What Makes Shared Scooters So Famous Among People?

Rentable electric scooters are becoming increasingly popular among customers as a substitute for driving a personal vehicle for short trips in urban areas, particularly to and from transit hubs and tourist destinations. In congested locations, it is alluring for people to unlock a scooter, get on, and ride a few blocks or a few miles to their destination without being stopped in traffic or wasting time looking for parking. Three major factors are influencing the demand for shared scooters.

• First Mile/Last Mile Time Savings Just-right distances to go by car or public transportation are equally just-right distances to travel by foot. Waiting for the next bus or walking both need time-consuming solutions. Shared electric scooters excel in this situation. Since they don't have docks, you are not limited to parking lots. Get off the bus, locate an electric scooter, and head in that direction. You may be the scooter's next customer when you go home, so leave it there! A month's time savings might total several hours for first and final-mile travel. • Parking Spaces & Pollution If circumstances arose where using public transportation plus shared scooters offered an automobile-competitive answer, consider what it would mean to eliminate automobiles off the road. That would result in less air pollution, fewer parking spaces, and less traffic congestion on our roadways, particularly those leading to and from our urban areas. This has an intriguing long-term effect: when parking demand declines, prices fall, making parking less economical. As a result, parking spots are eliminated to create a place for other improvements. • Affordability The fact that most people can afford shared scooters is perhaps one of their most alluring qualities. Even accounting for the costs of taking public transportation for the middle portion of the trip, the average trip only costs a couple of dollars, which is far lower than the amount that would be spent on petrol, insurance, and parking if someone used their car to travel. Benefits Of Shared Scooters • Shared scooters have a large following and might be advantageous to the neighborhood. • Scooters are enjoyable, affordable, and practical methods to cover short distances in cities. • They advocate for an active, healthy way of life. • Accessible rentals promote increased scooter use, which forces towns to provide more routes and better bike lanes. • Sharing a scooter can reduce short-distance driving, lowering pollution, traffic, and parking needs. • Sharing scooters boosts consumer spending and local business activity. Demand for E-Scooter Booming E-scooters are undoubtedly commonplace among city dwellers and those who live close to college campuses. These vehicles, intended for short-distance transport, include a modest electric motor and a deck where one person may stand. Scooters are rented by the minute through ride-hailing services like Bird and Lime. Users drop them off at their destination for the next user to pick up or pick them up later for a charge.

The word "micromobility" is relatively recent. It alludes to compact automobiles like scooters and electric bicycles. Micromobile vehicles can only move at slow rates and can only transport people over small distances. They use sidewalks, bicycle lanes, and roadways.

Due to Cost-Effectiveness, E-Mopeds Led the Industry E-mopeds dominated the market throughout the historical period and are anticipated to continue doing so in the future years. This may be attributed to the country's developing youthful population, which has led to an increase in the number of people using micromobility services as they are heavy internet and new technology users.

The desire for affordable alternatives to satisfy everyday commuting demands is mostly satisfied by these services since working professionals and young students are more attracted to modern methods of urban transportation.

Surging Requirement for Efficient Transportation Systems The distance commuters must go between a transportation center and the starting or ending point of their journey is referred to as the "first- and last mile."

The FLMs distances have typically been covered by individuals using their automobiles or walking to the destination because public or shared transportation does not link directly to a person's home.

According to a model, the first- and last-mile category in Thai micromobility market is anticipated to increase rapidly in the coming years. The increased consumer demand for shared transportation services, rising disposable income, and government worries about environmental pollution in the nation will mostly be to blame for this.

Key Market Trend Several businesses in the sector are concentrating on obtaining finance from significant investors, venture capitalists, and vehicle OEMs. In order to address customer demand for last-mile connections, this has increased rivalry among businesses and led to the launch of new goods and services.

The size of the electric ATV and UTV market was around $708 million in 2021, which will reach above $3,845 million by 2030, at a mammoth growth rate of approximately 21% in the years to come. The growth is reinforced by the increasing acceptance of adventurous and fun sports and activities, the low noise emissions and low ownership costs of these automobiles, and their increasing use by militaries. Two-seater variations of quad bikes are the most-widely sold UTVs, with an approximately 50% market share in 2021; their sales will advance at a rate of about 21% till 2030. Two-seaters are generally purchased owing to their adaptability and great value. These vehicles can be ridden solo and in tandem and utilized for fun riding, conveying cargo and passengers, and towing purposes.

