Global Remittance Market Is Growing At A CAGR Of ~% In 2017-2022 And Is Expected To Reach USD ~ Bn By 2027 – Ken Research

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What is the Size of Global Remittance Industry?

The Global Remittance Market is largely driven is driven by rise in mobile-based payment channels and cross-border transactions and decrease in remittance transfer time & cost drives the growth of the market. In addition, increase in adoption of banking & financial sectors across the globe fuels the remittance market growth.

However, rise in number of financial crimes and lack of awareness for digital remittance is expected to impede the market growth. Furthermore, technological advancements in digital remittance market is expected to provide lucrative opportunities for the market growth. The most important growth driver is the remittance flows coming via migrant workers.

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Global Remittance Market by Mode of transfer

The Global Remittance market is segmented by mode of transfer into digital & non digital market. The traditional (non-digital) segment accounted for the largest revenue share of more than 75.0% in 2021.The major factor contributing to the segment's growth is the sense of security and safety the consumer experiences while remitting funds through an offline channel. However, in the upcoming years, digital mode of transfer is anticipated to register massive growth.

Global Remittance MARKET by Type of Remittance

The Global remittance market is segmented by type of remittance into Inward & outward remittance. The outward remittance segment dominated the market in 2022 and accounted for a revenue share of more than 54.0%. Most businesses are a part of the global economy, and a company must deal with competition everywhere to compete on this grand scale.

Global Remittance MARKET by Channel

The Global Remittance market is segmented by channel into Bank, Money transfer & online platforms market. The money transfer operators segment accounted for the largest revenue share & the online platforms (wallets) segment is anticipated to register significant growth over the forecast period. The segment's growth can be attributed to the fact that online platforms save a lot of time. People no longer have to stand in lines, write cheques, or wait for paper bills, and they are not required to wait for banks to clear their cheques before accessing the funds.

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Global Remittance MARKET by end use

The Global Remittance market is segmented by end use into migrant labor, personal, small business, others market. By end user, the personal segment is expected to garner a significant remittance market size and is expected to witness growth at the highest rate during the forecast period, owing to money sent by the migrant labor workforce to their home country as they migrate to other countries to pursue work such as seasonal work. Owing to rapidly advancing technologies, evolving customer expectations, and a changing regulatory landscape, which are driving the automation of cross-border and remittance services.

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Global Remittance Market

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Global Cold Chain market is growing at a CAGR of ~% in 2017-2022 and is expected to reach ~USD Bn by 2027 – Ken Research

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What is the Size of Global Cold Chain Industry?

The Cold Chain Market is largely driven by rising domestic consumption of meat and seafood along with increasing government initiatives and investments in the sector.

There shall be a good growth in the Asia Pacific region due to a growing demand for different types of processed food as well as frozen meat and different types of dairy products through the nations like India, China, South Korea as well as Japan. through the use of cutting-edge, integrated technology.

Increase in the purchasing power and growing demand for food products that are easy to consume and cook shall lead to the growth of the market. Dual income households and hectic lifestyle has changed the consumption pattern of the consumers in these developing nations which shall drive the market growth for cold storage market.

The Asia Pacific region is expected to have a dominant position in the global cold chain logistics market. This region shall have the largest market share due to rapid industrialization and urbanization. As there is an increase in the investment to the government for developing the infrastructure for cold chain logistics this region will dominate the market in the coming years.

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Global Cold Chain Market By Type

The Global Cold Chain market is segmented by Component into Cold Chain Storage and Cold Chain Transport. The cold chain involves the logistical preparation necessary to preserve the integrity of these shipments while transporting temperature-sensitive goods along a supply chain using thermal and refrigerated packing techniques. To store, manage, and transport sensitive materials, a series of meticulously timed events must take place in temperature-controlled settings.

Global Cold Chain Market By Application

The Global Cold Chain Market is segmented by control system into Fruits and Vegetables, Meat and Seafood, Dairy and Frozen Dessert, Bakery and Confectionery, Ready-to-Eat Meal and Other Applications.

