Why Is Demand for EV Charging Cables Highest in Asia-Pacific?

The global EV charging cables market generated a revenue of approximately $250 million in 2020, and it will exhibit huge expansion from 2021 to 2030, as per the estimates of P&S Intelligence, a market research firm based in India. The factors fueling the market surge are the growing deployment of electric vehicles (EVs), increasing concerns being raised over the escalating air pollution levels, and the burgeoning demand for public EV charging facilities and infrastructure.

With the soaring adoption of EVs, the governments of many countries are actively focusing on developing EV charging stations. Moreover, several governments are making huge investments for developing and installing EV charging stations in various public places. As per the International Energy Agency (IEA), the total number of EV charging points around the world increased by nearly 44% from 2017 to 2018. The development of these stations is fueling the advancement of the electric vehicle charging cables market.

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Depending on power supply, the market is divided into direct current (DC) and alternating current (AC) categories. Between these, the AC category is predicted to dominate the market in the forthcoming years. This is credited to the surging installation of charging facilities in various private settings such as homes and offices. The market is also classified, on the basis of cable shape, into coiled and straight categories. Of these, the straight category generated the higher revenue in the past years.

Furthermore, this category is predicted to hold the larger share in the market in the upcoming years. This is ascribed to the lower maintenance and operating costs and the greater ease of installation of these cables than the coiled ones. Across the globe, the Asia-Pacific (APAC) region held the largest share in the electric vehicle charging cables market in 2020, with China contributing the highest revenue to the APAC market.

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This market research report provides a comprehensive overview of the market

• ·        Future potential of the market through its forecast for the period 2020– 2030
• ·        Major factors driving the market and their impact during the short, medium, and long terms
• ·        Market restraints and their impact during the short, medium, and long terms
• ·        Recent trends and evolving opportunities for the market participants
• ·        Historical and the present size of the market segments and understand their comparative future potential
• ·        Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings

Demand for Automotive Sunroof Expected to Increase in Asia-Pacific

Automobile manufacturers are increasingly incorporating larger sunroofs in cars because of the rising demand for greater glass surface area in the vehicles. The styling for aerodynamic contour makes the installation angle of back windows and windshields more pronounced, thus making them larger. A sunroof is designed for a reduction in blind spots and maybe morphed into the whole car roof. The enlarged glass surface area offers benefits like a greater field of view due to larger glass openings, reduced temperature of the cabin due to infrared (IR) and ultraviolet (UV) reflective coatings, and curtail the entry of noise due to laminated windows.

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Additionally, increasing adoption of premium cars is propelling the demand for automotive sunroofs. To cater to the evolving needs of premium car consumers, carmakers are installing sunroofs in almost all their offerings, especially in the mid-segment cars and high-end sports cars. These manufacturers are also installing sunroofs in the expensive and standard models as an add-on feature. Due to these reasons, the automotive sunroof market is expected to increase its size from $4.9 billion in 2015 to $10.1 billion by 2022, advancing at a CAGR of 10.9% during 2016–2022.

According to P&S Intelligence, the Asia-Pacific (APAC) region is expected to generate the fastest demand for automotive sunroofs in coming years. This can be ascribed to the surging presence of automotive manufacturers and rapid urbanization in the region. Additionally, the region is witnessing huge investments in the automobile sector for setting up of new manufacturing and assembling units due to favorable investment policies by governments, easy availability of raw materials, and cheap transportation and labor. Moreover, elevation in living standards and rising purchasing power are allowing individuals to increase expenditure on personal vehicles.

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Thus, the evolving needs of consumers of the sedan, premium, and sports cars will increase the demand for automotive sunroofs in foreseeable future.

Tremendous Growth Expected in Electric Rickshaw Market in Coming Years

Even though the urban population of India is rising, the overall disposable income of cities isn’t, as most of the people are coming in from rural areas, therefore are plagued by perpetually precarious finances. As a result, the demand for cost-effective commuting options, especially for short distances, has perpetually been high in the cities and increasing still. This is why electric rickshaws (e-rickshaws) have become so popular in the last 5–6 years. For every km, a person has to merely pay INR 10, at which rate, the e-rickshaw driver earns INR 50 for traveling just 1 km.

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Therefore, due to the cost benefits of such vehicles for commuters, as well as drivers/owners, the Indian electric rickshaw market revenue is projected to grow from $786.2 million in 2019 to $1,394.2 million by 2025, at a robust 33.3% CAGR during 2020–2025. As per P&S Intelligence, another reason behind the increasing sale of such vehicles is the government support. Because electric vehicles (EVs) are costlier than their conventional counterparts, the government is offering strong support in the form of purchase subsidies, tax rebates, and reduction in the registration and licensing fees, to encourage their adoption.

Presently, Delhi is the most-prosperous region for Indian electric rickshaw market players. These vehicles first appeared in the city in 2012, and by 2016, there were over 100,000 of them on the roads. A key reason behind this urge has been the subsidy of INR 30,000 that the Delhi government has been offering on them. Moreover, in 2017, Delhi Metro Rail Corporation (DMRC) formally introduced these vehicles at stations, where their numbers are continuously swelling. Further, in February 2021, the Delhi government decided to replace its compressed natural gas (CNG) auto-rickshaws with electric variants.