UTVs have the larger revenue share in 2021 in the electric ATV and UTV market, and this category will grow at a rate of above 22% in the near future, majorly because UTVs are more powerful and swifter. Because of their capability to carry goods, along with navigating trying terrain, UTVs are becoming increasingly popular among ranchers, farmers, and hunters. These vehicles are also common at universities, where they are generally employed for commuting, ferrying athletes and sports, and other simple jobs. Outdoor recreational applications had an about 50% revenue share in the electric ATV and UTV market in 2021, and this category will grow at a CAGR of above 20% in the years to come. This can be credited to the increase in ATV riding activities as a form of outdoor recreation, predominantly in the developed regions. Europe and North America, which are seeing a rise in the usable income and living standards, are home to varying terrain, ranches and farms, and unpaved roads.

Electric ATVs and UTVs are also popular for agricultural activities, mainly in hilly terrain. Being completely electric, they produce lesser noise compared to non-electric vehicles and almost no emissions. They support farmers in surveying fields, supervising field crews, inspecting livestock and crops, plowing fields, and transporting machinery, produce, and supplies. The electric ATV and UTV market in North America generated the highest revenue, of about $458 million, in 2021. This is mainly credited to the acceptance of adventure sports and the presence of market stalwarts manufacturing and marketing quad bikes. Furthermore, government bodies in North America have augmented the investment for the construction of cross-country trails, in an effort to boost outdoor tourism and improve the adventure sports offerings in North America.

Mushrooming Popularity of Electric Vehicles to Propel Demand for Electric Vehicle Supply Equipment in India in Future

Since the last few years, the world has seen a sharp rise in the adoption of electric vehicles (EVs), on account of the rising environmental damage being caused due to the widespread usage of oil and gas-powered automobiles. In the developing nations such as India, the sales of EVs have skyrocketed in the recent years, due to the rising public awareness of the harmful emissions released from the fossil fuel-powered vehicles. The total sales of EVs in India rose from 576,000 units to more than 760,000 units from 2018 to 2019, registering a growth rate of 32.0% during that period. The Indian government is providing purchase rebates, financial incentives, and tax exemptions to the buyers of electric vehicles. For example, the government launched the Faster Adoption and Manufacturing of (Hybrid & Electric) Vehicles in India (FAME) scheme in March 2015 and later revised it in 2019 for promoting the sales of battery and hybrid electric vehicles in the country. Under this scheme, the government is providing subsidies and various financial incentives to EV manufacturers and infrastructure providers, thereby boosting the sales of these vehicles and electric vehicle supply equipment in the country. Hence, with the growing popularity of electric vehicles in the country, the Indian electric vehicle supply equipment (EVSE) market will exhibit rapid expansion in the future years. DC and AC are the two types of chargers used for charging electric vehicle batteries. Of these, the sales of AC chargers were considerably higher during the last few years, due to the lower costs of installation, operation, and production of these charging devices than the DC ones. Moreover, the charging costs at AC stations are much lower than that in the DC facilities, which make the AC chargers extremely popular in India. Geographically, the Indian EVSE market recorded rapid progress in the western region of the country during the years gone by, as per the findings of the market research firm, P&S Intelligence. This is attributed to the heavy government support for the adoption of EVs, especially in Maharashtra and Gujarat and the existence of major electric vehicle component and electric vehicle manufacturing companies in the region. Besides these, the high per capita income of the people bolstered the sales of electric vehicles, which, in turn, fueled the requirement for electric vehicle supply equipment and facilities in this region in the past. Hence, due to the burgeoning sales of electric vehicles in India, on account of the rising pollution and the increasing implementation of favorable government policies regarding the adoption of these vehicles, the requirement for EVSE will surge in the country in the upcoming years.

Rising Deployment of Electric Buses in Public Transport Fleets to Boost Demand for Electric Bus Charging Stations in U.K. in Future

The popularity of electric buses has soared rapidly in the U.K. over the last few years. This is mainly because of the growing public awareness of the environmental damage caused due to the utilization of oil and gas-powered buses. The swift rise in the number of electric buses running on British roads and public transport fleets is boosting the requirement for electric bus charging stations and other kinds of charging facilities all over the U.K. In addition to being deployed in public transport fleets, electric buses are being increasingly deployed in large numbers in military transport fleets in the U.K.

