2019/10/1 – CRI Report

Non-life Insurance Market in India 2019

admin — Sat, 12 Sep 2020 05:24:34 +0000

Amidst the ongoing economic slowdown across India, the insurance sector is expected to witness an expansion mainly due to the proposed increase in foreign investment limit on insurance intermediaries from 49% to 100%. The non-life insurance market is expected to reach INR 3,662.94 Bn by FY 2024, expanding at a compound annual growth rate (CAGR) of ~14.79% during the FY 2020-FY 2024 period. Major players currently operating in the Indian non-life insurance market include The New India Assurance Company Limited, National Insurance Company Limited, Oriental Insurance Company Limited, Tata AIG General Insurance Company Limited and Agriculture Insurance Company of India Limited. Out of them, the four public sector insurers – New India Assurance Company, United India Insurance Company, National Insurance Company and Oriental Insurance Company – held a combined market share of ~40%, in terms of gross direct premium, in FY 2019.
Market segment insights
In FY 2019, the motor insurance segment (own damage and third party) held the largest market share (~37.91%), followed by the health insurance segment (~26.76%). With an increasing number of people falling victim to lifestyle diseases, awareness regarding health has risen. As a result, the demand for health insurance policies has picked up. Further, the government has made it mandatory for all vehicles plying on the road to be covered under an insurance policy, on account of which the demand for motor insurance has increased across the country.
Out of the major segments of the Indian non-life insurance market, the personal accident insurance segment experienced the fastest year-on-year growth of ~24.95% during the FY 2015-FY 2019 period. Tata AIG, Chola MS General Insurance, Bajaj Allianz and ICICI Lombard are some of the major companies offering personal accident coverage.
Key growth drivers of the market
An increase in the number of millennials with high disposable income has led to a rise in the sale of bikes and cars, in recent years. As per IRDAI rules, it is mandatory to have motor insurance for all vehicles plying on the road, resulting in a growing demand for products offered in the motor insurance segment. Also, with a rising disposable income, household savings of consumers have increased, In order to ensure that savings have high returns, most customers tend to invest in various segments of the non-life insurance market.
Key deterrents to the growth of the market
High claim ratio, especially in the health insurance and motor insurance sectors, is one of the major reasons impeding the growth of the non-life insurance market in India. As a result of high claim ratio, the premium amount for policies has increased, making the same less affordable to the middle-income group.
Companies covered
• ICICI Lombard General Insurance Company Limited
• The New India Assurance Company Limited
• Agriculture Insurance Company of India Limited
• Bajaj Allianz General Insurance Company Limited
• HDFC ERGO General Insurance Company Limited
• National Insurance Company Limited
• Oriental Insurance Company Limited
• Star Health and Allied Insurance Company Limited
• Tata AIG General Insurance Company Limited
• IIFCO Tokio General Insurance

The post Non-life Insurance Market in India 2019 first appeared on CRI Report.

Smart Lighting Market in India 2019

admin — Sat, 12 Sep 2020 05:22:31 +0000

Digitization is changing the way consumers, government and businesses interact with the physical world. The lighting industry is expected to be the next digital disruptor, owing to the increasing adoption of Internet of Things (IoT).
Smart lighting is an emerging technology that is replacing conventional lightings like halogens, CFLs, and incandescent bulbs with efficient LED lights and sensors for energy conservation. Smart lights have automated controls which make adjustments depending on various conditions like availability of daylight. In terms of revenue, the India smart lighting market was valued at INR 7.63 Bn in 2018, which is expected to reach INR 80.56 Bn by 2024, expanding at a CAGR of ~48.87% during the forecast period.
Market insights
Favorable government initiatives like the Smart Cities Mission (SCM), increasing demand for intelligent solutions for street and office lighting and evolving lifestyle of Indian consumers establish a positive environment for the growth of the smart lighting market in India. The government has initiated the smart street lighting installation program in all major cities of the country. The development of third-party apps, voice assistants, and new product formats that connect with people are further driving the smart lighting market.
Although the rapid growth in digitization offers ample opportunities, significant barriers like lack of interoperability and standardization in smart devices, high costs, and complexity in system configuration tend to slowdown the adoption of smart lights in India.
Industry players are moving towards enhanced technologies like Light Fidelity (Li-Fi) and solar-based smart lighting that is expected to transform the smart lighting market.
Segmentation insights
Based on application, the smart lighting industry can be segmented into smart outdoor and smart indoor lighting. Street lights comprise the most substantial portion of the outdoor lighting segment. Smart outdoor lighting finds its application in industrial and commercial spaces. Smart indoor lights, on the other hand, have their application in smart residential homes.
Based on the lighting source, liquid display bulb, down lights and batten lights are the major segments. DMX, DALI, and power over Ethernet are major wired lighting technologies, whereas Zigbee and Bluetooth are major wireless technologies

Competitive insights
The industry is fragmented but comprises a few well-established players like Wipro, Philips and Syska. As smart lighting technology is relatively untapped, new players like Xiaomi, Svarochi and Halonix are rapidly gaining market share. The industry is attracting investments from foreign players offering other smart devices.
Companies covered
• Bajaj Electricals Limited
• Wipro Lighting
• Philips India Limited
• Syska LED Light Private Limited
• Osram India
• Schneider Electric India Private Limited
• Samsung India Electronics Private Limited
• Xiaomi Technology India Private Limited
• Svarochi Lighting
• Halonix Technologies Private Limited

The post Smart Lighting Market in India 2019 first appeared on CRI Report.