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Hence, with the continuous government support and rising need for first- and last-mile transportation in cities, the demand for electric rickshaws will keep rising in the country.

Boom Predicted in Automotive Busbar Market in Asia-Pacific in Future

The global automotive busbar market reached a value of $17.4 million in 2020, and it is predicted to progress at a CAGR of 24.6% between 2021 and 2030. Furthermore, as per the estimates of P&S Intelligence, a market research company based in India, the market will generate a revenue of $177.1 million in 2030. The surging deployment of electric vehicles (EVs) in several countries is a key factor driving the expansion of the market.

This is primarily because busbars are extensively used in EVs, as traditional cell connections such as strips, lugs, and welded wires are extremely prone to failure due to the dislocation of the cells because of the vibrations caused by a moving automobile. Moreover, busbars have low thermal and electrical resistance and are thus, used heavily in EV manufacturing processes. Besides these, the soaring usage of plug-in hybrid EVs (PHEVs) is also fueling the worldwide demand for automotive busbars.

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Many automakers such as BMW AG, Tesla Inc., and Hyundai Motor Company are increasingly focusing on manufacturing EVs, thereby positively impacting the market expansion across the world. The other factors fueling the market growth are the operational benefits and lower costs of busbars than cables. Busbars reduce the assembly time, which, in turn, curtails the internal manufacturing and material handling costs. Additionally, they are widely preferred in motor control center applications, due to their ability to provide ease of retrofitting. 

Because of the aforementioned factors, automobile manufacturers are increasingly preferring busbars over cables. Depending on conductor, the automotive busbar market is divided into aluminum and copper. Between these, the copper category accounted for majority shares in the market in 2020. This was because of the large-scale usage of copper as a conducting material in busbars, on account of its high electrical conductivity, non-magnetic and easily machinable characteristics, and high corrosion resistance. Hence, it can be safely said that the market will register huge expansion in the coming years, primarily because of the growing deployment of EVs and EV charging stations in several countries around the world. 

Hence, it can be safely said that the market will register huge expansion in the coming years, primarily because of the growing deployment of EVs and EV charging stations in several countries around the world.

Boom Expected in Automotive Software Market in Future

Automobiles are no longer merely a system of interconnected cogwheels, belts, and other mechanical parts but a complex interplay of electronic sensors and systems. With technological advancements aimed at making the job of the driver easier, so that as much attention as possible is on the road, and offering passengers more comfort and convenience, a number of electronic systems and sensors have become an important part of vehicles. As a result, the usage of sophisticated software is no longer limited to the electronic control unit (ECU), for controlling fuel injection and sparkplug operations, for instance, but has expanded to a whole range of cutting-edge systems, such as advanced driver-assistance systems (ADAS) and digital instrument clusters.

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Therefore, with the increasing complexity in the functioning of vehicles, P&S Intelligence has forecast a high 12.4% CAGR for the automotive software market during 2020–2030 (forecast period). At this rate, the revenue generated by software vendors will likely rise to $78,894.2 million in 2030 from $28,214.6 million in 2019. One of the key reasons advanced system and software integration in vehicles has become important is the rising incidence of road accidents, which kill over 1 million people every year, as per the World Health Organization (WHO).

The categories under the software segment of the automotive software market are ADAS and autonomous driving (AD); body and energy; powertrain and chassis; infotainment, connectivity, security, and connected services; and operating system (OS) and middleware. Among these, in 2019, the ADAS and AD category held the largest share on account of the rising integration of adaptive light control, adaptive cruise control, blind spot detection, GPS navigation, automatic parking, collision avoidance, tire pressure monitoring, lane departure warning, hill descent control, and driver drowsiness detection systems in vehicles.

Asia-Pacific (APAC) dominated the automotive software market during 2014–2019 (historical period), and it is expected to continue this trend during the forecast period. This is attributed to the huge automotive production and sales figures in China, South Korea, Japan, and India. Moreover, as per the WHO, most of the road accident fatalities occur in low- and middle-income countries, many of which are located in APAC. Therefore, the increasing focus on enhancing the safety aspect of automobiles in regional countries is propelling the integration of ADAS and other related systems in vehicles.

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Hence, with the growing complexity of automobiles, both as a result of and reflected in the integration of cutting-edge sensors and electronic systems in them, the demand for the enabling software is increasing.

Electric Vehicle Communication Controller Installations Growing in Asia-Pacific

The electric vehicle communication controller market growth can be ascribed to the soaring investment in electric vehicle (EV) charging infrastructure. EV manufacturers and charging component providers are investing heavily in smart and efficient battery charging systems. Besides, the integration of electric vehicle communication controllers is driven by the government provisions that aim to enhance the uptake of EVs by boosting the availability of electric vehicle supply equipment (EVSE) with higher capacity and efficiency. These factors will increase the market size from $97.0 million in 2018 to $553.4 million in2024, at a massive CAGR of 34.8% during 2018–2023.