The other important factor propelling the requirement for electric bus charging stations is the increasing number of initiatives being taken by both state and central governments for promoting the usage of electric buses in the country. For example, an order was placed for electric double decker buses by Transport for London (TFL) in June 2018. The buses would be manufactured by Alexander Dennis Ltd. (ADL) and BYD Co. Ltd. (BYD). As per the contract, 37 BYD-ADL Enviro400EV electric buses would be manufactured in the coming years. Out of these, five buses were delivered to the TFL in July 2019. Due to the aforementioned factors, the U.K electric bus charging station market is predicted to demonstrate rapid advancement in the upcoming years. There are mainly two types of electric bus chargers used in the U.K. namely overnight chargers and opportunity chargers. Between the two, the sales of the overnight chargers were found to be higher in the past and this trend is likely to continue in the coming years. This is because of the higher preference of public and private transport agencies for electric buses that can be charged overnight over the buses requiring opportunity chargers. In addition to the above-mentioned factor, the reducing prices of the buses using overnight chargers, on account of the falling prices of the batteries used in these buses, are pushing up the sales of these buses, which is, in turn, boosting the requirement for opportunity chargers. Depending on power, the U.K. electric bus charging station market is categorized into >150 kW, 50—150 kW, and <50 kW bus charging stations. Amongst these categories, the<50 kW division registered the highest growth in the market during the years gone by. However, the >150 kW category will exhibit the fastest growth in the U.K. electric bus charging station market in the upcoming years, as per the forecast of P&S Intelligence, a market research firm based in India. This is predominantly attributed to the ballooning requirement for faster charging stations for electric buses all over the U.K.

How is Rising Urban Road Congestion Driving Smart Parking Systems Market?

It is true that the advent of vehicles and numerous advancements in the automobile industry has had countless positive effects, but vehicles these days are also causing a number of problems. As the disposable income of people has increased in various countries, owing a car stopped being a luxury since more than a decade. This has resulted in an alarmingly high number of vehicles on the roads, which further causes road congestion. Unorganized and inadequate parking spaces are also among factors which cause road congestion. As per industry experts, about 30.0% of the traffic congestion is on account of search for parking spaces.

People violating parking rules and parking their vehicles incorrectly further add to this problem. Because of all these factors, the demand for smart parking systems is growing rapidly. Smart parking basically refers to solutions such as smart parking sensors, counting sensors, or cameras, which are embedded into parking spots in order to detect whether a parking space is free or occupied. The data is collected in real-time and is transmitted to smart parking mobile application that lets the user know about the availability of the space in a parking area. The global smart parking systems market is predicted to generate a revenue of $9.1 billion in 2024, from $3.4 billion in 2018, registering a 16.1% CAGR during the forecast period (2019–2024). Smart parking systems help to park a car on both on-street and off-street parking sites. Off-street smart parking systems help in facilitating an easy pay-and-park process for both long and short durations, due to which off-street parking is more in demand. Hardware, service, and software technologies are offered under smart parking solutions. Hardware components play a major role when it comes to detecting vehicle in parking spots. For example, smart meters are extensively utilized in both on-street and off-street parking systems, owing to the fact that they provide continuous gathering of large volumes of data for further processing and analysis. North America has been making the most use of smart parking systems till now because of the rising focus on adopting technologically advanced parking solutions and as mentioned above, rising number of vehicles on roads and surging traffic congestion in major cities in the region. The demand for these solutions is also projected to rise in the Asia-Pacific region in the coming years, owing to the growing penetration of this technology in China. As smart cities are integrated with all kinds of connected technologies to make things more convenient for people, smart parking systems are bound to be a part of these cities. The major focus of smart cities is to offer managed operations to the residents and connected and advanced transportation facilities are a key component for accomplishing that. Smart parking solutions allow drivers to access real-time information regarding the availability of parking spots, before they set off on their journey. Considering these advantages, the smart parking systems market is expected to grow significantly in the coming years along with the development of smart cities.

EV Fast Charging Infrastructure Market Size, Share, and Growth Insights

In 2021, the electric vehicle fast-charging market contributed $3,240.7 million, and it is projected to generate $18,909.8 million revenue in 2030, rising at a rate of 21.7% from 2021 to 2030. It is ascribed to the worldwide growing sales of the EV, resulting in zero-emission transportation. Moreover, public charging holds a substantial share of the industry, and it is expected to rise at a rate of 22% from 2021 to 2030, ascribed to the massive installation of public fast chargers for the adoption of EVs. Numerous EV and OEM network operators are establishing public fast chargers at hospitality facilities, retail houses, government offices, parking lots, offices, gas, fuel stations, and other areas.

