Philippines car rental market is in the growing stage, driven by the increase in disposable income and the rising demand from tourist activities: Ken Research

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With the Covid’19 pandemic getting over and removal of travel restrictions, the market is again picking up and is expected to continue growing in the coming years as renting a car for travel is faster and more convenient than public transport or other means to get around the city.

Covid Impact on Market: Before the pandemic, between 2017 and 2019, the market was surging at a steady rate as the service was becoming more popular among users due to its affordability and convenience and higher internet penetration. Post pandemic, the market demand was highly impacted and negatively affected. The long duration of lockdowns forced companies to lay off the vehicles to reduce their loss and hence, the fleet size decreased.

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Demand from Tourist Activities: With the travel restrictions and safety concerns, the tourist movement completely stopped. Along with that, offices were operating remotely, hence there was not much demand in the market. With the removal of travel restrictions, the market is again picking up and is expected to continue growing in the coming years.

Increase in Disposable Income: With an increase in disposable income of people from the previous year, the paying capacity of people have increased. With this people has been spending more than earlier on renting cars.

Analysts at Ken Research in their latest publication “Philippines Car Rental Market Outlook to 2027F - Driven by the increase in tourism and business activities along with deeper internet penetration and adoption of digital services.” observed that the Philippines car sharing market is expected to showcase considerable growth in the coming five years. In the upcoming years, it is predicted to expand more rapidly due to increased internet penetration and the adoption of smartphones. The Philippines Car Rental Market is expected to grow at robust CAGR over the forecasted period 2022P -2027F.

Key Segments Covered in the report

Philippines car Rental Market

By Type of Booking

• Online market
• Offline market

By Type of Car

• Small Cars(PHP 3500-7500 / Per trip)
• Medium(PHP 3500-7500 / Per trip)
• Luxury(PHP 7500+)

By Purpose

• Leisure
• Business

Philippines Car Leasing Market

By Type of Region

• Manila
• Luzon
• Visayas
• Mindanao

By Time Duration

• 1 year
• 2 year
• 3 year
• 4 or more year

By Vehicle Price Range

• Sedan(PHP 20000-35000
• SUV(PHP 35000-50000)
• Premium(PHP 50000+)

By Type of End User

• Corporate
• Retail Individuals

Philippines Ride Hailing Market

         By Type of Region

• Metropolitan
• Non Metropolitan

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Philippines Ride Sharing Market

By Point of Service

• Rest Area
• At Airport

By Type of Car

• Sedan
• SUV

By Type of Distance

• Short distance
• Long distance

Philippines Self-Drive Car Rental Market

By Type of Region

• Metro cities
• Non metro cities

By Type of Booking Channel

• Online
• Offline

By Usage

• Intercity
• Intracity

By Time Period

• 1-2 days
• A week
• A month

By Type of Car

• Standard (PHP 1500 + / per hour)
• Luxury (PHP 1000-4000/24hours)

By Type of Booking Period

• Weekend
• Weekdays

By Segment of Car

• Standard
• luxury

By Status of Ownership

• Owned
• Leased

By Point of Service

• At Airport
• Rest area

Key Target Audience

• Car Rental Service Providers
• Car Rental Companies aiming to establish in the Philippines
• Philippines Automotive Industries
• Government Bodies & Regulating Authorities
• Venture Capitalist targeting the car rental market
• Automotive industry association
• Car Manufacturers
• Existing Car Rental Companies
• OEM Dealerships
• New Market Entrants
• Investors
• Car Rental Associations

Time Period Captured in the Report:

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

Companies Covered:

Car Rental

• Diamond Rent-a-Car
• Luxicar
• Voyg
• Rent a Car ECLPI
• Avis
• Hertz
• SafeRide