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The topic of healthy eating has captured the attention of consumers with growing purchasing power. As a result, manufacturers and merchants have responded by offering a variety of unique fresh fruits from all over the world.

Agricultural specialization has made it possible to transport food goods that are temperature-sensitive to distant markets. It makes it possible to deliver pharmaceutical and biological products, such as vaccinations, to any market in the world from a single, sizable facility.

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The Philippines government allocated PHP 692 Bn towards education sector improvement in 2020. Will the allocation justify the growth? : Ken Research

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The government of Philippines plans to improve the healthcare infrastructure by allocating $3.2 Bn to the health sector in 2020, an increase of 12% from the budget for 2019. 

1. “Private colleges in demand?”: Philippines has 81% Private Medical Colleges although the government is targeting specific regions to increase the vicinity of public colleges.

Healthcare Education scenario in Philippines: Click To Know More

Private medical colleges have been in demand for quite a while now with high concentration in Metro Manila & Visayas regions. One of the major reasons behind the rapid growth of private colleges has been Shortage in the Primary Healthcare workers to population which is 25/10,000. The government on the other hand has been targeting major regions to inculcate public medical colleges as a result of the country suffering major setback in education outcome & healthcare indicators. The current private & public college market share is 81% & 19% with the market share of public colleges expected to increase with time.

2. “High concentration of international aspirants:” Philippines has been a Great Environment to Accommodate Students especially International Aspirants

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Philippines has shown a very welcoming environment for the foreign students. Unlike most European countries cost of living is cheap in Philippines. Hence there is a good influx of foreign students. Most campuses are small and do not provide accommodation, however you can acquire a dorm or an off-campus hostel at very cheap prices. Moreover, each university can mold its own curriculum based on the approved national schema. Since the country has a low doctor to patient ratio, it brings a great opportunity. Moreover, the language barrier is no issue since the country is the largest South East Asian region making it easy for international students. This can be ascertained by the fact that 1 out of 10 doctors in America are medical graduated from Philippines. Furthermore, the country has a 90% literacy rate making it an education centric country.

3. “High Cost:” Private Medical Universities have high Fee Structure Compared to Public Medical Universities

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Colleges such as UV Gullas College of Medicine which offer Pre-Medicine Program (BS Biology) and a 4-year MD charge over PHP 1,000,000 for the 5-year program. A 5-year integrated BS + MD program at the Lady of Fatima University costs over PHP 2,000,000 These represent Private Universities and hence have a higher fee. Public Universities colleges such as the College of Medicine at the Mindanao State University charge over PHP 6,000,000 for the 4-year MD program, excluding the BS program, which foreign students mostly pursue.

The total market size for the India Payment service market has risen to approx. INR 73,000 Tn. in 2022. Will India be able to sustain the growth trajectory?

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1. Central Bank Digital Currency (CBDC) as India’s official digital Rupee, is further expected to strengthen the Indian payments market

Click to Read Article: India Payment Service Market

As per Union Budget 2022-23, to boost India’s digital economy, the Reserve Bank of India (RBI) will soon be launching the Central Bank Digital Currency (CBDC) as India’s official digital Rupee, which is further expected to strengthen the Indian payments market.

Digital innovations would play a pivotal role in improving financial inclusion and providing ease of service across domains of retail banking, payments, wealth management and insurance. Despite the rapid developments in the recent past, there is substantial scope for India to catch up on its digital reach.

Surge in growth of electronic payments in India, along with rising E-commerce and M-commerce transactions are further expected to give a boost to numerous entities including payment gateway service providers and payment aggregators that facilitate online payments in the country. Besides all these advancements, cash still dominates the entire payment landscape in India and is further expected to hold a majority share in future.

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2. Over the years, money has transformed from coins to physical cash and is now available in electronic / digital form or plastic cards as DEBIT and CREDIT cards

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• Debit Card data is updated monthly, averaging 300 Unit Mn from Apr 2004 to Feb 2023, with 227 observations.
• The data reached an all-time high of 1400 Unit Mn in Oct 2019.