The Bipartisan Infrastructure Law has allocated around $7 billion for EV charging infrastructure development in the U.S., aiming at the deployment of 500,000 public chargers by 2030 in the country. The rising adoption of the E.V. proliferates the demand for the development of the EV charging infrastructure. GB/T holds the significant revenue share of the EV fast charging infrastructure industry, amounting to ~$1.2 billion, and it is expected to rise at a 20% rate in the coming future. It is attributed to GB/T DC fast-charging technology provides faster charging of up to 250 kW of power. Moreover, superchargers are projected to experience extensive development in the coming future, as they fit the long-distance travel and intend to charge Tesla swiftly. This is why Tesla Inc. captures a larger share of the global electric car industry. Superchargers, provide lucrative opportunities to industry players. Moreover, the price drop in the Tesla models leads to their rising sales which, in turn, fuels the growth of the supercharger industry. EV fast chargers with a capacity of <100-kW are projected to capture a significant share of the industry in the coming future, rising at a rate of over 21% from 2021 to 2030. It is due to fast chargers with a 100-kW power output that are affordable and provide fast charging in 1 to 2 hours. These are usually installed at retail shops, hotels, and shopping malls. Another major factor that supports the sales of <100-kW chargers in the EV fast-charging infrastructure industry is the growing need for energy from higher-kW chargers and the lack of energy, due to unreliable grid connectivity, for supporting such technology.

Global Demand for Automotive Bearings Set to Shoot-Up in Coming Years

“A major factor fuelling the demand for automotive bearings is the increasing focus of automobile manufacturers throughout the world on reducing the weight of the vehicles” as these bearings contribute significantly to the total weight of an automobile. Many automakers are increasingly incorporating advanced bearings in their vehicles, especially in sport utility vehicles (SUVs) and modern cars in order to reduce the weight of the vehicles, which will, in turn, increase their efficiency.

Apart from being lighter in weight, these advanced bearings also have higher stiffness and durability, on account of the advanced lightweight substances that are used for manufacturing them. Automobile manufacturers are also incorporating improved forging techniques and low tolerance in the production processes of the bearings for reducing their weights. Besides these factors, the increasing sales of passenger cars, on account of the flourishing automotive industry, particularly in the developing nations such as India, Indonesia, Thailand, and China, is also contributing toward the burgeoning sales of automotive bearings across the world. Hence, with the growing adoption of lightweight bearings in vehicles and soaring sales of automobiles all over the world, the global automotive bearing market will grow, in valuation, from $33.4 billion to $53.3 billion from 2018 to 2025. “The market is also expected to advance at a CAGR of 6.9% from 2018 to 2025, as per the forecasts of the market research company, P&S Intelligence”. Roller bearings, plain bearings, and ball bearings are the most common types of bearings used in vehicles, out of which, the demand for ball bearings was observed to be the highest in the past. These bearings are usually sold by original equipment suppliers (OESs), independent aftermarket (IAM), and original equipment manufacturers (OEMs). Out of these, “the sales of automotive bearings through the OEM sales channel is predicted to increase at the fastest rate across the world”. This is mainly because of the fact that the bearing manufacturing companies are rapidly manufacturing advanced products and enhancing their manufacturing capacities, platforms, and related services for providing better products and services to the consumers, which is, in turn, increasing the demand for these materials from the OEMs. From passenger cars and commercial vehicles to electric vehicles and two-wheelers, these bearings are used in almost every type of vehicle around the world. Out of these vehicles, “the utilization of automotive bearings was recorded to be considerably high in the electric vehicles in the last few years”. This primarily due to the large-scale adoption of electric vehicles in several countries around the world, on account of the presence of favorable government policies such as subsidies and other incentives on the purchase of these vehicles and the high pollution levels caused from the fuels-powered automobiles. In terms of material used, the bearings are divided into different types namely solid polymer, metal polymer, and fiber-reinforced composite bearings. Out of these different variants, “the sales of the metal polymer bearings was found to be the highest all over the world over the last few years”. This is credited to the numerous advantages of these bearings over the other types such as their longer lifespans and cost-effectiveness and dimensionally stable and minimal stick-slip characteristics. Till now, “the automotive bearing market registered the highest growth, in terms of volume, in Asia-Pacific (APAC)”. “In the APAC region, China recorded large-scale usage of these bearings in the past and this trend is predicted to continue in the forthcoming years as well". This is predominantly because of the increasing sales of automobiles in the country and the subsequent surge in the demand for these bearings, especially the small-sized and low-end ones in the country.

