The graph below represents the market size of automotive engine oil that shows the market reached US$12.866 billion by 2025 from US$9.931 billion in the year 2019. However, the volatility in the prices of oil and petroleum is projected to restrain the market growth to a certain extent.
Global Automotive Intercooler Market, Forecasts From 2019-2025, in US$ Billion
Source: Knowledge Sourcing Intelligence Estimates
Rising Automobile Sales
One of the key factors augmenting the market growth includes the constantly increasing sales of automobiles around the globe. The rapid urbanization, growing disposable income, and the growing middle-class population are the major factors that have led to an increased standard of living especially for those people who live in developing economies such as Brazil, India, and China among others. Since automotive engine oil is an important part of the maintenance and smooth functioning of the engines, the rise in the automotive vehicle sales is projected to positively drive the automotive lubricants market in the coming years.
Total Automotive Sales, 2010 to 2017, in Million Units
Source: International Organization of Motor Vehicle Manufacturers
The graph above represents the total sale of automotive units from 2010 to 2019. It states that the total automotive sales reached 91 million units by the year 2019 from 75 million units in the year 2010 (Source: OICA). In addition to this, there is a constant rise in the demand for commercial vehicles for both passenger and goods transport which is further fueling the demand for automotive vehicles globally. Moreover, the rising import and export activities combined with the budding e-commerce sector have also contributed positively to the growing vehicle sales, in turn budding the automotive engine oil market during the forecast period.
Recent COVID-19 Outbreak
The recent COVID-19 outbreak is anticipated to show a slight downfall in the demand for automotive engine oils due to the declining sale of automobiles as well as a decline in the production of automobiles. The recent advent of COVID has led to a temporary halt in the manufacturing activities across several industries as the government regulations such as social distancing and lockdowns have led to a decline in the production activities in various industries. Also, the disruption of the economic growth in various countries has led to a slight decline in the sales of vehicles as well. Thus, the advent of COVID-19 is expected to moderately impact the market growth especially during the short period of the next six to eight months. Also, the suspension of vehicle sports events and adventure sports due to the outbreak of novel coronavirus disease is also expected to negatively impact the demand for performance engine oils, thereby hampering the global automotive engine oil market growth during the short run.
Participation of Key Market Players
The participation by the key market players in the form of R&D for product portfolio expansions, partnerships, mergers, and acquisitions play a major role in shaping up the market growth as it further shows the potential for the market to grow in the near future. For instance, in July 2019, IndanOil announced the launch of a new range of high-performance lubricant products, SERVO SuperMile Plus and SERVO SuperMile for the new generation cars. Also, in June 2018, Shell plc and Maserati announced their collaboration for the induction of a brand new co-branded motor oil known as Shell Helix Ultra Maserati 10W-60, this will be considered as the only oil recommended on all the Maserati’s 2018 models that will be equipped with the V6 gasoline engines.
Segment Overview:
The global automotive engine oil market has been segmented on the basis of type, engine type, vehicle type, sales channel, and geography. By type, the market has been segmented as synthetic oil, synthetic blend oil, and conventional oil. By engine type, the market has been classified into petrol and diesel. By vehicle type, the market has been segmented on the basis of passenger vehicle and commercial vehicle. By the sales channel, the segmentation of the market has been done as online and offline. Geographically, the market has been distributed into North America, South America, Europe, Middle East and Africa, and Asia Pacific.
The Asia Pacific to Hold a Decent Market Share
Geographically, the Asia Pacific region is anticipated to hold a substantial share in the market throughout the forecast period due to the growing demand for passenger vehicles in major developing countries such as India, China, and Indonesia among others. The rapid urbanization, growing middle-class population are some of the factors bolstering the high demand for vehicles in the APAC region, thereby supplementing the automotive engine oils market growth during the next five years. Also, the stringent government regulations regarding vehicular emissions is also a major factor playing a significant role in shaping up the market growth in the APAC region over the course of the next five years.
Vehicle Daytime Running Lamps Market – Making Mobility Smarter and Safer
Thought ArticlesThere has been a continuous advancement is vehicle features to make it safer and better for passengers while avoiding road crashes and fatalities. Although improvements in passive safety features such as seat belts, lighting, and air bags have resulted in reduced rate of road crashes, fatalities, and injuries, still there are rising cases of road accidents due to driver’s lack of attention and other reasons. According to the World Health Organization (WHO), approximately 1.35 million people die in road accidents annually. This costs, most countries, 3 per cent of their gross domestic product (GDP), causing loss of human life as well as public property.
