A quick peek into the report
Table of Contents
Executive Summary
1.1 Report Scope
1.2 Electric Vehicles Market Research Methodology
2.1 Market Drivers
2.1.1 Stringent Governmental Regulations
2.1.2 Growing Demand for Fuel Efficient Vehicles
2.1.3 Governmental Initiatives
2.1.4 Impact of Market Drivers
2.2 Market Challenges
2.2.1 High Initial Cost
2.2.2 Charging Time
2.2.3 Impact of Market Challenges
2.3 Market Opportunities
2.3.1 Automakers Collaborations and Infrastructure Development
2.3.2 Declining Battery Price
3.1 Key Strategies and Developments
3.1.1 Partnerships, Collaborations & Joint Ventures
3.1.2 Product Launches & Development
3.1.3 Business Expansion
3.1.4 Mergers and Acquisitions
3.1.5 Others (Events, Awards, and Achievements)
3.2 Market Share Analysis
3.3 R&D Analysis
4.1 Government Initiatives
4.2 Charging Stations Analysis
4.3 Comparative Analysis of Electric Cars
4.4 Component Pricing Analysis
5.1 Assumptions for Analysis and Forecast of the Electric Vehicles Market
5.2 Global Electric Vehicles Market, by Propulsion Type
5.2.1 BEV
5.2.1.1 Global BEVs Market Volume, by Vehicle Type
5.2.2 PHEV
5.2.2.1 Global PHEVs Market Volume, by Vehicle Type
6.1 Battery
6.1.1 Global Battery Market for Electric Vehicles, by Propulsion Type
6.2 Motor
6.2.1 Global Motor Market for Electric Vehicles, by Propulsion Type
6.3 Regenerative Brakes
6.3.1 Global Regenerative Brake Market for Electric Vehicles, by Propulsion Type
7.1 Passenger Cars
7.1.1 Global Electric Passenger Cars Market Volume, by Region
7.2 Commercial Vehicles
7.2.1 Global Electric Commercial Vehicles Market Volume, by Region
8.1 North America
8.1.1 North America: Electric Vehicles Market Volume, by Propulsion Type
8.1.2 North America: Electric Vehicles Market, by Component
8.1.3 North America: Electric Vehicles Components Market, by Countries
8.1.4 U.S
8.1.5 Canada
8.2 Europe
8.2.1 Europe: Electric Vehicles Market Volume, by Propulsion Type
8.2.2 Europe: Electric Vehicles Market, by Component
8.2.3 Europe: Electric Vehicles Component Market, by Countries
8.2.4 Germany
8.2.5 U.K
8.2.6 France
8.2.7 Netherlands
8.2.8 Norway
8.3 APAC
8.3.1 APAC: Electric Vehicles Market Volume, by Propulsion Type
8.3.2 APAC: Electric Vehicles Market, by Component
8.3.3 APAC: Electric Vehicles Components Market, by Countries
8.3.4 China
8.3.5 Japan
8.3.6 South Korea
9.1 Automotive Energy Supply Corporation (AESC)
9.1.1 Company Overview
9.1.1.1 Corporate Summary
9.2 BMW Group
9.2.1 Company Overview
9.2.2 Financials
9.2.2.1 Financial Summary
9.2.3 SWOT Analysis
9.3 BYD Company Ltd.
9.3.1 Company Overview
9.3.2 Financials
9.3.2.1 Financial Summary
9.3.3 SWOT Analysis
9.4 Continental AG
9.4.1 Company Overview
9.4.2 Financials
9.4.2.1 Financial Summary
9.4.3 SWOT Analysis
9.5 Daimler AG
9.5.1 Company Overview
9.5.2 Financials
9.5.2.1 Financial Summary
9.5.3 SWOT Analysis
9.6 FCA Group
9.6.1 Company Overview
9.6.2 Financials
9.6.2.1 Financial Summary
9.6.3 SWOT Analysis
9.7 Ford Motor Company
9.7.1 Company Overview
9.7.2 Financials
9.7.2.1 Financial summary
9.7.3 SWOT Analysis
9.8 General Motors Company
9.8.1 Company Overview
9.8.2 Financials
9.8.2.1 Financial Summary
9.8.3 SWOT Analysis
9.9 Honda Motors Co., Ltd.
9.9.1 Company Overview
9.9.2 Financials
9.9.2.1 Financial Summary
9.9.3 SWOT Analysis
9.10 LG Chem Ltd.
9.10.1 Company Overview
9.10.2 Financials
9.10.2.1 Financial Summary
9.10.3 SWOT Analysis
9.11 Mitsubishi Motors Corporation
9.11.1 Company Overview
9.11.2 Financials
9.11.2.1 Financial Summary
9.11.3 SWOT Analysis
