Acai Fever Sweeps UAE: Projected to Expand by ~18% CAGR by 2027 – Ken Research

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The UAE Acai Bowl market has experienced remarkable growth in recent years, driven by the rising demand for healthy and nutritious food options. The major players dealing in Acai Bowls entered in UAE during the last 10 years.

STORY OUTLINE

• Rising health awareness: The UAE Acai Bowl market is driven by the increasing health-consciousness among consumers who actively seek nutritious food options.
• Tourism and expat influence: The market's growth is fueled by the booming tourism industry and the large expatriate population in the UAE, attracting a diverse customer base.
• Dubai as the leading hub: Dubai serves as the primary cluster for Acai Bowl chain outlets, hosting major players such as Oakberry, Projeto, and the Acai Spot.
• Strategic location selection: Acai Bowl outlets strategically position themselves near gyms, restaurants, and office spaces to maximize convenience and attract a wide range of customers.
• Significant market potential: With over 170 outlets across the country, the UAE's Acai Bowl market presents a promising opportunity for entrepreneurs and small businesses to cater to the growing demand for healthy and innovative food options.

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The flourishing Acai Bowl market in the UAE presents a promising opportunity for local entrepreneurs and small businesses. By tapping into this trend and offering innovative Acai bowl concepts, entrepreneurs can carve a niche in the health food industry and cater to the ever-growing demand. The UAE's Acai Bowl market takes the lead with 170+ outlets spread across the country, solidifying its position as a prominent player in the UAE Café and Coffee Chain industry.

1. Health Awareness Sparks Acai Bowl Craze

As individuals in the UAE become more health-conscious, the demand for nutritious food options has surged. Acai bowls, known for their abundant health benefits, have gained popularity as a guilt-free treat.

More than 70% of UAE consumers actively seek healthy food choices, highlighting the strong health awareness among the population. the Acai Bowls market in UAE consisting of all standalone and chain outlets. The market is still in a growing phase and competing with other products.

1.5+ Mn bowls sold yearly. Tourism, high income, socialization, and evolving consumer preferences contribute to its vast potential for expansion.

2 Thriving Acai Bowl Market in UAE Fueled by Tourism and Expats

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The UAE's booming tourism industry, coupled with a large expatriate population, has significantly influenced the growth of the Acai Bowl market.

The demographic composition of the UAE primarily consists of a significant expatriate population, with a predominant male presence within the age group of 25-54 years. Around 80% of the population is employed, and among the emirates, Dubai holds the highest population density.

The market has benefited from the diverse customer base. In 2019, the UAE welcomed around 16.73 Mn international visitors, according to the Department of Culture and Tourism - Abu Dhabi.

3. Acai Bowl Market in UAE: Power Players Shaping the Market's Future

Dubai and Abu Dhabi are the primary hubs for Acai Bowl chain outlets in the UAE, with Dubai being the largest cluster, hosting renowned chains like Oakberry, Projeto, and the Acai Spot.

These Acai Bowl outlets strategically position themselves near gyms, other restaurants, and office spaces to attract a diverse customer base, taking advantage of high foot traffic and convenience.

Chained cafes specializing in Acai Bowls hold a significant market share, ranging from 0-2%. The Acai Bowl market in the UAE recorded a substantial revenue of approximately AED 170 Mn in 2022.

In Conclusion, the flourishing Acai Bowl market in the UAE holds immense promise for local entrepreneurs and small businesses seeking opportunities in the health food industry. With over 170 outlets spread across the country, the market has solidified its position as a prominent player in the UAE's Café and Coffee Chain industry. Fueled by health awareness, tourism, and a diverse customer base, the market offers fertile ground for innovation and growth, presenting a bright future for the Acai Bowl industry in the UAE.