As such, automotive manufacturers are constantly adding innovative features in various auto models to make them safe and secure. Vehicle daytime running lamps are one such feature which is coming in-built in various models. These are generally low-wattage headlights that turn on automatically when a vehicle’s ignition is started. It is a type of safety feature which is aimed to reduce multiple-vehicle crashes during daylight hours by making vehicles more visible to other drivers. Daytime running lights ensure that the car is visible even in the extreme climatic conditions such as dense rain and foggiest weather. By increasing the visibility of vehicles, daytime running lamps reduce the chances of vehicle collision and fatalities. Numerous studies have shown that with daytime running light equipped in the vehicle, the chances of having an accident during blurred vision weather conditions reduce to a significant rate. For example, in Denmark, there was a decline in left turn-related incidents of over 37 per cent. Around 20 per cent of traffic accidents in the EU region were prevented, thanks to daylight running light.
Furthermore, governments in various countries across the globe have implemented regulations that require the mandatory use of vehicle daytime running lights. This is significantly bolstering the market growth of vehicle daytime running lamps. According to the Motor Vehicle Safety Act in Canada, all vehicles sold or imported into the country after December 1, 1989, must have automatic daytime running lights. Transport Canada advises that all road users in Nova Scotia, including visitors, must have either daytime running lights (DRLs) or low beam headlamps on during daytime hours with full lights must be on both in case of dark (night) or in poor visibility. The government in Japan has implemented the regulation which requires automatic headlights on all new cars sold from April 2020 onward. Drivers in Thailand and Malaysia also fully support the use of vehicle daytime running lights because they can see other drivers from far away, thus reducing the chances of vehicle collisions.
Global Vehicle Daytime Running Lamps Market Size, Us$ Billion, 2019 and 2025
Source: Knowledge Sourcing Intelligence Analysis
Global auto manufacturers are also supporting the use of vehicle daytime running lamps as an important safety feature in vehicles by manufacturing models with in-built daytime running lights even when many countries, including the United States, have still not mandated their use. In the world’s most powerful country, there is no national regulation which requires automotive companies to manufacture vehicles with daytime running lights and drivers are also not required to use vehicle headlights unless it is dark, or during bad weather conditions. Only some U.S. states have laws which require turning on the headlights in conditions that call for wipers.
However, the current restraining factor for the growth of global vehicle daytime running lamps is the declining production of automotive industry. The production in this sector has been witnessing some disruption over some time, with production declined from 96,869,020 units in 2018 to 91,786,861 units in 2019, witnessing a fall of 5.2 per cent during the period, according to the statistics provided by the International Organization of Motor Vehicle Manufacturers (OICA).
Global Automotive Production, 2011 to 2019
Source: International Organization of Motor Vehicle Manufacturers (OICA)
This fall in the production of vehicles was primarily attributed to shrinking automotive sales worldwide which is expected to continue over the medium term. This decline in sales is attributed to factors such as heavy traffic congestion, poor quality roads, lack of parking slot availability, declining resale value of cars, and expensive vehicle ownership. However, the major reason for this stagnating sales of cars is the emergence of ride-hailing services, with companies like Uber and Ola taking up the market share. People are increasingly opting for these services in order to avoid stress while driving in congested roads and traffic. With people in heavily congested urban areas preferring taking taxis or ride hailing services to commute rather than owning and driving themselves, the sales of automobiles, especially passenger cars, have declined drastically which has ultimately affected the production level as well. Moreover, the recent COVID-19 global pandemic outbreak has further negatively impacted the growth of the global automotive sector. Temporary halt in production due to shut down of production facilities and global supply chain disruption on account of closing of borders by countries in order to curb the spread of the coronavirus has also resulted in a further weakening of the global automotive industry. Nationwide lockdowns and social distancing measures has restricted the production in factories which has severely impacted the global automotive sector. Since a major share of the global automobile manufacturing heavily or solely relies on China for auto parts and components, global supply chain disruption caused by this pandemic has further forced automakers to halt their production. Global auto giants including General Motors, Volkswagen, Ford, and Fiat Chrysler temporarily closed down their facilities across different regions as part of their effort to prevent the spread of the novel coronavirus.
ABOUT THE AUTHOR:
Anjali Joshi is a senior market research analyst at Knowledge Sourcing Intelligence. She oversees a team of analysts and is known for the quality of market intelligence she delivers to the clients which range from start-ups and Non-profit Organizations to Fortune 500 companies. Anjali’s keen understanding of international business and market dynamics, coupled with her years of experience working in this industry, allows her to analyse current and future trends across both global and clients’ target markets and help them in making informed decisions.
The Rising Popularity of Maternity Wear
BlogMaternity clothing refers to that type of clothing that is specially designed for women to be work during pregnancy. These dresses are made out of comfortable fabric that includes elastics, tabs, and spandex that allows the females to have extra comfort during the gestating period.
