Increasing Demand for Automotive and Major Appliances Products is acting as a catalyst for the Malaysia Wire Harness Industry : Ken Research

1. Malaysia Wire Harness Market is currently in the growth stage as there is huge potential for the growth of the industry due to the huge gap in demand and supply for Wire Harness Products in the country.

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The automotive industry in Malaysia has been growing steadily over the years, and this has had a positive impact on the wire harness market. With the presence of major automotive manufacturers and suppliers, the demand for wire harnesses has increased significantly. Additionally, the increasing trend towards electrification and connected cars has further fueled the growth of the wire harness market in Malaysia. The government's initiatives to attract foreign investment in the automotive sector and the development of the electric vehicle (EV) industry are also expected to boost the demand for wire harnesses in Malaysia.

2. Malaysia’s Wire Harness Market sparks with the Wave of Industry 4.0, Proximity to ASEAN Markets, and Booming Automotive and Electronics Industries

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The Malaysian government's push towards Industry 4.0 technologies is expected to increase the demand for wire/cable harness products used in automated machinery and robotics. Currently Automotive and Major Appliance combined contributes 57% of the total Malaysia Wire Harness Market. Moreover, the country's proximity to other ASEAN markets and its established manufacturing industry makes it an attractive location for wire harness manufacturing companies. The growth in the automotive and electronics industries in Malaysia also presents opportunities for wire harness suppliers. Furthermore, the increasing trend of mass customization and the need for high-quality wire harnesses for autonomous vehicles also create opportunities in the Malaysian market.

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3. Emerging Trends and Market Dynamics in Malaysia's Wire Harness Industry

The wire harness market in Malaysia is a highly competitive industry, with both domestic and international players striving for a share of the market. The country has major manufacturing clusters in Penang, Selangor, Kuala Lumpur, and Johor, and its key players include J.K. Wire Harness Sdn. Bhd., Chun Hau Electronic (M) Sdn. Bhd, Molex, Inc., Yazaki Corporation, and Sumitomo Electric Industries Ltd. The market is primarily driven by the increasing demand for automobiles, consumer electronics, and industrial equipment in the country, as well as the adoption of smart home devices and the increasing demand for industrial automation. To remain competitive in the market, companies are investing in R&D and advanced technologies with a strong emphasis on innovation and customization to meet customer needs.

In addition, the increasing demand for electric vehicles (EVs) is one of the major trends in the wire/cable harness market in Malaysia. The government has set a target of having 100,000 EVs on the road by 2030, which is expected to drive the demand for wire/cable harnesses in the automotive industry. This growth is expected to be further fueled by the increasing demand for smart and connected devices and the development of new infrastructure projects in the country.

The major export countries for Malaysia's wire harness products are Singapore, Thailand, the United States of America, Japan, and China, while the major import countries include China, the United States of America, Germany, Singapore, Thailand, and Japan. Proton, Perodua, and Honda are some of the major automotive manufacturers in Malaysia, while other end-users include Siemens Healthineers, 3M, Hitachi, and Panasonic.

There is huge potential for the growth of the Malaysia Wire Harness Industry in Malaysia due to increasing demand for electric vehicles (EVs) in the country and country's proximity to other ASEAN markets: Ken Research

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Increasing demand for automobiles, consumer electronics, and industrial equipment; Emphasis on innovation and customization; and increasing adoption of smart devices and industrial automation led to the growth of the Wire Harness Market in Malaysia.

KSA Cold Chain Market Overview: The Wire Harness Market in Malaysia is currently at the growing stage and is highly fragmented and is home to 30+ domestic and international players. The market has been driven by the increasing demand for automobiles, consumer electronics, and industrial equipment in the country. The market is expected to see further growth in the coming years due to the adoption of smart home devices and the increasing demand for industrial automation. The Malaysia Wire Harness Market took a leap from a growth rate of 5.2% in 2018 to a growth rate of 7.8% in 2021. In 2022 due to effect of COVID market saw a decline in the growth rate being at 2.4%. Due to the increase in demand for EVs and electronic goods market is expected to grow at a CAGR of 7.9%, 2022-2027.