9.12 Nissan Motor Corporation Ltd.
9.12.1 Company Overview
9.12.2 Financials
9.12.2.1 Financial Summary
9.12.3 SWOT Analysis
9.13 NAVYA
9.13.1 Company Overview
9.13.2 Corporate Summary
9.14 Panasonic Corporation
9.14.1 Company Overview
9.14.2 Financials
9.14.2.1 Financial Summary
9.14.3 SWOT Analysis
9.15 Samsung SDI
9.15.1 Company Overview
9.15.2 Financials
9.15.2.1 Financial Summary
9.15.3 SWOT Analysis
9.16 Toyota Motor Corporation
9.16.1 Company Overview
9.16.2 Financials
9.16.2.1 Financial Summary
9.16.3 SWOT Analysis
9.17 Tesla Inc.
9.17.1 Company Overview
9.17.2 Financials
9.17.2.1 Financial Summary
9.17.3 SWOT Analysis
9.18 Volkswagen Group
9.18.1 Company Overview
9.18.2 Financials
9.18.2.1 Financial Summary
9.18.3 SWOT Analysis
Table 2.1 Tax Initiatives
Table 2.2 Impact of Market Drivers
Table 2.3 EV’s Charging Time
Table 2.4 Impact of Market Challenges
Table 3.1 Key Partnerships/Collaborations/Joint Ventures
Table 3.2 Key Product Launches & Development
Table 3.3 Key Business Expansion Activities
Table 3.4 Key Mergers and Acquisitions
Table 3.5 Key Awards/Achievements/Events
Table 4.1 Government Initiatives
Table 4.2 Comparative Analysis of Electric Cars
Table 5.1 Global Electric Vehicles Market Volume, by Propulsion Type, 2016-2026
Table 5.2 Global BEV Market Volume, by Vehicle Type, 2016-2026
Table 5.3 Global PHEV Market Volume, by Vehicle Type, 2016-2026
Table 6.1 Global Electric Vehicles Component Market Size, 2016-2026
Table 6.2 Global Battery Market for Electric Vehicles, by Propulsion Type, 2016-2026
Table 6.3 EV Battery Manufacturer and OEM Mapping
Table 6.4 Global Motor Market for Electric Vehicles, by Propulsion Type, 2016-2026
Table 6.5 EV Motor Manufacturer and OEM Mapping
Table 6.6 Global Regenerative Brake Market for Electric Vehicles, by Propulsion Type, 2016-2026
Table 7.1 Global Electric Vehicles Market Volume, by Type, 2016-2026
Table 7.2 Global Electric Passenger Car Market Volume, by Region, 2016-2026
Table 7.3 Global Electric Passenger Car Market Volume, by Region, 2016-2026
Table 8.1 North American Electric Vehicles Market Volume, by Propulsion Type, 2016-2026
Table 8.2 North American Electric Vehicles Market, by Component, 2016-2026
Table 8.3 North American Electric Vehicles Component Market Size, by Country, 2016-2026
Table 8.4 North American Electric Vehicles Market Volume, by Propulsion Type, 2016-2026
Table 8.5 European Electric Vehicles Market, by Component, 2016-2026
Table 8.6 European Electric Vehicles Component Market Size, by Country, 2016-2026
Table 8.7 APAC Electric Vehicles Market Volume, by Propulsion Type, 2016-2026
Table 8.8 APAC Electric Vehicles Market, by Component, 2016-2026
Table 8.9 North American Electric Vehicles Component Market Size, by Country, 2016-2026
Figure 1 Factors Affecting the Demand for Electric Vehicles
Figure 2 Global Electric Vehicles Market Snapshot
Figure 3 Global Electric Vehicles Market Volume, by Propulsion Type, 2016 & 2026
Figure 4 Global Electric Vehicles Components Market, 2016 & 2026
Figure 5 Global Electric Vehicles Market, by Vehicle Type, 2016 & 2026
Figure 6 Global Electric Vehicles Market, by Geography, 2016
Figure 1.1 Global Electric Vehicles Market Scope
Figure 1.2 Secondary Data Sources
Figure 1.3 Top Down and Bottom up Approach
Figure 1.4 Electric Vehicles Market Influencing Factors
Figure 1.5 Assumptions and Limitations
Figure 2.1 Global Electric Vehicles Market Dynamics
Figure 2.2 Falling Battery Prices of Electric Vehicles
Figure 3.1 Organic & Inorganic Strategies Adopted by the Key Players
