Rising fire accidents along with the growing construction of new buildings to drive the UAE Fire Safety and Rescue Tools & Products Market: Ken Research

1. Total Number of Fire Accidents growing along with new construction projects in Dubai, 2018-2021

Being most prone to fire accidents, retail and commercial are often categorized as Category risk “A”. Category A means a more sophisticated fire station in vicinity, and more powerful and efficient firefighting equipment for civil defense services. Majority fire accidents in UAE are caused due to incidents or sparks, and defaults not being informed to the authority. UAE has been actively trying to introduce more efficient fire detecting measures. There is a notable difference between fire protection system, which is building oriented (sprinkler systems, fire extinguishers, yard hydrants, etc.) and firefighting measures, which include active firefighting and rescue activities.

2. Civil Defense Branches and Headquarters across the emirates of UAE host fire stations, which provide firefighting services to the entire nation

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Dubai, being UAE’s financial hub, has far more fire stations in a comparatively smaller area than other emirates, with ~7 fire station serving per Mn population due to its density and infrastructure. Whereas Abu Dhabi has considerably lesser number of fire station. Though this is due to fire stations in close proximity to the dense business district of Abu Dhabi.

3. Buildings in UAE have fire protection systems in place to prevent fire accidents, and assist in firefighting activities in case of fire emergency

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Majority fire accidents in UAE are caused due to incidents or sparks, and defaults not being informed to the authority. UAE has been actively trying to introduce more efficient fire detecting measures. There is a notable difference between fire protection system, which is building oriented (sprinkler systems, fire extinguishers, yard hydrants, etc.) and firefighting measures, which include active firefighting and rescue activities.

Future Outlook of Vietnam Medical Education Market: Ken Research

 1. Disparity in Public & Private Universities, Expensive Course Structure and No Designated Board to conduct Exams have created disparity in the education system in Vietnam

Most of the Universities do not conduct interviews for the admission process. This creates disparity and reduces the chances to improve upon one-time high school scores (National Entrance Examination). Each university has their own curriculum and has autonomy to design their own syllabi.

Medical degrees are considered expensive in terms of time and money. They are thus limited to a certain class of people in Vietnam. Students usually have to pay for the equipment and special facilities in their departments for clinical training.

There are is no specific and designated Board for conducting medical examination to test the quality of students graduating the Medical School. There are no further Licensing examination to get accreditation for specialization by doing specialized practice in the field.

2. Key Initiatives taken by the Government to improve Medical Education in Vietnam

Five medical universities and policymakers to improve and innovate undergraduate medical education by providing technical assistance to comprehensively reform the 6-year training program for general medical doctors. Training led by Harvard Medical School educators produces faculty with improved skills in curriculum design, active learning, and clinical teaching, and creates a community of faculty to develop innovations in medical education.

A close partnership with the Ministry of Health facilitates sharing successful models and lessons learned with universities nationwide. With the goal of introducing standardized postgraduate training programs in all health specialties in Vietnam, the IMPACT MED Alliance provides technical support to policy makers at the Ministry of Health towards the development of laws and policies governing postgraduate medical education.

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As a result, more than 2,000 university faculty will be trained in new educational methods and five leading medical universities will be implementing a reformed six-year curriculum for training general medical doctors. By 2025, there will be more than 5,000 physician graduates of the new training programs.

3. Rising Population, Demand for quality healthcare and Shortfall in the existing healthcare workforce are the biggest enablers of the Medical Education Market in Vietnam

There is an increase in the population of Vietnam over the years but healthcare workforce is relatively low compared to the total population (around 1 physician and 1.3 nurses per 1,000 residents). The imbalance in the healthcare workers versus the growth of the population. This will drive the demand for more doctors.

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Vietnam also has one of the most rapidly aging populations in the world, with an increasing demand for quality healthcare services and new issues likely to emerge in the health sector in future years. Increase in quality of support staff is expected to be a major support to failing healthcare facilities.

Government has recently granted HIE autonomy to determine their curriculum. This will make Vietnamese medical education more decentralized and competitive.

Increasing public awareness as well as increase in healthcare spending by the Government is driving the Thailand Clinical Laboratory Market to reach USD ~6.0 Bn by 2026F: Ken Research

 Thailand Clinical Laboratory Market is in the growing stage, being driven by increasing healthcare spending by aging population, expanding healthcare spending by the Government, growth in non-communicable disease and chronic diseases and increasing public awareness.

• The private hospital sector has been undergoing structural change and the effects of this are becoming increasingly clear.
• Government Health Initiatives and Health Insurance Programs was and will be the major chunk of health expenditure in Thailand.
• Through the use of technology, diagnostics chains have altered the business model and shifted the focus to patient comfort; the industry has innovated the service delivery model and is providing quality services.

Growing Demand for Clinical Laboratory Services in Thailand: The introduction of Universal Health Coverage and other government-sponsored health-related initiatives is anticipated to boost demand for laboratory services. The growth of external referrals for private independent laboratories will be caused by the public hospitals sending samples to private independent laboratories for clinical testing. Players making investments to improve their testing skills, have embraced a number of cutting-edge technologies and tests made available on the worldwide market, notably specialised tests. Furthermore, it is anticipated that the main private independent laboratory chains will expand outside of important cities into less developed regions. This will also result in a rise in market share for clinical laboratories in Thailand.

Rising Disposable Income Resulting in Increasing Demand for Health Check-Ups: Rising personal disposable income of the people of Thailand has led to higher spending on healthcare services including clinical testing in the country. Furthermore, there has been an increase in middle to high income earners seeking preventive health check-ups. This has been resulting in the overall Clinical Laboratory Industry in Thailand to grow.

Growth in non-communicable disease and chronic diseases: There has been a shift in disease profile, thus changing the level of interaction between doctors and patients from episodic to rhythmic. Increasing incidence of communicable and non-communicable diseases, such as cardiovascular disease, cancer and diabetes, are expected to drive the Clinical Laboratory Market in Thailand.

Analysts at Ken Research in their latest publication “Thailand Clinical Laboratory Market Outlook to 2026F- Driven by current shortage, widening customer base, Government initiatives and increasing corporate requirements for clinical testing” by Ken Research observed that Thailand Clinical Laboratory Market is in the growing phase. Increasing healthcare spending by aging population, expanding healthcare spending by the Government and increasing public awareness are some of the factors that will contribute to the Thailand Clinical Laboratory Market growth over the period of 2022F-2026F. It is expected that Thailand Clinical Laboratory Market will grow at a CAGR of 9.5% for the above forecasted period.