Global Maternity Wear Market, Forecasts From 2019 to 2025, in US$billion
Source: Knowledge Sourcing Estimates
The figure above represents the global maternity wear market size from 2019 to 2025 which shows the market is expected to reach US$18.899 billion by the year 2025 from US$13.767 billion in the year 2019. The major factors driving the market growth include the rising focus of the pregnant woman regarding pregnancy fashion majorly in the developing regions such as North America and Europe among others. The changing fashion trend has led to an upsurge in the adoption of various types of maternity dresses as the females are increasing their consciousness towards wearing fitted dresses. Moreover, the rising fashion sense and a decent growth in the female working population are also some of the additional factors that play a significant role in propelling the business opportunities for the major market players over the next five years. Earlier, the maternity wear was used to hide the baby bumps but over the years the trend has changed which has led to an upsurge in the adoption of various type of maternity dresses for the showing off of the baby bumps. The market is also poised to witness a healthy growth on account of the expansion of distribution channels, especially across the developing economies such as India, China, and Indonesia among others. Furthermore, the penetration of new players in online business has also augmented the demand for maternity wear in both developed and developing economies. Also, the investments by various startup companies with an aim to gain a competitive edge and tap the potential that the market holds further provide an impetus for the market to witness a healthy growth in the near future.
Segment Overview:
The global maternity wear market has been segmented on the basis of product type, distribution channel, and geography. On the basis of product type, the segmentation of the market has been done on the basis of dresses, bottom wear, lingerie, and others. By the distribution channel, the segmentation of the market has been done on the basis of online and offline. Geographically, the market has been distributed into North America, South America, Europe, Middle East and Africa, and Asia Pacific.
By product type, the dresses segment is expected to hold a substantial share in the market throughout the forecast period on account of the presence of a wide variety of products under this segment coupled with the considerably higher price of these products among other product types. Furthermore, the rising demand for formal wear on account of the increasing pregnant working population in major developing economies such as India, China, and Brazil is also a key factor boosting the growth of this segment over the next five years. Also, the presence of players in the market such as H&M and GAP also offers a wide variety of product offerings under this segment is also a major factor supplementing the share of the market over the next five years. The lingerie segment is expected to witness a healthy growth as the rising number of conscious women that take necessary care of themselves while undergoing several body changes has led to an upsurge in the demand for lingerie that caters to the requirements of the women during their pregnancy phase.
By the distribution channel, the online segment is anticipated to show fast growth during the next five years. The major factors that supplement the growth of this segment include the booming internet penetration and smartphone penetration in both developed and developing economies of the globe. Also, the expansion of distribution channels by various retail chains to capture a greater share of the population has led to an upsurge in the sales through online sales channels, thereby supporting the share of this segment during the next five years. For instance, AKS aa leading ethnic wear brand based out of India announced the launch of a new product line of maternity and nursing wear collection on its e-commerce store in June 2019. Similarly, in March 2018, H&M announced the launch of its online store in India with an aim to accelerate its market share across the country. The offline distribution channel is expected to hold a considerable market share throughout the forecast period on account of the presence of a considerable large population base that is reluctant towards online shopping. Also, the presence of a vast number of retailers especially in the developing economies also plays a significant role in shaping up the growth of this segment during the next five years.
Regionally, the Asia Pacific region is expected to witness a considerable growth in the market throughout the forecast period on account of the increasing urban population and increasing purchasing power of the women in countries like India, China, Indonesia, and Vietnam among others. Furthermore, the booming e-commerce industry across these countries is also significantly driving the global maternity wear market growth during the course of the next five years. Also, a significant increase in working pregnant women is also bolstering the adoption of maternity wear market throughout the forecast period. According to the data from the World Bank Group, GDP per capita (current US$) in India and China reached 2,104.146 and 10,261.679 respectively by 2019 from 1,357.564 and 4,550.454 in 2010.
GDP Per Capita (Current US$) – India and China, 2010 to 2019
Source: The World Bank Group
Furthermore, the North American region is expected to hold a substantial market share throughout the forecast period on account of the presence of a large fashion-conscious female population base in countries like the United States and Canada. Furthermore, the higher purchasing power of the people in these countries also supplements the demand for numerous types of maternity clothing which is a key factor supporting the share of the North American maternity wear market over the course of the next five years.
Online Clothing Rental Market – Why Buy When You Can Rent
BlogMillennials are not interested in buying anything, be it property, entertainment, or even expensive clothes. According to the Institute of Fiscal Studies, renting figures have trebled since the 1990s. We are living in an age of virtual libraries where we stream music and films online, without needing to own any of them. People are using the same concept when it comes to their wardrobe. This ‘generation rent’ does not want to spend money on high-end global brand clothes which, in the era of social media, get ‘old’ and ‘non-reusable’ just with a click of one photo. Gone are those days when renting clothes and jewellery was only reserved for the rich and famous for a shoot or any red carpet event. There are plenty of rental fashion sites that are offering premium branded clothing line on rent for a fraction of the retail price. As people are socializing more often, they are preferring to ‘hire’ fine-quality branded dresses instead of paying the retail price for just one-time use.
