Plant Milk Market Growth is propelled by Changing Consumer Lifestyles: Ken Research

Plant milk, also well-known as plant-based milk alternatives, is commonly an extract of legumes, cereals, nuts, and/or seeds, diluted in water. They are very alike to animal milk in terms of texture, appearance, and use. Relying on the raw materials and fortification, they fluctuate in their nutritional composition and taste, but none of them comprise any lactose or cholesterol.

According to the report analysis, ‘Plant Milk Market: Current Analysis and Forecast (2021-2027)’ states that a surge in the end user's disposable, growing lactose intolerance, allergy from animal milk allergy among consumers are some of the prominent aspects due to which the requirement for plant milk is on the rise. Furthermore, some individuals choose to eliminate animal products from their diets for ethical or health reasons. For example, plant-based food diet followers eliminate all products that come from animals, entailing the cow's milk. The growing demand for low sugar options in the milk category due to the speedy prevalence of diabetes around the globe is one of the foremost factors underwriting to the growth.

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Based on the source, the market is fragmented into Almond, Soy, Coconut, Rice, and Others. The soy plant Milk segment captured the foremost market share and registered the market in 2020. The market of this sector would reach USD XX Mn by 2027. The augmenting awareness about the health benefits of soy milk among customer is leading to the augmenting requirement for this segment, As per American Heart Association, eating foods encompassing soy protein to substitute foods high in animal fats have benefits to cardiovascular health.

Based on the distribution channel, the market is divided into Supermarkets and Hypermarkets, Specialty Stores, Convenience Stores, Online Stores, and several others. The supermarkets and hypermarkets segment captured XX% market share and captured USD XX Mn market during 2020. However, the online store segment would observe a robust CAGR throughout the forthcoming years.

Based on the nature, the market is classified into Organic and Conventional. The conventional segment captured the key market share and dominated the market. However, with the growing disposable income and surging awareness, the requirement for organic milk is observing an uptick.

For a better understanding of the market implementation of the Plant Milk Market, the market is analyzed based on its international presence in the countries such as North America (the United States and Canada), Europe (Germany, France, Italy, Spain, United Kingdom, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, and Rest of APAC), and Rest of World. North America constitutes a key market for the Plant Milk Market industry and created revenue of USD XX Million in 2020 due to the emerging demand for Plant Milks owing to shifting towards vegan products.

The growth of the flexitarian lifestyle has opened up a lot of potentials for novel plant milk product development. Altering consumer lifestyles have a noteworthy impact on the functional food and beverage business, but the ageing of the populace, as well as augmented chronic-degenerative diseases and growing healthcare spending, are also imperative drivers.

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Global Plant Milk Market

Related Reports:-

(COVID Version) Global Plant Milk Market Status (2016-2020) and Forecast (2021E-2026F) by Region, Product Type & End-Use

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Vietnam Used Car Market is expected to expand at a CAGR of ~10.6% in terms of Gross Transaction Value in between 2021-2026: Ken Research

• Government initiatives to ban motorbikes by 2030 and improved road condition to curb traffic congestion will act as a catalyst for the shift in consumer preference from two wheelers to four wheelers.
• The preference towards used vehicles is expected to surge rapidly due to its lower price compared to their newer counterparts which is favorable to the fast growing middle class population in Vietnam.

Digital is the Future

Entities operating in Vietnam Used Car Industry are enhancing their digital presence to increase their online visibility among consumers. The era of COVID-19 witnessed consumer’s shifting preference in utilizing online platforms for their purchases compared to the traditional method of physical visits. Thereby, dealerships network is leveraging the opportunity to extend information to customers through their social media platform and collaboration with classified platforms.

Shift in Consumer Preference towards availing Private Transportation Medium

Due to the increased awareness on health and hygiene followed by the advent of COVID-19, consumers are preferring availing private transportation compared to public transport medium. Passenger vehicle sales in Vietnam is expected to expand at a CAGR of ~17.6% in between 2021 and 2026. Rapid urbanization in coming years in northern and southern region of country especially in cities such as Ho Chi Minh and Hanoi for better employment opportunity and increased financial stability will contribute in consumer’s adaptation to four wheeler vehicles compared the predominant motorbike usage.

