Electric Aircraft Market Set to Flourish in Future

With the surging air pollution levels and rising carbon emissions, the governments of many countries are focusing on promoting the adoption of electric aircrafts. Moreover, the increasing implementation of regulatory environment regulations and carbon emission policies in several countries is also fueling the demand for electric aircrafts. For instance, Norway is aiming to deploy aircrafts powered by electricity in order to mitigate the emission of greenhouse gases by 2040. In addition, the Government of Norway wants aircraft manufacturing companies to manufacture a 30-seat airliner powered by electric motors, that can be officially launched by 2025.

Similarly, a JetBlue Airways, Zunum Aero, and Boeing Co. backed startup announced in May 2018 that it intends to launch its first hybrid-electric plane by 2022. Furthermore, the rising number of airline passengers is also positively impacting the worldwide requirement for aircrafts that are easier to maneuver, safer, and create less noise. Besides these factors, the lower cost of ownership of electric aircrafts is also fueling the expansion of the global electric aircraft market.

Geographically, the deployment of these aircrafts is expected to rise considerably in North America in the forthcoming years, with the U.S. predicted to become the largest electric aircraft market in the upcoming years. The Environmental Protection Agency (EPA) has recently laid down regulations pertaining to the emission of greenhouse gases by aircrafts. Moreover, the increasing research activities and rapid technological advancements are also expected to fuel the demand for electric aircrafts in the country in the upcoming years.

With the enactment of such strict regulations by the governments of other countries, the sales of electric aircrafts are surging sharply. This is also encouraging original equipment manufacturers (OEMs) to penetrate newer markets in both developing and developed nations. In addition, the burgeoning requirement for the adoption of fuel cells in electric aircrafts, advent of technologically advanced battery parts and materials, and emergence of next-generation asynchronous propeller technology in order to cater to the needs of consumers are predicted to push up the sales of electric aircrafts in the coming years.

Hence, it can be safely said that the demand for electric aircrafts will rise enormously in the coming years, mainly because of the burgeoning need for environment-friendly aircrafts all over the world.

Injector Nozzle Market Set to Flourish in Future

An injector nozzle is used to inject the prescribed volume of fuel inside the combustion chamber after receiving a signal from electronic sensors in the automobile. The fuel enters the nozzle at a high pressure, which is then passed through extra thrust into the engine cylinder. The fuel is injected in the nozzle in the form of spray. As injector nozzles help in reducing emission from the engine and maintaining the engine performance, nozzle shape, injector sac, injector seat, and size of the nozzle hole are precisely monitored while making them.

Automakers around the world are increasingly installing injector nozzles in their offerings to comply with the toughening vehicle emission standards, owing to which, the injector nozzle market will prosper in the upcoming years. For instance, the Euro 6 standards caused a sharp reduction in nitrogen oxides (NOx) emission from light-duty vehicles from 2.0 g/kWh to 0.4 g/kWh in steady-state testing and from 2.0 g/kWh to 0.46 g/kWh in transient testing. 

According to P&S Intelligence, the North American injector nozzle market advanced at the highest rate in the preceding years due to the huge requirement for domestic vehicles in the region. Moreover, the toughening emission laws of the U.S. will also encourage the integration of injector nozzles in automobiles in the region. For instance, the U.S. Environmental Protection Agency (EPA) has laid down the Heavy-Duty Highway Engine: Clean Fuel Fleet Exhaust Emission Standards and Phase 1 Greenhouse Gas Emission Standards and Fuel Efficiency Standards for Medium- and Heavy-Duty Engines and Vehicles to reduce emission from medium- and heavy-duty vehicles.

In the coming years, the demand for injector nozzles is expected to soar in Asia-Pacific (APAC). This will be due to the surging vehicle demand, lowering the production cost of automobile parts, and increasing implementation of stringent emission norms. For instance, according to the OICA, 19,994,081 cars and 5,231,161 commercial vehicles were manufactured in China in 2020. Furthermore, the implementation of emission norms, such as Bharat Stage VI (BS-VI) in India, is resulting in the large-scale installation of injector nozzles in vehicles in the region.