Growing popularity of online shopping portals, supported by rising internet penetration and proliferation of smartphones is the prime reason of booming online clothing rental market. The advancement in technologies such as artificial intelligence (AI) has further driven the demand for online shopping by making the process even more convenient for people. Growing middle class population in developing economies is further contributing to the market growth of online clothing rental.
Global Internet Penetration, Percentage of Population, 2012 to 2017
Source: The World Bank Group
Rising use of social media platforms such as Twitter, Facebook, Snapchat, and Instagram has surged the demand for rented clothes, especially among women. Rapidly emerging popularity of fashion vlogs across these social media platforms is also contributing to the market growth of online rental clothing globally. Increasing number of red carpet events, both across movie and television industry, is further augmenting the demand for clothes on rent for short duration, and thereby positively impacting the market growth of online clothing rental.
Global Online Clothing Rental Market Size, US$ Billion, 2019 and 2025
Source: Knowledge Sourcing Intelligence Analysis
Another reason for emerging popularity of using rented clothes instead of buying new ones is the rising awareness regarding environmental sustainability. Clothing companies are encouraging people not to throw away their used clothes and re-use them as ‘fashion pollution’ is having detrimental effects on the environment. Clothing generates its own carbon and water footprint, with the fashion industry’s CO2 emissions expected to rise to more than 2.5 billion tonnes per year by 2030. According to the figures from the United Nations Environment Programme (UNEP), it takes 3,781 litres of water to make one pair of jeans from the production of the cotton to the delivery of the final product to the store. This is equal to the emission of nearly 33.4 kilograms of carbon equivalent. As a result, consumers as well as companies are bringing up the concept of not buying something new and expensive while diminishing the environmental footprint. With the rise of online clothing rental platforms, the reduction in the amount of new clothes in circulation will eventually help to maintain the environmental sustainability. The idea of minimalism and the option of renting clothes also offers people more opportunities to be creative and constantly changing their fashion style without even buying more expensive clothes.
Growing number of fashion-conscious individuals who lack finances to purchase clothes of their choice which are expensive are anticipated to make use of online clothing rental platforms to the fullest since renting a dress is always cost-efficient, especially in today’s world when the trend keeps changing with a blink and people do not want themselves to be seen wearing the same outfit on different occasions. As a result, the global online clothing rental market will continue to boom during the forecast period.
Rapidly growing e-commerce sector, especially in the Asia Pacific region is expected to propel the market growth during the next five years. Consumers in countries like India and China are increasingly opting for rented clothes including runway-ready outfits and haute couture fashion for various events and occasions. With social media playing a crucial role in the success and failure of brands, fashion rental startups are attracting primarily millennials who are aware of the latest trends and the best designers. Rentals help consumers save money, time and the headache of storage and maintenance of a huge pile of clothes.
Companies in online clothing rental industry are constantly trying to provide clothes on rent both accessible and affordable and are launching new clothing rental platforms in order to make a strong position in this emerging industry. In 2019, for instance, etailer My-Wardrobe.com launched a website called MyWardrobe HQ where users can buy and rent clothing and accessories. Rental costs are agreed between the renter and the owner or brand. In 2018, the country’s largest, the first and only official online rental platform for designer outfits as launched- BChu Runway-offering outfits from over 150 world-class brands. In the United States, a healthy clothing rental economy has also emerged with brands like Gwynnie Bee and Le Tote offering clothes on rent. Canada is also a home to various online rental companies including Atelier Privé, Rent Frock Repeat, and dresst.
The future of fashion is expected to move beyond traditional model with a keen focus on accessibility, affordability, and environmental sustainability. With more and more efforts are being put across various industries in saving the planet, the market for online rental clothing will continue to thrive during the forecast period.
ABOUT THE AUTHOR:
Anjali Joshi is a senior market research analyst at Knowledge Sourcing Intelligence. She oversees a team of analysts and is known for the quality of market intelligence she delivers to the clients which range from start-ups and Non-profit Organizations to Fortune 500 companies. Anjali’s keen understanding of international business and market dynamics, coupled with her years of experience working in this industry, allows her to analyse current and future trends across both global and clients’ target markets and help them in making informed decisions.
Future of Wearable Devices
Thought ArticlesWearable devices help to keep a track of real-time data on the activities of its user and can be worn on the body with ease and comfort. Wearable devices include earwear, wrist bands, smartwatches, glasses, and other fitness trackers. Today wearable devices are becoming an area for innovation and development and with the adoption of the Internet of Things (IoT) the market is expected to witness significant growth during the forecast period. In addition, a growing number of the product launch of wearable devices by major market players in developing economies like China and India to increase their market share is anticipated to propel the wearable devices market growth opportunities for manufacturers and vendors during the forecast period. Like in March 2019, Fitbit launched three brand new wearable devices in Malaysia under the budget segment and aimed at a bigger market for consumers with their affordability.