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UAE Cafe And Coffee Chain Market

Accelerating Growth: Philippines Retail Deposit Market Set to Soar at 11.5% by 2027 Fueled by Infrastructure Developments such as improving transportation networks and Rising NCR Demand: Ken Research

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History of steady growth alongside a positive future forecast provides Philippines Retail Deposit Market increasing confidence & interest of stakeholders, says a report by Ken Research

1. NCR: Leading the Way in Deposit Market Penetration Despite Low Population Percentage.

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The National Capital Region (NCR) of the Philippines holds a significant position in the total deposit market, demonstrating remarkable penetration despite being home to only 12.4% of the country's population. This region, encompassing the capital city Manila and its surrounding areas, showcases a robust presence in the banking sector, attracting a substantial share of deposits. In 2021, account penetration was highest in Mindanao at 67%, overtaking Visayas at 55%. Meanwhile, the lowest recorded percentage was in North and Central Luzon at 47%.

2. Infrastructure: Banks promoting the digital banking scenario while networks being developed by government.

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Infrastructure development has played a crucial role in supporting the growth of the retail deposit market in the Philippines. The government's focus on enhancing infrastructure, such as improving transportation networks, building new commercial and residential spaces, and expanding access to banking services, has created favorable conditions for the market's expansion. Improved infrastructure has led to increased economic activity, urbanization, and financial inclusion, which in turn have driven the demand for retail deposit products. As people gain better access to banking services and the convenience of digital banking, the retail deposit market has witnessed significant growth. The development of robust infrastructure has not only improved the overall financial landscape but has also contributed to the stability and growth of the retail deposit market in the Philippines.

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

• Investors
• Risk-Averse Individuals
• Fixed Income Seekers
• Small Business Owners
• Non-Profit Organizations
• Fixed-Time Investors

Time Period Captured in the Report:

• Historical Period: 2016-2022
• Base Year: 2022
• Forecast Period: 2022-2027

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

Philippines Retail Deposit Market Outlook to 2027

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Thailand's car mobility-as-a-service market is being boosted by rising tourism, EV adoption, digitalization, and foreign operators: Ken Research

 1.Thailand’s Car MAAS industry growing at a robust rate after two years of sluggish growth due to Covid-19.

Recent Trends In Thailand Car Mobility-as-a-Service (MAAS) Market

Due to the limitations placed on travel and movement by COVID-19 in 2020 and 2021, the market was significantly impacted, leading to high costs and poor occupancy. But now Thailand has developed into a popular destination for leisure and MICE travel as well as for the production of automobiles, all of which have boosted the industry. Due to a variety of factors, including high prices, the drive toward sustainability, and the adoption of EVs, consumer preferences are changing from private ownership of a vehicle to shared mobility and automobile rental or leasing.

2.In Thailand's car MAAS business, problems including market dominance, fierce competition, and rising repair costs are only a few of the problems.

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The majority of the car mobility sector in Thailand is still mostly disorganized despite technological advancements and the advent of new age entrepreneurs. As a result, clients frequently obtain subpar service quality. While the unorganized sector might reach a wider audience, the organized sector provides safeguards and assurances in addition to value-added services. Another problem is the fierce competition; new business models, such those in the field of shared mobility, are emerging as disruptive and are posing risks to traditional automobile rental and leasing services. The emergence of ride-hailing applications and the growing acceptance of online reservations may further split the market, increasing competition. Additionally, the cost of marketing for developing and maintaining websites and mobile applications has increased due to the necessity to digitize. Car rental businesses typically have substantial overhead costs and large budgets for fleet maintenance. The industry also lacks a governing organization and strict rules governing the market for ride hailing, car sharing, and rental cars. Because there are no industry-wide norms or rules, there is a high concentration of unorganized companies, which lowers the quality of services while maintaining low costs.

3.The growth of Thailand's automotive mobility-as-a-service sector is being driven by booming tourism, EVs entry, and technological development.