Thus, the increasing implementation of stringent vehicle emission norms and booming automobile sales and production will create a huge requirement for injector nozzles worldwide.  

Automotive Drivetrain Market Statistics: A Huge Opportunity For Investors by 2030

The International Energy Agency (IEA) predicts that global stock of battery electric vehicle (BEV) trucks, plug-in hybrid electric vehicle (PHEV) trucks, and fuel cell electric vehicle (FCEV) trucks will expand from 30,872 units in 2020 to 860,942 units by 2030, 228 units in 2020 to 900,264 units by 2030, and 3,815 units in 2020 to 26,139 units by 2030, respectively. The organization also forecasts that BEV cars and PHEV cars sales will increase from 2,008,024 units in 2020 to 14,370,678 units by 2030 and 969,034 units in 2020 to 7,761,233 units by 2030, respectively.

Thus, the rising penetration of electric vehicles, owing to the escalating need to reduce greenhouse gas (GHG) emissions, will help the automotive drivetrain market progress in the foreseeable future. The U.S. Energy Information Administration (EIA) estimates that world carbon dioxide (CO2) emissions from fossil fuel combustion increased from 36.638 billion metric tons in 2018 to 36.912 billion metric tons in 2019. As per the organization, global atmospheric CO2 concentration surged from 409.28 parts per million in 2019 to 411.74 parts per million in 2020.

In contemporary times, automobile manufacturers are using drivetrain systems developed by ZF Friedrichshafen AG, Aisin Seki Co. Ltd., American Axle & Manufacturing Inc., GKN PLC, JTEKT Corporation, Borgwarner Inc., Dana Incorporated, Showa Corporation, Magna International Inc., and Schaeffler Group. Currently, these companies are focusing on manufacturing lightweight drivetrains to improve the overall performance of vehicles. Drivetrains offered by these manufacturers are used in passenger cars, EVs, light commercial vehicles (LCVs), and heavy commercial vehicles (HCVs).

According to P&S Intelligence, the Asia-Pacific (APAC) will lead the automotive drivetrain market in the forthcoming years. This will be on account of the increasing technological advancements in the automobile industry and the surging vehicle production in the region, especially in Japan, India, South Korea, and China. For example, the Society of Indian Automobile Manufacturers (SIAM) states that 3,062,221 passenger vehicles and 624,939 commercial vehicles were manufactured in India in the financial year (FY) 2020–2021.

Therefore, the surging production and adoption of automobiles, including EVs, will accelerate the deployment of automotive drivetrains in the foreseeable future.

Automotive Composite Demand To Rise Substantially in Future

The International Organization of Motor Vehicle Manufacturers (OICA) states that a total of 77,621,582 vehicles were manufactured in 2020. As per the OICA, India, China, Japan, Thailand, Indonesia, and South Korea produced 3,394,446 units, 25,225,242 units, 8,067,557 units, 1,427,074 units, 691,286 units, and 3,506,774 units of vehicles, respectively, in 2020. The increasing automobile production, especially in the Asia-Pacific (APAC) region, on account of the mounting investments being made by automakers in APAC nations, will fuel the demand for automotive composite materials in the foreseeable future.

Additionally, the burgeoning demand for lightweight and fuel-efficient vehicles, owing to the surging concerns over rising air pollution levels and depleting fossil fuel reserves, is also expected to contribute to the progress of the automotive composite market in the upcoming years. According to the World Health Organization (WHO), nearly 99% of the people across the world breathe air that exceeds WHO guideline limits regarding pollutant level. Automobile manufacturers are using a combination of plastics, steel, magnesium, aluminum, and composites to reduce vehicle weight, which will, in turn, lead to lesser fuel consumption and carbon dioxide (CO2) emission. 