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Government Initiatives:

The Malaysian government has launched various initiatives to promote the growth of the wire harness industry in the country. The National Automotive Policy 2020 aims to establish Malaysia as a regional leader in energy-efficient vehicles, including electric vehicles, by providing tax exemptions and developing a network of charging stations for EVs. The policy is expected to drive the demand for wire/cable harnesses in the automotive industry.

The government has also introduced Industry4WRD, which aims to promote the adoption of Industry 4.0 technologies in the manufacturing sector, including the wire harness industry. This initiative provides financial incentives and support for companies to invest in advanced technologies and automation to improve productivity and competitiveness. The adoption of Industry 4.0 technologies is expected to help the wire harness industry to remain competitive and drive its growth.

Furthermore, the Malaysian Investment Development Authority (MIDA) is actively promoting investment in the wire harness industry by offering various incentives to foreign investors to set up manufacturing facilities in the country. The agency provides assistance with site selection, regulatory compliance, and incentives such as tax exemptions and grants. This support from the government is expected to attract foreign investment and create employment opportunities, further driving the growth of the wire harness industry.

As part of its Vision 2030 strategy, the government has set a target of having 100,000 EVs on the road, which is expected to drive the demand for wire/cable harnesses in the automotive industry.

Challenges Faced by Malaysia Wire Harness Market: One of the major challenges is the lack of skilled workers and engineers in the industry, which makes it difficult for companies to adopt advanced technologies and innovation. To address this challenge, the government has launched various initiatives to improve the quality and relevance of technical education and vocational training programs.

Another challenge is the competition from low-cost countries, such as China, which offer wire harnesses at lower prices due to lower labour and manufacturing costs. This makes it difficult for Malaysian companies to remain competitive, and they have to focus on innovation and customization to differentiate themselves from competitors.

The high cost of raw materials, such as copper and aluminium, is another challenge faced by the wire harness industry in Malaysia. The prices of these materials are subject to global market fluctuations, which affect the profitability of companies in the industry.

Development in the Cold Storage Industry in KSA: The wire harness industry in Malaysia is undergoing rapid development, with companies investing in R&D and advanced technologies to remain competitive in the market. In addition, the increasing demand for smart and connected devices and the development of new infrastructure projects are also expected to contribute to the growth of the wire/cable harness market in Malaysia. To meet the demand for high-quality wire harnesses, companies are investing in advanced technologies such as automation, robotics, and artificial intelligence. This helps to improve productivity, reduce production costs, and ensure consistent quality. Moreover, the development of new materials, such as high-performance plastics and composites, is enabling companies to produce more durable and lightweight wire harnesses.

The industry is also seeing a trend towards customization, with companies offering tailor-made wire harnesses to meet the specific requirements of customers. This has been made possible by the adoption of advanced technologies such as 3D printing and computer-aided design (CAD), which enable companies to design and produce wire harnesses quickly and accurately.

Analysts at Ken Research in their latest publication “Malaysia Wire Harness Market Outlook to 2027- Driven by Increase demand for Consumer Electronics, Automotive, Government Initiatives and Infrastructural Development” by Ken Research observed that Malaysia Wire Harness Market is in the growing phase. Malaysia is one of the leading producers of wire harnesses in Southeast Asia, with a large number of domestic and international companies operating in the country. Increasing demand for automobiles, consumer electronics, and industrial equipment in the country and the adoption of smart home devices and the increasing demand for industrial automation are some of the factors that will contribute to the Malaysia Wire Harness Market over the period 2022-2027. It is expected that Malaysia Wire Harness Market will grow at a CAGR of 7.9% for the above forecasted period.