Additionally, the development of novel technologies is offering numerous growth opportunities to electric vehicle communication controller market players. With the soaring demand for EVs and easy accessibility to charging stations, market players have shifted their focus toward the development of improved charging ports and stations. For instance, these players are developing the vehicle-to-grid (V2G)charging technology to ease the load on electric grids that is increased when numerous EVs are connected to them for charging, by helping supply power from the EV battery to it via the EVSE.

Besides, many companies are involved in the large-scale production of conductive charging ports due to the low price and early induction of these chargers for personal vehicles. These firms are also expected to increase the production of inductive charging systems in the coming years owing to the escalating demand for these chargers, as they facilitate quick plug-in electric vehicle (PEV) charging and hassle-free functioning. The key players involved in the production and installation of these EV chargers include Mitsubishi Electric Corporation, LG Innotek Co. Ltd., Schneider Electric SE, ABB Ltd., Vector Informatik GmbH, and Tesla Inc.

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Furthermore, EV manufacturers, charging communication and transaction system developers, and EVSE providers are collaborating with each other to develop improved communication systems for EVs and charging stations. For example, Fortum Corp., in July 2019, entered into a partnership with MG Motor India Pvt. Ltd. to set up 50-kW DC fast-charging stations for EVs in India. Under this agreement, Fortum Corp. was to install EVSE at the showrooms of MG Motor in Mumbai, Hyderabad, Delhi/NCR, Bengaluru, and Ahmedabad.

The system segment of the electric vehicle communication controller market is bifurcated into electric vehicle communication controller (EVCC) and supply equipment communication controller (SECC). Of these, the EVCC bifurcation accounted for the larger market share in 2018 due to the soaring demand for plug-in electric vehicles (PEVs), 2.1 million of which were sold globally in 2018. During the forecast period, the SECC category is expected to demonstrate the faster growth in the market owing to the surge in the installation of charging stations for EVs, worldwide.

Globally, the Asia-Pacific (APAC) region adopted the highest number of electric vehicle communication controllers in 2018 due to the subsidies offered by several governments on the purchase of EVs, which is, in turn, leading to the rapid installation of EVSE. Due to this very reason, of all the APAC nations, China has exhibited the largest adoption of electric vehicle communication controllers. Furthermore, Europe is expected to display a rapid installation of charging stations and adoption of EVs, thus leading to a sharp growth in the demand for electric vehicle communication controllers in the coming years.

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Thus, the soaring adoption of EVs and installation of EVSE will enhance the induction of electric vehicle communication controller systems in the foreseeable future.

Boom Expected in Memory Market for Autonomous and Connected Vehicles in Future

One of the important technologies that have emerged over the past few is that of artificial intelligence (AI). The technology is being utilized in various industries for making processes and operations simpler. Just like other industry, AI is also being widely utilized in the automotive industry for making vehicles safer and more secure. The technology is being utilized in infotainment systems that are now serving as personal assistants, aiding the driver by offering efficient navigational support, and responding to voice commands. This increasing utilization of AI is creating wide data storage capacity. 

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Autonomous and connected cars are generating large amounts of data, since they are extensively making use of electronic functions for providing greater efficiency, greater safety, driver assist capabilities, richer telemetric and entertainment functions, and communication between local networks and vehicles. Owing to these factors, the global memory market for autonomous and connected vehicles generated a revenue of $4,310.8 million in 2019, and is predicted to advance at a 23.9% CAGR during the forecast period (2020–2030), as per a report by P&S Intelligence. The major applications of memory market in the automotive industry are telematics, navigation, and infotainment. 

Out of these, the largest amount of data was generated by navigation features in the past, which can majorly be attributed to the surging adoption of these systems in vehicles. Navigation systems generate data related to alternative routes, shortest route, and traffic or checkpoints on the road, and need efficient storage mechanism. Apart from this, the telematics application is also predicted to make create demand for data storage capacity in the coming years, which is particularly because of the increasing preference for autonomous and connected vehicles. The system captures data via sensors, radars, and cameras. 

Different types of memories in the automotive industry are NOT-AND (NAND) flash, dynamic random-access memory (DRAM), and static random-access memory (SRAM). Among all these, the demand for DRAM has been the highest up till now, owing to their effective storage of data and relatively low cost. Both commercial and passenger vehicles generate data, thereby creating need for memory; however, the largest demand for memory was created by passenger cars in the past. This is because of the fact that passenger vehicles are produced more than commercial vehicles. Furthermore, new technologies are first implemented in passenger vehicles for testing purposes in the automotive industry. 

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In the past, North America emerged as the largest memory market for autonomous and connected vehicles and the situation is predicted to be the same in the coming years as well. This can be ascribed to the presence of large number of automotive technology companies and increasing sales of connected and autonomous vehicles in the region. Moreover, the disposable income in people in North America is high as well, owing to which, they are able to spend more on luxury vehicles that are equipped with advanced, connectivity, safety, and autonomous features. 

Hence, the demand for memory in autonomous and connected vehicles is growing due to the increasing demand for safety features in vehicles.  