Total Number of Adults With Diabetes (20-79 Years) in Million
Source: International Diabetes Federation (IDF), Knowledge Sourcing Intelligence
Growing Health Awareness
The treatment of diabetes is considered as the prime focus area of healthcare sector around the world. The changing lifestyle and eating habits along with the reduction in the physical workout have led rise to obesity, which is considered to be the major cause of diabetes among adults. The rising prevalence of diabetes coupled with increasing healthcare expenditure around the globe is expected to be the prime driver for the growth of the market for diabetes segments during the forecast period. The rising economic burden of diabetes and other chronic diseases coupled with increasing healthcare expenditure in various parts of the world is also anticipated to increase the demand for rapid diagnostic kits for glucose monitoring over the forecast period. Since, people with diabetes require access to systematic, regular, and organized healthcare and access to these essential services are considered as the main concern in diabetes management, especially in low- and middle-income countries, which is expected to boost the demand for wearable devices. Such issues can be effectively addressed by technological innovation like mobile health tools etc, thus it works as a driving factor for the growth of the market. In the fast-moving world, technological innovation like continuous glucose monitoring systems gives the blood glucose profile at the isolated times during the day, it allows diabetic patients to see their blood glucose level throughout the day all this increases the patient's preference towards the product which widen up the growth prospects of the market.
Increasing Demand for Data-Driven Operation in Various Industries
Industries such as sports over time have become competitive where a small moment can change the course of the game. Sports teams now have much loyal fan-base therefore agencies and teams are now realizing the need for proper performance tracking management to gain a competitive edge against the competitors. All such efforts towards the adoption of data-driven technologies and operations are expected to drive the growth of the market for witness trackers among others during the forecast period. With the increasing involvement of fans and rising number of stadiums around the globe, there is an increasing demand for data operations technology is further expected to propel the wearable device market growth opportunities for technology providers in ICT industry. Furthermore, increasing strategic analytics partnerships by the sports clubs in order to enhance their performance is further expected to boost the demand for sports technology wearable devices in the coming years. For instance, Manchester City Football Club recently expanded its partnership with SAP to bring analytics technology to the pitch so that coaches and players can access real-time data from side-lines during the games.
Sports Industry
Wearable devices technology is the leading sports revolutions that are changing the definition of overall sports and the level of efficiency of the game today. The technology had expanded from simple biometric monitoring to the incorporation of the perceptual and psychological aspects of sports in order to enhance the overall performance. Today even big leagues incorporate wearable devices in their games and practice sessions and consider it an important part of the increasing initiative by the big market players are expected to drive the growth of the wearable devices market during the forecast period. For instance, sports wearable giants like Adidas introduce products like miCoach Elite systems which are fitted inside a gear or clothing is able to determine athletic performances like acceleration, speed, distance, and power is widely being used by major soccer leagues in American MLS games and European counterparts. Besides, a growing initiative by big sports clubs in various parts of the world for the adoption of wearable devices technology is expected to augment the wearable devices market growth in the coming years. For instance, recently Spanish football Club Barcelona teamed up with tech giant Wimu to develop wearable technology for itself to increase efficiency.
Competitive landscape
The number of players in the wearable device market is large and growing with the opportunity to generate significant revenues as a result of growing demand. Key players in the wearable device market are seen to adopt differentiated strategies and are also looking to expand their market portfolio through investments in the development of the new product line, and some companies are even opting for mergers, acquisitions, and strategic partnerships to expand their market presence. Moreover, major firms offer differentiated yet similar products to meet the different requirements of various end-users. The market growth will be high in the coming years since existing firms have invested heavily to capture significant market share in this competitive market. Therefore, the possibility of incurring high potential losses will act as a barrier to exit for the firms.
ABOUT THE AUTHOR:
Rajat Sudan is a Market Research Analyst at Knowledge Sourcing Intelligence, working on estimates and global/regional specific reports on multiple industries ranging from healthcare to semiconductor, with a special knack for ICT. With the addition of his formal education in Economics, Commerce, and Finance, he is able to provide more light on the macro aspects of the story. To read more articles by him, and for more information regarding multiple global markets, visit https://www.knowledge-sourcing.com.
The Rising Popularity of Nev Taxis
BlogNEV refers to the new energy vehicles that are either fully or partially powered by electric power such as Battery Electric Vehicles (BEVs) or Plug-in Hybrids (PHEVs). These taxis further have low running and maintenance costs and cause less or no harm to the environment. These are some of the key factors that are augmenting the adoption of new energy vehicles as taxis in various countries.
Global Nev Taxi Market, Forecasts From 2019 to 2025, in US$ Billion
Source: Knowledge Sourcing Estimates
The graph mentioned above represents the market size of the global NEV taxi market which shows that the market is poised to witness a strong growth throughout the forecast period by reaching US$55.558 billion by the year 2025 from US$11.674 billion. The major factors that are anticipated to augment the market growth for NEV taxi include the several initiatives taken by the government of both developed and developing economies regarding the protection of the environment. The booming adoption of electric vehicles as a sustainable mode of commuting is also a key factor that plays a significant role in shaping up the growth of the global NEV taxi market throughout the course of the next five years. Furthermore, the rapid penetration of new market players in the electric vehicle industry with an aim to expand their market share and gain a competitive edge over other players also shows the potential for the market to grow in the near future.