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Major Players Mentioned in the Report

• K. Wire Harness Sdn. Bhd.
• Seiko Denki (M) SDN BHD
• Chun Hau Electronic
• E Manufacturing Sdn Bhd
• TEM Group
• EH Success Solutions Sdn. Bhd
• Aval Electric Sdn. Bhd
• Kanhseei Teckh Sdn. Bhd.
• AECO Manufacturing (M) Sdn. Bhd.
• Sapura Thales Electronic (STE)
• Chestronics
• Hanshing Industries
• U. Connector (M) Sdn. Bhd.
• SDKM Technologies Sdn. Bhd.
• K. Wire Harness Sdn. Bhd.
• Seiko Denki (M) SDN BHD
• Chun Hau Electronic
• E Manufacturing Sdn Bhd
• TEM Group
• EH Success Solutions Sdn. Bhd
• Aval Electric Sdn. Bhd
• Kanhseei Teckh Sdn. Bhd.
• AECO Manufacturing (M) Sdn. Bhd.
• Sapura Thales Electronic (STE)
• Chestronics
• Hanshing Industries
• U. Connector (M) Sdn. Bhd.
• SDKM Technologies Sdn. Bhd.

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

• Wire Harness Companies
• Automotive Companies
• Consumer Electronic Companies
• Major Appliance Companies
• Harness Material Manufacturing Companies
• Industrial Development Authority
• Wiring Harness Manufacturer’s Associations
• Private Equity Firms
• Venture Capitalists

Time Period Captured in the Report

• Historical Period: 2017-2022
• Base Year: 2022
• Forecast Period: 2022-2027

For More Insights On Market Intelligence, Refer To The Link Below: –

Malaysia Wire Harness Market

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Autonomous Cargo Vehicles, B2C Orders, and Gen Z: Fueling the Growth of Philippines' On-Demand Logistics Market and What’s more?: Ken Research

 The On-Demand Logistics Market in Philippines is moderately fragmented with competitive rivalry among the competitors. Some of the popular Logistics brands like Food Panda, Lalamove, Gomoto etc compete on the basis of Delivery Cost, Number of Orders, Network Coverage, B2B Clients and more.

E-Platform Players in Philippines Logistics Market

1. Growth Drivers for the Philippines On-Demand Logistics Market: Consumer Behavior Shifts Towards Convenience, Unplanned Ordering, and Gen-Z Indulgence.

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• Increasing usage of advanced mobile applications and banking solutions for the customers has made it easier for them to shop online with faster deliveries and live tracking as trends.
• Increased affinity of online and Gen-Z customers towards top-up and indulgence purchases driving the segment. Also, the rising unplanned online ordering behavior from metro and tier I cities is also a contributing factor in the rise of the segment.
• On-Demand logistics which is the natural evolution of e-commerce is the result of changing lifestyles and consumer behavior. COVID-led change in consumer behavior towards using online as a replacement for local grocery stores.
• Willingness to pay for premium products, growing market for easy-to-cook products at-home delivery, demand for healthy and nutritional products, rising consumption of newer products through global experiences. Shift in consumer behavior from value-seeking to convenience-seeking, resulting in weekly, small-sized purchases rather than larger, monthly purchases driving the demand for on-demand logistics market.

2. Rise of Instant Delivery Platforms: Filipinos Drive B2C Orders in 2021, Fueled by Growing Millennial Population.

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• With smartphone apps and traffic growing year-over-year, B2C orders are on rise in Philippines.
• With rising millennial population companies are offering services to cater to the demands of the next gen consumer.
• B2B orders are also on rise, the major category is consumer durables and electronics and last mile delivery - high penetration and acceptance of online channel in E-B2C are expected to have a domino effect on E-B2B.

3. Driving Tech Trends in the Philippines On-Demand Logistics Market: Early Adoption of Autonomous Delivery and Cost-Driven Innovations.

• Several players are already piloting last mile, urban deliveries with car-size vehicles (or a little smaller) operating on streets and intended to become autonomous.
• Philippines is preparing to use drones to deliver food and groceries soon and the drone delivery of medical supplies. Usage deployment is likely to be the highest in low density urban or rural areas.
• Allow customers to select any locker location as their parcel delivery address. They can then retrieve their orders by entering a unique pick-up code, removing the need for human involvement. Amazon, Home Depot and Walmart are major retailers to follow the suit.