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Key Segments Covered:-

Thailand Clinical Laboratory Market

By Independent Laboratory

• Organized Labs
• Unorganized Labs

By Payer

• Private Health Insurance
• Corporates
• Out of Pocket

By Customers

• Walk-Ins
• Doctor Referrals
• Corporate Clients
• Online Bookings

By Type of Tests

• Routine
• Esoteric
• Non-Laboratory

By Type of Routine Tests

• CBC (Complete Blood Count)
• A1C
• Basic Metabolic Panel
• Others

By Type of Esoteric Tests

• Infectious Disease
• Endocrine
• Allergic Disease
• Oncology
• Others

By Region

• Bangkok
• Nakhon Ratchasima
• Samut Prakan
• Ubon Ratchathani
• Khon Kaen
• Others

By Type of Laboratory in Private Hospitals

• In-house Labs
• Third Party Tie-Ups

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Key Target Audience:-

• Clinical Laboratory companies
• Organized Clinical Laboratories
• Unorganized Clinical Laboratories
• Private Hospitals
• Private Equity and Venture Capitalist
• Industry Associations
• Technology providers
• Government Bodies & Regulating Authorities

Time Period Captured in the Report:-

• Historical Period: 2016-2021
• Base Year: 2021
• Forecast Period: 2022F– 2026F

Companies Covered:-

Organized Labs

• N Health
• Pathlab
• Thonburi Clinical Labs
• Bangkok Medical Labs
• BRIA Group
• MIC Labs

Unorganized Labs

• Medical Line Lab
• Innotech Laboratories
• Service Co., Ltd.Innolab
• Prolab
• Pattaya Clinic Laboratory
• CCS Medical laboratory
• Excellent Pathological
• Lab Company Limited
• DNA Testing Laboratory Co., Ltd.
• Pathology Diagnostic Center
• Ubon Pathology
• Rachvipa MRI Company Limited
• hi-tech lab
• Bangkok Pathology-Lab
• Inter-Lab Pathology and Research Center

Key Topics Covered in the Report:-

• Thailand Clinical Laboratory Market Overview
• Thailand Healthcare Overview
• Ecosystem of Thailand Clinical Laboratory Market
• Thailand Clinical Laboratory Market Segmentation
• Industry Analysis of Thailand Clinical Laboratory Market
• Value Chain of Clinical Laboratory Market in Thailand

• Key Growth Drivers in Thailand Clinical Laboratory Market
• End User Analysis of Thailand Clinical Laboratory Market
• Key Challenges of Thailand Clinical Laboratory Market

• SWOT Analysis of Thailand Clinical Laboratory Industry
• Future Outlook of Thailand Clinical Laboratory Industry
• Trends and Development of Thailand Clinical Lab Market
• COVID-19 Impact on Clinical Laboratory Market in Thailand

For more insights on the market intelligence, refer to below link:-

Thailand Clinical Laboratory Market

Related Reports by Ken Research:-

Philippines Clinical Laboratory Market Outlook to 2027F

Indonesia Clinical Laboratory Market Outlook to 2026F

Vietnam Clinical Laboratories Market Outlook to 2027F

Bahrain Remittance Market Outlook to 2027F: Ken Research

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What is the Size of Bahrain Remittance Industry?

Bahrain Remittance market is growing at a CAGR of ~% in 2017-2022 and is expected to reach USD ~ Bn by 2027F. The Bahrain Remittance Market is largely driven by the increasing inflow of expatriates, digitization, e wallets and major government investments.

Bahrain has been an expat hotspot for decades because of multi-cultural environment and a progressive nation which is known to offer a good quality of life to its residents. With the recent economic and political reform, the country has seen a tremendous growth in infrastructure development, thus creating more job opportunities and an attractive destination for expatriates. With the increasing inflow of expatriates also increases the inflow of remittance to other countries, thus fueling the Bahrain remittance market.

With the adoption of ‘cloud-first’ policy in 2017 by the Bahrain Government, the Country has attracted some of the world’s leading tech players to set up operations in the Kingdom. Most notably, cloud computing giant Amazon Web Services (AWS) launched its hyperscale Cloud Region in Bahrain in 2019, its first in MENA and a landmark investment.

Furthermore, the government has planned to invest billions of dollars to improve infrastructure, industry, housing and connectivity to call for more diverse economic base.  As part of Bahrain’s 2021 Economic Recovery Plan, Bahrain announced over 22 strategic infrastructure projects worth over $30 billion, which has fueled the Remittance market of Bahrain.

Bahrain Remittance Market in International Inbound by channel

The Bahrain Remittance market is segmented by Channel into Banking Channels, MTOs, M-Wallet and Others. Banking Channels were the most dominant form of channel used in Bahrain Remittance market in 2022.

Bahrain Remittance Market by Inflow of Countries        

The Bahrain Remittance market is segmented by Inflow of Countries into India, Pakistan, Bangladesh, Sri Lanka, Egypt and Indonesia. Indonesia was the most dominant among others followed by India and Pakistan in 2022.

Bahrain Remittance Market in international outbound by channel

The Bahrain Remittance market is segmented by Channel into Banking Channel, MTOs, M-Wallets and Others. Banking channel was the most preferred form of channel in 2022 in Bahrain Remittance market.

Bahrain Remittance Market international outbound by outflow countries

The Bahrain Remittance market is segmented by outflow countries into India, Pakistan, Bangladesh, Sri Lanka, Egypt and Indonesia. Indonesia held the major market share in Bahrain International Outbound Remittance market in 2022.

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Bahrain Remittance Market by Point of Contact

The Bahrain Remittance market is segmented by Point of Contact into Branch Pick-up, Mobile payment & Online Transaction and Prepaids cards. Branch Pickups held the majority of the share in the Bahrain Remittance market in 2022.

Competition Scenario in Bahrain Remittance Market

Bahrain Remittance Market is in the growing stage, consisting of ~ players (banks and digital payment companies) with just few companies acquitting the major portion of the market. Bahrain international remittance market is fragmented with the manifestation of small, medium and large corporations. Some of the major players in the Bahrain Remittance market are Western Union, MoneyGram, Al Barka Bank etc.

What is the Expected Future Outlook for the Overall Bahrain Remittance Market Across the globe?

The Bahrain Remittance market was valued at USD ~billion in 2022 and is anticipated to reach USD ~billion by the end of 2027F, witnessing a CAGR of ~% during the forecast period 2022-2027F. The realistic growth scenario represents the most likely scenario as per current market conditions. This scenario assumes that there will be no overall impact on the market due to any potential COVID-19 waves in the future.

The Bahrain Remittance market is driven by the increasing inflow of expatriates, digitization, e-wallets and major government investments. However, the market is also constantly being influenced by rapid development in technology, product innovation, and diversification in some countries.

