Riding the digital wave- The used Car Market is set to boom in Australia: Ken Research

 Gone are the days when buying a pre-owned car was a stigma. Consumers now choose to buy certified used automobiles following thorough quality and valuation checks, which raises the volume of used car sales in Australia as a result of improved awareness. Also, with dealerships now providing warranty and service assistance, first-time purchasers have a reliable and trustworthy option in the used automobile market.

Besides, the diffusion of technology and digital enablement have boosted the overall used car market in Australia. Vertical platforms are providing consumers and sellers with new methods to interact online and assist the purchasing choice by presenting a profusion of options and focusing on the user browsing experience.

Read to know how the digital wave has been transforming the overall purchasing journey of customers and the future projection of the used car market in Australia.

1. Used to new car ratio is representative of the maturity of the pre-owned car industry which signifies the beginning of a new era in the pre-owned car market in Australia

2. End users usually have a variety of options in choosing different platforms such as multiband, captive & unorganized dealerships along with online platforms for purchasing a used car

3. Here, Social media plays a major role in generating leads for dealers & end consumers by virtue of offering advertisements at a lower cost with respect to other traditional marketing channels

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4. However, there still remain some concerns to customers but Online auto portals are emerging and providing a wide range of services to address those problems and driving the growth of the sector

5. Presently, the Used Car market in Australia is in the growth stage and has a high potential to grow with double-digit CAGR in future owing to the rise of online platforms and enhancement in online infrastructure

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Global Exoskeleton market is expected to reach ~USD 2500 Mn by 2028F: Ken Research

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Global Exoskeleton Market By Geography

The Global Exoskeleton market is segmented by geography into North America, Europe, Asia- pacific and LAMEA.

North America accounted for the largest market share among all regions within the total Global Exoskeleton Market in 2022.

The growth is primarily due to the increase in disability issues in individuals as well as continuous spending on research & development for the exoskeleton.

In August 2018, the Centers for disease control and prevention which is the public health agency of the U. S that serves under the U.S department of health and human services stated that in one of four U.S Adults i.e., around 61 million Americans suffer from a disability that majorly impacts their life activities.

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Competition Scenario In Global Exoskeleton Market

The Global Exoskeleton Market is highly competitive with ~100 players which include globally diversified players, regional players as well as a large number of country-niche players each with their niche in Exoskeleton manufacturing. Large global players constitute ~20% of competitors, while country-niche players represent ~45% of competitors. Most of these country players include component manufacturers and assembling companies. Some of the major players in the market include Ekso Bionics Holdings, ReWalk Robotics, Cyberdyne Inc., Rex Bionics Ltd., Sarcos, Lockheed Martin Corporation, B-Temia, Ottobock, DIH Medical, Medi-Touch, and among others.

What Is The Expected Future Outlook For The Overall Global Exoskeleton Market Across The Globe?

The Global Exoskeleton market was valued at USD ~billion in 2022 and is anticipated to reach USD ~2.5 billion by the end of 2030, witnessing a CAGR of ~% during the forecast period 2022-2030. 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 Exoskeleton market is driven by adoption of the exoskeleton in the healthcare sector for robotic rehabilitation. However, the market is also constantly being influenced by rapid development in technology, product innovation, and diversification in some countries.

With the increasing collaboration and emergence of new products, the Global Exoskeleton market is changing rapidly. For instance, In February 2022, CYBERDYNE Inc. received its marketing license approved by the Ministry of Health Republic of Indonesia, for Medical HAL Single Joint Type which is a “Wearable Cyborg” for the upper body exoskeleton that improves the physical function of the user.

In September 2020, Sarcos Robotics raised US$ 40 Million in Funding, the funding is likely to be used for the production of Guardian XO which is an industrial exoskeleton that is going to be the world’s first full-body, battery-powered Exoskeleton with enhanced strength and endurance.

The Global Exoskeleton Market is forecasted to grow exponentially with a CAGR of ~20% during the forecast period primarily driven by the adoption of the exoskeleton in the healthcare sector for robotic rehabilitation. Though the market is highly competitive with ~ 100 participants, few global players control the dominant share and country-niche players also hold a significant share. North America is the dominating region, owing to the High Purchasing power of the Users.