Self-Drive

• Europcar
• Thrifty
• Juzzr Car Rental
• Hertz
• Voyg
• SafeRide
• VPI

      Ride Hailing

• Grab
• JoyRide
• Hirna
• Maxim

     Ride Sharing

• Grab
• Hirna

      Car Leasing

• Orix
• Avis
• Diamond Rent-a-Car
• Europcar
• Herts
• ECLPI Rent a Car 

Key Topics Covered in the Report

• Overview and Genesis of Car Rental Market in Philippines
• Ecosystem of Philippines Car Rental Market
• Business Cycle of Philippines Car Rental Market
• Timeline of Major Players of Philippines Car Rental Market
• Value Chain Analysis of Philippines Car Rental Market
• Philippines Car Rental Market Sizing, 2017- 2022
• Market Segmentations of Car Rental Market in Philippines
• Snapshots on different Car Rental Markets in Philippines
• Industrial Analysis of Car Rental Market in Philippines
• Competitive Analysis of Car Rental Market in Philippines
• Future Outlook and Projections of Car Rental Market in Philippines 

For More Insights On Market Intelligence, Refer to the Link Below: –

Philippines Car Rental Market Outlook to 2027

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Vietnam Car Rental Market Outlook to 2027F

Belgium Car Rental Market Outlook 2027F

Revolutionizing Stem Cell Banking: How New Technology and Increasing Awareness Propel North America and Asia Pacific to Generate Over USD 6 Bn Combined in 2022. But What Does the Future Hold? Ken Research

 The Global Stem Cell Banking Market is moderately consolidated with competitive rivalry among the competitors. Some of the popular Stem Cell Bank brands like CBR, CryoCell, Life Cell, Cordlife, Vita 34, and Smart Cells compete on the basis of price, subscriptions, VAS, turnover time and inventory management.

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1. North America Stem Cell Banking Market Surges: Propelled by Increasing Prevalence of Chronic Diseases, Rising Adoption of Regenerative Medicine, and Growing Clinical Studies on Cellular Therapies.

• The applications of stem cell technologies in the treatment of diseases have ultimately increased the overall adoption rate of these technologies across the region. This has led to increased investments by market players in the development of novel therapies in this area.
• With the increased availability of clinical evidence, public awareness regarding the therapeutic potential of stem cells, the market is on the rise.

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• Rising investments and R&D from public and private organizations for the development & expansion of cell-based therapies are expected to drive the market.
• For instance, in January 2022, Cellino Biotech, an autonomous cell therapy manufacturing company, raised USD 80 Mn to expand access to stem cell-based therapies, healthcare spending increased by 3.4% in 2021, per the Health Care Price Index.

2.The Growth of Stem Cell Banking Market in Asia Pacific: Rising Prevalence of Chronic Diseases Spurs Novel Therapeutic Technologies.

• The stem cell banking market is growing rapidly in the Asia Pacific region due to increasing awareness on therapeutic potential of stem cells for various diseases.
• For instance, the Albanese Government is investing nearly $ 7 Mn in Australia for stem cell research that will enable live stem cells to be 3D printed in order to treat damaged body parts.

• The demand for stem cell banking is driven by rising prevalence for chronic diseases such as cancer, stroke, diabetes, and obesity in Asian countries.
• Stem cell led to development of novel technologies for the treatment of diseases.
• For instance, there were over 14,00,000 incident cases of cancer in India in the year 2022.

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

• Stem Cell Banking Companies
• Biopharmaceuticals Companies
• Cord Blood Banks
• Machinery and Equipment Suppliers for Stem Cell Banking
• Cryogenic Healthcare Equipment Manufacturers
• Biotechnology - Therapeutics and Diagnostics Companies
• Pharmaceutical Companies
• World Marrow Donor Association
• Cord Blood Association
• The International Stem Cell Banking Initiative (ISCBI) – PubMed
• Healthcare Research Institutes
• Healthcare Technology Research Institutes
• Healthcare Technology Regulatory Authorities
• Government Ministries and Departments of Healthcare

Time Period Captured in the Report:

• Historical Period: 2017-2022
• Base Year: 2022
• Forecast Period: 2022-2028

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

Global Stem Cell Banking Market Outlook to 2028

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Phoenix Market City Chennai: The Rising Retail Star - Unveiling Growth Secrets: Ken Research

 Phoenix Market City is a popular chain of shopping malls in India owned by the K Raheja Corp Group. Phoenix Market City is the top-choice shopping mall in Chennai, preferred by a majority of people for their retail and leisure needs.