Figure 3.2 Share of Key Market Strategies & Developments
Figure 3.3 Electric Vehicle Market Volume Share Analysis, 2016
Figure 3.4 BMW Group: R&D Expenses, 2014-2016
Figure 3.5 BYD Company Ltd.: R&D Expenses, 2014-2016
Figure 3.6 Daimler AG: R&D Expenses, 2014-2016
Figure 3.7 FCA Group: R&D Expenses, 2014-2016
Figure 3.8 Ford Motor Company: R&D Expenses, 2014-2016
Figure 3.9 General Motors Company: R&D Expenses, 2014-2016
Figure 3.10 Honda Motors Co., Ltd.: R&D Expenses, 2015-2017
Figure 3.11 LG Chem Corporation: R&D Expenses, 2014-2016
Figure 3.12 Mitsubishi Motors Corporation: R&D Expenses, 2014-2016
Figure 3.13 Nissan Corporation: R&D Expenses, 2014-2016
Figure 3.14 Panasonic Corporation: R&D Expenses, 2014-2016
Figure 3.15 Samsung SDI: R&D Expenses, 2014-2016
Figure 3.16 Tesla Inc.: R&D Expenses, 2014-2016
Figure 3.17 Toyota Motor Corporation: R&D Expenses, 2015-2017
Figure 3.18 Volkswagen AG: R&D Expenses, 2014-2016
Figure 4.1 Publicly Accessible Slow Charger Stock, by Country 2015-2016
Figure 4.2 Publicly Accessible Fast Charger Stock, by Country 2015-2016
Figure 4.3 Pricing Analysis of Electric Vehicles Components
Figure 5.1 Global Electric Vehicles Market, by Propulsion Type
Figure 5.2 Global BEVs Market Volume, by Vehicle Type
Figure 5.3 Global PHEVs Market Volume, by Vehicle Type
Figure 6.1 Global Electric Vehicles Component Market
Figure 6.2 Global Battery Market for Electric Vehicles, by Propulsion Type
Figure 6.3 Global Motor Market for Electric Vehicles, by Propulsion Type
Figure 6.4 Global Regenerative Brake Market for Electric Vehicles, by Propulsion Type
Figure 7.1 Global Electric Vehicles Market, by Vehicle Type
Figure 7.2 Global Electric Passenger Cars Market Volume, by Region
Figure 7.3 Global Electric Commercial Vehicles Market Volume, by Region
Figure 8.1 Global Electric Vehicles Volume Market Growth Snapshot, by Country
Figure 8.2 Global Electric Vehicles Market Volume Snapshot, by Geography (Thousand Units)
Figure 8.3 North America: Electric Vehicles Market Volume, by Propulsion Type
Figure 8.4 North America: Electric Vehicles Market, by Component
Figure 8.5 North America: Electric Vehicles Component Market, by Countries
Figure 8.6 U.S: Electric Vehicles Market Volume, by Propulsion Type
Figure 8.7 Canada: Electric Vehicles Market Volume, by Propulsion Type
Figure 8.8 Europe: Electric Vehicles Market Volume, by Propulsion Type, 2016-2026
Figure 8.9 Europe: Electric Vehicles Market, by Component 2016 & 2026
Figure 8.10 Europe: Electric Vehicles Component Market, by Countries
Figure 8.11 Germany: Electric Vehicles Market Volume, by Propulsion Type 2016 & 2026
Figure 8.12 U.K: Electric Vehicles Market Volume, by Propulsion Type, 2016 & 2026
Figure 8.13 France: Electric Vehicles Market Volume, by Propulsion Type, 2016 & 2026
Figure 8.14 Netherlands: Electric Vehicles Market Volume, by Propulsion Type, 2016 & 2026
Figure 8.15 Norway: Electric Vehicles Market Volume, by Propulsion Type, 2016 & 2026
Figure 8.16 APAC: Electric Vehicles Market Volume, by Propulsion Type, 2016-2026
Figure 8.17 APAC: Electric Vehicles Market, by Component, 2016 & 2026
Figure 8.18 APAC: Electric Vehicles Components Market, by Countries
Figure 8.19 China: Electric Vehicles Market Volume, by Propulsion Type, 2016 & 2026
Figure 8.20 Japan: Electric Vehicles Market Volume, by Propulsion Type, 2016 & 2026
Figure 8.21 South Korea: Electric Vehicles Market Volume, by Propulsion Type 2016 & 2026
Figure 9.1 Geographic Footprint Analysis of Key Players
Figure 9.2 BMW Group: Overall Financials, 2014-2016