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Key Topics Covered in the Report

• Snapshot of Global Exoskeleton Market
• Industry Value Chain and Ecosystem Analysis
• Market size and Segmentation of the Global Exoskeleton Market
• Historic Growth of the Overall Global Exoskeleton Market and Segments
• Competition Scenario of the Market and Key Developments of Competitors
• Porter’s 5 Forces Analysis of the Global Exoskeleton Industry
• Overview, Product Offerings, and Strategic Developments of Key Competitors
• COVID-19 Impact on the Overall Global Exoskeleton Market
• Future Market Forecast and Growth Rates of the Total Global Exoskeleton Market and by Segments
• Market Size of Mobility/End-user Segments with Historical CAGR and Future Forecasts
• Analysis of the Global Exoskeleton Market
• Major Production/Supply and Consumption/Demand Hubs within Each Major Country
• Major Country-wise Historic and Future Market Growth Rates of the Total Market and Segments
• Overview of Notable Emerging Competitor Companies within Each Region

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Notable Emerging Companies Mentioned in the Report

• Fourier Intelligence
• Seismic
• ROAM Robotics
• Trexo Robotics
• Bionic Yantra

Key Target Audience – Organizations and Entities Who Can Benefit by Subscribing This Report

• Exoskeleton Manufacturers
• Exoskeleton Raw Material Suppliers
• Exoskeleton Products Manufacturers
• Government Ministries of health and rehabilitation
• Government Ministries of Defense
• Exoskeleton Industry Association
• Exoskeleton Companies
• Venture Capitalists Targeting Exoskeleton Industry

Time Period Captured in the Report

• Historical Period: 2019-2021
• Forecast Period: 2022E-2030F

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Global Exoskeleton market

Asia Pacific’s flexible workspace market grew drastically in terms of supply at a double digit CAGR of 30% in 2019- Which factors can make the industry more lucrative in the future?: Ken Research

 In 2019, around 64% of the total supply of flexible workspace in APAC was accounted by India and China, says a report by Ken Research

1. Growth Drivers and Trends in APAC Flexible Workspace Market.

                          

Preferred Space of Working in Other Countries

The flexible workspace industry in most of the countries in APAC is dominated by local players. For instance, in China Ucommune, Kr Space, MyDreamPlus, Distrii are few of the major players, in India the industry is dominated by local players including Awfis, Smartworks, 91Springborad and others.

The flexible workspaces are no more just about workstations and offices; they are no more just limited to a silo but are becoming the part of office building’s fabric. Landlords either self perform or outsource to the flexible workspace sector to create a range of amenities to better serve their occupiers. The Work Project has been delivering amenity spaces across CapitaLand’s portfolio, together with flexible workspace. Hongkong Land launched an owner-operated space with added amenities for occupiers.

2. Types of Flexible Workspaces Including Traditional Co-Working Space, Niche Co-Working Spaces, Lifestyle Co-Working Spaces, Serviced Offices and Nomadic Spaces.

                       

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• Traditional co-working space model is also known as the “sharing without relationship model”, wherein, different companies, freelancers and individual entrepreneurs can subscribe for a dedicated desk, hot desk or a private office option within a co-working center.

Examples: WeWork and Ucommune.

• Niche spaces have an industry specific target audience and such spaces are also known as “specialization spaces”. It brings together different companies from same industry. Example: Core Collection in Singapore is a Fitness co-working space.
• It fosters work-life balance in a work space. These spaces have holistic approach to work and its members have various perks which include gyms spaces, events spaces, restaurants & cafes and other discounts.

Example: The Hive in Australia has a cafe and rooftop on premise for yoga lessons. The center also organizes ski vacations and other holidays.

3. Offline Marketing Strategies Adopted by Flexible Workspace Operators that can benefit new players.

                           

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• The flexible workspace operators can leverage on its existing client base for word-of-mouth marketing by providing discounts or goodies.
• Flexible workspace operators can partner with member companies or other companies to market each other’s product on their platforms. The partnership is based on lead generation.
• Listing flexible workspace brand on broker and aggregator portals can ensure targeting the right individuals. Broker Platforms: Coworker.com, Liquid Space, Co-work booking and others.
• Advertisements on various FM radio stations, newspapers and magazines.