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Government has ambitious plans to use digital technologies extensively to strengthen its services, processes, and decision making, as well as its ability to share data with constituents. There is specific emphasis on improving the individual organizational capabilities of Government entities by aligning their digital strategies with the national Digital Government Strategy 2020, strengthening the governance mechanisms, enabling a digital workforce, reinforcing agile development and analytical platforms while deploying robust cyber security measures and controls which will led to increase employment in the digital sector, thus fueling the inflow of workers in the country.

The inbound remittance is expected to showcase a CAGR close to ~% and the outbound remittance is anticipated to showcase a CAGR close to ~% by value of transactions USD ~Mn. The government's infrastructure development operations are likely to enhance job possibilities in the country in the upcoming years. The majority of these positions are likely to be in the country's flourishing private sector, resulting in a considerable rise in the number of expatriates in the country. This will undoubtedly have a significant impact on rising remittance inflows and outflows, which are highly influenced by the country's expatriate community. The domestic remittance sector will also see a rise in the future with the increasing digital money transfer company.

For more insights on the market intelligence, refer to the link below: –

Bahrain Remittance Market

Related Report by Ken Research: –

Egypt Remittance Market Outlook to 2023

Belgium Remittance Market Analysis, Industry Revenue and Future Outlook: Ken Research

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What is the Size of Belgium Remittance Industry?

Belgium Remittance market is growing at a CAGR of ~% in 2017-2022 and is expected to reach EUR ~ Bn by 2027F. The Belgium Remittance Market is largely driven by a rise in outbound remittances, which is led by stronger growth in the employment prospects in the euro area. Moreover, the appreciation in the currency is also a supportive factor for such growth of remittances in the region.

The market has been fuelled by increased migration, increasing government support for new competitors, improved banking knowledge and increased awareness towards digitalized remittance services in the space. Covid had an impact on the overall growth, hindering the robust growth & causing fluctuations when it came to profit generation. Belgium has a moderately concentrated remittance market that is still in its growth stage.

Banks dominate the inbound remittance market in terms of volume of transactions followed by MTOs, m-wallets and other channels including postal networks, credit union and informal channels. During the year 2020-21, personal remittances came to the rescue of Belgium. The region, thanks to its flow of personal remittances, recorded a current account deficit. Belgium showed a current account surplus of ~ Billion. Without personal remittances, this surplus could have easily turned into a current account deficit of ~ Billion in 2020.

Belgium Remittance Market by Channels

The Belgium Remittance market is segmented by Channels into Banking and non-banking channels. Choice of a remittance channel depends on the ease of access for payer and payee, cost involved, range of products and services offered, amount of remittance and similar.

Belgium Remittance Market by flow Countries

The Belgium Remittance market is segmented by flow Countries into ASEAN, Middle East, America, Europe, Africa and Others. Some developed countries are now net importers of cash, as professional people working abroad send increasing amounts of cash home. Belgium benefited from a huge remittance inflow in recent years.

Belgium Remittance Market by Point of Contact

The Belgium Remittance market is segmented by Point of Contact into Branch Pick-up, Mobile Payment & Online Transactions, Prepaid Cards. The inbound remittance market is dominated by branch pick-ups and mobile & online transactions equally followed by prepaid cards in terms of remittance transaction volume.

Belgium Remittance Market by Flow Type

The Belgium Remittance market is segmented by Flow Type into Inbound and Outbound. Both Inbound & Outbound remittances accounted for an almost equal share of the market. Although the Inbound remittance accounted for a slightly larger share as compared to outbound remittance.

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Competition Scenario in Belgium Remittance Market

The Belgium Remittance market is moderately concentrated with formal & informal players operating in the market at the same time. The market has been driven by increased migration, increasing government support for new competitors, improved banking knowledge and increased awareness towards digitalized remittance services in the space. The key players operating in the market are HSBC Bank, Lloyds Bank, Visa, American Express, Barclays, Deutsche Bank, and Ria Money Transfer. Banks dominate the inbound remittance market in terms of volume of transactions followed by MTOs, m-wallets and other channels including postal networks, credit unions and informal channels. MTOs dominate the outbound remittance market of the region in terms of the transaction volume as of 2022P.

What is the Expected Future Outlook for the Overall Belgium Remittance Market Across the globe?

The Belgium Remittance market was valued at EUR ~billion in 2022 and is anticipated to reach EUR ~billion by the end of 2027F, witnessing a CAGR of ~% during the forecast period 2022-2027F. The realistic growth scenario represents the most likely scenario as per current market conditions. This scenario assumes that there will be no overall impact on the market due to any potential COVID-19 waves in the future.

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The Belgium Remittance market is driven by growth in internet & mobile penetration and technological modernization in remittance industry are projected to deliver the lucrative opportunity for the remittance market in the forthcoming years. In terms of volume of transactions, the inbound remittance is expected to register a CAGR close to ~% and the outbound remittance is expected to showcase a CAGR close to ~% during the same period. As the cases of financial crime and frauds is increasing day by day and this technology in banking and financial services facilitate numerous offers to the solution by identifying the customers through their fingerprint scanning or retina scanning as these two things never be same or matched with another person.

The Belgium remittance market has displayed a steady growth when it comes to transaction value driven by an increment in both inbound & outbound remittances. The total value of transaction increased displaying a CAGR of close of 4%. This was driven basically by an increase in outbound remittance, which is led by a robust growth in employment prospects in Belgium & other European countries. Moreover, an appreciation in the currency during the period 2015-2019 is also a supporting factor.

While personal remittances saved the Belgium remittance market to a large extent, Covid still had an impact on the overall growth, hindering the robust growth & causing fluctuations when it came to profit generation. Moreover, Europe’s resistance to the inflow of migrants can also affect the market to a large extent. If this one factor is taken care of effectively, the market is predicted to grow at a CAGR of ~%, generating a total revenue of ~ Billion. The technology of biometrics is playing effective role as this technology is considered highly effective and efficient because of the unique process.

For more insights on the market intelligence, refer to the link below: –

Belgium Remittance Market

Related Reports by Ken Research: –

Europe International Remittance Market Outlook to 2023

Indonesia Domestic and International Remittance Market Outlook to 2023

Morocco's fitness industry has a target addressable market of 16.0 million people, mostly driven by the fitness enthusiast population: Ken Research

 1. Demand for fitness centers in Morocco is mostly driven by Increasing Local Gyms and Fitness Centers, a Variety of Service Offerings, Specialized Fitness Programs, and Demand for Water Training.

The fitness industry in Morocco was once dominated by the wealthy and expats, now a new wave of local gyms and dance and martial arts studios are emerging to serve a fast-rising number of young, less affluent fitness enthusiasts. Major fitness chains such as Passage fitness offers a variety of wellness options such as sauna and spa with a barbershop, restaurant, sea access, child care, and more motivating people to join fitness centers. Specialty fitness programs that focus on a particular style of exercise, piece of equipment, or even philosophical approach are exploding across the country. Additionally, some focus on interval training, Pilates, stationary bicycles (spin), or any number of other training. Moreover, demand for Water Training recently emerged in Morocco, as a few centers with Water Training opened across Morocco for instance Aqualine Wellness in Marrakech. These centers include fitness activities such as water bikes, water running, water step, and water aerobics.