Plastic cards for instance, ATM cards, debit and credit cards are used by customers as an electronic payment tool, thereby helping in clearing and settling the payment process. Increasing penetration of credit cards in metro areas coupled with rising usage of RuPay cards in tier 2 and tier 3 cities are some of the driving forces in India consumer payments landscape. In terms of total number of outstanding cards, debit was observed to grow at a five year with a positive CAGR.

Global Catering Market Is Growing At A CAGR Of ~% In 2017-2022 And Is Expected To Reach USD ~ Bn By 2027 – Ken Research

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What is the Size of Global Catering Industry?

Global Catering Market is growing at a CAGR of ~% in 2017-2022 and is expected to reach USD ~ Bn by 2027.

The Global Catering Market is largely driven by urbanization and changing lifestyles. There has been a change in the demand for catering services in recent years, supported by the quickly developing business-to-business (B2B) events sector and food and beverage services being offered at a growing number of corporate events. Furthermore, the market for catering services is growing because of factors including hectic lifestyles and difficulties associated with cooking at home.

The growing preference among customers for fresher, healthier foods is boosting the worldwide catering services market. The catering service operators have shifted their emphasis to providing healthier meals made in-house using fresh ingredients. The market is expanding because of the increased focus on implementing technology to enhance the customer experience and minimize time spent waiting for food.

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Global Catering Market By Service Type

The Global Catering Market is segmented by service type into contractual and non-contractual. There is a preference towards the contractual catering service segment as contract catering has emerged as a cost-effective way of managing food services in a very less stressful manner for various events. Owing to this, contract catering is being rapidly adopted across diverse sectors, including education, corporate, healthcare, defense, sports, senior care, aerospace, etc.

Global Catering Market By End User

The Global Catering Market is segmented by end-user type into healthcare, corporates, education, hospitality, industrial, in-flight and others. The event sector has the largest share as events and function happens in all the other sectors and they need catering services.

Global Catering Market By Region

The Global Catering Market is segmented by region into North America, Europe, Asia-Pacific, Middle East & Africa and South America. The Asia-Pacific has the largest share in all the region owning to hectic lifestyle, urbanization, taste and preferences.

Global Catering Market By Basis Of Applications

The Global Catering Market is segmented by basis of applications type into wedding caterings, corporate caterings, social events catering and others.

Competition Scenario In Global Catering Market

Global Catering Market is at growing stage and has highly fragmented market. There more than 50 thousand players in market. Top players such as Compass Group Plc, Aramark Corporation and AVI Food Systems in Global Catering Market hold major market share. The market is largely driven by rising demand for healthier fresh food and international cuisine and rising culture of on-site catering.

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What is the Expected Future Outlook for the catering Market Across the globe?

The Global Catering Market was valued at USD ~billion in 2022 and is anticipated to reach USD ~billion by the end of 2027, witnessing a CAGR of ~% during the forecast period 2022-2027. 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 Global Catering Market is driven by customers' growing preference for fresher, healthier foods is driving growth in the global catering services market. Catering service providers have shifted their focus to providing healthier meals prepared in-house with fresh ingredients. The market is expanding as a result of a greater emphasis on implementing technology to improve the customer experience and reduce time spent waiting for food. Specialized catering services are becoming more popular as global multinational corporations rapidly expand into emerging markets. Catering businesses now offer healthy dining options such as organic meals, a balanced vegan diet, and healthy snacks as a result of the worldwide trend of rising health consciousness.

The growing demand for locally produced fresh farm produce, such as fruits, vegetables, and meat items, is fueling the catering services market.

In addition, hotels and restaurants are developing novel catering services, which are expected to fuel the catering service industry.

Although factors such as the growing preference for home-cooked foods may impede market growth, the increasing popularity of online catering is clearly driving market growth. Our researchers examined the data with 2022 as the starting point, as well as the key drivers, trends, and challenges. A comprehensive analysis of drivers will assist businesses in refining their marketing strategies in order to gain a competitive advantage.