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Improved Road Condition and Ban on Motorbikes by 2030

Historically, motorbikes have been the predominant medium of transportation in Vietnam attributed to its flexibility and affordability. However, government initiative to ban motorbikes in 2030 in Hanoi is going to contribute to the shift in consumer preference towards availing four wheeler vehicles. Weak road condition in Vietnam has been a challenge which negatively impacts the traffic condition in the country. With recent policies by the government to improve road infrastructure facilities to curb traffic congestion, preference towards passenger vehicles is expected to witness a boost. Further, the government of Vietnam has proposed a regulation wherein import of used vehicles older than 5 years has been discontinued which is expected to boost the sales of domestically produced used vehicles.

Fast Growing Middle Class Population and Growth in Disposable Income

GDP per capita of Vietnam in 2020 stood at USD 2,785, which is expected to gradually rise and attain the status of fastest growing economy in the ASEAN region by the end of 2022. The rise in disposable income of consumers is enabling them to purchase passenger vehicles. However, due to lack of infrastructural ability and possible cause of wear & tear, the depreciation rate of newer vehicles in the first 3 years is high, which serve as an opportunity for the used car market to integrate in future. Over the coming decade, an addition of 23.2 million people to the middle class of Vietnam is expected, taking the population of middle-class people in the country to about 56 million people by the year 2030.  Rapid urbanization in the region complements the demography change as consumers are shifting to urban cities for better job opportunities. Increasing financial stability of consumers will lead them in availing private medium of transportation for better convenience compared to public transportation.

Support from Automobile Financing Entities

Financial entities extending support to provide credit to customer’s willing to avail private transportation medium will shape the Vietnamese Used Car Market. It is estimated that in between 2021 and 2025, total credit loans disbursed will expand at a CAGR of ~17%. Financing facilities helps the middle class population in availing immediate loan for automotive purchases. Banking institutions, NBFCs and Captive Companies are the major entities which contributes in providing financial support to the customer. In 2025, it is estimated that banks would dominate the auto-financing market due to the lower interest rate charged compared to NBFCs or captive dealers.

The publication titled “Vietnam Used Car Market Outlook to 2026 (Second Edition): Driven by growing disposable income and shifting consumer preference from two-wheelers to four-wheelers” covers the overview of used car industry by analyzing historical statistics and corresponding developments in the used car market. Reduction of import tax to 0% for cars imported from ASEAN region, free trade agreements signed with European Union and support to the domestic automotive industry have subsequently deterring the growth of used car market post 2018. However, initiatives such as ban on motorbikes, fast growing middle class population and affordability of used vehicles is expected to contribute to the surging growth of the industry in coming years. Given the fragmented completion structure in the used car market, analysts have elaborated on competitive landscape of major captive dealers, multiband dealers and classified platforms on the basis of services offered and operational parameters. The report also covers a snapshot on online and offline used car business model, value chain analysis, growth drivers, buying decision parameters, business model, SWOT analysis, impact of COVID-19 and risk factors governing the future outlook of industry.

The report also provides comprehensive insight on the market size and segmentation of the industry. Further, the report covers overview of the supporting industries such as auto-finance, aftersales and spare parts industry on the basis of market size. The report highlights the pain points of the auto-finance market along with detailed company profiles of major banking institutions and NBFCs. The report concludes with projections for future industry market size, market segmentations and analyst take on future market scenario.

Key Segments Covered in Vietnam Used Car Industry:-

Vietnam Used Car Market

By Type of Vehicle

• Sedans
• SUVs
• MPVs
• Hatchbacks
• Others

By Vehicle Age

• 0-3 years
• 3-5 years
• 5-7 ears
• More than 7 years

By Region

• Northern
• Central
• Southern

By Price

• VND 0-200 Million
• VND 200-400 Million
• VND 400-600 Million
• More than VND 800 Million

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By Vehicle Brand

• Toyota
• Ford
• Kia
• Honda
• Hyundai
• Others

By Channel Purchase

• Organized Purchase
• Non-Organized Purchase

By Financed vs Non-Financed

Vietnam Auto-Finance Market and Auto Insurance Market

• Total Car Loans Disbursed
• Total Outstanding Loans
• Auto-Insurance Market on the basis of Gross Premium

Key Target Audience

• Captive Dealers
• Multibrand Dealers
• Classified Players
• Banks, and NBFCs providing Financing Facilities
• Automotive Companies
• Government Bodies