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

• E-commerce Companies
• Third-Party Logistic Providers
• Potential Market Entrants
• Freight Forwarding Companies
• Warehousing Companies
• Cold Storage Companies
• Industry Associations
• Consulting Agencies
• Government Bodies & Regulating Authorities

Time Period Captured in the Report: 

• Historical Period: 2018-2021
• Base Year: 2021
• Forecast Period: 2021-2026

For More Insights On Market Intelligence, Refer To The Link Below: –

Philippines On-Demand Logistics Market Outlook to 2026

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Surging Ahead: Philippines' Retail Deposit Market growing with a Robust CAGR of 7.9% (2017-2022), Fueled by Digitalization and Convenient Banking: Ken Research

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1. "The Power of Deposits: Unveiling the 45% Dominance of Retail in the Philippine Banking System" 

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Retail deposits are a substantial component, contributing approximately 45% of the total deposit value in the Philippine Banking System. As of 2022, the overall revenue of retail deposit accounts in Philippines was a robust one, covering a market share of 45%. They form a crucial source of funding for banks, allowing them to finance various lending activities. The Philippines government also deposits a considerable portion of its funds in demand deposits, while private corporations tend to favor demand deposits for their banking needs. Non-resident deposits, particularly savings accounts, also contribute significantly to the retail deposit market. Overall, retail deposits play a vital role in the stability and growth of the Philippine banking sector.

2. "Riding the Wave: Philippine Retail Deposit Market Surges at 10% CAGR Driven by Digitalization and Convenience Banking.

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Convenience banking, characterized by the availability of debit cards, internet banking, and phone banking, has become a driving force behind the increasing number of users in the banking sector. These convenient banking options have attracted new users, providing them with easy access to financial services. Additionally, the ongoing trend of urbanization, with an urban population growth rate of approximately 2.1% in 2021, has further improved the accessibility of commercial banks for individuals residing in urban areas. This sustained urbanization has created a favorable environment for the growth of banking services, catering to the needs of the urban population. Moreover, the rise of digital rural banks, exemplified by entities like Tonik, has played a significant role in expanding banking services to rural areas. These digital banks, categorized as rural banks, have made inroads into remote regions, contributing to a notable increase in the number of bank accounts in rural communities. All these factors Have contributed to the growth of retail deposit accounts in Philippines.

The increase in internet penetration and adoption of smart phones in the country will boost Philippines Car Rental Market: Ken Research

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1.With increase in internet penetration and digital adoption in the country, car rental services are shifting to online platforms for direct bookings and confirmations.

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With the increase in internet penetration and adoption of smart phones, the market for car rental services has expanded, hence becoming easier for people to access.  Ongoing developments in the Philippines car rental market such as integrating Services with Internet of Things, Online Bookings, Unique Business Models, Reliable Personal Identification Process, and Scanned Fingerprints are helping the car rental market to grow. Car rental companies are moving to online platforms for direct bookings and confirmations as internet usage and digital adoption rise throughout the nation. As a result, the procedure is hassle-free and contactless.

2.In the last few years, the mode of booking for car rental services has shifted from offline to online platforms

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In the last few years, the mode of booking for car rental services has shifted to online platforms with 60% bookings being made online. This can be attributed to the increasing internet penetration and familiarity of online bookings across the country along with the easy booking process and time saving benefits of online bookings.

3.The household distribution of vehicle ownership (car/ jeep/ van) is less than 10%.

The household distribution of vehicle ownership (car/ jeep/ van) is less than 10% due to high vehicle ownership costs, maintenance costs and increasing traffic and congestion in urban areas. This provides the car rental industry with a bright future and big potential market to capture.