In contemporary times, automotive original equipment manufacturers (OEMs) are using ceramic matrix composite materials, metal matrix composite materials, and polymer matrix composite materials, such as carbon fiber reinforced polymers, glass fiber reinforced polymers, and natural fiber reinforced polymers, to reduce overall vehicle weight. These materials are manufactured by Toray Industries Inc., Scott Bader Company Ltd., Johns Manville, Koninklijke Ten Cate N.V., UFP Technologies Inc., Teijin Limited, SAERTEX GmbH & Co. KG, E.I. du Pont de Nemours and Company, Cytec Industries Inc., and Johnson Controls Inc.

Furthermore, the European region also consumed a considerable quantity of automotive composites in the recent past. The European automotive composite market was dominated by the U.K., Germany, Spain, Russia, and France. High volume consumption of these materials in such countries can be attributed to the rapid technological advancements and extensive focus of automakers on enhancing passenger comfort and manufacturing lightweight vehicles. Additionally, the presence of strict vehicular emission curtailment laws also facilitates the usage of composite materials in the automotive industry of Europe. 

Thus, the burgeoning automobile sales and production and rising demand for lightweight vehicles are expected to propel the usage of automotive composites in the forthcoming years.  

North American Autonomous Car Market to Witness Robust Growth in Coming Years

With the surging demand for safe and efficient driving options and advancements in electric and connected car technologies, the demand for autonomous cars is growing rapidly in North America. Moreover, the federal and the state governments in the region are enacting policies for promoting the adoption of these cars. Every year, the region is witnessing the enactment of a large number of legislations regarding autonomous vehicles. For instance, in the U.S., 15 states enacted as many as 18 autonomous vehicle related legislations, while 29 states passed autonomous vehicle related policies in 2018.

Besides the aforementioned factors, the mushrooming popularity of connected cars is also fueling the demand for autonomous cars in the region. These cars are equipped with advanced systems and features such as traffic and collision warnings, real-time traffic monitoring, road side assistance, and smartphone connectivity with vehicle. As connected cars must be equipped with V2I and V2V connectivity, which is extremely necessary for vehicle autonomy, the adoption of autonomous technology is easier in these cars than in conventional cars.

Due to the above-mentioned factors, the demand for autonomous cars is soaring in North America, as a result of which, the revenue of the North American autonomous car market is expected to rise to $52.3 billion by 2030. Furthermore, the market will advance at a CAGR of 17.1% from 2023 to 2030, as per the estimates of the market research company, P&S Intelligence. When autonomy is taken into consideration, autonomous cars are categorized into fully and semi-autonomous cars.

In North America, the popularity of autonomous cars was found to be higher in the U.S. in the past years. This was because of the inclination of customers for more-advanced cars (level 2 autonomy) in the country. In addition to this, the country is home to a large number of original equipment manufacturers (OEMs), who are rapidly manufacturing new models equipped with advanced automation systems and features, which is also boosting the demand for autonomous cars.

Thus, due to the soaring popularity of connected cars, surging requirement for greater vehicle safety, and the increasing implementation of supportive policies regarding autonomous car deployment by various governments, the sales of autonomous cars will boom in North America in the coming years.

Autonomous Commercial Vehicles the Future of Logistics and Public Transportation?

With the growth of the manufacturing and retail industries, an efficient means to transport goods from one place to another is becoming more important every year. Similarly, the burgeoning population, which the United Nations (UN) expects to touch 10.9 billion by 2100, is propelling the need for passenger transportation. With these factors, the number of large commercial vehicles, including trucks and buses, is rising. However, these vehicles are often part or cause of road accidents because they are slightly difficult to maneuver, and drivers aren’t always able to see what is behind them.

As a result, with the surging incidence of road accidents, which kill 1.35 million people each year, as per the World Health Organization (WHO), the need for making transportation safer is increasing. P&S Intelligence cites this factor while projecting an CAGR of 8.2% for the autonomous commercial vehicle market during 2020 and 2030. It is now well known that most of the accidents are caused by humans themselves, and few due to machine/vehicle system error. As a result, in several countries, the adoption of functionalities that can aid the human driver or even completely replace them while driving has been mandated.