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40,000 two-wheelers are sold in India every day as of 2021, Will the Growth continue to be robust?

 1 in 3 Indians use 2Ws for their daily commute to and for work. 2Ws are primarily a utilitarian choice for Indians rather than an aspirational or lifestyle choice: Ken Research

1. “Need rather than want:” Due to transportation still being a challenge in India, two wheelers offer a great deal of convenience and mobility, along with the potential for future growth.

Click to Read Full Article: India Used Two Wheeler Market

Statistics state that it takes around 140% more time than usual to commute during peak hours in India's biggest cities. The factors leading to this traffic congestion in India are a rapid increase in population, poor road infrastructure, inadequate public transport system, and increased use of 4 wheelers.  Two-wheelers are becoming more popular, and not just because they are relatively easy on the pocket. Compared to cars, two-wheelers offer better mileage; the average mileage of cars does not typically exceed 20 km – 25 km per litre of petrol. However, for two-wheelers, it can be 50 km/litre and can go up to 80 – 90 km per litre in the case of bikes. The rising cost of fuel prices offers a better market for 2Ws in India. Moreover, Cars are not built for a rugged commute; two-wheelers (scooters and bikes) can deal with a higher ruggedness than cars. Given the road conditions in India, two-wheelers are a better bet than cars.

2. ‘Preference for private vehicle’ Buyers ready to pay high commission for product certification & getting warranty period of 6 months to 1 years also rising aspiration, growing organized market being the emerging trends.

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With increased urbanization & standard of living there has been a shift in consumer preferences with a rising need for a personal vehicle. However, consumers in low income bracket prefer used bikes/scooters. Increased working age population (55.8% in 2021) now prefer travelling on their own against crowded public transport. Therefore in most cases they choose to buy a second hand vehicle before buying a new one. Moreover, Mmillennial population is often fascinated with Super/Imported bikes opt for used imported ones owing to affordability constraints. There has also been a shift in the buying pattern of the buyers, with increased market awareness, buyers’ decision-making process has transitioned from pricing to product quality.

3. ‘2W for All:” Future used two-wheeler sales are expected to be driven by an increased preference for personal mobility over ride-sharing, ride-hailing, and rentals, as well as digital payment mode adoption.

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Indian consumers who are interested in this newly emerging market for used two-wheelers include college-goers, working professionals and bike enthusiasts who are looking for affordable performance bikes at affordable prices, Consumers of this market are primarily working women and housewives, low-income groups and delivery boys.Moreover, owing to multiple factors like education, job opportunities etc; there has been increased migration/daily commute of people from rural areas to urban areas. The industry leader Honda Motorcycle and Scooter India Ltd. (HMSI) presently sells around 3 two-wheelers for every 7 two-wheelers in rural and semi-urban pockets and is further estimated to give a boost to this ratio in future.

Global Synthetic Leather Market is expected to reach a market size of ~US$ 45 billion by 2028: Ken Research

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What Is the Size of Global Synthetic Leather Industry?

Global Synthetic Leather market is growing at a CAGR of ~% in 2017-2022 and is expected to reach ~USD 45 Bn by 2028. The Synthetic Leather Market is largely driven by increased demand from the footwear industry, restrictions on animal slaughter, advantages over pure leather, and increased demand from automotive OEMs.

 Growing knowledge of the advantages of synthetic leather over genuine leather and increased demand from the footwear industry is driving the growth of the synthetic leather market globally. A fabric created by humans that resembles genuine leather is called synthetic leather. It has a leather-like surface and has been dyed and processed to look and feel like real leather.

Compared to natural leather, synthetic leather has a shorter lifespan because it deteriorates more quickly from extended exposure to heat and moisture. Synthetic leather is treated chemically to make it resistant to sunlight, scratches, and fire, but with use and abuse, it deteriorates and weakens. Although synthetic leather is inexpensive, it needs to be well-maintained and shielded from the sun's rays to ensure that it lasts as long as possible.