The Global Smart Home Security Systems Market is estimated to grow at a CAGR of ~13% during the 2022-2028. Will Global Smart Home Security Market will stand on the expected figure? : Ken Research

 1. Integration of drones with personal security features

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Autonomous drones are becoming increasingly popular, and they may be programmed to patrol a residence and relay images to customers. Drones are relatively simple to control and can be used to fly about a location or piece of land to keep an eye out for trespassers or other suspicious activities with the correct training. The speed and agility with which drones can respond to actual or future events are some key advantages. They can respond to the incident more quickly than a police car or a security guard since they are swift, agile, and airborne.

• Security drones for home surveillance and monitoring have recently become popular, with various companies, like
• BrdsEye, Airborne Drones, DJI, and Secom, releasing security surveillance drones. Recently, the Sunflower Home

2. High adoption of diy (do it yourself) home security systems for cost-effective solutions

Adopting DIY (Do It Yourself) home security systems for cost-effective solutions drives the market study. DIY home security systems consist of motion and entry sensors, a loud siren, and other components. They are cost-effective solutions compared to professional monitoring solutions, which deal with hefty contracts. Thus, the smart home security market introduced the concept of smart technology to homeowners. Offering protection to one’s home to deter crime became accepted and understood the concept.

Then, the market trend saw national security system-based companies, like ADT, add new smart capabilities. Recently, Blue by ADT was launched as a DIY smart home security brand focused on expanding its product portfolio to offer fully customizable DIY smart home security solutions. Being launched as a flexible, expandable DIY system, customers obtain the flexibility in designing a smart home security system based on personalized needs.

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Increasing Competition Globally

Essence Group, a global security solutions provider, announced a partnership with the Portuguese smart access supplier Chaviarte. As an expansion strategy for Essence into the Portuguese market for its WeR@Home security and home management platform, Chaviarte's existing security hardware is expected to be integrated into the latter's core business door lock and entry systems.

Vivint collaborated with Chamberlain Group to offer better control and monitoring of smart homes and garages via a single app. myQ by Chamberlain Group (CGI) offers garage door opener brands. This is expected to help Vivint secure all vital access points to a typical smart home.

How Smartwatches are Revolutionizing Fitness and Wellness Monitoring: Ken Research

 The Rise of Health Monitoring Gadgets: Consumer Spending Soars as Smartwatches with Advanced Monitoring Functionalities, Such as Samsung's Galaxy Watch 4, Take Center Stage.

Storyline

• Health Awareness and Increased Consumer Spending
• Impact of Working Population and Sports Enthusiasts
• Role of Smartwatches in Health Tracking and Market Growth
• Competitive Innovations in the Market

Introduction

The increase in health awareness has driven consumer spending on health monitoring gadgets, leading to increased sales of smartwatches with advanced monitoring functionalities. For example, Samsung's Galaxy Watch 4 offers features like GPS tracking, heart rate monitoring, and ECG support.

1. Health Awareness and Increased Consumer Spending

The increase in health awareness among consumers across the globe has resulted in increased consumer spending on health monitoring gadgets. This has further led to the increased sales of smartwatches owing to their wide range of monitoring functionalities, including the ability to control music, notifications, walking tracks, and heartbeat rates, among others.

For instance, Samsung released its Samsung Galaxy Watch 4 in the United States and the United Kingdom in August 2021. The product claimed to offer a host of health and fitness features, including GPS for tracking runs, an optical heart rate sensor, and ECG support. The watch also showcases the company’s new 3-in-1 Bio Active Sensor that enables the device to monitor heart rate, blood oxygen levels, and body composition.

2. Impact of Working Population and Sports Enthusiasts

The growing working population is expected to be more likely to embrace sports and fitness as recreational activities. Additionally, endurance sports have paved the path for enthusiasts to purchase the different varieties of products available under the sports wearable segment, which in turn has helped escalate the sales of smartwatches. Consumers who demonstrate a high affinity toward traveling and adventure sports coupled with a rapidly changing technological environment have influenced the growth of the smart and durable watches market, which is expected to grow at a significant rate over the forecast period.

It was reported that nearly 21% of the American population was obese or overweight. This factor has increased the usage of smartwatches to help consumers track their steps every day, the calories burnt, the miles they run or swim, the time they spend sleeping, and their pulse rate, all of which have boosted the sales of smartwatches in the United States.