Moreover, fully autonomous vehicles are not available for sale currently; they are still under the development and trial stage. Level-4 autonomous vehicles will be available in 2023 and level 5 variants only in 2025. On the brighter side, the current technological and regulatory landscape is quite conducive to the development of fully autonomous commercial vehicles. Two of the essential technologies for such vehicles — vehicle-to-vehicle (V2V) connectivity and vehicle-to-infrastructure (V2I) connectivity — have already been developed, and they are being integrated on a wide scale in passenger cars.

Similarly, an increasing number of countries are tweaking their laws and making accommodations for the operation of self-driving vehicles. For instance, since 2011, 29 American states have made regulatory provisions for such vehicles, which are also a priority for the European Union (EU). The major countries where fully autonomous vehicles are being tested or have been given the in-principle operational approval are the U.S., Germany, Canada, Spain, France, the U.K., Sweden, the Netherlands, and Italy.

Presently, the North American autonomous commercial vehicle market accounts for the highest sales of such automobiles, on account of the early integration of self-driving technologies here than elsewhere in the world. Moreover, many companies, including General Motors Co., Waymo LLC,Tesla Inc., and Ford Motor Co., are involved in autonomous commercial vehicle designing, development, and testing projects in the continent. In the coming years, Asia-Pacific (APAC) will likely witness the fastest increase in the adoption of autonomous commercial vehicles due to its vast automotive sector and technological advancements in regional countries.

Therefore, as commercial vehicles carry a substantial risk of road crashes, the integration of autonomous driving features in them is expected to make roads safer.

EV Battery Swapping For Two- and Three-Wheeler: What are the Key Growth Factors?

The preference for electric vehicles (EVs) has surged over the years due to their eco-friendly nature. Moreover, government subsidies and regulatory policies have fueled the adoption of electric scooters and motorcycles in emerging economies, such as India and China. For instance, the Indian government introduced the Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles in India (FAMEIndia) scheme in 2015 to provide subsidies within a range of $364 (INR 25,000)–$887 (INR 61,000), based on the electric three-wheeler model. Besides, the government also aspires to bear 60% of the research and development (R&D) cost to create cost-effective technologies for electric rickshaws.

Moreover, the widespread adoption of electric two-wheelers in business-to-business (B2B) services, such as last-mile transportation, scooter sharing, and ride-hailing, and that of three-wheelers for carrying passengers and goods has generated immense opportunities for the electric mobility niche. However, the inadequate charging infrastructure in Asia-Pacific (APAC), the hub for these vehicles, has become an issue for vehicle owners and drivers. Furthermore, a majority of the drivers need to charge their EVs twice a day, as a single charge is insufficient for the whole day, which affects their income. To avoid the loss of income, by reducing the time the EV idles, drivers are opting for swapping EV batteries.

In comparison to other types of shared mobility services, electric kick scooter and electric scooter sharing services can be hyper-localized and address the problem of last-mile connectivity. Moreover, the smaller battery pack of these automobiles compared to other EVs is giving a push to the EV battery swapping for two- and three-wheeler market, by making the swapping process easier and faster. Similarly, the development of compact three-wheeler EV batteries has smoothened the process of swapping depleted batteries with charged ones.

Currently, the EV ecosystem of the APAC region accounts for the highest frequency of two- and three-wheeler battery swapping, as it is home to the largest number of these vehicles. India and China contribute significantly to the APACEV battery swapping for two- and three-wheeler markets. Besides, the successful commercialization of EV battery swapping services in Taiwan is fueling their demand in the region. Furthermore, the booming population and expanding consumer base for these automobiles will drive the scale of swapping activities.

Thus, the escalating popularity of EV-based B2B services and improvementsin thelast-mile connectivity ecosystem will add to the popularity of the EV battery swapping concept for two-wheelers and three-wheelers.