Tremendous Growth Expected in Global CNG and LPG Vehicle Market in Coming Years

The global compressed natural gas (CNG) and liquefied petroleum gas (LPG) vehicle market attained sales of 56.2 million vehicles in 2019. According to the forecast of P&S Intelligence, a market research company, the market size will reach 102.3 million units by 2030. Furthermore, the market will progress at a CAGR of 5.9% between 2020 and 2030. The growing usage of clean-energy vehicles and the ability of LPG and CNG vehicles to replace traditional vehicles are the main market growth drivers.

Additionally, the low running costs of these vehicles are also contributing heavily toward the boom of the CNG and LPG vehicle market. Automobiles that run on LPG and CNG have lower running costs than the diesel and gasoline-based vehicles. This is because of the lower costs of LPG and CNG than diesel and gasoline. The cost of CNG ranges from around $1.50 to $2.80 per gallon in Europe, registering a reduction of as much as 40–75% in fuel cost.

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Because of the aforementioned reason, businesses that use CNG-fueled trucks usually see payback on the cost of conversion in 24–36 months. Similarly, in the U.S., the cost of LPG is around $2.00 per gallon, owing to which, the usage of LPG-based vehicles causes cost savings of up to 50% per gallon. The other advantages of using LPG are lower installation costs of LPG refueling systems and the smaller sizes of the LPG fuel tanks than the CNG ones. 

Depending on fuel type, the CNG and LPG vehicle market is classified into LPG and CNG. Of these, the CNG category recorded higher growth in the market in the past and it is predicted to demonstrate faster growth in the forthcoming years. This is credited to the burgeoning deployment of CNG vehicles, particularly in the emerging economies of the Asia-Pacific (APAC) region. The market is further categorized, based on fuel type, into light and heavy-duty trucks, bus, and passenger cars.

Out of these, the passenger cars category registered the highest growth in the market during the past few years, mainly because of the high public awareness about the environmental consequences of diesel and gasoline-based vehicles and the implementation of government policies aimed at mitigating the air pollution levels. Globally, the CNG and LPG vehicle market recorded the highest growth in the past years, on account of the large-scale deployment of CNG vehicles in public transport fleets.

On the other hand, the market is predicted to exhibit the fastest growth in the Latin America, Middle East, and Africa (LAMEA) region in the upcoming years. This will be because of the fact that the emerging economies in this region such as Argentina and Brazil are providing lucrative growth opportunities for the market players, because of the surging purchasing power of the people and the subsequent rise in the per capita spending on personal transportation in the region.

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Hence, it can be said with full confidence that the market will grow substantially all over the world in the upcoming years, primarily because of the increasing public preference of environment-friendly fuel sources and the lower operating costs of CNG and LPG-based automobiles. 

What are Major Factors Contributing to Boom of Electric Vehicle Battery Market in Future?

Owing to the rapid development of charging infrastructure for electric vehicles (EVs) and advancements in the lithium-ion (Li-ion) battery technology, the electric vehicle battery market is projected to witness significant growth in the near future. This growth will be, most importantly, a result of the large-scale adoption of hybrid electric vehicles (HEVs) and battery electric vehicles (BEVs). The high incentives being offered on the adoption of EVs, along with the implementation of stringent emission norms, will lead to the increasing use of HEVs and BEVs.

A report by the International Energy Agency (IEA) states that government policies will continue to support the growth of the EV industry. As of July 2020, plans to achieve the 100% deployment of zero-emission vehicles and the phase-out of internal-combustion-engine (ICE) vehicles by 2050 have been announced by 17 countries. Additionally, the government subsidies offered by China, Italy, and Germany have been increasing the demand for EVs. As a result, “The 2.1 million electric car sales in 2019 represent a 6% growth from the previous year.”, says the IEA.

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The swelling EV market will create an uninterrupted demand for EV batteries. EV manufacturers are rapidly shifting toward lithium–nickel–manganese–cobalt oxide (Li-NMC) batteries from lithium–iron phosphate (LFP) batteries because of the demand for energy-efficient passenger cars, which can cover longer distances on a single charge. The reducing price and high energy density of Li-NMC batteries have led to the increasing demand for them in recent years, a scenario that would exist in the future as well.

The application segment of the electric vehicle battery market is categorized into BEV, HEV, and plug-in hybrid electric vehicle (PHEV). The BEV category dominated the market in the past due to the increasing adoption of such vehicles worldwide. The incentives and subsidies on BEVs are generally the highest, as they are the least polluting of all EVs. This will lead to a high demand for batteries, which would be aided by the fact that batteries are more important to a BEV than other EVs, since BEVs have no other power source.

The electric vehicle battery market growth will be driven by the Asia-Pacific region during the forecast period. APAC will generate the maximum revenue because of the presence of numerous battery producers in South Korea, Japan, and China. Due to an abundant supply, the batteries produced in the APAC region are priced lower than the ones manufactured in other regions. The large-scale manufacturing is a result of the availability of raw materials, especially lithium, in high volumes. This region will thus contribute the most to the growth of the market in the future.

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The current trend of the wide scale adoption of all kinds of EVs is the reason behind the high-volume production and sales of these batteries. Multiple varieties of EV batteries will be developed in the years to come, to keep up with the improving vehicle technology.

Why Is Demand for Electric Vehicle Component Highest in India?