Figure 9.3 BMW Group: Net Revenue by Business Segment, 2014-2016
Figure 9.4 BMW Group: Net Revenue by Region, 2014-2016
Figure 9.5 BMW Group: SWOT Analysis
Figure 9.6 BYD Company Ltd.: Overall Financials: 2014-2016
Figure 9.7 BYD Company Ltd.: Net Revenue by Segment, 2014-2016
Figure 9.8 BYD Company Ltd.: Net Revenue by Region, 2016
Figure 9.9 BYD Co., Ltd.: SWOT Analysis
Figure 9.10 Continental AG: Overall Financials, 2014-2016
Figure 9.11 Continental AG: Net Revenue by Region, 2014-2016
Figure 9.12 Continental AG: Net Revenue by Business Segment, 2014-2016
Figure 9.13 Continental AG: SWOT Analysis
Figure 9.14 Daimler AG: Overall Financials, 2014-2016
Figure 9.15 Daimler AG: Net Revenue by Region, 2014-2016
Figure 9.16 Daimler AG: Net Revenue by Business Segment, 2014-2016
Figure 9.17 Daimler AG: SWOT Analysis
Figure 9.18 FCA Group: Overall Financials, 2014-2016
Figure 9.19 FCA Group: Net Revenue by Segment, 2014-2016
Figure 9.20 FCA Group: SWOT Analysis
Figure 9.21 Ford Motor Company: Overall Financials, 2014-2016
Figure 9.22 Ford Motor Company: Net Revenue by Segment, 2014-2016
Figure 9.23 Ford Motor Company: Net Revenue by Geographic Regions, 2014-2016
Figure 9.24 Ford Motor Company: SWOT Analysis
Figure 9.25 General Motors Company: Overall Financials, 2014-2016
Figure 9.26 General Motors Company: Net Revenue by Segment, 2014-2016
Figure 9.27 General Motors Company: Net Revenue by Region, 2014-2016
Figure 9.28 General Motors Company: SWOT Analysis
Figure 9.29 Honda Motors Co., Ltd.: Overall Financials: 2015-2017
Figure 9.30 Honda Motors Co., Ltd.: Net Revenue by Segment: 2015-2017
Figure 9.31 Honda Motors Co., Ltd.: Net Revenue by Region: 2015-2017
Figure 9.32 Honda Motors Co., Ltd.: SWOT Analysis
Figure 9.33 LG Chem Ltd.: Overall Financials, 2014-2016
Figure 9.34 LG Chem Ltd.: Net Revenue by Segment, 2014-2016
Figure 9.35 LG Chem Ltd.: Net Revenue by Region, 2014-2016
Figure 9.36 LG Chem Ltd.: SWOT Analysis
Figure 9.37 Mitsubishi Motors Corporation: Overall Financials, 2014-2016
Figure 9.38 Mitsubishi Motors Corporation: Net Revenue by Segment, 2014-2016
Figure 9.39 Mitsubishi Motors Corporation: Net Revenue by Region, 2014-2016
Figure 9.40 Mitsubishi Motors Corporation: SWOT Analysis
Figure 9.41 Nissan Motor Corporation Ltd.: Overall Financials, 2015-2017
Figure 9.42 Nissan Motor Corporation Ltd.: Net Revenue by Business Segment, 2015-2017
Figure 9.43 Nissan Motor Corporation Ltd.: Volume by Geography, 2015-2017
Figure 9.44 Nissan Motor Corporation Ltd.: SWOT Analysis
Figure 9.45 Panasonic Corporation: Overall Financials, 2014-2016
Figure 9.46 Panasonic Corporation: Net Revenue by Region, 2014-2016
Figure 9.47 Panasonic Corporation: Net Revenue by Segment, 2014-2016
Figure 9.48 Panasonic Corporation: SWOT Analysis
Figure 9.49 Samsung SDI Co.: Overall Financials, 2014-2016
Figure 9.50 Samsung SDI Co.: Net Revenue by Region, 2014-2016
Figure 9.51 Samsung SDI Co.: Net Revenue by Segment, 2014-2016
Figure 9.52 Samsung SDI Co.: SWOT Analysis
Figure 9.53 Toyota Motor Corporation: Overall Financials, 2015-2017
Figure 9.54 Toyota Motor Corporation: Net Revenue by Business Segment, 2015-2017
Figure 9.55 Toyota Motor Corporation: Net Revenue by Region, 2015-2017
Figure 9.56 Toyota Motor Corporation: SWOT Analysis
Figure 9.57 Tesla Inc.: Overall Financials, 2014-2016
Figure 9.58 Tesla Inc.: Net Revenue by Region, 2014-2016
Figure 9.59 Tesla Inc.: Net Revenue by Segment, 2014-2016
Figure 9.60 Tesla Inc.: SWOT Analysis
Figure 9.61 Volkswagen Group: Overall Revenue Mix, 2014-2016