Time Period Captured in the Report:-

• Historical Period: 2015-2021
• Forecast Period: 2021-2026F

Key Topics Covered in the Report:-

• Vietnam Used Car Industry Research Report
• Overview of Vietnam Used Car Market
• Ecosystem of Vietnam Used Car Industry
• Vietnam Used Car Online and Offline Business Model
• Growth Drivers and Challenges to Vietnam Used Car Market
• Industry trends and developments
• Rules and Regulations by Government Bodies
• Impact of COVID-19 and Future Outlook of Industry
• Porter 5 Forces Analysis of Vietnam Used Car Industry
• SWOT Analysis of Vietnam Used Car Industry
• Buying Decision Parameters of Consumer’s
• Overview of Auto-Finance and Auto-Insurance Market in Vietnam
• Overview of Aftermarket Services Industry in Vietnam
• Overview of Spare Parts Industry in Vietnam

Related Reports:-

Malaysia Used Car Market Outlook To 2025 (Second edition) – Growth of Online Used Car Platforms and increased shift from using public transport to personal cars, fuelled by Covid-19 to accelerate Industry's Growth

Philippines Used Car Market Outlook To 2026 (Third Edition): Driven by the Pandemic Incited New Opportunities for Used Car Dealers and Increased Penetration in the Online Space for Used Car Transactions

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Digital Tire Solutions Market Growth is driven by Increasing Demand for Digital Tire Solutions: Ken Research

India is witnessing a greater number of tire producers venturing into digital tire solutions. Major factors emphasizing the requirement for digital tire solutions is the requirement for growing the fuel efficiency, safety, and tire life. Basic procedure in digital tire ecosystem entails the diagnostic management, notification services, and final report generation. Like any other IoT solution for realizing the ecosystem there is a requirement for proper communication network and tire companies are making strategic relationship with telecom companies for delivering the connected solutions. During 2018, Continental tires partnered with Vodafone for its IoT based tire monitoring platform, Conti Connect. Conti Connect helps to safeguard the tire-related breakdowns by transmitting tire temperature and pressure data to a central web portal through the wireless network.

According to the report analysis, ‘Digital Tire Solutions Market in India By Type of Vehicle (Truck, Bus, and Others), Components (Hardware, Software, and Services), Type of Solution (TPMS and Fleet Solutions), and Region (North Zone, South Zone, East Zone, West Zone, and Central Zone) - Forecast up to 2025’ states that Bridgestone, Continental, Goodyear, Michelin, Tymtix, Garmin, WABCO, SKF, Pragathi Solutions, PressurePro, Schrader TPMS Solutions, Huf Hulsbeck & Furst, Omron and Denso are the key companies which presently working in the digital tire solutions market more efficiently for registering the great value of market share, keep maintaining the governing position, leading the highest market growth, obtaining the competitive edge, and generating the highest percentage of revenue by implementing the policies of profit making and strategies of expansion, spreading the awareness connected to the applications and advantages of digital tire solutions, analysing the strategies and policies of government as well as contenders, increasing the features and benefits of digital tire solutions, delivering the better customer satisfaction, decreasing the associated prices of such, improving the qualitative and quantitative measures of such and establishing the several research and development programs.

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Based on the type of solution, the digital tire solutions market across India is segmented into TPMS and fleet solutions. TPMS is utilized for monitoring air pressure in pneumatic tires. Fleet solutions and services delivered by tire manufacturers comprising the constant inspection and maintenance for checking tread depth and damage. It entails the professional advice assisting customers for selecting the type of tires finest fit for their vehicles, weather conditions, load capacity, distance traveled, and fitting those tires.

By components, the digital tire solutions market in India is classified into hardware, software, and services. Hardware entails revenue created from the sale of tire sensors, yard reading stations, and controlling devices. Software entails web portals and mobile applications for monitoring and recording the tire statistics. It also entails management tools for storing the inventory data involving rethreaded tires and digital platform for handling all the tire-connected information. Services entail installation, maintenance, and repairing services for the hardware and software. Another foremost service delivered by tire producers are emergency response services. 

By region, the digital tire solutions market in India is classified into North Zone, South Zone, East Zone, West Zone, and Central Zone. South Zone is active in employing several fleet management solutions and is predicted to be one of the foremost adopters of digital tire solutions during the review period.