Automotive Cabin Insulation Market Key Reasons For the Present

As per the United Nations (UN), the global population will increase from 7.7 billion in 2019 to 10.9 billion by 2100. This is directly resulting in the rising sale of automobiles, as more the people, the more the vehicle buyers. While vehicles fulfill the basic purpose of transporting people, comfort and luxury are also becoming important factors influencing their sales. With a higher disposable income, people are now preferring premium vehicles that offer a higher level of comfort.

Hence, P&S Intelligence expects the automotive cabin insulation market to witness robust growth in the years to come. Cabin insulation has many practical advantages, such as reducing the level of noise from the engine and outside in the passenger area of the vehicle and allowing for better temperature control. As the reduced loss of heat from the cabin during winters drives down the load on the heater and the reduced gain of heat during summers decreases the load on the air conditioner, the requirement for electrical energy comes down.

This means that the auxiliary battery in a car, bus, or truck takes longer to deplete, which leads to a lower requirement for the engine to charge it continuously. This can not only reduce the consumption of fuel, but use more of whatever is being consumed into propelling the vehicle, thus improving the mileage. Even though such benefits may be small in the short run, vehicle owners usually benefit considerably over the long term. Hence, this factor may be more important for fleet owners, whose fuel expenses are a lot higher than individual vehicle owners.

As a result of all such factors, Asia-Pacific (APAC) is expected to continue to dominate the automotive cabin insulation market in the coming years. China, India, South Korea, and Japan produce the most automobiles around the world, which is why the demand for automotive components is the highest here. Further, with the rising purchasing power of people, the demand for luxury cars with insulated cabins is rising. Similarly, the public transportation sector of the region is rather large, and despite the millions of public buses, they need more to cater to their burgeoning population.

Hence, with the rising sales of buses, trucks, and luxury cars, the demand for insulating materials for the driver’s cabin will continue to increase.

Automotive ABS Market Future Estimations Till 2030

Road crashes are responsible for 1.3 million deaths every year, as per the World Health Organization (WHO). A higher number of vehicles than the roads can accommodate, poor quality of roads, non-working traffic signals, unfavorable weather conditions, human error, and system error are some of the common reasons behind road accidents. The situation is even graver on highways, where the speed limit is generally a lot higher than within cities.

Thus, P&S Intelligence feels that the automotive anti-lock braking system market has a bright future ahead. When a driver presses hard on the brake pedal or lever, the ABS keeps the wheels turning and stops the vehicle from skidding. This prevents the loss of control of the vehicle and also allows it to turn in the intended direction. This is why the installation of this system is mandatory in numerous countries to prevent road accidents and keep passengers and pedestrians safe.

For instance, it is mandatory for all new two-wheelers in Europe to have ABS. Similarly, in 2017, the Indian government modified its Motor Vehicle Act, making the system mandatory in all new commercial vehicles. Hence, the increasing sale and production of automobiles are propelling the procurement of ABS components by automakers. According to Organisation Internationale des Constructeurs d'Automobiles (OICA), 57,262,777 vehicles had been produced during January–September 2021 compared to 52,146,292 during the same period last year.

Therefore, Asia-Pacific (APAC) dominates the automotive ABS market presently. The highest production and sale of automobiles is witnessed in this region, which is why the roads here are rather congested. Moreover, most of the interstate highways lack streetlights, which raises the risk of accidents manifold at night. Moreover, the mountainous roads in these countries witness heavy traffic, which has led to a high incidence of road crashes. Hence, governments here are becoming stricter with regard to having advanced safety systems in automobiles.

Therefore, with the burgeoning vehicle sales and stringent government laws related to road safety, the integration of ABS will rise.

Boom Expected in Logistics Industry in Future

Nationwide lockdowns, restrictions on the borders, and operational hindrances on account of the outbreak of the coronavirus situation have disrupted the supply chain across the world. China has a deep-rooted supply chain network in most of the COVID-19-affected countries, including the U.K., the U.S., India, Hong Kong, Singapore, Japan, Spain, South Korea, Germany, and Italy. Apart from China, these nations are also involved in extensive trade of various essential and non-essential goods with one another. All these countries have had to temporarily discontinue their trading activities to contain the impact of the virus. 