STORY OUTLINE

• Prime Collaboration: Phoenix Market City Chennai, a joint venture of Phoenix Mills Ltd and Crest Ventures Pvt Ltd, targets brand-conscious consumers for an exceptional shopping experience.
• Diverse Product Mix: Phoenix Market City houses flagship stores of renowned brands, cafes, fine dining, and a food court with international and national brands.
• Unparalleled Entertainment: Luxe Cinemas and Chennai's only Imax theaters, along with a gaming area and playful attractions, provide endless fun for all ages.
• Customer-Centric Approach: Modern amenities, spacious walkways, cleanliness, and excellent customer service set new standards for a memorable shopping experience.
• Continuous Growth and Expansion: Since 2013, Phoenix Market City has consistently expanded, becoming Chennai's second-largest and India's fourth-largest mall. Exciting events at the central atrium captivate visitors.

Phoenix Market City Chennai is a collaboration between Phoenix Mills Ltd and Crest Ventures Pvt Ltd. Targeting brand-conscious consumers, these market cities aim to provide an exceptional shopping experience with top-notch products. Strategically situated in Velachery and covering an area of 0.09 Mn square meters, it caters to the growing affluent Indian population.

The mall offers a diverse product mix, featuring flagship stores of well-known brands catering to everyday, weekly, and monthly needs. It also houses cafes, fine dining restaurants, and a food court with a wide selection of international and national brands. Additionally, the mall provides unparalleled entertainment and leisure options, including a spacious, well-designed multiplex, and a Family Entertainment Center.

1. Bigger and Better: Unraveling the Vast Size and Layout of Phoenix Market City!

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Phoenix Market City in Chennai is one of the largest and most popular shopping malls in the city. It is situated in the Velachery area, a bustling and well-connected neighborhood, making it easily accessible to a wide customer base.

Phoenix Market City Chennai boasts a vast retail space, housing numerous national and international brands across various categories such as fashion, electronics, home decor, beauty, and more. The mall's layout is designed to offer a seamless shopping experience, with well-organized store clusters and convenient navigation.

2. Phoenix Market City Chennai Sets New Standards for Customer Experience

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Phoenix Market City places a strong emphasis on providing an enjoyable customer experience. The mall is designed with modern amenities, spacious walkways, clean facilities, and excellent customer service.

Phoenix Market City stands out as the top-rated mall, with the majority giving it an 'Excellent' rating for the overall experience, while Orion Mall predominantly received a 'Very Good' rating.

3. Phoenix Market City Chennai's Continuous Expansion

Phoenix Market city in Chennai, Tamil Nadu, India, is a shopping mall developed by Phoenix Mills Limited. Launched in January 2013, it stands as the city's second-largest mall and was ranked as the fourth largest mall in India in 2018. Boasting a built-up area of 1,500,000 square feet and a leasable retail area of 1,000,000 square feet.

Phoenix Market City sets itself apart with Luxe Cinemas, featuring 11 screens, and Chennai's only Imax theaters, offering a premier cinematic experience. Children are delighted with a gaming area, a Toy bus on the ground floor, and a Toy train on the second floor, providing endless fun for the little ones.

The central atrium comes alive with a plethora of live shows, events, music performances, and captivating shows. Visitors can always expect an exciting and dynamic atmosphere, adding to the charm of the mall's vibrant entertainment offerings.

In conclusion, Phoenix Market City Chennai stands as a premier shopping and entertainment destination, offering a diverse product mix, unparalleled entertainment experiences, and excellent customer service. Its collaboration between Phoenix Mills Ltd and Crest Ventures Pvt Ltd has paved the way for continuous growth and expansion. With its strategic location, vibrant atmosphere, and commitment to customer satisfaction, the mall continues to captivate and cater to the ever-growing affluent Indian population.