Synthetic leather is increasingly in demand from temporary hospitals and healthcare facilities around the globe for beds and furniture to accommodate a variety of patients suffering from COVID-19 and other illnesses. The majority of these mattresses and other pieces of furniture feature antibacterial or antifungal covers made of medical-grade synthetic leather.

Global Synthetic Leather Market By Type

The Global Synthetic Leather market is segmented by Type into Polyvinyl Chloride, Polyurethane and Bio-Based. The polyurethane segment held the largest market share in 2022, owing to its superior quality and a few countries' restrictions on polyvinylchloride-based leather. Polyurethane (PU) leather is more environmentally friendly than vinyl-based leather since it does not emit dioxins. However, due to the drawn-out production process, it costs more than PVC-based leather.

In recent years, the market for PU synthetic leather has increased due to improvements in product quality, variety, and output. It is progressively replacing genuine leather in handbags, briefcases, car interiors, and clothing because of its increasing utility and range of applications.

Global Synthetic Leather Market By Product

The Global Synthetic Leather market is segmented by Product into Footwear, Furnishing, Automotive Interior, Clothing, Bags, Sports Goods, Electronics Device Accessories and Others. The footwear segment held the largest market share in 2022, as synthetic leather is inexpensive and has good abrasion resistance, it is frequently utilized in the footwear industry.

The demand for footwear has been prompted by rising income levels and economic expansion, particularly in emerging economies. Additionally, the industry is driven by variances in regional climates, which call for various styles of footwear.

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Global Synthetic Leather Market By End-User

The Global Synthetic Leather market is segmented by End-user into Consumer goods, Automotive, Textile and Apparel and Others. The consumer goods segment held the largest market share in 2022, owing to rapid urbanization and an increase in disposable income has led to higher spending on consumer goods like clothing and footwear. To impart a smooth feel to consumer items like purses, luggage, and shoes, synthetic leather is employed. It contributes to the comfort of sitting or lying down on this material's furnishings.

Global Synthetic Leather Market By Geography

The Global Synthetic Leather market is segmented by geography into North America, Europe, Asia- pacific and LAMEA. Asia Pacific is expected to account for the largest share among all regions within the total synthetic leather market, during the forecast period 2022-2028.

The major economies in the region are likely to drive growth in South Korea, China, and India. Population growth and rising disposable income are expected to open up a wide range of business opportunities. In terms of both production and sales, China is one of the major markets for leather. To address rising product demand and increase profitability, major market competitors concentrate in developing nations.

Competition Scenario In Global Synthetic Leather Market

The Global Synthetic Leather Market is Significantly competitive with ~150 players which include globally diversified players, regional players, and country-niche players with their niche in the Synthetic Leather Market.

Regional players constitute ~40% of the market, while the county-niche players are the largest by type. Some of the major players in the market include H.R. Polycoats Private Limited., Kuraray Co., Ltd., Teijin Limited, Nan Ya Plastics Corporation, Mayur Uniquoters Limited, San Fang Chemical Industry Co., Ltd., Filwel Co., Ltd., Zhejiang Hexin Science and Technology Co., Ltd., Asahi Kasei Corporation., and among others.

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What is the Expected Future Outlook for the Overall Global Synthetic Leather Market Across the globe?

The Global Synthetic Leather market was valued at USD ~billion in 2022 and is anticipated to reach USD ~45 billion by the end of 2028, witnessing a CAGR of ~% during the forecast period 2022-2028. 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 Synthetic Leather market is driven by increased demand from the footwear industry, restrictions on animal slaughter, advantages over pure leather, and increased demand from automotive OEMs. However, the market is also constantly being influenced by rapid development in technology, product innovation, and diversification in some countries.

With the increasing collaboration and emergence of new products, the Global Synthetic Leather market is changing rapidly. For instance, In September 2021, Teijin Cordley Limited, a part of Japan's Teijin Frontier Group, created the most recent antiviral and antibacterial artificial leather, which includes a long-lasting antibacterial ingredient. Children's bags are made using earlier incarnations, and athletic gear like leather balls and shoes are made using later ones. The company sold 30,000 meters in its fiscal year 2021, and it expects to sell 580,000 meters in its fiscal year 2024.