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The Malaysia Automotive Lubricants Market is poised to become a $ 13 Billion Market via effective distribution strategies, Will it be Cost Effective? : Ken Research

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Automotive Lubricants in Malaysia is expected to Generate MYR 13 Bn by selling over 280 Mn Litres of Lubricants: Ken Research

1. “Concentrated at one place?”: Federal Territories and Penang are the Current Hotspots for Automotive Lubricants Market with Highest Density of Vehicle/Per Person in Malaysia

Click to Read Full Article: Malaysia Automotive Lubricants Market

Federal Territories Account for the Highest Number of Vehicles on Road (over 6 Million) in Malaysia during the year 2020.This directly has a positive impact on the lubricants market based in Malaysia. Regions such as Kuala Lumpur(vehicle density: 3 vehicles per person), Selangor( over 3 thousand vehicles on road), Melaka( over 800 thousand vehicles on road)  & Johor(over 3000 thousand vehicles on road) are currently the biggest commercial hubs of the country which means that they have the highest number of vehicles operating in & out on a daily basis thereby providing a great opportunity for the lubricant manufacturers. Moreover, Selangor, Penang and Kedah are the major manufacturing hubs for the automotive industry in Malaysia which again serves the lubricants market in a positive way.

2. “Dependent on distributers:” Majority of the Sales for Automotive Lubricants are carried out by the distributors and OEMs that partner with the manufacturers in Malaysia.

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The Lubricants Market in Malaysia is dependent on the distributers & OEMs for the sales part of their market. Currently, the market is divided between distributers, OEM & fuel stations with each of them capturing a market share of over 50%, 40% & 5% respectively. The dependence can also be ascertained by the fact that companies which are currently market leaders are at the risk of downfall owing to their poor distribution channels. For instance, Shell, which has been in the market since 1901, has weak associations with local workshops which might hamper the sales of lubricants as Petronas and Castrol are continuously trying to take over the local workshops.

3. “Partnering is vital for future growth:” Building Efficient Distribution Channel, Introduction of Products on E-commerce are some of the practices that can help in future growth of Malaysia Automotive Lubricants Market

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Private vehicle owners are dependent on mechanics while selecting lubricants, hence it is very important for manufacturers to partner with workshops to sell their lubricants. Companies can also make them exclusive retailers of their lubricants. Moreover, manufacturers can partner with OEMs to become their lubricant supplier and they can also become co-branding partners. The importance can be ascertained by the fact that Distributor Sales at Supermarkets/Hypermarkets are expected to grow at the highest CAGR of over 8% during 2020-2025.

Volume of goods transported in Australia is expected to increase @ 10% by 2025. Will Australia be able to provide logistics support to it?: Ken Research

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1.  Australia’s overall score in LPI (decreased from 3.84 in 2010 to 3.7 in 2020

Click to Read Article: Australia E-Commerce Logistics Market

• Australia’s Total LPI score decreased from 84 (2010) to 3.7 (2020).
• Australia ranked 20^thAustralia (2020), falling from 18^th Australia (2018).
• Australia ranks 1^stin Oceania region.

This creates a big opportunity for new logistic companies and firms to cater to the falling standards of logistics and provide better support & efficiency to it.

2. Australia has built a vast road network, which has improved logistics mobility.

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• Total Length of Road Network (2019): 920,217 km
• Single Longest Track: Highway 1 connecting all mainland state capitals – 14,500 km World’s longest national highway
• Major Routes of Australia – Sydney – Melbourne, Sydney Brisbane, Brisbane – Cairns, Brisbane – Darwin, Brisbane – Melbourne, Melbourne – Adelaide, Adelaide – Perth and others.
• Transportation contributes around ~ 60% to the logistics market in Australia.
• Total volume of goods transported is around 768 Bn Ton Kms as of 2020, with an overall increase of 15% as compared to 2015.
• Road Freight is expected to continue dominating the market, contributing 55% to the transportation market.

3. Truck Platooning to lower fuel cost and emissions being a catalyst to logistics market in Australia

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Benefits

• Improves Safety; reduces accidents
• Reduces labour cost and transports more (quantity)
• Improves efficiency in supply chain
• Lowers fuel consumption & CO2 emissions
• Increases driving range of trucks used in transportation

 All these factors aid in the expansion of the logistics support throughout Australia.