Figure 9.62 Volkswagen Group: Net Revenue by Region, 2014-2016
Figure 9.63 Volkswagen Group: Net Revenue by Business Segment, 2015-2016
Figure 9.64 Volkswagen Group PLC: SWOT Analysis
Key Question Answered in this Report
• What is the global electric vehicles market size in terms of volume in the period 2017-2026?
• Which is the dominant propulsion type by volume for the global electric vehicles market?
• Which is the dominant vehicle by propulsion type in terms of volume in 2016?
• What is the revenue generated by the different components in the global electric vehicles market in the period 2017-2026?
• What is the revenue generated by the different components for different propulsion type in the global electric vehicles market in the period 2017-2026?
• Which vehicle type will lead by volume in the global electric vehicles market by the end of the forecast period?
• What are the different factors driving the market forward in the forecast period?
• What are the major factors challenging the growth of global electric vehicles market?
• Which type of new strategies are being adopted by the existing market players to make a mark in the industry?
• Which region will lead the global electric vehicles market by the end of the forecast period?
Report Description
Increasing global concerns regarding the negative effect of climate change along with alarming pollution levels recorded in the major cities have created a demand for electric vehicles. A major factor behind the growth of electric vehicles is the support provided by various governmental agencies to encourage the sale of these vehicles. Furthermore, the well-established road infrastructure network has further aided the market for these vehicles, with charging points available more frequently on the civilian roads. Today, electric vehicles have transformed from an experimental mode of vehicle to a necessity, with automakers worldwide putting in efforts to make EVs available in all the economic ranges. This is evident from the meteoric rise in its sales over the last five years, with over 2 million electric vehicles on the road at present, as compared to a few thousands back in 2012. With number of initiatives and product developments taking place, it won’t be long before EVs occupy a significant share of the global automotive market. The market in terms of volume is estimated to witness growth at a CAGR of 28.3% over the period of 2017 to 2026. The report is a compilation of various segmentations including market breakdown by propulsion type, component type, vehicle type, and different geographical regions.
The report provides a detailed market analysis and forecast with respect to different propulsion types in the electric vehicles market which are Battery Electric Vehicle and Plug-in Hybrid Electric Vehicle (PHEV). On the basis of component, the electric vehicles market is segmented into battery, motor, and regenerative brake. While highlighting the key driving and restraining forces for this market, the report also provides a detailed study of the different vehicles that are analyzed, which include passenger and commercial vehicles.
The report includes an exhaustive analysis of the geographical split into North America (the U.S and Canada), Europe (Germany, the U.K, France, Netherlands, and Norway), and Asia-Pacific (China, Japan, and South Korea). Analysis of each of the geographical regions details the individual push and pull forces in addition to the key players from that particular region.