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The demand for car mobility services has grown over time as a result of rising international and domestic tourism, as these services are practical for commuting inside cities and have clear pricing. The introduction of LTR Visa will make it simpler for tourists with high spending levels to remain in the nation for longer. Through a variety of specialized marketing initiatives, the nation is casting a wider net in an effort to draw a wider range of tourist demographics. Another key growing factor luring customers to use their services more frequently is the presence of EVs in the fleets of vehicle rental firms. Customers prefer renting or leasing EVs rather than owning them in order to take advantage of the most recent advancements because EV technology is characterized by quick iterations and is more expensive. Furthermore, the primary drivers of the growth of the nation's car rental services will be preferences for the use of technologically advanced personal vehicles. Lastly, proliferation of smartphones has led to considerable growth for mobile application-based business models. This will not only make these services more accessible but also more affordable with increased competition and transparent pricing.

The Thailand Car Mobility-as-a-Service Market is growing owing to introduction of EVs, booming tourism and technological advancement: Ken Research

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Focus on younger population, parking facilities and online car rental booking services are major factor contributing towards development of Car Mobility-as-a-Service Market in Thailand

Introduction of EVs and Rising Car prices: Another key growing factor luring customers to use their services more frequently is the presence of EVs in the fleets of vehicle rental firms. Customers prefer renting or leasing EVs rather than owning them in order to take advantage of the most recent advancements because EV technology is characterized by quick iterations and is more expensive. Furthermore, rising auto prices are encouraging consumers to switch from owning automobiles to using shared mobility services as their preferred mode of transportation. A variety of factors, such as tax benefits and a drop in administrative expenses, are causing businesses to gradually move away from owning assets and into operating leases.

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Market entry of international players: The introduction of foreign corporations is boosting competition in the market by driving down costs and raising the standard of services, despite the fact that the majority of the industry is unorganized and controlled by local competitors. In Thailand, SIXT announced the launch of its brand-new "SIXT ELECTRIC" service for its fleet of cutting-edge electric vehicles. Additionally, to open offices in Bangkok and Pattaya, Thrifty, a division of the international Hertz International Group, collaborated with the regional car rental company Paragon.

Severe Competition: New business models such as in the sphere of shared mobility are emerging as disruptive and are posing threats to conventional car rental and leasing services. Emergence of ride-hailing applications and rising popularity of online bookings may lead to further fragmentation in the market which would make competition intense.

Lack of regulations & mismatched pricing: The business lacks a regulating organisation and strict rules governing the market for ride hailing, car sharing, and rental cars. Due to a significant concentration of unorganised companies and the absence of industry standards and regulations, services are of lower quality and are offered at lower costs.

Analysts at Ken Research in their latest publication “Thailand Car Mobility-as-a-Service (MAAS) Market Outlook to 2027- Driven by Rising tourism, technological developments and booming automotive manufacturing” observed that Car Mobility-as-a-Service Market in Thailand is at growing stage. The consumer preferences, internet and smartphone penetration, growing tourism with government initiatives is expected to contribute to the market growth over the forecast period. The market is expected to grow at an 6.1% CAGR during 2022-2027.

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Major Players Mentioned in the Report

• Thai Rent a Car
• North Wheels Rent a Car
• Biz Car Rental
• SIXT
• Hertz
• South East Capital
• ORIX Leasing
• Krungthai Car Rent
• Pharta Leasing
• True Leasing
• Grab
• Line Taxi
• Bolt
• Haup Car
• Hamo
• QC Leasing
• Budget Car Rental
• Prop Up Car Rental
• Biz Car Rental
• Eco Car Rental

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

• Car Rental, Leasing, Sharing, Ride Hailing Service Providers
• Car Rental, Leasing, Sharing Companies Aiming to Establish in Thailand
• Thailand Automotive Industries
• Government Bodies & Regulating Authorities
• Venture Capitalist Targeting the Mobility Market
• Automotive Industry Association
• Car Manufacturers
• Existing Car Rental Companies
• OEM Dealerships
• New Market Entrants
• Investors
• Car Leasing Associations

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: –

Thailand Car Mobility-as-a-Service (MAAS) Market

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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.