North America Dominating the Connected Car Market

The connected car market will progress at a mammoth growth rate of over 24%. The growing requirement for an improved driving experience, acceptance of the IoT in the automotive sector, and apprehensions being raised over the safety of the vehicles and security are the key factors responsible for the increasing need for connected cars. The largest demand was held by the driver assistance service category in the industry in the recent past. This had much to do with the large-scale incorporation of advanced driver assistance system features in vehicles because of the apprehensions of people over the safety of the vehicles and the enactment of advantageous policies and regulations of the government with respect to ADAS, which is increasing the demand for connected cars. In numerous nations, the authorities have made the fitting of ADAS features in all new vehicles compulsory.

5G will have the fastest growth in the years to come. This is because of the increasing necessity for driving-related info in vehicles, because of its ability to decrease the latency time and advance the general driving experience, by offering real-time traffic updates to the driver. Moreover, the increasing demand for improved coverage enhancement around the world is boosting the incorporation of the 5G communication technology in automobiles. The OEM category was the industry dominator in the past. This will also hold a larger share compared to the aftermarket category in the near future. This will be possible because of the higher requirement for these solutions amongst OEMs because of the implementation of strict government regulations with regard to vehicle and passenger safety all over the world. Thus, vehicle manufacturing companies are needed to provide numerous built-in technologies in their automobiles. North America was the largest consumer of connected cars owing to the huge requirement for the same and cutting-edge technologies in passenger automobiles. Connected cars have roadside assistance, automobile diagnostics, smartphone connectivity, real-time traffic update features, and traffic and collision warning. Essentially, the increasing necessity for a safe driving experience and snowballing application of promising policies by state and central governments concerning improved driving technologies are pushing the demand for connected cars. In the present scenario, people want a pleasurable driving experience with the enhanced safety of the vehicles, keeping both things in consideration, the demand for connected cars is on the rise across the globe.

The commercial electric vehicle market is experiencing significant growth. The success of the industry is majorly credited to the snowballing apprehensions about greenhouse gas emissions, decreasing cost and increasing operational efficiency of batteries, and also the numerous long-term benefits of commercial electric vehicles for the people all over the world.

APAC was the fastest and largest growing industry in the recent past and projected to continue its dominance in the coming years also. This is mainly due to the Chinese government’s initiative to increase their overall share of electric buses in the transportation system of the country, improving the operational efficiency of batteries, and reducing their prices. The decreasing cost and better operational efficiency of batteries is the major contributor to the industrial growth in the region. According to industry experts, the average price of Li-ion battery packs for large orders decreased from about $642/kWh in 2012 to about $209/kWh in 2017. As the battery costs over 40% of the electric vehicle manufacturing expanse, if the cost of the battery is low, then the manufacturers can decrease the cost of manufacturing which would increase their sales. The increasing acceptance of commercial EVs in developing countries is generating various opportunities for the key players. In the past few years, the urban population in Brazil and India, has grown at a significant rate. Battery electric vehicles in terms of both value and volume are projected to hold the largest market share in the years to come. This can be credited to the surging government assistances including incentives, subsidies, and other economic aids, to encourage the acceptance of eco-friendly commercial EVs. Electric trucks had a larger share in the past. The sales volume of electric trucks under the HDT category is projected to grow at the fastest rate in the coming years. Due to the snowballing freight demand throughout the world and significant financial development in China. The commercial electric vehicle market in other parts is still in its emerging phase and majorly dependent on government policies. The manufacturers of electric buses are few and, these buses are comparatively more expensive than gasoline or diesel-based engine buses, which in turn, has limited the sales of such vehicles in other regions. Though, the manufacturers in other regions are doing heavy investments for the expansion of commercial EV industry, which indeed will contribute to the growth of the industry in the years to come. Therefore, the decreasing cost and better operational efficiency of batteries and the increasing acceptance of commercial EVs in developing countries, and also supportive government norms will drive the demand for commercial electric vehicles in the future.

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