Global Auto Finance Market Is Growing At A Robust CAGR In 2017-2022 And Is Expected To Be A USD 400 Bn Market By 2027- Ken Research

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What Is The Size Of The Global Auto Finance Industry?

The Global Auto Finance market is growing at a robust CAGR in 2017-2022 and is expected to be a USD 400 Bn market by 2027. The Global Auto Finance Market is largely driven by increasing investments in autonomous vehicles and growing demand for EVs.

The outbreak of COVID-19 had an adverse impact on the market. The economic uncertainty has forced car buyers to postpone their purchase of a new vehicle. Despite the slowdown in car sales, auto lenders accommodated an upsurge in servicing activity, such as refinancing and extensions. Auto lenders are also adopting digital tools to expedite the service processes, remotely.

Nevertheless, since the latter part of the year, the demand for automobiles has shown a substantial rise, which has supported the automotive finance industry. The COVID-19 epidemic has also accelerated the expansion of online and digital platforms for B2C purchasing. As a result of these changes, manufacturers and industry participants have begun to virtualize their dealerships or agreements and work remotely.

Furthermore, the increasing demand for passenger cars, the acceptance of alternative-fuel vehicles, and the rise of digitalization in the automobile industry are contributing to the market growth on the global level.

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Global Auto Finance Market By Distribution Channel

The Global Auto Finance market is segmented by Distribution Channel into Banks & Subsidiaries, NBFCs, OEMS, and Captives. The growing importance of captive automotive finance worldwide is creating new opportunities for market growth.

Global Auto Finance Market By Type Of Financing

The Global Auto Finance market is segmented by Type of Financing into Passenger Vehicles, Commercial Vehicles. The commercial vehicles segment is anticipated to witness significant growth during the forecast period.

Global Auto Finance Market By Region

The Global Auto Finance market is segmented by region into North America, Europe, Asia Pacific, Latin America, the Middle East & Africa.

Asia-Pacific is predicted to develop significantly throughout the projection period, owing to an increasing number of favorable government measures in economies such as India, Japan, and China to stimulate automotive sector expansion and retain customer interest.

Global Auto Finance Market By Type Of Financing

The Global Auto Finance market is segmented by Type of Financing into Passenger Vehicles, Commercial Vehicles. The commercial vehicles segment is anticipated to witness significant growth during the forecast period.

Global Auto Finance Market By Vehicle Financed

The Global Auto Finance market is segmented by Vehicles financed into new cars, Used cars, and Motorcycles.

The New Vehicle segment dominated the market as the sales of medium and heavy commercial vehicles increased substantially globally.

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Global Auto Finance Market By Tenure Of The Loans

The Global Auto Finance market is segmented by Tenure of the loans into 1 year, 2 years, 3 years, 4 years, 5 years, and above.

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Malaysia Automotive Aftermarket Services Market Poised to register a CAGR of over 3% during the period 2020-25. Will it sustain? : Ken Research

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The market shall witness a growth of CAGR 3% in the revenue share from the OEM/ Authorized service centers owing to the increased discounts and offers provided by these centers to retain their customers: Ken Research

1. Car Servicing in Malaysia Growing on the Back of Diminishing Average Age of Car Ownership

Click to Read Full Article: Malaysia Automotive Aftermarket Services Market

Automotive aftermarket service started back in 1960's in Malaysia. The companies seen during this period included Kah Motor (Honda Dealer), Tan Chong Motors (Nissan Dealer) and others. Car service industry in Malaysia is growing at a CAGR of over 3%during 2015-2020. Proton and Perodua are the most popular homegrown car brands in Malaysia. Malaysia automotive ecosystem consists of 25 vehicle manufacturers and assemblers, 600 local vendors and 50,000 aftermarket establishments. Malaysia automotive ecosystem consists of over 600,000 jobs.