The COVID-19 impact on logistics industry can be mostly observed on offline logistics services. There has been a subsequent shift from physical shopping to online shopping due to the social distancing norms in the affected countries. These nations are embracing social distancing as a means to mitigate the spread of the coronavirus. This has resulted in a substantial switch to e-commerce platforms for procuring items that might have been otherwise bought from a brick-and-mortar store. Moreover, the shutdown of retail stores in the COVID-affected nations has put the brakes on offline-mode logistics services.

To reduce the reach of this disease, most of the nations have imposed restrictions on the opening of retail stores selling non-essential goods. Furthermore, the automobile sector has also faced the wrath of this pandemic owing to the disruptions in the supply chain and a decline in sales. Due to the rapid spread of the coronavirus, governments were compelled to impose a complete or partial shutdown of manufacturing units of the automotive industry, which, led to a decline in vehicle production.

This pandemic also had a significant impact on last-mile logistics services. Eminent e-commerce companies, such as Walmart Inc. (Flipkart Pvt. Ltd.), Alibaba Group Holding Ltd., and Amazon.com Inc., are facing issues in goods delivery. The contractual logistics partners of these firms are unable to deliver products in due time owing to the restrictions imposed on the movement of vehicles. Owing to this challenge, e-commerce companies have been coerced to tie up with on-demand last-mile delivery partners to cater to the sudden surge in product demand.

As per P&S Intelligence, other logistics-dependent verticals, such as the food & beverage industry, also witnessed a substantial downfall in revenue due to the closure of cafés and restaurants. As eating outlets went into hibernation, the requirement for logistics services in this sector decreased severely. These services were used by food processing units to transport packaged food and drinks to retail outlets, as well as to move raw materials and the finished products between the source, factory, and warehouse. 

The COVID-19 impact on logistics industry is being witnessed in the major tactical changes being brought about by key service providers, such as Deutsche Post DHL, Supply Chain Solutions and Geodis, DB Schenker Logistics, Panalpina, Kuehne+ Nagel, Dsv Global Transports and Logistics, United Parcel Service (UPS), C.H. Robinson, and The Maersk Group. These companies are drafting backup policies to ensure recovery, so that when the pandemic subsides, the logistics industry is able to bounce back.

Thus, the outbreak of the coronavirus has impacted all the logistics-associated industries owing to the social distancing and lockdown measures around the world.  

Forklift Market Set to Flourish in Future

With the rising penetration of the internet and the increasing use of smartphones, e-commerce sales are surging all over the world. According to the World Bank, around 49.0% of people across the world had access to the internet in 2017. In addition, the growing popularity of online shopping is also fueling the expansion of the e-commerce industry, which is, in turn, driving the demand for forklifts. This is because the conventionally used logistics solutions are not able to meet the demanding delivery schedules and in order to resolve this issue, e-commerce companies are upgrading their strategies.

Moreover, many companies are making huge investments in autonomous and electric forklifts, which are being increasingly deployed in warehouses to accelerate the loading, material transfer, and picking processes. Besides this factor, the adoption of advanced technologies, such as the industrial internet of things (IIoT) and robotics in forklift manufacturing operations is also fueling the expansion of the forklift market, owing to which, the revenue of the market is predicted to rise from $33,878.7 million in 2019 to $42,519.4 million by 2030, while the market exhibits a CAGR of 2.8% from 2020 to 2030. 

This was due to the extensive usage of class 5 forklifts in emerging economies, such as India, China, Mexico, and Brazil. These forklifts are majorly used in heavy lifting, on account of the fact that they are equipped with pneumatic tires, which make them suitable for operation in lumber yards and other rough terrain where the risk of tire puncture is quite high. Across the globe, the forklift market will demonstrate the fastest growth in the Latin America, Middle East, & Africa (LAMEA) region in the coming years. 