In 2019, India registered a sale of 447.7 thousand electric three-wheelers, 32.4 thousand two-wheelers, and 2,000 passenger cars. The rising adoption of electric vehicles (EVs) in India is a result of the increasing levels of air pollution, to which the automotive & transportation sector makes a 40% contribution. Alarmed, the Indian government has formed stringent emission control policies, such as banning the sale of non-Bharat-Stage-VI (BS-VI)-compliant internal combustion engine (ICE) vehicles; BS-VI-compliant vehicles are additionally somewhat dearer to the masses.

As a countermeasure, the government launched the first phase of the Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles (FAME) in India scheme in April 2015 with an investment of INR 895 crore and phase II of the FAME India scheme in April 2019 with an investment of INR 10,000 crore, to make EVs more affordable. P&S Intelligence says that the combined effect of these two factors will propel the electric vehicle component market for India from $536.1 million in 2019 at a high 22.1% CAGR between 2020 and 2030.

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With the increase in the production of EVs, the demand for their various components, including the battery, motor, charging kit, high-voltage cables, DC–DC converter, controller, power distribution module (PDM), vehicle interface control module (VCIM), and thermal management system, is rising as well. Moreover, with advancements in the manufacturing technology and producers achieving economies of scale due to mass production, the price of these components is coming down as well. To make EVs cost-competitive with ICE vehicles, decreasing the EV component cost is important, which is why this slump will only make EVs more popular.

Among electric three-wheelers, two-wheelers, commercial vehicles, and passenger cars, the demand for three-wheeler components has been the highest in India. This is because of the burgeoning sales of e-rickshaws in the tier-1 and -2 cities of the country. These vehicles run for more than a hundred kilometers a day, as they are extremely popular among the masses for first- and last-mile transportation. Thus, the components are not only required for manufacturing new e-rickshaws but also as replacements for worn-out parts.

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Major Indian electric vehicle component market players include Exide Industries Ltd., Okaya Power Pvt. Ltd., Amara Raja Batteries Ltd., Panasonic Corp., Sparco Batteries Pvt. Ltd., Eastman Auto & Power Ltd., Robert Bosch GmbH, DENSO CORP., Contemporary Amperex Technology Co. Ltd., and CY International.

Economic Impact of Coronavirus on Electric Vehicle Industry to Reap Excessive Revenues

In 2019, the globe registered a sale of 2.1 million electric vehicles (EVs). Moreover, by the end of 2019, the global electric car fleet had surpassed 7.2 million units, but the outbreak of COVID-19 caused the sale to decline to around 1.8 million units in 2020. This was due to the economic uncertainties prevailing throughout the world. Preventive measures such as the restrictions on mobility and lockdowns led to a substantial reduction in the sales of EVs due to the reduction in EV production by 14–16% in 2020.

According to the COVID-19 impact analysis on the electric vehicle industry by P&S Intelligence, a significant reduction in crude oil prices also hurt the EV industry. Since the surging prices of oil supplemented the adoption of EVs, their decline acted as a big setback for EV component manufacturers and marketing companies. Original equipment manufacturers(OEMs) contracted their production capacity, as the economies of scale were highly bent against their favor. Due to the low crude prices, people again started to prefer traditional vehicles over EVs.

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This is credited to several factors such as huge cost reductions in electric vehicle manufacturing and the growing popularity of these vehicles across the world. Moreover, due to the mushrooming scale of battery manufacturing and rapid improvements in battery technology, the demand for plug-in hybrid electric vehicles (PHEVs) and battery electric vehicles (BEVs) would surge sharply. This is because these advancements would make the electric vehicles highly competitive, in terms of the total cost of ownership.

Despite these turbulences, EV manufacturers are optimistic that the industry will boom in the coming decade. The market will have significant opportunities for self-reinforcing cost reductions in EV production. Due to the decline in the production cost, plug-in hybrid electric vehicles (PHEVs) and battery electric vehicles (BEVs) will be able to compete with vehicles using an internal combustion engine, in terms of the total ownership cost. Additionally, with EV makers taking precautionary measures, such as increasing the frequency of sanitization in production units and work stations, social distancing within dealerships, and sanitizing the products to be delivered, the industry is projected to rebound.

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Therefore, the optimistic approach by EV manufacturers is expected to help overcome the obstacles emerging due to the COVID-19 outbreak.

Why Are European Electric Two-Wheeler Sharing Companies Receiving Heavy Funding?

Daily commuters across the globe, including Europe, face numerous problems on the roads. One of the major problems is that of the surging number of vehicles on the roads, which result in road congestion, especially during peak hours. As the disposable income of people has risen significantly in the past few years, owing a vehicle has become quite easy, which has led to an increased number of vehicles on the roads. More than €110 billion annually are spent on road congestion in Europe, which is why the mitigation of this problem is a key concern in the region. 

Therefore, governments of different countries in Europe are looking alternate ways of mobility which can help them deal with this problem. One of such solutions is the introduction of shared mobility services in the region, where the utilization of two-wheelers for sharing services, can effectively aid in reducing the traffic on roads. This mobility option can further prove more convenient for daily commuters as two-wheelers can move ahead in traffic with much more ease than cars. Moreover, two-wheeler sharing services are cost effective and are available 24*7, throughout the year. Because of these advantages, the demand for two-wheeler sharing services in Europe is growing rapidly. 