In May 2019, The Teijin Group's fibers and products converting business, Teijin Frontier Co. Ltd., developed polishing pads constructed of the non-woven material "NANOFRONT" to improve silicon wafer quality while lowering production costs. A flexible, water-absorbent polymer and polyurethane resin are used to create the ultra-fine nanofiber known as "NANOFRONT."

The Global Synthetic Leather Market is forecasted to continue the growth that is witnessed since 2017, Globally rising demand from the footwear industry is anticipated to be a major driver of market expansion. Another aspect that has fueled the need for natural leather alternatives is the expensive price of natural leather. Though the market is Significantly competitive with ~150 players, few global players control the dominant market share and regional players also hold a significant market share.

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Global Synthetic Leather Market

Government initiatives such as PM-KSY are expected to result in the capacity expansion of 6.5 Mn MT in the next 5 years: Ken Research

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Total project Outlay of INR 9000 initiated by GOI towards infrastructure development is expected to boost the Indian Agricultural cold storage market growth in the next 5 years, says a report by Ken Research

1. “Favorable Policies:” Growth of agricultural sector is driven by favorable policies towards the farming population in India

Recent Trends in India Agricultural Cold Storage Industry

A massive stream of support has been given to the agricultural ecosystem in India including the cold chain industry via Capital Investment Subsidy Scheme, Agricultural Marketing Infrastructure Scheme and Role of NCDC. Government Schemes such as PM Kisan Sampada Yojana wherein integrated cold chain & value addition infrastructure have been added with the objective of reducing post-harvest losses of horticulture & non-horticulture produce & providing remunerative price to farmers for their produce. In a similar way, capital investment subsidy investment scheme has been introduced with the objective of creation of 12 lakh tonnes of new cold storages and modernization/rehabilitation of 8 lakh tonnes of existing cold storages.

2. “Investment boost:” Multiple schemes are implemented on ground to accelerate investment in the sector

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A total of 325 projects (214 completed and 111 on-going) are operational in various parts of India. With a total project outlay of INR 9000 Cr, government of India has approved a cumulative grant –in aid of INR 2,478 Cr via its various schemes under MOFPI & NHB. These projects are mainly being undertaken in Fruits & Vegetables, Marine, Fisheries, Diary and Irradiation sectors in Tier II/III cities of the country. Release of this type of data as well as positive feedback from new unit operators further emboldens the confidence in govt.

3. With increasing government initiatives & rising investment scenario from private entities, the sector looks attractive in the long run

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Cold storage units provide aid in getting better prices of crop produce to farmers by providing cooling solutions. Further, storage units near export zones has allowed generated export receipts from domestic crop produce. During 2010-20, establishments of new cold storage units led to substantial reduction in post-harvest losses. Presence of cold storage units has enabled backward integration by food processing firms undertaking massive contract farming of Potato. In the upcoming years, it is expected that an increased investment from government & private entities will boost the market growth. The market is expected to register a market growth of 3.2% in the upcoming years.

China earns huge revenue from its logistics industry with Road Freight accounting to >60% of total revenue, 2020- What is the future of China Logistics?

 China’s NEVs units have grown by 250-fold in past 1 decade and exceeded 1.5% of the country’s total vehicle stock in 2020, says a report by Ken Research

1. In 2020, road freight generated the highest revenue in transportation industry of china followed by sea and inland freight

Click to Read Full Article: China Logistics and Warehousing Market

 In 2020, Road Freight accounted for nearly 75% of the total revenue generated in China Transportation Industry owing to its large network of Roads and Highways. In 2019, China pumped over RMB 3 trillion investments into the transportation sector, adding about 8,000 km of railways and over 320,000 km of highways. Road Freight Industry in China is moving towards multimodal transportation to improve efficiency and reduce energy consumption and greenhouse gas emissions.

2. Current Trends in the Road Freight Industry- Rise in Digital Technologies, Green Transportation and Increasing LTL Share.

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High penetration of mobile commerce has led to large disruption in B2B segment, due to high acceptance rate of Chinese businesses, to carry out businesses online. Success stories such as that of Manbang and Yunquna speak volumes of the success in the segment.