2. Gyms and fitness centers focusing on various memberships plans for their fitness enthusiast customers contributed to the majority of the market

The Fitness market has a direct impact on the economy in terms of revenue and employment generation in Morocco contributing a significant amount to the GDP. A high proportion of part-time employment also characterizes it with the majority of staff employed on a casual or part-time basis. Fitness Clubs in Morocco have redesigned memberships and pricing to offer more flexibility for members who are exercising in multiple ways and to optimize retention and average revenue per user.
Yoga has grown in popularity among Moroccans in the past several years, with various yoga workshops sprouting up in major cities like Rabat, Casablanca, and Marrakech. An increasing number of yoga studios have been opened in Morocco, accompanied by international yoga events held across the country. Fitness Clubs in Morocco have redesigned memberships and pricing to offer more flexibility for members who are exercising in multiple ways and to optimize retention and average revenue per user.

3. Morocco Government has launched various programs, in attempts to encourage increased physical activity among the population through personalized schemes

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The government of Morocco has launched initiatives that will play a key role in promoting the well-being of the people of the country. The government aims to increase community awareness about the importance of physical activity and boost the community’s capability to adopt healthy lifestyles, create a supportive healthcare environment, and encourage the involvement of local communities and civil society organizations in the promotion of health awareness programs. The federation also focuses on establishing aerobic and fitness sports in schools, encouraging the opening of clubs in disadvantaged neighborhoods and the scheduling of regular activities, as well as creating a program for working women at home, to allow them to be physically active in their own time and space.

4. The fitness market has an impact on various industries such as fitness equipment, construction, real estate, clothes and footwear, and technology.

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The fitness market has a ripple effect on other sectors such as the fitness equipment industry, construction, real estate, apparel, footwear, and technology. Moreover, high awareness of fitness and increasing disposable income along with sedentary lifestyles and hectic schedules with the COVID-19 outbreak has resulted in a spike in the number of people working out from the home to avoid getting infected, thus fueling the adoption of in-home fitness equipment.

Fitness Machine, Treadmill & Cardio Equipment has dominated the overall fitness equipment market with Marrakesh and Rabat having the majority of health clubs and gyms accounting for extensive revenues in Morocco's fitness equipment market. Assuming a significant percentage of the population affected with lifestyle diseases goes to a fitness center, the estimated savings in direct health care costs from Morocco's fitness centers are high in the country.

Future Outlook of Saudi Arabia Bags and Luggage Market: Ken Research

 1. Growth of E-commerce, and FDI is allowing KSA to shift its focus towards non-Oil sectors and promote other sectors such as Tourism

Start-ups such as Mine Bags with innovative concepts for Bags are entering the Bags and Luggage Industry in KSA. Moreover, the construction of new malls like Mall of Saudi, City Center Ishbiliyah, and Mall at Yanbu and avenues by investors such as Nesma & Partners, Al Futtaim, and Lulu Hypermarket for retail outlet are promoting the bags and luggage market in the country. 55% of the population in Saudi Arabia belongs to the young age group (20-50 years) who are becoming fashion-conscious & foreseeing bags as a style statement than its functional aspect. Furthermore, the growing customer inclination towards bags with fingerprint locking, built-in GPS, Bluetooth speakers, and self-weighing scales is gaining traction in the country.

2. KSA Bags and Luggage Market generated $300 Mn in Revenue in 2020 due to Changes in Demographics, Consumer Preferences, and the Influx of new Brands into the market

The Saudi Arabia bags market consists of luxury and nonluxury bags sold online as well as offline channels fueled by changing demographics, surging the young and women population along with a high tourist influx into the Kingdom. It is an import-driven market where products are contract manufactured in countries such as China, Vietnam, Brazil, and Bangladesh and are directly imported into the Kingdom.

KSA luggage and bags market saw a dramatic decline in the historical period 2015-2020 owing to the global pandemic which led to a reduction in footfall to shopping malls and retail stores along with leisure and business travels decreasing significantly as consumers had to stay at home. This had a particularly detrimental impact on bags as many of these sales are either dependent on the tourist population or carried out on impulse. However, Companies are focusing on building an omnichannel strategy since the conventional brick-and-mortar retail business will follow a downward trend over the years with e-retailing exponentially growing to post the corona pandemic.

3. People of KSA are being aware of the fashion trends by Influencers and Bloggers trend, Online Marketing Techniques in KSA

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With the closure of malls due to COVID, online shopping has been a mental satisfaction or emotional release during house quarantine or self-isolation for unnecessary items, such as clothes & bags. Amazon even hired extra staff to keep up with worldwide demand. Moreover, young Saudi men are turning against traditional looks & following the latest fashion trends in clothes, accessories, and untraditional bags. Even fashion and style are also influenced by studying abroad for youngsters especially teenagers between 16 and 18 to have the courage to try out new things. Also, cultural change from being Islamic orthodox to rational changes have been brought by the new King of the Kingdom, Mr. Salman Abdul-Aziz. Changes include lifting the ban on driving by women and accessing basic rights, like education and healthcare, without permission from a male guardian. The independence has led to a positive impact on the bags & luggage market in KSA.

4. Marketing Cost such as Promotional Events with Celebrities, Social Media Campaigns and more have put an upward pressure on cost of the Product, lowering the margins

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Dubai is the shopping capital of luxury items in the MENA Region and experienced 5.0 Mn tourists in 2020, majorly from India and KSA. Due to yearly shopping festivals, super big malls by big investors such as Emaar promote tourism to provide a 30% Contribution to GDP in 2019. Moreover, for bags, there is intense competition with almost all global brands that have a presence in KSA. Additionally, marketing costs are there such as promotional events with celebrities, and social media campaigns which increase the overall cost. Furthermore, luggage and bags involve minute detailing, quality of the material, checking for any wear and tear, and ensuring the authenticity of the product. Hence, Online purchasing through E-commerce websites is less reliable and not much preferred by people in KSA.

Upcoming Residential Projects to drive the Real Estate Market in Singapore with Increase in Listings on the Website: Ken Research

 1. The increased investment in the region, rapid population growth, and Increasing Smartphone Penetration are some of the major growth drivers in the market.