2. Malaysia Automotive Aftermarket Service Industry Growing with Surging Used Car Sales

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The used car sales in Malaysia has been growing steadily, benefitting the aftermarket service industry. Used car sales in Malaysia steady despite pandemic, as it has deterred people from using public transport leading to higher demand for post warranty service from multi-brand workshops. The used car sales in Malaysia recorded a CAGR of over 4% during 2015-2020.No End of Life (ELV) Vehicle Policy  is Malaysia is leading to the surging number of used cars in Malaysia.

3. Malaysia aftermarket service market anticipated to record a CAGR of over 3% during the period 2020-2025

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NAP2020 aims to enhance Malaysia’s automotive Industry in the era of digital industrial transformation from 2020-2030. The Malaysia automotive aftermarket service market is anticipated to witness a surge in the number of organized multiband service centers to cater to the demand of the post warranty car users. The car maintenance market is anticipated to evolve in the next few years with the entrance of EEVs which will demand different maintenance requirement away from the current maintenance practice. The Malaysian automotive market is anticipated to witness more number of player providing extended warranties which would lead to a higher demand for the car service from OEMs. The market is anticipated to grow at a CAGR of over 3% in the upcoming years.

Malaysia is a fast-growing Export Economy with about 80% smartphone penetration - How will the E-Commerce Shipments Market benefit from it? Ken Research

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Malaysia consists of fragmented Competition with presence of 1000+ express players in the industry. Top 3 players namely Shoppee, Lazada & POS have ~40.0% market share. Companies are battling against each other to acquire and retain clients, expand geographical presence, expand service offering and improve unit economics to increase margins. 

1.  Fulfilment Model/Inventory Led Model along with the Market Place Model are the most preferred E-Commerce Business Models in Malaysia

• In Inventory Led model products are pre stocked in the e-commerce player’s warehouse or its logistic partner’s warehouse. These products are already sorted and only the packaging & labelling activity is carried later on.
• Mostly preferred by the large-scale e-commerce players with sufficient warehousing space.
• In Market Place Model products are directly picked from Multiple Sellers across Malaysia. Order details would be shared with the logistics partner who would go and pick the product from the designated seller.
• Preferred by most of the small-scale e-commerce platforms.
• Shopee and Lazada operate on a mix of fulfilment & marketplace model.

Click to Read Article:- Malaysia E-Commerce Shipments Market

2.  Malaysia is one of the top-ranking Countries in Asia in terms of the Internet Penetration in the country- With 88% in 2021

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There were 28 million social media users in Malaysia in January 2021. The number of social media users in Malaysia increased by 2.0 million (+7.7%) between 2020 and 2021. The number of social media users in Malaysia was equivalent to 86.0% of the total population in January 2021. Consumers interact with brands on these social media platforms owing to which ecommerce activity will see a rise in Malaysia.

3. Regulations that are provided by Ministry of Domestic Trade and Consumer Affairs for Retail Trade in Malaysia has few benefits for Everybody

Companies with 50% or more foreign equity and intending to participate in the distributive trade sector or the Unregulated Services sector are required to obtain the approval of the MDTCA.

 The Consumer Protection Act 1999 (“CPA”) provides for the protection of consumers in Malaysia. It applies in respect of all goods and services that are offered or supplied to one or more consumers in trade including any trade transaction conducted through electronic means.

 The CPA sets out mandatory statutory requirements including implied guarantees on the supply of goods and services, the consumer’s right of redress against suppliers and manufacturers, prohibition against unsafe goods, liability for defective product and prohibition against unfair contract terms with consumers.

The factors above is changing the landscape of ecommerce shipments industry in Malaysia in a positive way and will further lead to enhanced trust upon government in future.

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4. Klang Valley comprising of Kuala Lumpur generated the highest orders of more than $300 Mn for both Sourcing and Delivery in 2021

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E-commerce hubs are concentrated in Klang Valley owning to large and digitally literate consumer base with decent purchasing power along with highest urban population. However, this share is expected to come down in future, as tier II cities will become new demand centres driven by increased internet penetration, increase in number of smartphone users, rise in per capita income and increasing propensity to purchase online.