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3. Market Growth of Wearable Market

The growth of the wearables market in North America is highlighted by figures that expect 25% of the adult population in the United States to be using a wearable device by 2022. The ownership of wearables in the Asia-Pacific countries is already high among those living in countries such as China, Thailand, and Vietnam.

4. Competitive Innovations in the Market

The leading companies in the market have been gaining a competitive edge with innovations such as inventing eco-friendly strap materials, among others.

For instance, in 2019, Breitling launched a watch with a strap made from recycled materials. Each timepiece features a NATO strap made from ECONYL yarn, a regenerated nylon waste from landfills and oceans around the world.

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According to Ken Research: The market for smartwatches is fueled by the impact of the working population, sports enthusiasts, and the rising prevalence of obesity. With significant growth projected in North America and Asia-Pacific, companies are also gaining a competitive edge through innovative features like eco-friendly strap materials, exemplified by Breitling's use of recycled materials.

Dubai's Fitness Market: Rising Growth, Fierce Competition, and Promising Future: Ken Research

 An import driven market, Dubai’s fitness services sector has an unlocked potential that players are now recognizing.

Storyline

• Dubai Fitness Market: Growing demand, driven by population and HNWIs.
• Market Competition: International vs. domestic players in fierce competition.
• Growth Drivers: Population growth, HNWIs, and Dubai Fitness Challenge.
• As per Ken Research, Promising future with increased offline and online fitness to be the future scenario.

1.The current market trends: Exploring the opportunities & testing the water

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With a total of 930+ fitness centers in 2022, Dubai’s fitness services market is expected to grow at a CAGR of ~4% to reach 1,130+ fitness centers by 2027 with majority of facilities being local gyms and mass centers. The rising growth rate can be attributed to various factors, including increasing member penetration in offline fitness centers, the rise of the online health and fitness market, and the expansion of boutique fitness centers.

2.How is the market competition scenario?

Dubai fitness services market is majorly dominated by the international players while domestic players are trying to tap the market supported by the real estate investors. International Players like Pure Gym and Fitness First with low membership fee options have already penetrated the market and expanding to Shaik Al Zayed and outskirts of Dubai. The market is also import driven with majority of imports happening from USA and China (45 Distributors are present in the country selling a wide range of fitness equipment).

3.What about the growth drivers?

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Dubai's population grew by 2.1% to reach 3.55 Mn in 2022. The number of High net-worth Individuals (HNWIs) in Dubai rose by 18% to 67,900, with over 35% concentrated in Jumeirah and Al-Barsha. This has added to the existing advantage being experienced by its Fitness market.  Furthermore, the recent participation by around 2 million people in the Dubai Fitness Challenge has driven the fitness awareness ultimately benefitting the market.

4.What does the future outlook look like?

According to the research conducted by Ken Research, member penetration in offline fitness centers in the UAE is predicted to reach 6.3 percent by 2025. This indicates a growing interest and participation in fitness activities among the population.

The online health and fitness market in the UAE is expected to contribute $36.5 million in revenue by 2025, with an annual growth rate of 16 percent. This highlights the growing popularity of digital fitness platforms and the adoption of online fitness training, which has been accelerated by the COVID-19 pandemic.

Generating a growth rate of 15% between 2017-2021, via improving infrastructure, KSA’s Freight Forwarding market provides a strong hand for the country’s Logistics Market: Ken Research

 The KSA freight and logistics market is highly fragmented in nature, with the presence of many international players as well as local players. Some of the major players in the industry, are Aramex, tamer, Gulf Systems, Iron Logistics, Schenker, DSV & Zajil amongst others.

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1.Improvement in Infrastructure, Increasing LTL Share, Increased LMD Efficiency and Growth in Automation are some of the key trends witnessed in the Transportation Industry in KSA.