Demographic data affects the real estate market through property-type demand and supply, pricing, migration, and investment. People are moving away from private areas and opting for shared office spaces, hotel stays, co-living units, and others due to increasing rent. Additionally, over 50% of the current Singapore Property Classified market is influenced by the internet. This widespread digitization of the region alongside the deployment of 5G means Property Classified startups can seamlessly offer their real estate solutions to the public via mobile devices. Further, there is a massive demand for new properties, which is boosting the real estate sector. In Singapore, for example, the Urban Redevelopment Authority’s (URA) data showed that newly built private home sales went up by 82.2% in July 2020.

2. Singapore Property Classified market has evolved and has achieved high acceptance among customers, a few players dominate the market, but many new players are still entering with innovative products.

With a population of 5.4 Mn in 2020 and a major financial hub in the Asia Pacific region, Singapore has earned a reputation as one of the world’s most advanced economies. Also, Singapore is a leader in Southeast Asia with more than 80 PropTech companies, the majority of which are successfully creating a powerful and transparent digital integration. Most full-stack Property Classified players in Singapore have remained focused on the residential property segment considering the burgeoning housing shortage, rapid urbanization, and urban migration trends. Additionally, property classified companies in Singapore range from crowdfunding websites to smart building firms, property search engines, market research companies, asset management companies augmented reality service providers, and video analytics solution providers to track human traffic in retail malls.

3. Singapore Property Classified Market is expected to grow at a massive rate of 30.16% CAGR during 2020-2025 providing a lucrative opportunity for Property Classified investors.

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Singapore's Property Classifieds Market is predicted to rise at a staggering 30.16% CAGR between 2020 and 2025, creating a profitable potential for Property Classified investors. For landlords, potential real estate investors, and renters searching for an efficient and safe opportunity in the Commercial Real Estate market, technology has become an increasingly appealing asset (CRE). This gives a profitable chance for Property Classified investors to see substantial returns on their investments. Builders and brokers dominate the real estate digital classifieds industry, which is still in its early phases of growth. Furthermore, with emerging technology-based services such as 360-degree view, listing convenience, subscription management, and so on, the emphasis will most likely be on teaching individual consumers. Therefore, the advertisements are more likely to be to focus on the individuals on both the buying and selling side, which could help reduce the resistance of online real estate tractions by individual users.

4. As privacy and cyber security concerns arise for the Property Classified market, its growth is hindered by its dependence on the data.

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Property Classified technology uses and relies on information for optimal performance. As a result, it generally collects and uses data, including personal information, from users of the Property Classified.  As the data may need protection as confidential information/trade secrets. Due to this, property classified companies may become targets for cybercriminals because of the sheer amount of information they possess and the sensitive nature of that information. In the digital classifieds space, impulsive purchases by offering deals and discounts are yet to arise. Customers, mobilized through marketing and activation activities, have a high acquisition cost.  Additionally, most of these portals have a long lead time between two transactions from the same customer, limiting their unit economics. Responding to these challenges will require greater cooperation and collaboration among technology firms, property companies, and the industries they serve, as well as national and urban governments.

Future Outlook of Israel Fitness Services Market: Ken Research

 1. Israel Fitness Equipment Market generated a revenue of more than $130.0 Mn in 2020 majorly the driven by shift of focus to a healthier lifestyle and the promotion of the new offerings.

Sedentary lifestyles and hectic schedules along with COVID19 Outbreak has resulted a spike in the number of people working out from homes to avoid getting infected, thus fueling the adoption of in-home fitness equipment. Coupled with that, growth in home fitness equipment in the recent past is also the result of the inconvenience of commuting to a gym to use the machines, trainer fees, and membership fees primarily in Israel. In Israel elliptical and fitness machines along with treadmill and cardio training fitness equipment has dominated the overall fitness equipment market with Jerusalem region having majority of health clubs and gyms accounting for extensive revenues in Israel’s fitness equipment market.

2. Growth in the Fitness Industry will be triggered by a ~ % increase in the number of clubs across the country driving a total increase in members by nearly 15 % and contributing ~0.3% to GDP.

Steady increase in demand of certified personal trainers along with advancement of technologies adopted by majority of the fitness center and rising awareness among people about their health will intensify the number of subscribers. Israel Health and Fitness market is expected to witness massive growth in offline centers contributing majority of the revenue share with online fitness market growing at ~25% CAGR in the forecasted year.

3. Commercial Fitness Centres are expected to grow more than 15% CAGR by contributing majority of the revenue in the market generating nearly ~$1800 Mn in the forecasted year.

It is anticipated that the introduction of low-cost multinational fitness chains and the alluring promotions provided by such brands would increase the offline membership participation rate in fitness clubs. Fitness centres would see an increase in income if clients in the organised and unorganised fitness centre markets demanded more REPs certified personal trainers. Coupled with that, consumers would interact with fitness and wellness businesses more frequently than ever before in an effort to embrace better lives and create supportive communities.

4. Israel Fitness Services Markethas more than 9% penetration rate with majority of the population participating in some sort of physical activity daily.

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Members are utilising the resources of numerous facilities to accomplish their fitness and health objectives rather than being loyal to a single institution. In addition to this the fitness and health clubs are creating cutting-edge strategies and activity models to maintain and expand their client bases in order to stay ahead of the competition. In a similar vein, "workout from home" built gyms and studios are becoming more prevalent, offering customers a safer fitness regimen in the convenience of their own homes.

5. Variety of Service Offerings, Growth of Ladies Fitness Center and Increase in Demand for Virtual Sessions are expected to enhance the demand for Fitness Services Market in Israel.

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Major fitness chains such as Lunge Studio and Sky Gym offers a variety of services such as measuring the percentage of fat, muscle mass, abdominal fat, weekly weighing and more and accordingly composes the training and menu for an individual. In addition to this, the benefits of HIIT has been attributed to attract most of the customers resulting into growing popularity in organized fitness centers in Israel as workouts are time efficient and very effective for burning fat. Moreover, Opening up of ladies dedicated gyms such as Fitwell Ladies Fitness Centers with female professional trainers to guide woman's pursuing exercises has created new segment and increased the female memberships in the country. Simultaneously, higher demand has been observed among people for digital training session for strength building, yoga and pilates at their homes from certified professional trainers rather than joining an offline fitness centre.

Belgium Agriculture Machinery Market Outlook to 2027F: Ken Research

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What is the Size of Belgium Agriculture Machinery Industry?

Belgium Agriculture Machinery market is growing at a CAGR of ~% in 2017-2022 and is expected to reach EUR ~ Bn by 2027F. The Belgium Agriculture Machinery Market is largely driven by rising awareness for the advance equipments, increasing demand for agriculture equipment rental services, use of smart farming, integration of Agriculture 4.0 along with strong government support.

The Government of Flanders (Belgium) has signed new agreement with the Food and Agriculture Organization of the United Nations (FAO) to bolster the implementation of the new phase (2022P-2025) of FAO’s Flexible Voluntary Contribution (FVC), which is expected to boost the Belgium Agriculture Machinery market.