Thus, the sales of forklifts are set to rise enormously in the coming years, mainly because of their growing requirement in various manufacturing operations and the expansion of the e-commerce industry across the world. 

Automotive Semiconductor Market to Witness Robust Expansion by 2030

The International Energy Agency (IEA) forecasts that the stock of battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs) in China will reach 38,570,612 units (cars) and 13,483,273 units (cars), respectively, by 2030. The IEA also predicts that the stock of BEVs (cars) and PHEVs (cars) in India will reach 7,279,298 units and 941,381 units, respectively, by 2030. The increasing sales of these vehicles will create a huge requirement for automotive semiconductors in the Asia-Pacific (APAC) region in the coming years due to their extensive use in electric vehicle (EV) batteries.

Moreover, the increasing integration of advanced mobility solutions, such as autonomous driving technology, owing to the rising awareness about vehicle safety, will fuel the APAC automotive semiconductor market growth in the foreseeable future. Autonomous driving features, such as blind-spot detection (BDS), adaptive cruise control (ACC), automatic parking system, glare-free high beam and pixel lights, automatic emergency braking system, automotive night vision system, crosswind stabilizer, lane change assistance system, and driver drowsiness detection system, work with the help of semiconductors.

According to P&S Intelligence, China and Japan dominate the Asia-Pacific automotive semiconductor market due to the expanding automobile industry of these countries. The flourishing automotive industry in China can be credited to the improving living standard and escalating disposable income of people. In the coming years, South Korea and India will also adopt a significant volume of semiconductors due to the burgeoning demand for EVs and ICE-based automobiles. For instance, according to the OICA, 3,394,446 units and 3,506,774 units of automobiles were produced in India and South Korea, respectively, in 2020.

Thus, the mounting EV and ICE-based vehicle sales and increasing integration of ADAS in such automobiles will create an extensive requirement for semiconductors in the upcoming years.

Two-Wheeler Logistics Demand To Boom in Asia-Pacific in Future!

The global two-wheeler logistics market revenue stood at $57,260.0 million in 2020, and it is predicted to rise to $355,631.2 million by 2030. According to the estimates of the market research company, P&S Intelligence, the market will demonstrate a CAGR of 20.0% from 2020 to 2030 (forecast period). The major factors driving the expansion of the market are the cost-effectiveness and convenience of these services, surging e-commerce industry, and incorporation of the real-time tracking technology.

In 2020, e-commerce sales accounted for nearly 16% of all retail sales across the world, registering an increment of around 19% from 2019. Further, this share is predicted to rise to 18% by 2021. The e-commerce industry is being propelled by the convenience of online shopping and home delivery and availability of products at great discounts on online platforms. For example, the U.S. Department of Commerce revealed that the total customer expenditure on online shopping stood at $514 billion in 2018, which was 14.2% higher than the one recorded in the previous year.

Geographically, the Asia-Pacific (APAC) region held the largest share in the two-wheeler logistics market in 2020, and it is predicted to be the fastest-growing region throughout the forecast period as well. This is credited to the growing focus of the logistics companies operating in the region on efficient order management through a platform which will help them arrange drivers for deliveries and pickups. Furthermore, the APAC region is witnessing a digital revolution, with some very innovative and advanced technologiles penetrating important operations and business processes there.

The players operating in the industry are focusing on collaborations and partnerships to gain a competitive edge. For example, DoorDash Inc. entered into a partnership with PetSmart LLC in June 2021 to enable on-demand delivery of various pet supplies and accessories from over 1,500 PetSmart locations in Puerto Rico, the U.S., and Canada. Likewise, Instacart and The Container Store, a specialty retailer of storage products, initiated a national partnership in May 2021 to offer same-day delivery under an hour to customers from all 93 locations of The Container Store.

Hence, the market will continue growing in the future owing to the rising requirement for better and faster logistics, on account of the booming e-commerce sales all over the world.