China has been able to reach an important milestone. By the end of 2020, it has been able to put around 5 million new energy vehicles (NEVs), including battery electric and plug-in hybrid on its roads.

Though FTL is still dominant in the country occupying more than 50% market, the ability to reduce costs, driver strain and time to deliver are the biggest reasons why companies are favoring Less than truckload (LTL) method over full truck load (FTL) shipping.

3. China has imposed a mandate on automakers requiring that electric vehicles (EVs) make up 40% of all sales by 2030.

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In 2020, out of the total NEV Vehicles plying on Chinese Roads, around 10% belonged to logistics Industry of China.

Tier 1 cities with developed logistic infrastructure such as Beijing, Shanghai, Shenzhen, Guangzhou, Suzhou etc. accounted for the largest proportion of NEV sales for logistics in China. In March 2021, Shenzhen city accounted for more than 15% of the NEV Commercial Vehicle Sales in China.

Strong Government policies such as “Three-Year Action Plan for Winning the Blue-Sky Defense War” implemented by various cities of China have boosted the adoption of NEVs in the country.

The 3D printing market in the APAC region has been observed to be at the growth stage registering an approximate CAGR of 15% in 2019-What will ensure further growth of the industry in future?: Ken Research

 3D printing materials is majorly used in prototyping, manufacturing automotive engines and parts, aircraft engines and parts on a small scale, says a report by Ken Research

1. Lucrative opportunities present in Asia Pacific 3D market- a significant insight for new entrants.

                     

Opportunities in 3D printing industry in other countries

The government of different countries has shelved out different initiatives and is investing huge in order to adopt the 3D printing technology in the country. The onset of 4th Industrial revolution focuses on the digitization of manufacturing process. The healthcare sector is highly using 3D printing in order to reduce costs, improve quality and increase the patient focus. Bio-implant is an emerging technology of healthcare wherein artificial manufacturing of body part is possible. Currently, the application of 3D printing is mostly for prototyping and tooling purposes, however with the adoption of technology the application for mass production will derive the future growth.

 2. APAC 3d printing market trend- Singapore’s and Taiwan’s efforts to grow 3d printing.

                    

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The Ministry of Industry and Information Technology in China released a plan to develop China's 3D printing industry in 2015 and 2016. The mission of the National 3D Printing Industry Development Promotion Plan (2015-2016), establishes goals for innovation and commercialization of 3D printing. Chinese government is putting key focus on the adoption of 3D printing.

The Singapore Economic Development Board invested USD 18 million in partnership with the National University of Singapore and NAMIC (the National Additive Manufacturing Innovation Cluster) to open another center for additive manufacturing to apply 3D-printing technology in the biomedical and healthcare fields.

The South Korean government has invested around USD 37 million to accelerate the development of 3D printing across the country. Japan has invested USD 22 million through its New Energy and Industrial Technology Development Organization (NEDO) to spur the growth of highly advanced 3D printing mechanisms for human tissue regeneration.

3. Potential Business Model that can be deployed by players in APAC 3D Market.

                          

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This model is based on an online system where the orders are received online and the finished products are shipped to the customers. In this context, the process allows the upload of a digital CAD design and selecting the most wanted manufacturing operation. Online services in 3D printing certainly offer value added options to the community of users. The users can foresee the cost of the production, delivery time and in some cases select the manufacturing location near demand.

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Philippines E-Commerce Market Set to Exceed USD 30 Bn by 2025: Emerging Trends and Government Support Propelling Growth in the On-Demand Logistics Market. What Lies Ahead for the Future? Ken Research

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1. The Evolution of the Philippines E-commerce Market: Horizontal Platforms Dominate, but Niche Vertical Platforms Revolutionize On-Demand Logistics

Also, Check Philippines On-Demand Logistics Market Overview

Coverage - Horizontal platforms dominate the market due to their wide-ranging coverage across multiple market segments.

Market Volatility - Horizontal platforms are more resilient to market fluctuations as they focus on capturing diverse market scopes.

Management - Niche platforms have a centralized management system and require a unified advertising effort, leading to better control and reduced costs.

Competition - Niche E-Commerce platforms encounter less competition in the market due to their distinct business nature, which also provides them the advantage of improved SEO.