The report examines the role of the leading market players involved in the industry. The company profiles section includes highlights of significant information about the key companies involved, along with their financial positions, key strategies & developmental activities of recent years (2014-2017). Some of the key players are Tesla Inc. (U.S.), BYD Company Limited (China), Volkswagen AG (Germany), Nissan Motor Corporation (Japan), and Mitsubishi Motors Corporation (Japan). EV components manufacturers such as Samsung SDI (South Korea), Automotive Energy Supply Corporation (Japan), LG Chem. (South Korea), Panasonic Corporation (Japan), and Continental AG (Germany).
Market Overview
The automobile industry is one of the fastest-growing industries in the manufacturing sector. Intense global competition along with consumer preference driven innovation have been crucial factors driving the industry. However, the growing demand of and subsequent increase in the number of vehicles have contributed majorly to the depletion of non-renewable resources and deterioration of the earth’s atmosphere. A steep rise in the conventional fuel vehicle sales along with global population and urbanization has brought with it some serious concerns such as global warming and alarming pollution levels. There are innumerable issues that are plaguing the planet and the natural resources (especially fossil fuels) are declining at a rapid pace. This has consequently led the governments, environmental agencies, and automobile manufacturers to develop modes of transport that run on alternate means. Electric vehicles are considered the most desirable option of all the alternative forms of vehicles. The support of the governments of various nations and revolutionary developments by the automakers can be credited for the growing prominence of electric vehicles in the automobile industry. Several countries have pledged to ban the sale of gasoline-powered vehicles within the next two decades, with many others to follow. The Electric Vehicle Initiative launched in 2010 by some of the major countries across the globe is one of the many initiatives undertaken that are accelerating the growth rate of the market for EVs on a global scale.
The report defines and estimates the market size in terms of volume and the section on electric vehicle components market size has been provided in terms of value. The global electric vehicles volume is estimated to reach 10.8 million units by 2026. The market is driven by a number of factors such as stringent governmental regulations in terms of emissions and fuel economy, growing demand for fuel efficient vehicles, and governmental initiatives such as tax benefits and subsidies to promote the sales of electric vehicles. However, there are certain challenges which are inhibiting the overall growth for the global electric vehicles market such as high initial cost and time required to charge the electric vehicles.
The global electric vehicles market has been fundamentally benefiting from the changing paradigms in governmental regulations and increasing environmental awareness among the consumers. BEVs held the highest market share in 2016 in terms of volume and or expected to grow at a higher growth rate as compared to PHEVs. BEVs produce no pollution when being driven, as there is no gasoline interaction which means tailpipe pollution is zero. Factors such as improved charging infrastructure, governmental initiatives, and increased range are expected to propel the market growth for BEVs.
Battery held the maximum share in the market and accounted for 68.8% share in 2016. Battery is the most important component of an electric vehicle and is used to power the main propulsion system. While a battery serves as the primary source of power in Battery Electric Vehicles (BEVs), it works in tandem with a combustion engine in PHEVs and other conventional hybrids. The battery makes up substantial cost of an electric vehicle owing to its high price.
The electric passenger cars held the highest share in the market in 2016 in terms of volume and is also expected to grow at a higher rate as compared to commercial vehicles. Factors such as governmental initiatives, urbanization, and increasing disposable income is responsible for such a gigantic share of electric passenger cars. A major factor expected to play the key role in the development of passenger electric vehicles is the development of adequate road infrastructure for easing the adoption of these vehicles.
This report also covers the global electric vehicles market, by geography and consequently provides the volume of the key regions which include North America, Europe, and Asia-Pacific (APAC). APAC dominated the global electric vehicles market by volume in 2016. The APAC automotive electric vehicles market is mainly dominated by the South Asian countries comprising of some of the biggest automotive producers in the world. The automotive market in the APAC region is growing rapidly, and the development of electric vehicles is gaining attention due to a collective effort from the government and manufacturers to initiate reforms and develop technologies which will promote the sale of these vehicles and make them economically efficient to use.
Some of the key players in the electric vehicles market are Tesla Inc. (U.S.), BYD Company Limited (China), Volkswagen AG (Germany), Nissan Motor Corporation (Japan), and Mitsubishi Motors Corporation (Japan). EV components manufacturers such as Samsung SDI (South Korea), Automotive Energy Supply Corporation (Japan), LG Chem. (South Korea), Panasonic Corporation (Japan), and Continental AG (Germany). These companies are aiming for an increased number of product launches and collaborations to expand their operations and prevent new companies from becoming potential future competitors.