In recent years, the Saudi Logistics Hub has accelerated the construction of road transportation infrastructure as part of the "Vision 2030" to transform KSA as a global logistics hub. A total of 57 road projects of 1,700 km in length were completed in the last 5 years. 88 new roads and 110 operation & maintenance of roads projects contracts were signed in 2020 each having over $1.1 Bn value. Moreover, KSA Transportation Industry is increasingly moving towards more digital, platform-based and collaborative innovation system to increase its efficiency. High penetration of mobile commerce has led to large disruption in B2B segment, with market participants being able capture a lion’s share of the market.

2.Technology-enabled transformations such as FMS & Autonomous Vehicles are largely being adopted by Captive Companies or Large Companies to promote Efficiency.

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Technology options such as Efficient Freight Matching, better profitability, smarter operations & greater service quality serve as a major benefit for KSA’s Logistics market. A major benefit of Digital Truck Aggregator Platforms is that they have a large Shipper and Trucker Base and offer services such as Freight Listing, Freight Brokerage and Online Transactions to earn revenue. Furthermore, digital Truck aggregator platforms are reshaping the trucking industry in Indonesia by increasing operational efficiency, reducing costs & increasing profitability.

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

• E-commerce Companies
• Third-Party Logistic Providers
• Potential Market Entrants
• Freight Forwarding Companies
• Warehousing Companies
• Cold Storage Companies
• Industry Associations
• Consulting Agencies
• Government Bodies & Regulating Authorities 

Time Period Captured in the Report:

• Historical Period: 2017-2021
• Base Year: 2021
• Forecast Period: 2021-2026

For more information on the research report, refer to below link:

KSA Logistic Market Outlook to 2026

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The Global Biopharmaceuticals Market was valued at USD 350 Mn Market in 2020 Will the projections justify growth? : Ken Research

 The market will be growing at the rate of 8% owing to growing R&D scope alongside increasing investment scenario respiratory devices & rising cases of respiratory illnesses, says a report by Ken Research

Global Respiratory Devices Market Ecosystem

The Global Biopharmaceuticals market is moderately fragmented in nature, with the presence of many international players as well as local players. Some of the major players in the industry include Amgen Inc., Abbvie Inc., Johnson & Johnson, Eli Lily & Company amongst others.

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1. “Innovation boosting the market?” With improving technologies, companies are now investing in innovative products treating otherwise untreated illnesses.

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The biopharmaceutical product' capability to address previously untreatable conditions has paved the way for introducing innovative drugs in the market. According to the Alzheimer's Association 2021 report, the US Food and Drug Administration (FDA) approved five drugs for treating Alzheimer's. They are rivastigmine, galantamine, donepezil, memantine, and memantine, combined with donepezil. Other innovations are also in place. For instance, in September 2022, bluebird bio, Inc.'s SKYSONA (elivaldogene autotemcel) slows the progression of neurologic dysfunction in boys 4-17 years of age with early, active cerebral adrenoleukodystrophy (CALD), was approved by CBER. Similarly, in June 2022, CBER approved PRIORIX, a live vaccine for measles, mumps, and rubella, manufactured by GSK plc.

Recent Trends in Global Biopharmaceuticals Market

2. “R&D to be the need of future:” With a massive opportunity for R&D alongside profits, companies are now expanding their horizons in pharmaceuticals market.

The global Biopharmaceuticals market holds a huge potential for research & development alongside profits. The industry is thus experiencing a plethora of new entrants alongside a massive investment influx. For instance, in Feb 2023, Egyptian health tech, Yodawy raised $16 Mn backed by Hero Ventures. Similarly, other new entrants are new biotechnological companies, such as Celltrion and Samsung Bioepis. Companies from emerging countries, like Biocon and Dr. Reddy's, are companies in fast-developing economies.

Time Period Captured in the Report:

• Historical Period:2017- 2022
• Base Year: 2022
• Forecast Period: 2022-2027

Key Target Audience:

• Government
• Hospitals
• Clinics
• Others

For More Insights On Market Intelligence, Refer To The Link Below: –

Global Biopharmaceuticals Market Outlook to 2027

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