The market is also expected to grow on account of several government initiatives in the developing economies to promote the use of NEVs as taxis as public transport is considered to be a major contributor to carbon emissions. For instance, the Indian Government announced its plans in 2019 in which it is expected that the government may mandate the deployment of around 40% of electric feet by the various taxi providing companies throughout the country. Also, increased funding in the country received by taxi providers for the promotion of the electric fleet also shows the potential for the market to grow in the near future. For instance, in March 2019, Ola announced its spin-off Electric Business as a separate business unit and received funding worth US$56 million from Tiger Global and Matrix India.
Segment Overview:
The global NEV taxi market has been segmented on the basis of vehicle type and geography. By the vehicle type, the market has been segmented on the basis of Battery Electric Vehicle (BEV), Plug-in Hybrid Electric Vehicle (PHEV), and Fuel Cell Vehicle (FCV). Geographically, the segmentation of the market has been done on the basis of North America, South America, Middle East, and Africa, Europe, and Asia Pacific.
The battery-electric vehicle (BEV) segment is anticipated to hold a decent market share throughout the forecast period on account of the presence of a vast number of vehicles under this segment. The plug-in hybrid segment is projected to show a notable growth during the next five years as the entry of new market players under the plug-in hybrid segment is a major factor supplementing the growth of plug-in hybrid electric taxis over the course of next five years. Also, Plug-in hybrid electric vehicles are those electric vehicles that use batteries for powering up the electric motor and also use an alternative fuel such as gasoline or diesel for power the other propulsion source such as an internal combustion engine. These vehicles can run on electricity and on fuel also offers a higher fuel economy in comparison with conventional vehicles.
Geographically, the North American region is anticipated to hold a substantial share in the market on account of early technology adoption of the presence of a well-established electric vehicle charging infrastructure in the countries like the United States and Canada. The European region is expected to hold a good amount of share in the market on account of the presence of a considerable large number of automotive manufactures across several countries of the region. Furthermore, the market in the APAC region is expected to witness a healthy growth on account of the presence of the fastest-growing economies such as India and China among others, and transport is considered as the backbone of these economies. The constantly growing pollution coupled with the increasing government budgets towards the setting up of necessary infrastructure for the easy deployment of electric feet further bolster the market growth in the APAC region. For instance, in November 2018 EV Motors India in partnership with DLF, ABB India, and Delta Electronics plans to set up 6500 electric vehicles (EC) charging stations across the country over the next five years.
The Recent Outbreak of COVID-19
The market is projected to witness a slight downfall especially in the short period of the next six to eight months due to the intense outbreak of the novel coronavirus disease. The outbreak of the disease has led to a ban on travel across may countries. There is a temporary halt in the activities across the tourism sector that has led to a decline in the demand for taxi services. Also, various government measures to reduce the spread of the disease such as social distancing, and lockdowns has also led to a decline in the traveling activities also. Moreover, the temporary halt in manufacturing activities is also anticipated to moderately inhibit market growth during the short run.
Government Initiatives Regarding the Promotion of EVS
Increasing the need to use vehicles that utilize greener technologies is driving the growth of electric vehicles throughout the globe. The governments of various countries in both developing and developed economies of the world are implementing numerous strategies and taking numerous initiatives for the promotion of electric vehicles is expected to significantly drive the NEV taxi market growth during the next five years. Also, the increase in the deployment of electric vehicles has also grown exponentially in the past years, this also shows the growth potential for the global electric sports market to grow during the course of the next five years.
Electric Car Deployment – World, 2013 to 2018, in Million Units
Source: IEA
Night Vision – Military Sector Is Driving the Growth
BlogThe night vision devices market is anticipated to witness a healthy growth throughout the forecast period. The major factors boosting the market growth include the growing adoption of various types of devices for surveillance and security purposes with night vision features on account of rising crimes. Furthermore, the wide adoption of night vision devices across the military and defense sector around the globe plays a significant role in shaping up the market growth throughout the next five years. The booming adoption of night vision devices such as cameras and goggles across the wildlife research fields is also amplifying the demand for night vision devices. Furthermore, the cost-effectiveness of these devices is also a key factor that leads towards a healthy market growth.
Night Vision Device Market, Forecasts From 2019 to 2025, in US$ Billion
Source: Knowledge Sourcing Estimates
The above figure shows the market size of the night vision device market in which the market is projected to reach US10.086 billion by the year 2025 from US$6.258 billion in the year 2019.