Specialty Chemicals Market in India 2019

admin — Sat, 12 Sep 2020 05:20:14 +0000

Over the past few years, the specialty chemicals market in India has been flourishing, owing to the rise in demand from various end-user industries. The specialty chemicals market in India was valued at INR 2,356.92 Bn in FY 2018 and is expected to reach INR 4,527.36 Bn by FY 2024, expanding at a compound annual growth rate (CAGR) of ~11.9% during the FY 2019-FY 2024 period. Unlike basic chemicals, the price of specialty chemicals is determined depending on their unique features and utilities rather than composition. Major players operating in the market include Aarti Industries Limited, BASF India Limited, Deepak Nitrite Limited, PI Industries Limited, and SRF Limited.
Market segment insights
In FY 2019, the colorants segment held the largest market share of ~27%, followed by the paints and coatings (~25%), and agrochemicals (~14%) segments. The demand for colorants picked up due to the growth of the textile and automobile industries, as well the real estate market, both within and outside India. The Indian automobile industry accounts for the highest demand for paints and coatings. The growth of agrochemicals production can be attributed to the rising demand of high-yielding seeds and crops among farmers, in order to fulfil the growing requirement of food across the country.
Among the major segments of the Indian specialty chemicals market, the water treatment chemical segment is expected to experience the fastest year-on-year growth of ~14.63% during the FY 2016-FY 2024 period. The troubling rise in water pollution and drinking water requirements for the continually increasing population results in the high demand of water treatment chemicals.
Key growth drivers of the market
An increase in demand in end-user industries like food processing, personal care, and home care is propelling the development of the different segments of the Indian specialty chemicals market. Due to busy work schedules, people lack the time to cook and prefer consuming processed and packaged foods. Edible oils find application in the food processing market. Therefore, growing consumption of processed and packaged food is leading to the rise in demand of edible colors. Improvement in the standard of living as a result of globalization and an increase in the per capita income are driving growth in the premium home care and personal care segments. In addition to the increasing demand from end-user industries, the downturn of the Chinese chemical market in the past few years has established export opportunities for Indian manufacturers.

Key deterrents to the growth of the market
The specialty chemicals market in India is operated mostly by small-scale firms that cannot compete with large firms functioning in the global market. Moreover, the demand and supply of specialty chemicals largely depend on the demand from end-user industries. Therefore, a minor change in the operation of end-user industries leads to significant implications in the specialty chemical market. Due to the fragmented nature of the market and high dependence on end-user industries, specialty chemicals companies in India face stiff competition, with buyers switching brands based on product quality and price.

Companies covered
• Aarti Industries Limited
• Atul Limited
• BASF India Limited
• Bodal Chemicals Limited
• Deepak Nitrite Limited
• Galaxy Surfactants Limited
• PI Industries Limited
• Pidilite Industries Limited
• SRF Limited
• Vinati Organics Limited

The post Specialty Chemicals Market in India 2019 first appeared on CRI Report.