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As per a P&S Intelligence report, the European electric two-wheeler sharing market is predicted to generate a revenue of $597.2 million by 2025, advancing at a 35.0% CAGR during the forecast period (2019–2025). Two-wheeler sharing services are offered via kick scooters and scooters/mopeds. Between these two, electric scooter/moped were more in demand in the past, as a significant number of companies in Europe offer shared mobility services via these vehicles. The service has been operational in the region since the past five years. Apart from this, companies which offer kick scooter mobility services have also started penetrating the market, which is why the demand for kick scoter services is projected to grow in the coming years.

Electric two-wheeler sharing services can be availed for one-way trip or round trip. The larger demand for these services however was created for one-way trips, which is ascribed to the fact that the services offers convenience and flexibility and the users can drop the vehicles anywhere they want. While in the past Germany was the largest user of two-wheeler sharing services, in 2018, Spain emerged as the largest European electric two-wheeler sharing market. This is due to the significant increase in fleets by key services providers. The demand for these services is also predicted to rise considerably in the U.K. in the coming years. 

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The region is registering a substantial rise in the investments from several top investors across the globe. For example, in 2018, European investors Atomico and Index Ventures invested heavily in two of the top U.S. electric kick scooter sharing companies, Neutron Holdings Inc. (Lime) and Bird Rides Inc. Investments like this are further opening up opportunities for the companies operating in the domain in Europe. 

Hence, the demand for electric two-wheeler sharing services in the region is growing due to the rising road congestion. 

Indian ADAS Market to Witness Robust Growth in Coming Years

One of the biggest factors propelling the demand for advanced driver assistance systems (ADAS) in India is the rising incidence of road accidents in the country. Since the last few years, there has been a massive surge in the prevalence of road accidents and fatalities in the country, which have consequently boosted the need for the installation of ADAS in vehicles in order to improve vehicular safety. The Government of India (GOI) intends to make the integration of ADAS in passenger vehicles mandatory by 2022, in order to reduce the incidence of road accidents in the country.

The other important factors responsible for the surge in the demand for ADAS in India are the soaring disposable income of people and the increasing demand for vehicles equipped with automated artificial intelligence (AI)-driven systems. Nowadays, people are preferring vehicles equipped with various types of advanced systems, mainly on account of their higher purchasing capability and the rapid technological advancements in the automotive sector. Driven by these factors, the Indian advanced driver assistance systems (ADAS) market is predicted to witness rapid growth during the forecast period (2020–2030).

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There are multiple types of advanced driver assistance systems incorporated in vehicles — drowsiness monitoring system (DMS), adaptive cruise control system (ACCS), tire-pressure monitoring system (TPMS), blind spot detection system (BSDS), adaptive front-lighting system (AFLS), lane departure warning system (LDWS), parking assist system (PAS), and various other types of driver monitoring and night vision systems. Amongst these, BSDSs and ACCSs are predicted to observe wide-scale adoption in vehicles during the forecast period. The AFLS is anticipated to register the fastest growth in demand during the forecast period.

The biggest trend currently being observed in the Indian ADAS market is the increasing number of technical collaborations amongst the major automobile and ADAS manufacturing companies. These collaborations are being formed mainly in order to meet the surging technology demands in the country. Moreover, the rapid technological advancements are significantly boosting the need for enhanced safety and comfort features in vehicles, which is in turn, propelling the demand for vehicles equipped with ADAS, in the country. For instance, Mando Corp. signed a contract for the supply of ADAS, with Mahindra & Mahindra Ltd. in April 2019.

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Hence, it is clear that owing to the increasing prevalence of road accidents in the country and the rising disposable income of the people, the demand for ADAS is expected to shoot-up in India over the next few years.

How is COVID-19 Situation Affecting Asia-Pacific Anti-Drone Market?

Numerous incidences of drone detection and close encounters with commercial aircraft are being observed in the Asia-Pacific (APAC) region. Cases of near misses between manned and unmanned aircraft have become frequent in the thronged airspace, resulting in various catastrophic accidents. To avoid such accidents, government agencies are making plans to safe guard airports. For example, the Bureau of Civil Aviation Security (BCAS), India, formulated a counter-drone plan to protect airports from threats posed by unmanned armed vehicles (UAVs), by using soft-skill method to entrap or jam drones instead of destroying them.

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Additionally, rising number of illegal and terrorist activities and increasing incidence of security contravention by unsanctioned UAVs will also fuel the APAC anti-drone market at a CAGR of 47.8% during 2018–2025. According to P&S Intelligence, the market is expected to reach $2,105 million by 2025. For example, in October 2018, a Chinese tourist took his drone inside the Central Industrial Security Force (CISF)-manned area at the Taj Mahal, India. These types of security breaches encourage APAC nations to test and adopt anti-drone systems for security purposes.