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Digital Tire Solutions Market in India

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Vietnam Used Car Market Size, Share 2021: Research by Business Analysis, Growing CAGR of XX% Growth Strategy, Industry Trends and Forecast to 2026: Ken Research

Overview of Vietnam Used Car Industry and Market Size

The report “Vietnam Used Car Market Outlook to 2026: Driven by growing disposable income and shifting consumer preference from two-wheelers to four-wheelers” was valued at USD ~XX billion in 2021, contracting at a CAGR of XX% in between 2015 and 2021 on the basis of gross transaction value. The decline in GTV as well as sales volume of used car industry is attributed to various government initiatives to support the growth of domestic automotive industry, and policies implemented such as reduction in import tax to 0% for cars imported from ASEAN region. These factors contributed in the reduction of new car prices post 2018, negatively impacting the used car market.

Historically, motor bikes have always remained the top choice among the consumers due to high concentration of population belonging to rural regions having low purchasing power. However, due to rapid urbanization and fast growing middle class, the demand for passenger cars has been growing significantly in recent times which in turn is contributing to the growth of automotive industry. Passenger vehicle sales expanded with a CAGR of XX% in between 2015-2021.

However, increased awareness on health and hygiene followed by the advent of COVID-19 is acting as a catalyst for the shift in consumer’s preference towards availing private transportation medium compared to public transportation. Coupled with that, financial constraints of consumers will enhance the Growth of Vietnam Used Car Market in coming years as fast growing middle class population in Vietnam prefers lower priced used vehicle as compared to expensive newer vehicles.

The average ticket size remained at a band of USD XX-XX in between 2015 and 2021. Leveraging the growing internet penetration rate, various online classified players launched their operation in Vietnam post 2013, such as Oto and Carmudi. The increasing preference of consumers towards availing digital medium for their purchases has enhanced the sales prospect via C2C channel through classified platforms. As of 2021, used car sales via C2C channel through both peer and classified platforms expanded with a CAGR of XX%.

Vietnam Used Car Market Future Outlook, 2021

By Type of Vehicle: Sedans accounted for the highest market share of XX% in the year 2021. Sedans remained the most popular car type in the country due to its affordable price and higher average life as compared to Hatchback and MPVs. SUV’s accounted the second highest market share followed by Hatchbacks, and MPVs.

By Region: The northern regions accounted for the highest share of XX% in 2021, as this region is prone to floods due to which the average replacement period is usually high and consumers prefer to buy a used car as compared to new cars for ease of replacement. It was followed by the Southern region with the highest population and the remaining market share was captured by the Central region.

By Vehicle Age: Used cars under the age bracket of 0-3 years accounted for highest market share of XX% in 2021 attributed to the average depreciation rate of new vehicles in Vietnam which is around 3 years due to poor road condition which leads to wear and tear. The sale of used cars is followed by 3-5 years of vehicle age as these cars have heavy body type, better engine capacity (high horse power) and have high re-sale value.

By Mileage: Vehicles not driven for more than 30,000 Km are most preferred in Vietnam, capturing a share of XX% out of overall sales in 2021. Consumer’s purchasing a used vehicle prefers car which has not been used extensively, as the quality of vehicles might drastically fall with the increase in usage.

By Price: The average ticket size of used cars in Vietnam is growing over the years. The price range of VND 400 Million – VND 600 Million accounted for highest percentage share of XX% in 2021 due the faster replacement rate along with the depreciation charged over the years on new vehicles. The average resale price at which Sedan’s and SUV’s are sold in Vietnam lies within the price band of VND 400-600 million, which are the top two preferred car types by Vietnamese consumers.

By Vehicle Brand: Toyota dominated the market by accounting highest market share of XX% in 2021 followed by KIA, Hyundai, Ford and Honda in terms of sales volume. Other brands such as Mitsubishi and Chevrolet captured the remaining market share of used cars sales volume in 2021.

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By Supply Type: Domestic supply accounted for the highest share of XX% on the basis of sales volume in 2021. Imported supply of used vehicles is financially taxing to the consumers due to various taxes and levy’s charged.

By Mode of Sales: Sale of used cars through offline medium was the preferred choice of consumers which contributed to XX% of the overall sales in 2021 compared to online medium. Low internet penetration rate (~XX% in 2021) in Vietnam is a major reason for the lack of sales through online medium.

By Channel of Purchase: XX% of the user car purchases in Vietnam was through unorganized channel on the basis of sales volume in 2021 which accounted for the highest share. Presence of large number of unorganized multi brand dealers spread across the rural regions of Vietnam contributed to the majority share of unorganized purchases.