Ayurveda Market in India 2019

admin — Sat, 12 Sep 2020 05:20:12 +0000

In recent years, as a holistic healing system, ayurveda has witnessed evolution in the form of ayurvedic products and services. Rising awareness about the importance of a healthy lifestyle, increasing preference in favour of chemical-free natural products, as well as favourable government initiatives have led to the expansion of the Ayurveda market in India.
Market insights:
The Ayurveda market in India was valued at INR 300 Bn in 2018, and is expected to reach INR 710.87 Bn by 2024, expanding at a compound annual growth rate (CAGR) of ~16.06%, during the forecast period (2019-2024). In 2018, around 75% of Indian households used ayurvedic products as against only 67% in 2015. Of late, manufacturers have been using herbal ingredients in the production of personal care products like lotions, oils and shampoos. Players in the food processing industry are also making use of herbal ingredients in manufacturing products like packaged juices and nutritional supplements.
Segmentation based on product usage:
The Ayurveda market in India is segmented on the basis of Ayurveda products and Ayurveda services. Personal care products, food and beverages, household products and healthcare products fall under the Ayurveda products category. The Ayurveda services segment comprises healthcare services, and spa and rejuvenation services. In 2018, the Ayurveda products segment accounted for approximately 74% of the market, while the Ayurveda services segment held the remaining ~26%.
Key growth drivers of the market:
• To maintain a healthy lifestyle, consumers are increasingly preferring food products like herbal tea, oats, corn flakes, biscuits, cookies, spices, jam, and almond oil which are made of natural ingredients. With the increase in awareness about the harmful effects of chemicals on health, used in the production of popular conventional skin care, hair care, body care, and other beauty care products, a shift of preference among consumers has been observed in favour of herbal personal care products, which is driving the growth of the market.
• The global acceptance of traditional practices of herbal and Ayurveda treatments has broadened the prospects of ‘Ayurveda tourism’ in India. As a result, many Ayurveda rejuvenation and therapeutic centres have been established in states like Kerala, Uttarakhand, Goa and Odisha.
Key deterrents to the growth of the market:
• Owing to adverse weather conditions, yield of high-quality herbal and medicinal plants is low in India. Also, excessive use of insecticides and pesticides degrades the quality of herbs with medicinal properties. Herbal and medicinal plants being the primary ingredients of all Ayurveda products, shortage of high-quality plants lead to deteriorating quality of these products and services.
• The Ayurveda market in India consists of several players who do not adhere to the quality standards for the products and services offered. There are FPS (Finished Product Specifications), GMP (Good Manufacturing Practice) and ISO (International Organization for Standardization) for quality certifications in India. However, in most cases, regular tests are not carried out to check whether manufacturing guidelines are met. Also, there is a lack of proper scientific documentation of traditional Ayurveda practices.

Competition analysis:
Consumers often purchase Ayurveda products based on the quality and reputation associated with a brand. Therefore, in order to gain high sales volume and revenue in the market, a company needs to develop a strong brand image, which may prove to be difficult for a new entrant. Major players operating in the Indian Ayurveda products market include Dabur India Limited, Emami Limited, Patanjali Ayurveda Limited, The Himalaya Drug Company, Sandu Pharmaceuticals Limited, and Shahnaz Ayurveda Private Limited. Baidyanath, Dabur, and Emami together account for about 85% share of the country’s Ayurveda market. The top players operating in the Ayurveda services market in India include Somatheeram Ayurvedic Hospital and Yoga Centre Private Limited, Ananda in the Himalayas, Kairali Ayurvedic Centre Private Limited, Mercure Goa Deevaya Retreat, and Ayurogashram Private Limited.

Companies covered:
• Dabur India Limited
• Emami Limited
• Sandu Pharmaceuticals Limited
• Charak Pharma Private Limited
• Herbolab India Private Limited
• Himalaya Drug Company Private Limited
• Nagarjuna Herbal Concentrates Limited
• Patanjali Ayurved Limited
• Shahnaz Ayurveda Private Limited
• Shree Baidyanath Ayurved Bhawan Private Limited
• Somatheeram Ayurvedic Hospital and Yoga Centre Private Limited
• Kairali Ayurvedic Centre Private Limited
• Mercure Goa Deevaya Retreat
• Ananda In The Himalayas
• Ayurogashram Private Limited

The post Ayurveda Market in India 2019 first appeared on CRI Report.

Mobile Healthcare Market in India 2019

admin — Sat, 12 Sep 2020 05:19:31 +0000

Market insights
The increased adoption of digital strategy has disrupted the Indian healthcare industry. The rising demand for online appointment scheduling and remote consultation has fueled the growth of the mobile healthcare market in the country. In terms of revenue, the India mobile healthcare market was valued at INR 39.83 Bn in 2018 and is estimated to reach INR 197.14 Bn by 2024, expanding at a CAGR of 31.07% during the 2019-2024 period. Reduced cost burden, improved patient interaction, and data accuracy have encouraged the acceptance of mobile healthcare in the country. The market is fragmented with the presence of emerging start-ups and various global players, strengthening their footprint in India. Various mobile healthcare companies, including Practo, mfine, and CureFit received sizeable investments over the recent past owing to impressive growth opportunities in the market.

Market segmentation based on type:
Based on type, the mobile healthcare market is segmented into mobile healthcare devices and services. Mobile healthcare services, which mainly consists of healthcare apps, is estimated to be the leading segment, accounting for ~68.00% of revenue share in 2024. Improved clinical outcome, coupled with quick access, is projected to drive the demand for healthcare apps.
The mobile healthcare devices segment comprises wearable and monitoring devices for checking various health parameters such as blood pressure, blood glucose, oxygen saturation, and respiration. The increasing demand for monitoring devices to manage chronic disease conditions has attributed to the growth of the segment. However, consumer preference is expected to shift from the healthcare devices to the healthcare services segment, owing to high costs, interoperability issues, and availability of similar functions on mobile applications. The healthcare services segment is estimated to expand at a CAGR of ~31.81% during the 2019-2024 period.