In recent years, China has emerged as the leader in the APAC anti-drone market, due to the substantial rise in defense budget of the country. The Government of China has been providing hefty funds for the improvement of anti-drone technology and armed forces. Moreover, the strong presence of major defense companies of the world in China has encouraged the adoption of counter-drone products in the government agencies, military and defense sector, and commercial facilities of the nation.

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Thus, the growing requirement for safeguarding airports, historical monuments, national and international borders, and domestic territories from unsanctioned drones and terrorist activities will boost the adoption of anti-drone technology in APAC, in the foreseeable future.

What makes India a strong growth avenue for Electric Bus Market?

The Indian electric bus market had a valuation of $94.3 million in 2020 and it is predicted to advance at a CAGR of 48.8% between 2021 and 2025. According to the market research company, P&S Intelligence, the market will generate a revenue of $1,364.4 million by 2025. The key factors driving the advancement of the market are the increasing implementation of favorable government policies regarding electric bus deployment and the surging domestic manufacturing of electric buses in the country.

Due to the rapid environmental degradation in the country, the government is enacting various policies and regulations aimed at encouraging the deployment of environment-friendly modes of transportation such as electric buses in the country. The Ministry of Heavy Industry and Public Enterprise announced the eligibility criteria for electric passenger vehicles, buses, and two- and three-wheelers to avail the various benefits sanctioned under the FAME (Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles) II incentives in March 2019.

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Moreover, the government announced the procurement and deployment plan of 5,585 electric buses all over the country in August 2019. These government measures are propelling the expansion of the Indian electric bus market. Besides these initiatives, the soaring domestic manufacturing of electric buses is also fueling the advancement of the market. Many local players are increasingly announcing collaborations with leading foreign players for meeting the surging electric vehicle requirements in the country.

For example, GreenCell Mobility and PMI Electro Mobility Solutions entered into a partnership with each other for deploying 350 electric buses in Uttar Pradesh, India. This move is predicted to generate as many as 1,000 jobs in the country in the coming years. Depending on type, the market is classified into hybrid electric bus (HEB) and battery electric bus (BEB). Of these, the BEB category is predicted to register higher growth in the market in the future years.

This will be because of the higher utilization of these buses and the existence of proper infrastructure for the manufacturing of these buses in the country. Furthermore, the provision of various government incentives and subsidies is also augmenting the sales of electric buses in the country. When application is taken into consideration, the market is divided into intercity and intracity. Between these, the intercity category will exhibit higher market growth in the future. 

The Indian electric bus market will demonstrate the fastest growth in North India in the coming years. This is credited to the implementation of favorable policies by both state and central governments for promoting the deployment of electric buses in this region. In addition to this, the surging pollution levels and the increasing enactment of strict emission regulations and norms are also fueling the adoption of electric buses by various state transport undertakings in the region.

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Hence, it can be said with full surety that the market will register huge expansion in the upcoming years, primarily because of the growing requirement for environment-friendly modes of transportation and the surging enactment of favorable government policies regarding electric bus deployment in the country.

What are Reasons Behind Growth of Connected Car Market in U.S.?

Over the years, people of the U.S. have become more aware about the safety and security of vehicles. The government, endusers, and original equipment manufacturers (OEMs) of the country have recently increased their focus on enhancing vehicular safety. Technologies, such as lane assist, advanced driver-assistance systems (ADAS), and automatic braking, enhance the driving experience by making the vehicles safer than ever. Such technologies also help in decreasing road accident cases by reducing traffic rule violation. Owing to these benefits, these solutions are being widely adopted in cars being offered in the U.S.

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Moreover, the rising awareness about vehicular safety has led to the implementation of stringent laws by the U.S. government. For instance, the National Highway Traffic Safety Administration (NHTSA) under the U.S. Department of Transportation has recommended the integration of pedestrian automatic emergency braking (PAEB), dynamic brake support (DBS), and crash imminent braking (CIB) in vehicles to increase road safety. Due to these factors, the U.S. connected car market is expected to advance at 20.8% CAGR during 2018–2023. The market stood at 12,354.8 million in 2017 and it is projected to reach $37,350.1 million by 2023.

Connected cars are equipped with internet connectivity and can optimize their operations on fixed intervals. Network connectivity enable such cars to share content with multiple devices placed within and outside the environment of the cars. These cars are based on 2G, 3G, and 4G/LTE technologies. In the coming years, automakers will increasingly install 4G/LTE technology in their offerings, as it allows customers to swiftly download files over a wireless network and offers improved voice quality, higher bandwidth, enhanced navigation system, and ease in usage of social media.

With the evolution of the AV technology, the penetration of connected cars will rise in the coming years. To meet the shooting demand, key players of the U.S. connected car marketlikeDelphi Technologies PLC, Continental AG,Denso Corporation, ZF Friedrichshafen AG, Robert Bosch GmbH, and Autoliv Inc. are focusing on improving the existing technologiesto expand their product portfolios. These companies are also working with other U.S. connected car market leaders to expand their reach. 

Thus, the rising awareness about vehicle and road safety and the increasing technological advancements will boost the sales of connected cars in the U.S.