Agricultural equipment rental service is being driven mostly by the need to ease farmers' financial burdens rises due to pandemic and to provide better equipment to the farmer for better yield and productivity to meet the market demand and provide a quality product. Also, Larger farming tools like tillage equipment, mower conditioners, and forage harvesters are not only more expensive but also take longer to produce the required outcomes. As a result, renting farm equipment is offering a better alternative to farmers, thus fueling the Belgium agriculture equipment market.

Belgium Agriculture Machinery Market by Product

The Belgium Agriculture Machinery market is segmented by Product into Tractors, Combine Harvesters, Agriculture Implements and Rice Transplanters. Combine harvesters held the largest market share in the Belgium agriculture machinery market in 2022.

Belgium Agriculture Machinery Market by Tractor

The Belgium Agriculture Machinery market is segmented by Tractors into 8HP – 15HP, 20HP – 35 HP, 36HP – 47HP, 48HP – 75HP, 75HP – 100HP, 100HP – 120HP and Above 120 HP.  75Hp – 100Hp were the most preferred tractors in the Belgium agriculture machinery market in 2022.

Belgium Agriculture Machinery Market by Combine Harvesters

The Belgium Agriculture Machinery market is segmented by Combine Harvesters into 70HP and below, 75HP – 105HP and Above 105 HP. 75 Hp – 105HP combine harvesters were the most preferred one according to their crops in 2022.

Belgium Agriculture Machinery Market by rice transplanters

The Belgium Agriculture Machinery market is segmented by Rice Transplanters into 4 Row RT, 6 Row RT and 8Row RT. 6 Row RT was the dominant rice transplanters followed by 8 Row RT in Belgium agriculture machinery market in 2022.

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Competition Scenario in Belgium Agriculture Machinery Market

Belgium Agriculture Machinery Market is a moderately consolidated market which is still in the growing phase. With Increasing innovation in agriculture sector, integration of Agriculture 4.0 and use of smart farming are some of the factors that will drive the Belgium Agriculture Machinery Market. Some of the major players in the Belgium Agriculture Machinery Market are MTZ (Minsk Tractor Factory), New Holland, ASI, Oliver Farm Equipment Company and John Deere etc.

What is the Expected Future Outlook for the Overall Belgium Agriculture Machinery Market Across the globe?

The Belgium Agriculture Machinery market was valued at EUR ~billion in 2022 and is anticipated to reach EUR ~billion by the end of 2027F, witnessing a CAGR of ~% during the forecast period 2022-2027F. The realistic growth scenario represents the most likely scenario as per current market conditions. This scenario assumes that there will be no overall impact on the market due to any potential COVID-19 waves in the future.

The Belgium Agriculture Machinery market is driven by rising awareness for the advance equipments, increasing demand for agriculture equipment rental services, use of smart farming, integration of Agriculture 4.0 along with strong government support. However, the market is also constantly being influenced by rapid development in technology, product innovation, and diversification in some countries.

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The development of cutting-edge technologies is leading to a wide range of notable applications, including crop health monitoring, crop productivity analysis, soil nutrition management, rainfall monitoring, and pest infestation monitoring, which is opening up numerous opportunities for farmers, consumers, and other stakeholder to increase crop yield and quality. The development of decision support tools, remote monitoring and fertilizing systems, and automated irrigation systems as a result of increased research and development efforts is assisting businesses in reducing costs and maximizing employee productivity. Further drawing significant attention and investment, these cutting-edge technologies have the potential to increase food production while reducing environmental harm.

Furthermore, with the use of Agriculture 4.0 in Belgium agriculture market which includes systems that employ drones, robotics, vertical farms, artificial intelligence, and solar energy, among others which will enables farmers and companies to Integrate digital technology into farming practices which will increase their yields, reduce costs associated with farming, minimize crop damage and optimize usage of fertilizers, water, and fuels. This is also expected to reduce cost and provide high-quality food which will fuel the growth in the agriculture machinery market in Belgium in the upcoming years.

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Belgium Agriculture Machinery Market

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France Used Cars Market Outlook to 2027: Ken Research

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What is the Size of France Used Cars Industry?

France Used Cars market is growing at a CAGR of ~% in 2017-2022 and is expected to reach EUR ~ Bn by 2027F. The France Used Cars Market is largely driven by factors such as rising income levels, increased demand for luxury vehicles, shorter car ownership periods, brisk import-export activity, and a growing consumer preference for small and compact vehicles.

Some of the other reason for this rapid growth is the entry of organized players into the market, which has addressed the trust deficit that has plagued the used car market for many years. France used car market is at a late growth stage along with single-digit CAGR in terms of sales volume during the year 2018.

Amid the COVID-19 pandemic-associated lockdown, the demand for used cars witnessed a halt in sales for the first half of the year 2020. However, since the second half of the year 2020, the demand for used vehicles started to pick the pace and continued until 2021. In 2021, more than six million cars have changed hands in a single year. The prolonged waiting period for new vehicles encouraging a large number of customers across the country to opt for used vehicles, which is likely to drive the market growth during the forecast period.

France Used Cars Market by Type of Used Car

The France Used Cars market is segmented by Type of Used Car into Sedan, Hatchback, SUV, Van, Crossover and Others. Sedans have the highest market share followed by SUV and Hatchback in the year 2018. This is due to Sedans offer better space, practicality and in some cars, a better resale value.

France Used Cars Market by Market Structure

The France Used Cars market is segmented by Market Structure into Organized and Unorganized Market.  The unorganized used car market is leading in France owing to the ease of buying and selling processes involved in the used car market. It has been observed that the major transactions happen between private sellers or individuals in the country.

France Used Cars Market By Age Of Vehicle

The France Used Cars market is segmented by age of vehicle into 0 years of age to more than 10 years of aged vehicles. A 5-year-old car is still better than a 10-year-old car of the same model. However, parts, like engines and suspensions, are not designed to last forever. Eventually, they will wear out at some time. The age of the best-used cars to buy is a debatable factor. Some people argue that the age of the car does not matter. If the vehicle is maintained correctly, age is not a problem. But that is not true in some cases.

France Used Cars Market by Kms Driven and Type of Fuel Engine

The France Used Cars market is segmented by Kms Driven and Type of Fuel Engine into ranging from less than 5000km to above 120,000 km. Used car KM check is another important feature. It decides the health of the engine.

The most important component that any consumer must inspect while purchasing a secondhand automobile seems to be the engine. It is crucial to a vehicle's operation and efficient operation. The health of the engine affects overall performance, speed, and fuel economy. Furthermore, being able to afford a used automobile might help you get fantastic offers.