Night vision devices are optical observation devices that have the capability to deliver bright images in a low light environment. The various types of night vision devices include scopes, cameras, and goggles. There is also a rising adoption of devices such as cameras across the wildlife sanctuaries primarily for animal tracking which is also a key factor augmenting the business opportunities for the key market players over the next five years. Furthermore, the participation by the key market players in partnerships, acquisition, and product launches is also a key factor that shows the potential for the market to grow over the forecast period. The rising military spending in various countries around the globe for the adoption of technology with an aim to strengthening the military base due to rising regional tensions also provides an impetus for the market to surge in the next five years.
Participation by Market Players
The major factor responsible for the healthy market growth includes constant participation by the major players operating in the night vision devices market. The players are investing heavily in the R&D to develop and launch advanced products on account of the growing requirements of the end-users for achieving a competitive edge over other players. The market also witnessing a plethora of investments in the form of partnerships, acquisitions, and mergers that also further shows the potential for the market to grow. For instance, in April 2020, the U.S Army received the first-ever next-generation 656 combat-ready Enhanced Night Vision Goggle – Binocular (ENVG-B) system from L3Harris Technologies for the enhancement of the abilities of the army soldiers. Similarly, a strategic partnership was signed between the Thales Group and MKU in February 2020, for the development of ELFIE Night Vision Device (NVD) for the soldiers of the Indian army. Also, Elbit Systems acquired the night vision business segment of L3Harris Technologies to enhance its product offerings and business capabilities under a price consideration worth $350 million. Additionally, in March 2018, BAE Systems announced that they have received an order from the U.S army worth US$97 million for new night vision and thermal imaging technologies. Thus, all the factors such as acquisitions, strategic collaborations, and partnerships among companies and various end-users are some of the factors that are collectively contributing towards the night vision device market growth throughout the forecast period.
Segment Overview:
By technology, the night vision device market is segmented as thermal imaging, infrared illumination, and intensification. The thermal imaging segment is expected to hold a considerable market share throughout the forecast period on account of its wide adoption of numerous applications such as surveillance, search and rescue, and road safety among others. The image intensifiers segment is expected to witness a healthy growth during the next five years.
By product, the market has been segmented into goggles, camera, and scope. The goggles segment is anticipated to hold a significant market share throughout the forecast period. There is a wide application of night vision goggles, especially in the military sector. The booming investments in the military sector around the globe for the advancement of technology due to the rising number of attacks and the growing regional tensions among the nations is a key factor bolstering the growth of this segment throughout the forecast period. Also, an increase in the number of military personnel in various countries also adds up to the demand for night vision goggles, thereby projected to significantly drive the market growth over the course of the next five years. The camera segment is expected to witness a robust growth in the next five years primarily on account of the growing adoption among residential and commercial buildings for surveillance purposes due to the rising number of thefts and robberies. Also, increasing government focus towards efficient traffic management has also led to an intense deployment of road surveillance systems, thus offering lucrative opportunities for manufacturers in the coming years.
Armed Forces Personnel – India, 2010 to 2017
Source: The World Bank Group
The above-mentioned graph represents the number of personnel in armed forces in India which reached 3,031,000 by the year 2017 from 2,625,586 in 2010.
By application, the market has been classified on the basis of navigation, security and surveillance, and others. The security and surveillance segment is expected to hold a decent share in the market throughout the forecast period due to the wide applications across the defense sector. Furthermore, the growing adoption of security surveillance systems and road surveillance systems in the various developing economies of the region is a key factor propelling the growth of this segment during the next five years.
Geographically, the global market has been distributed into North America, South America, Europe, Middle East and Africa, and Asia Pacific. The North American region is expected to hold a significant market share on account of the presence of well-established infrastructure and the presence of key market players in the region. The Asia Pacific region is expected to witness decent growth in the next five years due to the rising military spending in the various developing economies. Also, the investments in smart cities have also propelled the adoption of road surveillance systems in India, which is also a key factor bolstering the growth in the APAC region throughout the forecast period.
Agricultural Sprayers- An Efficient Way of Limiting the Use of Agrochemicals
BlogAs the global population is mushrooming rapidly, growing food insecurity challenge requires rise in the agricultural produce. According to the World Bank Group data, the global population has surged from 6.922 billion in 2010 to 7.674 in 2019. However, with continous rise in dearth of natural resources- land and water- there is a constant need to adopt modernized farming methods and equipment which enables the conservation of these resources and other inputs by ensuring their efficient distribution. It also reduces unit costs of production through higher productivity yields while focusing on input conservation.