2. Philippine E-commerce Poised to Surpass $30 Bn by 2025, Fueled by Growing Population's Demand for Seamless Access to Goods and Services

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• In 2021, the average revenue per user (ARPU) exceeded $400.
• Businesses are expanding their operations beyond Metro Manila to include other regions like Visayas and Mindanao.
• The rise in online shopping and the availability of online banking services are contributing to the growth of digital payments in the Philippines. Merchants are increasingly adopting online payment methods for their convenience.
• The ongoing efforts to enhance telecommunications infrastructure, including the introduction of a 5G network, are considered crucial for the sustained advancement of the e-commerce market in the country.

3. Government's Supportive Policies, including NRPS and the Virtual Banking Act Will Propel the E-Commerce Industry in the Philippines

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• NRPS (National Retail Payment System) was introduced to raise electronic payment transactions to 20% by 2020, enhancing the country's economic competitiveness.
• The PECR (Philippine E-Commerce Road Map) 2016-2020, launched in February 2016, outlined strategic plans and policies to maximize the benefits of e-commerce, aiming for a 25% contribution to the GDP by 2020.
• Despite the impact of COVID-19, the budget allocation for the "BBB" program in 2020 reached 4.6% of GDP (PHP 972.5 Bn), supporting infrastructure projects to improve transportation and ease congestion.
• The Digital Banking Framework, issued by the BSP in December 2020, provides guidelines and application processes for digital banks. To prioritize digitalization, the BSP waived fees for fund transactions made through the central bank until the end of 2021.

4. The Future of Philippine On-Demand Logistics: Electric Last-Mile Delivery, AI, Big Data, and Blockchain Transformations Reshaping the Industry

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Indian Fantasy Sports market registered an impressive growth of ~164% CAGR in FY’2022. Explore its Growth drivers: Ken Research

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India’s Fantasy Sports market is a rising industry that is booming with an exponential growth rate in the country. The market is highly anticipated to grow at double-digit in the five years owing to the rising craze for online gaming in the country.

1. The Indian fantasy sports market is 2 decades old in India but has witnessed robust growth in the last 4 years only

Users of Fantasy Sports in India: Click to know more

Fantasy Sports was introduced in India nearly two decades ago and since then the market has seen significant transformation in the industry. One of the first fantasy games in the nation to achieve user momentum was the "Selector fantasy game" in 2001, launched by ESPN-Star Sports. But the sector did not receive much traction from the consumers. However, in the last 2-3 years, Online Fantasy Sports industry in India has witnessed stupendous growth. The number of fantasy sports operators has increased by nearly seven times over 2016-2018, whereas the number of users has grown by over 25 times from 2016 to 2019.

2. The percentage of Internet Users reached 47% in 2021, leading to the expansion of Fantasy Sports user base in the country

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Over the last few years, the number of internet users has grown tremendously. In 2021, India has 658.0 Mn active internet users. The exponential increase in the internet penetration is the result of the reduction of the data costs coupled with the availability of affordable smartphones/smart feature phones in the country. This growth in digital infrastructure increased the availability of high-speed internet in the hands of the Indian citizens which further helped in driving the growth to the fantasy sports sector. The option of playing the sport on a handheld device and at any given point irrespective of location and time is the big reason that increased the user engagement around fantasy sports drastically in the last 2-3 years.

3. UPI based digital Payment increased to 2.7 times between 2018 and 2021 which has further contributed towards the growth of the Indian Fantasy Sport market in India

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The digital payments in India have undoubtedly registered rapid growth and received huge acceptance in the country. This has acted as a propellant to several sectors, and Fantasy Sports market is no exception. Here digital payments include RTGS, credit transfers (such as UPI), debit transfers card payments, and direct transfers as their main categories. These types of digital payments received a huge boost in development and user adoption during the time of demonetization, in 2016. Additionally, the ease of use offered by digital transactions has led to its exponential push, with Reserve Bank’s Digital Payments Index growing 2.7x between 2018 and 2021. This clearly represents the rapid adoption and deepening of digital payments in India and UPI is emerging as the preferred mode of payment.