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Competition Scenario in France Used Cars Market

France used car market was observed to be highly fragmented along with the presence of multiple outlets of the dealerships in the used car space. Gueudet, BYmyCAR, Bernard Automobiles, Car Avenue and many others are few major companies in the online and offline used car market. These market players compete on the basis of a number of networks, marketing initiatives, certification, margins, price, after-sales, lead generation, warranty types, brand partnerships and a number of dealers associated with the dealer group.

What is the Expected Future Outlook for the Overall France Used Cars Market Across the globe?

The France Used Cars market was valued at EUR ~billion in 2022 and is anticipated to reach EUR ~billion by the end of 2027F, witnessing a CAGR of ~% during the forecast period 2022-2027F. The realistic growth scenario represents the most likely scenario as per current market conditions. This scenario assumes that there will be no overall impact on the market due to any potential COVID-19 waves in the future.

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The France Used Car market is forecasted to continue exponential growth after the outbreak of COVID-19 pandemic worldwide. One of the main trends driving market expansion is the need for a personal automobile by people, particularly in the aftermath of the covid-19 pandemic's spread across countries. Though the market is fragmented competitive with a few niche players control the dominant share.

The prolonged waiting period for new vehicles encouraging a large number of customers across the country to opt for used vehicles, which is likely to drive the market growth during the forecast period.

The surge in the adoption of car financing and insurance options at the used car dealerships in France will lead to significant growth in the used car market. The used car industry is anticipated to grow in the next few years owing to the fall in the new car sales due to the ban on diesel and petrol cars. The French people will take time to shift from fuel cars to electric cars, which will contribute to the growth of the used car market. The country would be witnessing a growth in the used car dealerships, leading to the increased availability of used cars for the customers.

The implementation of government policies for low emission zones and other regulations may have a slight negative impact on the used car market. However, the simplification of the procedure for purchasing a used car would also contribute to the growth of the used car market in the next few years.

Amid the COVID-19 pandemic-associated lockdown, the demand for used cars witnessed a halt in sales for the first half of the year 2020. However, since the second half of the year 2020, the demand for used vehicles started to pick the pace and continued until 2021.

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France Used Cars Market

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Indonesia Baby Food Market Analysis, Industry Future Outlook: Ken Research

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Competition Scenario In Indonesia’s Baby Food Market

Indonesia’s Baby Food Market is at a growing stage and has consolidated the market with about 10-12 baby food. Major players operating in Indonesia’s infant nutrition market include Nestlé S.A., Groupe Danone, PT Kalbe Farma Tbk, PT Indofood Sukses Makmur, Indofood CBP, Mirota KSM, Nutricia Indonesia Sejahtera, Sari Husada, Mead Johnson Indonesia, and PT Frisian Flag Indonesia.

What is the Expected Future Outlook for the Overall Indonesia Baby Food Market Across the globe?

The Indonesia Baby Food market was valued at IDR ~billion in 2022 and is anticipated to reach IDR ~billion by the end of 2027F, witnessing a CAGR of ~% during the forecast period 2022-2027F. The realistic growth scenario represents the most likely scenario as per current market conditions. This scenario assumes that there will be no overall impact on the market due to any potential COVID-19 waves in the future.

The Indonesia Baby Food market is driven by the awareness generation of infant nutrition, the increasing population, and rising urbanization.  Also, parents' lifestyles and their rising interest in food, particularly organics, have both contributed to the baby food market's recent changes. Product innovations also play an essential role in the growth of the baby food market. Intensive research and development activities have facilitated the launch of innovative products in the market. In addition, the safety of baby food is the prime concern among consumers and manufacturers. Tamper-proof packaging of baby food products ensures optimal safety of its contents.

Innovations in improving the safety of these products through process improvements and technological advancements will drive the growth of the baby food market. Powdered milk or formula is also recommended for infants with certain medical issues since it has fortified minerals like iron, calcium, and vitamins that have been added. Due to its longer shelf comparison to other baby food items, powdered infant nourishment products are anticipated to become more popular.

The increasing demand for organic food for babies is expected to fuel the Indonesian infant nutrition market growth. Marketing strategies adopted by infant nutrition product manufacturers in Indonesia are creating awareness about the importance of feeding specialty baby food and infant formulas. Also, Baby food items are anticipated to grow quickly as a result of marketing efforts and promotions. Along with this, it is anticipated that as the number of working women increases, traditional baby care methods would drop across the nation.

Key Segments Covered: –

By Food Category

Dried Baby Food

Prepared Baby Food

Milk Formula

Other Baby Food

By Type of Milk Formula

Standard Milk Powdered Formula

Follow-on Milk Powdered Formula

Growing-up Milk Formula

Special Baby Milk Formula

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Nature of Food

Inorganic Baby Food

Organic Baby Food

By Channels of Distribution

Hypermarkets

Discounters

Supermarkets

Independent Small Grocers

Health and Beauty Specialist Retailers

Other Foods Non-Grocery Specialists

Internet Retailing

By Age Group

0-6 Months

6-12 Month

12+ Months

Key Target Audience

Baby Food Manufacturers

Baby Product Manufacturers

Baby Product Distributors

Baby Food Distributors

Government Agencies

Baby Food Retailers

NGOs supporting Baby Health

Pharmaceutical Stores

Online Sales and Retailing Agencies

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Time Period Captured in the Report

Historical Period: 2017-2022

Base Year: 2022

Forecast Period: 2022 – 2027F

Companies Covered:

Danone Indonesia

Nestle Indonesia

Abbott Indonesia

PT INDOFOOD SUKSES MAKMUR Tbk

Saipro Biotech Private Limited

PT Kalbe Farma Tbk

Indofood CBP

Mirota KSM

Nutricia Indonesia Sejahtera

Sari Husada

Mead Johnson Indonesia

PT Frisian Flag Indonesia

Key Topics Covered in the Report

Executive Summary

Ecosystem of Indonesia Baby Food Market

Indonesia Baby Food Market Overview, Genesis, and Value Chain

Indonesia Baby Food Market Size and Segmentation, 2017-2022

Trends and Developments in Indonesia’s Baby Food Market

Issues and Challenges in the Indonesia Baby Food Market

Snapshot on Emerging Baby Foods in Indonesia Baby Food Market

Government Regulations in Indonesia’s Baby Food Market

SWOT Analysis and Competitive Landscape of the Indonesia Baby Food Market

Indonesia Baby Food Market Future Outlook and Projections and Analyst Recommendation, 2022-2027(F)

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Future Outlook of Indonesia Baby Food Market

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Philippines Data Center Market is expected to generate USD ~ 600 Mn by 2027F: Ken Research

Philippines Data Center Market is at growing stage and has moderately concentrated market. There are approximately 10 players in market with ePLDT having strong base in terms of both white space area and total number of racks. Players are competing on the basis of number of data centers, data center capacity, uptime SLA, data security, client base, network and connectivity.