Global Total Population Data, in Billion, 2010 to 2019
Source: The World Bank Group
With crop production constantly exposed to dynamic and unpredictable challenges, crop nutrition and pest protection are most important and delicate aspects of farm management. The rising levels of greenhouses gases and global temperature are directly affecting the spread of pests and diseases in crops. According to the study led by a team of researchers from the University of Washington and the University of Colorado Boulder, crop losses is estimated to be most acute in areas where warming increases both population growth and metabolic rates of pests and insects. In a 2016 study, an analysis of 1,300 known pathogens and pests estimated their potential cost to global agriculture at over US$40 billion annually if they continue to spread. As such, rapid shift from traditional to advanced farming techniques to increase the agricultural productivity while saving crops from getting destroyed by pests and insects is accelerating the need for agricultural sprayers.
Agricultural sprayers are a special type of farm equipment which are used for the application of liquid fertilizers and pesticides during the crop growth cycle. These remarkable farming tools are available in various sizes and types, from hand-held and manual sprayers to large trailed or mounted sprayers, followed by advanced atomizers. Versatile, large-scale farmers and farm co-operations have also started practicing aerial spraying.
The most critical stages of crop production is the period between planting and harvesting. Crops need fertilizers for the uptake of necessary nutrients for proper growth and development while they should also be taken care of to eliminate weeds and infestation by crop pests and insects. According to the Food and Agricultural Organization of the United Nations (FAO), the global demand for fertilizer nutrient use is projected to surge from 184,017 thousand tonnes in 2015 to 201,663 thousand tonnes in 2020.
Global Demand For Fertilizer Nutrients, in Thousand Tonnes, 2015 to 2020
Source: The Food and Agricultural Organization of the United Nations (FAO)
The step of controlling weeds and pests also requires the use of agrochemicals such as herbicides and insecticides. According to the World Health Organization (WHO), there are more than 1,000 pesticides that are used around the world to ensure the safety of food crops from insects and pests. According to the FAO statistics, the global trade volume of pesticides increased from 10,230,567 tonnes in 2015 to 11,552,828 tonnes in 2018. Another reason for the high demand for pesticides is the growing plantation of GMO crops which are increasingly becoming more and more resistant to pesticides which, in turn, is further surging their usage in order to prevent the crop loss.
However, high usage of pesticides is not only dangerous to the environment but also to human health. According to the WHO, pesticides are among the leading causes of death by self-poisoning, especially in low- and middle-income countries as they are intrinsically toxic and spread in the environment. The most at-risk population are farmers and agricultural workers who apply pesticides and are directly exposed to these chemicals. Many studies worldwide have also proved the link between pesticides and diseases such as cancer, ADHD, Alzheimer’s disease, and even birth effects. These chemicals also pollute the water sources and thus, throw the whole ecosystem off balance. Also, the excess use of chemical fertilizers has led to a decline in the soil fertility.
In order to spray these chemical in a limited but effective quantities, agricultural sprayers have become an essential piece of agricultural sector for effective crop production and protection. By properly and efficiently applying chemicals to control weeds, insects, and diseases, farmers can give their crops the best chance for high yields.
Traditionally, the spraying of fertilizers, pesticides, and insecticides is done by a farm worker carrying a backpack type sprayer which requires more human effort. With growing adoption of modern farm equipment, the demand for easy-to-use and operate agricultural sprayers is booming at a remarkable rate. With the use of mechanized spraying equipment and machines, agrochemicals are distributed evenly on the farm and reduces the quantity of waste, resulting in the prevention of losses and wastage of input. As against conventional spray technology that requires excessive pesticide use to achieve effective pest control in crop production, new precision agricultural sprayers apply optimum amount of pesticide. Type of agricultural sprayers include hand-held sprayers, airblast sprayers, and aerial sprayers. Emerging popularity of drone sprayers is also playing an important role in the growing agricultural sprayers market. The use of agricultural drones for spraying is rising at a significant rate in order to reduce the amount of crop loss due to pest and insect attacks. Moreover, the relaxation of regulations regarding the use of drones in many countries is also paving the way for drone manufacturers to capture this spraying segment of agricultural equipment market.
Global agricultural sprayer manufacturers are continuously diversifying their product portfolio while collaborating with each other to expand their customer base. FLIGHTS Co., Ltd, a Japanese drone company which promotes the use of drones in various industries, developed its own cost-effective drone for spraying pesticides in 2019. John Deere expanded its 4-Series Sprayers range by introducing its biggest sprayer so far- the 1,600-gallon capacity R4060 Sprayer. LEMKEN launched self-propelled field sprayer NOVA which is able to perform a variety of operations with low noise and stress level. New Holland launched ‘Defensor 2500’ which is an advanced sprayer and is designed to protect Brazilian crops.
ABOUT THE AUTHOR:
Anjali Joshi is a senior market research analyst at Knowledge Sourcing Intelligence. She oversees a team of analysts and is known for the quality of market intelligence she delivers to the clients which range from start-ups and Non-profit Organizations to Fortune 500 companies. Anjali’s keen understanding of international business and market dynamics, coupled with her years of experience working in this industry, allows her to analyse current and future trends across both global and clients’ target markets and help them in making informed decisions.