Market influencers:
The rise of digital technologies, coupled with supportive governmental policies, has augmented the growth of the mobile healthcare market in India. The number of mobile subscribers grew at a rate of ~7.1% during the 2014-2018 period, whereas the number of Internet subscribers grew at ~18.4% during the same period. The Indian government, being a key stakeholder, have formulated effective policies and projects to boost the market.
The emergence of corporate wellness programs is likely to play an essential role in driving the market growth. Users’ health data is monitored using wearable devices and healthcare apps, which allow employers to take preventive actions to reduce insurance costs. Various advantages, including patient-centric care, proactive response, improved access, and reduced cost, have bolstered the adoption of mobile healthcare to fulfil the gaps of the traditional healthcare ecosystem.
However, challenges regarding poor technology infrastructure, uncertainty in performance, and data security have been impeding market growth. New entrants are struggling to establish their footprint in the market due to lack of adequate knowledge and attention of policymakers, and an instable revenue model. Moreover, owing to India’s linguistic diversity, the absence of language localization becomes a challenge. As a result, the lack of multilingual communication is slowing down adoption among consumers in the country.

Technology insights
Mobile healthcare in India is projected to witness the implementation of disrupting technologies like Internet of Things (IoT), Internet of Medical Things (IoMT), artificial intelligence (AI), and machine learning. IoMT is anticipated to find extensive application in remote monitoring, ICU vitals monitoring, ambulance vitals monitoring, indoor navigation, and data interoperability from conventional devices.

Companies covered
• HealthifyMe Wellness Private Limited
• HealServ
• Lybrate India Private Limited
• Practo Technologies Private Limited
• Fitbit India Private Limited
• GOQii Technologies Private Limited
• OMRON Healthcare India Private Limited
• Roche Diabetes Care India Private Limited
• Samsung India Electronics Private Limited
• Xiaomi Technology India Private Limited

The post Mobile Healthcare Market in India 2019 first appeared on CRI Report.

Wearable Devices Market in India 2019

admin — Sat, 12 Sep 2020 05:19:12 +0000

Market Insights:
Since 2015, the sale of wearable devices in India has increased rapidly. Besides smart watches and wristbands, ear-worn devices have also become very popular in the country and have gained a considerable market share in 2019, allowing the wearable devices market to flourish. Awareness regarding fitness, technological advancements, and the availability of high-speed Internet connectivity are the major factors propelling market growth. The wearable devices market in India is anticipated to expand at a compound annual growth rate (CAGR) of ~26.33%, and reach a sales volume of 16.22 Mn units by 2024, from 4.72 Mn in 2019.

Market Segment Analysis:
Based on product type, in 2019, the wristband segment would occupy the highest market share (~47.90%), followed by the newly emerging segment of ear-worn devices, with a market share of ~44.40%. Earlier, earwear devices were less popular. However, with the transition from wired earphones to wireless technology, Bluetooth-enabled earphones became prevalent, and the earwear segment became a significant contributor to the wearable devices market. Also, major smartphone companies discontinued providing earphones with phones as an accessory, which accelerated the growth of earwear devices further. However, the wristband segment, which still occupies a considerable market share, is witnessing saturation levels in its growth trajectory and significant decline in its demand with the growing popularity of applications that run on Android and iOS, like HealthifyMe and MyFitnessPal. These low-cost counterparts are perfect substitutes for expensive wearables, as they are programmed to perform similar kind of functions as wristbands. On the other hand, the smartwatch segment has lost its market by ~5.60% over the last three years due to the high price range of smartphones and considerably lower value proposition. Overall, the shipment volume of wearable devices has experienced a growth of around 25.53% from 2018 to 2019.

Competition Analysis:
By the end of 2018, the Chinese multinational company, Xiaomi Technology India Private Limited managed to be the leading player in the wearable devices market in India, followed by GOQii Technologies Private Limited, and Titan Company Limited. Other major players in the market are Fitbit India Private Limited, Fossil India Private Limited, and Samsung India Electronics Private Limited. Xiaomi Mi Band 3 (a fitness band launched by Xiaomi in September, 2018) was the highest-selling wearable device in India till March 2019. The upgraded version of the same fitness band, Xiaomi Mi Band 4, launched in September 2019, has already gained a considerable momentum so far.

Companies Covered
• Titan Company Limited
• Apple India Private Limited
• Fitbit India Private Limited
• Fossil India Private Limited
• Garmin India Private Limited
• Google India Private Limited
• GOQii Technologies Private Limited
• Huawei India Private Limited
• Samsung India Electronics Private Limited
• Xiaomi Technology India Private Limited

Customizations available:
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The post Wearable Devices Market in India 2019 first appeared on CRI Report.