Key Findings

• The emergence of 5G and 6G technology in the Philippines is likely to grow the adoption of IOT-enabled products in the market.

• Telecom and IT department are anticipated to acquire more data centers as these provide reliable and fast communications to customers and stay ahead of technology advancements.

• The rising demand for decreased latency in data transfers and improved connectivity amid the increasing adoption of smart devices is likely to boost the demand for retail colocation data centers. 

5G and 6G technology: The 5G and 6G technology will push the adoption of IoT-enabled products in the Philippines market. The market for big data and IOT is still in the nascent stage of growth. However, it has huge potential to be the strongest driver for Cloud Services Data Centre investments in the Philippines market.

Emergence of new business models: New Business models are likely to emerge including colocation services, pay-per-use utility model, built to suit, etc. Location and design, easy scalability, security, infrastructure, sustainable practices and reliable partner are the key determinants for Cloud Services and Data Centre demand.

Increasing Demand from End-Users: Telecom and IT department are anticipated to acquire more data centers as these provide reliable and fast communications to customers and stay ahead of technology advancements. Hence, they will require more data centers in near future. Also, Digital and instant payments and the demand for domestic data storages will drive the BFSI share.

Government’s push to digitize processes and emergence of green data centers: Executive Order (EO) 170 mandates the use of digital payment systems by government agencies. This will be critical in streamlining administration and attracting more foreign investment to the Philippines. In addition, firms looking for hubs with abundant renewable energy sources will find the Philippines appealing.  The government's National Renewable Energy Program (NREP), which aims to increase renewable energy's share of total power generation to more than 35% by 2030 and 50% by 2040 is expected to entice data center operators concerned with sustainability.

Analysts at Ken Research in their latest publication “Philippines Data Center Market Outlook to 2027F- Driven by investment from the global players and the transition from colocation to hyperscale with high internet penetration” observed that data center market in Philippines is at growing stage. The formulation of supportive government policies and increasing e-commerce, supportive cloud first policy along with government initiatives is expected to contribute to the market growth over the forecast period. The market is expected to grow at a 13.1% CAGR during 2022-2027F.

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Key Segments Covered in the Report: –

Philippines Data Center Market

By Vertical

• Co-Location
• Managed
• Hyperscale

By Co-Location

• Retail
• Wholesale

By Type of End User

• Telecom and IT
• BFSI
• Government
• E-Commerce
• Healthcare
• Others

By Major Cities

• Greater Metro Manila
• Luzon
• Visayas
• Other Regions

Key Target Audience:

• Data Center Companies
• Cloud Providers (Domestic and Global)
• Managed Data Center Companies
• Co-Location Data Center Companies
• Private Equity and Venture Capitalist
• Industry Associations
• Data Center Constructors
• Technology Providers

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Time Period Captured in the Report:

• Historical Period: 2018-2022
• Base Year: 2022
• Forecast Period: 2022-2027F

Companies Covered:

• E PLDT
• PH Colo INC
• Globe Telecom
• Total Information Management
• Digital Edge
• Bee Infotech PH
• Converge ICT
• Space Dc
• Eastern Data Center
• Data one Asia

Key Topics Covered in the Report:

• Market Overview and Genesis of Philippines Data Center Market
• Business Cycle, Ecosystem and Timeline of Philippines Data Center Market
• Market Size Analysis of Philippines Data Center Market, 2018-2022
• Philippines Data Center Market Segmentation
• Snapshot of Data Construction Companies in Philippines Data Center Market
• SWOT Analysis, Recent Trends and Growth Drivers of Philippines Data Center Market
• Competition Framework of Philippines Data Center Market
• Future Outlook of Philippines data Center Market
• Analyst Recommendation

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Business Opportunities in Philippines Data Centers Industry

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Malaysia Data Center Market Outlook to 2026

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Future Outlook of Indian Used Agricultural Equipment Market: Ken Research

 1. Ambitious Government initiatives, increasing contract farming and demand for higher crop yield are some of the opportunities in the Used Agri-Equipment market

With government aiming to decrease imports for equipment such as power tillers, there is opportunity for local manufacturer to enter the domestic Agri-equipment market. Increased participation of corporates that are entering into farming through contract farming agreements will lead to increased use of implements and machinery on the fields creating need for more Agri-equipment.

With growing population and demand for higher yield, India is expected to overtake China and become the most populous nation in the world by 2027. This means an ever-increasing demand for higher yield of food-grains, which will drive up demand for mechanization. It has been observed that the ratio of agricultural labor to India’s overall workforce will continue to decline. This inherently will drive the need for mechanization.

2. Used Agricultural Equipment market in India has grown by CAGR 16.5% by volume in 2021

The used agricultural equipment market in India has seen a rise in the number of equipment sold in FY’16 to the equipment sold in FY’21, with a five year CAGR of 16.5%.

This growth can be attributed to recent government initiatives, rising adoption of mechanization in India, paired with economic feasibility of purchasing second hand equipment for Indian farmers, most of whom are small and marginal farmers, and thus, lack the capital to invest in a new equipment.

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3. Small land holding area makes the renting of equipment more practical for most farmers; farmers having access to higher machinery capacity are the suppliers

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India has a majority land holding size of area below 0.5 hectares, which is continuously decreasing. Rental market for agricultural equipment is a viable option for the marginal holding farmer to allow mechanization due to its lower capital requirement and being cheaper than individual ownership. Rental sector is almost entirely unorganized, with local players dominating the market with their established connections.

A majority of farmer co-operatives and association also pool their resources to rent equipment on need basis. This is because farmers in need of renting equipment also fall in the lower income group, with those renting out equipment being large farmers themselves, forming a symbiosis among farmers.

4. Fragmented landholding, lack of awareness and training, lack of financial schemes for small & marginal farmers are some of the major constraints in this market which can be addressed to reap benefits

Fragmented landholdings, diverse soil conditions and cropping pattern is present in India. Insufficient trainings and awareness along with adequate know-how of schemes, business models and applications processes has been missing amongst farmers. Poor access to finance with financing schemes depending on the applicant farmer’s profile for determining eligibility, creating an issue for small and marginal farmers acts as a major disadvantage.

Poor implementation of government support programs, with tiresome and complicated process availing of subsidy schemes under initiatives such as SMAM, leads to lower-than-expected adoption rates. Inefficiencies associated with lack of awareness and difficulty in filling online forms/applications by farmers is a disadvantage while availing schemes.

Operational constraints such as Continued focus on tractor sales development ignoring other equipment, Low Quality and serviceability due to heavily unorganized nature and Inefficiencies in farm equipment testing is hindering Agri-equipment adoption in India by farmers.