Saudi Arabia Implements Rainbow Toy Ban: Navigating Business Landscape amidst Changing Social Policy Norms: Ken Research

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May 2022 witnessed a recent regulatory compliance procedure within the rainbow toy industry in KSA. The action reflects Saudi Government’s ongoing commitment at addressing what they perceive as potential ‘LGBTQ’ references within the state boundaries with state run, ‘EL-Akhbariya’ TV expressing concerns about the messages being conveyed by rainbow-colored toys.

Storyline:

• As per Ken Research estimates, the long-term market unfolding is yet to be seen depending upon the market-business relations.
• Companies like Teeela, Kuwait based gifting giant has already sided with KSA after the former entered the market in August 2022 signaling a positive scenario for other brands eyeing the market.
• ‘Cooperation Strategy’ is what is expected to drive a positive market growth in long-term as market repulsion is not beneficial for players given the hug potential the region holds with an overall population of 9 Mn between the ages of 0-14 years.
• The move may introduce changes in product availability and consumer preferences as KSA is already heavily regulated market when it comes to toy industry.
• Regulatory compliance procedure was carried out in KSA’s rainbow toy Market banning all toys & accessories representing LGBTQ community in May 2022.

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1. Toys in Transition:’ The Road Ahead for KSA’s Toy Market amidst regulatory changes

KSA Toy Market Dynamics: Click Here

The long-term impact of ban on the toy market in KSA remains to be seen, as it may introduce changes in product availability and consumer preferences as KSA is already heavily regulated market when it comes to toy industry. Observing the evolving dynamics and market response will be crucial in understanding the lasting effects of this measure with ultimate effect on companies trying to enter the market or even look for expansion.

2. Navigating Cultural Dynamics: Unveiling Growth Potential and Collaborative Strategies in KSA's Thriving Market

Looking at growth potential & massive opportunities with an overall 9 Mn population within the age grownup 0-14 years, market repulsion is not in books as of now. ‘Cooperation strategy’ is what will open new arenas of product profitability as many other countries in the Gulf region have adopted similar approaches when it comes to addressing LGBTQ-related matters, reflecting their respective cultural and social perspectives. It underscores the shared strategies employed by these nations in managing and addressing such issues within their specific contexts. Business, therefore has to be approached taking into positive consideration the religious & cultural beliefs of the region.

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3. Exploring New Horizons: Teeela's Entry Sparks Interest in Saudi Toy Market Amidst Growing Industry Landscape

Furthermore, the entry of companies like Teeela, a Kuwait-based gifting giant, into the Saudi market in August 2022, has ignited curiosity among other players considering expansion into the Saudi toy market & although certain trends such as preference for 'hijabi dolls' and the requirement of 'G-Mark' conformity for toy imports exist in the country, the market's potential and development scenario are factors that ignite attention. This is evident from the presence of over 1k manufacturers, 10+ distributors, and 2k+ retailers currently operating in the region.

As per Ken Research, as of now it’s unclear as to how the new & existing players will position themselves in the rapidly changing industry landscape but if long term growth as well as a win-win situation has to be seen on both sides of the market, the key lies in navigating change & embracing the growth potential that lies ahead.

Major Players Mentioned in the Report:

KSA Toy Market Manufacturers

• MGA
• Jazwares
• Clementoni
• Melissa & Doug
• ELC
• Lego

KSA Toy Market (Major Distributors)

• Samaco Toys & Leisure
• Toy Triangle
• Toy City
• Child Toy
• Al- Khairat
• Toy’s
• ALGT

KSA Toys Market (Retailers)

• Virgin
• Danube
• Nibras Almuneer
• Game Store
• Dawoood
• Shobra
• Sako

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

• Retailers
• Distributors
• Young Kids
• Teenagers
• Toy Collectors
• Gift Shoppers

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: –

KSA Toy Market

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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.

For more insights on market intelligence, refer to the link below: –

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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KSA Lending Market Outlook to 2027
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South Africa Buy Now Pay Later Market Outlook to 2027F

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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Philippines Car Rental Market Outlook to 2027

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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.

 Click to Read Full Article: Malaysia Wire Harness Market

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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