Automotive Software Market is Slated to Grow Rapidly in the Forthcoming Years with Top Leading Players

The adoption of automotive software is surging because of the growing popularity of connected cars, on account of the rapid urbanization. People across the world are adopting connected cars due to the introduction of the internet of things (IoT) technology in the automobile sector, increasing focus on safety and security, and escalating demand for an improved driving experience. The incorporation of IoT-enabled technologies has helped automakers in achieving path breaking results for connectivity for cars.

Moreover, the introduction of innovative technologies in vehicles for advanced user interfaces has increased the applications of automotive software. As vehicles are becoming more technologically equipped, it has become essential to design the technologies to be more human and personal. Due to this reason, the automotive software market is expected to reach $78,894.2 million by 2030 from $28,214.6 million in 2019. According to P&S Intelligence, the market will exhibit a healthy CAGR of 12.4% during 2020–2030.

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As a part of the technological advancements, automobile manufacturers are increasingly adopting advanced driver-assistance systems (ADAS) and autonomous driving (AD) software to offer a better driving experience. The installation of ADAS and AD software also reduces traffic rule violations and enhances the safety features of vehicles, thereby decreasing the incidence of road accidents. In this regard, body and energy, infotainment, connectivity, security, and connected services, operating system (OS) and middleware, and powertrain and chassis software all play a crucial role.

Automakers are also installing such software as an effort to deploy autonomous driving features. Various automobile producers are integrating Level 1 and Level 2 autonomous technology in most of their vehicles and Level 3 autonomy in certain models being manufactured since 2019. Moreover, many vehicle manufacturers are involved in research and development (R&D) and testing activities for Level 4 and Level 5 autonomous vehicles in several cities around the world. For instance, Germany became the first country in 2017 to legalize Level 4 and 5 autonomous driving systems.

Thus, the escalating demand for autonomous technologies and increasing support from governments to improve safety features have driven the installation of automotive software in passenger cars, on account of a large customer base for these cars. However, the increasing requirement for telematics solutions for effective fleet management and improving the infotainment features will lead to the widespread adoption of such software in commercial vehicles in the coming years. With the growing logistics sector and demand for shared mobility services, the number of entities operating commercial vehicle fleets is on the rise, which is now propelling the demand for automotive software.

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Geographically, the Asia-Pacific (APAC) region has witnessed a wide scale integration of the software, particularly in India, China, and Japan, due to the escalation in the purchasing power of customers, growth in the economy, and soaring demand for advanced features in vehicles. Due to this, players in the APAC automotive software market are offering innovative software for human–machine interface (HMI), keyless entry, and auto-park assist. Moreover, the spurring demand for autonomous and electric vehicles (EVs) will increase the adoption of automotive software, as these models are largely dependent on software due to the large number of electronic components in them.

Thus, the wide scale adoption of connected cars will fuel the demand for automotive software in the foreseeable future.

What is Biggest Trend Currently Witnessed in APAC Electric Car Market?

 As the air quality deteriorates and the prevalence of various lung diseases increases in the Asia-Pacific (APAC) region, the attention of governments, regulatory authorities, policymakers, and citizens is finally shifting toward the elephant in the room, that is, the large-scale usage of fossil-fuel-powered vehicles for both personal commuting and transportation of goods. The harmful emissions released from these vehicles are one of the major causes of air pollution and the rapid environmental degradation.

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To combat the situation and make the air in urban areas breathable again, governments of several APAC countries are implementing policies aimed at promoting the deployment of eco-friendly modes of transport, such as electric cars. This is, in turn, fueling the advancement of the Asia-Pacific (APAC) electric car market. For instance, as per industry experts, sales of electric vehicles grew in India by 32.0% or from nearly 576,000 units in 2018 to more than 760,000 units in 2019, among which 2,000 were passenger cars.

Falling Prices of Batteries Adding Wings to Electric Car Dream in APAC

The rapidly declining prices of the batteries used in electric cars are one of the biggest factors responsible for their large-scale adoption in APAC nations. The prices of these battery packs fell by over 77% between 2010 and 2017. Now, the average cost of an electric vehicle lithium-ion battery pack is $227/kWh. The costs of lithium-ion batteries are predicted to fall further to nearly $110/kWh in the next 5–6years. This will subsequently cause a huge upswing in the sales of electric cars in the region, as the battery price slump is necessary to make these automobiles affordable.

Electric Car Usage Highest on Chinese Roads in Asia-Pacific

In the APAC region, the sales of electric cars are currently the highest in China. Japan, South Korea, and India are the next biggest users of electric cars in APAC. The share of small electric cars is presently significantly high out of all the electric cars being sold in the region. This is primarily because of their high affordability and the cost-sensitive purchasing behavior of the people in the regional countries. Backed by the implementation of favorable government policies regarding the deployment of electric cars and the reducing prices of the batteries, the electric car industry will register huge expansion in the coming years.

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Hence, it can be said with utmost confidence that the sales of electric cars would shootup in Asia-Pacific (APAC) in the forthcoming years, primarily because of the escalating pollution levels in APAC countries due to the large-scale usage of oil- and gas-powered vehicles. The rapid implementation of favorable government initiatives and subsidy policies for the utilization of these vehicles is further expected to make them popular among the masses.