Overview of Vietnam Auto-FInance and Auto-Insurance Market

Banking institutions, NBFCs and captive companies are the major entities offering financing facilities to customers willing to purchase used car. Banking institutions dominate the market when it comes to credit disbursal capturing a share of XX% in 2021. The leading banks for the used-car segment are VP Bank, TP Bank, VIB and Techcom Bank. It is estimated as of 2021 that the current split of people taking a loan to finance their used car purchase v/s those who pay from their own pocket would be about XX% to XX%. Banks like Shinhan Bank and VIB are preferred by the people in general, for their lower interest-rate loans. Vietnam Auto-finance market is expected to be valued at USD XX billion in 2025, expanding at a CAGR of 17.6% in between 2021 and 2025 on the basis of total credit loans disbursed. Growth in auto-insurance market is also expected which is estimated to be valued at USD XX Million by the end 2025.

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Vietnam Online Grocery Market Outlook to 2026 - Market Driven by Increasing Smartphone Penetration, Changing Shopping Habits of Consumers and Regional Expansion of the Online Grocery Players

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Global Rainwater Harvesting Market Growth Is Propelled By Growing Urbanization: Ken Research

Rainwater harvesting is gathering the run-off from a structure or other impervious surface in order to store it for later usage. Traditionally, this entails the harvesting the rain from a roof. The rain will gather in gutters that channel the water into downspouts and then into some sort of the storage vessel. Rainwater collection systems can be as simple as gathering rain in a rain barrel or as elaborate as harvesting rainwater into large cisterns to supply your whole household demand.

Rainwater harvesting is becoming a practical alternative for supplying our households and businesses with water. There are several countries such as Germany and Australia where rainwater harvesting is a norm. With augmenting the awareness regarding green building movement, rainwater harvesting systems is projected to significant implementation in coming years.

According to the report analysis, ‘Rainwater Harvesting Market: Current Analysis and Forecast (2021-2027)’ states that some of the foremost players functioning in the market include Kingspan Group Plc., Watts Water Technologies, Inc., Otto Graf Gmbh Kunststofferzeugnisse, WISY AG, Innovative Water Solutions LLC, D&D Ecotech Services, Rain Harvesting Supplies, Inc., Water Field Technologies Pvt. Ltd., Stormsaver Ltd., and Climate Inc. Several M&As along with partnerships have been undertaken by these players to boost their existence in dissimilar regions. These companies in the rainwater harvesting market are actively working for registering the great value of market share, leading the highest market growth, obtaining the competitive edge, ruling around the globe, keep maintaining the governing position and generating the highest percentage of revenue by analysing the strategies and policies of government as well as contenders, increasing the features and benefits of rainwater harvesting, spreading the awareness connected to the applications and advantages of rainwater harvesting, implementing the policies of profit making and strategies of expansion, establishing the several research and development programs, decreasing the associated prices of such, delivering the better customer satisfaction, and employing the young and active personnel.

Above the beyond, the collection of rainwater is well-known by several names throughout the world. It varies from rainwater collection to rainwater harvesting to rainwater catchment. In addition, terms such as roof water collection or rooftop water collection is also utilized in other countries.

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Rainwater harvesting is a feasible technology in an urban setting. All that is required to take benefit of this resource is to capture the free water falling from the roof and direct it to a rainwater storage tank. By doing this, one can take control of your water supply and replace all or at least a considerable portion of their water requirements. Rainwater harvesting systems can be constructed to supply the whole house and/or any landscape.

Based on Harvesting Method, the Rainwater Harvesting Market is segmented into Above Ground and Below Ground. Above Ground is further segmented into Storage Tank and Ground Surface. Amongst Harvesting Method, the Above Ground segment of the market was valued at USD XX billion in 2020 and is likely to reach USD XX billion by 2027 growing at a CAGR of XX% from 2021-2027.

For a better understanding of the market implementation of Rainwater Harvesting Industry, the market is analyzed based on its occurrence in the regions such as North America (US, Canada, Rest of North America), Europe (Germany, UK, France, Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of Asia-Pacific), Rest of World. North America will register the Rainwater Harvesting market on account of growing water usage and urbanization.

For More Information, refer to below link:-

Global Rainwater Harvesting Market

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