The total amount of data created, captured, copied, and consumed globally is forecast to increase rapidly, reaching *** zettabytes in 2024. Over the next five years up to 2028, global data creation is projected to grow to more than *** zettabytes. In 2020, the amount of data created and replicated reached a new high. The growth was higher than previously expected, caused by the increased demand due to the COVID-19 pandemic, as more people worked and learned from home and used home entertainment options more often. Storage capacity also growing Only a small percentage of this newly created data is kept though, as just * percent of the data produced and consumed in 2020 was saved and retained into 2021. In line with the strong growth of the data volume, the installed base of storage capacity is forecast to increase, growing at a compound annual growth rate of **** percent over the forecast period from 2020 to 2025. In 2020, the installed base of storage capacity reached *** zettabytes.

Introduction

The Global Music Streaming Market is experiencing significant growth and changes, driven by evolving consumer dynamics. This market was valued at USD 36.7 Billion in 2023 and is projected to grow to approximately USD 125.70 Billion by 2032, with a CAGR of 15.10% during the forecast period from 2023 to 2032. The expansion is due to the increasing adoption of digital platforms and smart devices, as well as strategic innovations by key market players.

Several factors are driving the growth of this market. Advancements in mobile technology and internet accessibility have increased the reach of music streaming services, making them more accessible to a broader audience. The integration of artificial intelligence and machine learning into these platforms has significantly improved user experience by offering personalized playlists and recommendations, boosting user engagement and retention rates.

The market's dynamic nature is highlighted by the surge in live streaming and on-demand services. Live streaming has seen remarkable growth, becoming a potent promotional tool for artists, enabling them to showcase their talents, cultivate dedicated fan bases, and reach new audiences effectively. On-demand streaming continues to dominate, providing users with personalized and convenient music experiences, generating the largest share of sales.

The music streaming industry has seen significant investment and acquisition activity, reflecting the sector's rapid evolution and the strategic maneuvers of leading companies to strengthen their positions and diversify their services. In the first half of 2023, music-related mergers, acquisitions (M&A), and catalog investment activity exceeded $7 billion, nearly matching the total investment activity for the entire year of 2020. This considerable sum underscores the aggressive pace of investment in the sector.

Sony, a major player in the music industry, has been particularly active, spending $1.4 billion on music acquisitions in just six months. The company's investments include the acquisition of AWAL, which adds nearly half a million recordings and almost 1,000 artists to Sony's portfolio, significantly scaling its artist services division. This move, along with Sony's investment in the beat marketplace BeatStars, demonstrates the company's commitment to expanding its global music roster and supporting the independent music community. Sony's aggressive A&R investment has grown its roster size by 40% in the past three years, highlighting its dedication to building a diverse and robust catalog.

These developments occur against a backdrop of broader trends in the media and entertainment sector, where companies are increasingly using M&A to extend their capabilities and build next-generation platforms. The focus is shifting towards interactivity, with significant interest in video games and virtual reality as mediums for music and entertainment. The consolidation within the streaming sector is expected to continue, driven by the end of strikes affecting the US entertainment industry and a clearer view of production costs and processes. Improved data analytics and insights into consumer preferences are expected to further drive consolidation and strategic partnerships in the coming years.

The size of the Solid States Drives Market was valued at USD 36.4 billion in 2023 and is projected to reach USD 92.21 billion by 2032, with an expected CAGR of 14.20% during the forecast period.This fast-growing SSD market is caused by the demand from different industries, and now each sector wants its storage solution faster, more reliable, and more energy efficient. SSDs work on flash memory, making their read and write speeds much more rapid compared to traditional hard disk drives (HDDs) and having lower power consumption in comparison to their counterparts. The key drivers for market growth are the increasing adoption of SSDs in consumer devices such as laptops, smartphones, and gaming consoles, where speed and performance are critical. In addition, data-driven applications, such as Artificial Intelligence (AI), big data analytics, and IoT, have been expanding and driving demand for high-performance storage solutions. In the enterprise segment, SSDs are increasingly being used within data centers to meet the need for high-speed data access and cloud storage optimization. Technological advancements, such as the development of 3D NAND flash and PCIe Gen 4.0 interfaces, improved performance and capacity for SSDs, fostering their adoption. The key players in this market are Samsung, Western Digital, and Intel. North America and Asia-Pacific together dominate the market. The growth in demand for high-speed, efficient storage solutions will continue to expand the SSD market in the future. Recent developments include: To solidify its place in the NAND flash memory market and sustain its lead in the solid-state drive (SSD) industry, Samsung Electronics Co. has released its new consumer SSD product — the ‘990 EVO’ in January 2024. The cutting-edge SSD brings enhanced performance, flexibility, and technological superiority over its predecessor, the 970 EVO Plus. It represents a significant milestone for Samsung in a NAND market that was recovering from the travails of 2023. “Samsung is expanding its product lineup as part of efforts to revitalise the NAND market and defend its leadership in the SSD segment,” said sources close to the matter. Alone this year sales amounting $87 billion will be made with regards to NAND Flash Memory Chips according to Omdia which is such an exponential growth from $36.99 billion three years ago when we last checked., March 2023: VisionTek Products LLC announced their latest lineup of M.2 solid-state drives (SSDs), boasting exceptional speed, thermal management, and durability, among other features. These next-gen form factor M.2 drives are designed for heavy workloads, thereby offering unprecedented read/write speeds of up to 7,500 megabytes per second. Additionally, DLX4 PCIe 4.0 SSDs provide low latency access times through their high bandwidth interfaces while being able to fit into systems with different sizes, such as those requiring either 2230 or even larger storage spaces like what would come with a 2280 size option ranging between capacities starting at half a petabyte up until four terabytes which makes them great performers when dealing with tasks such as gaming or video editing., SK Hynix is planning on releasing SK Hynix Beetle X31 worldwide after launching it first in South Korea in May this year, where they received rave reviews because not only does this portable device offer faster data transfer speeds, but it also comes fitted out with better heat management system and an eye-catching look especially when considering its color scheme alone which features bright orange accents against black body making for quite the fashionable accessory among tech enthusiasts. Expected to hit shelves across America in June, the X31 will be compatible with both PC and Mac operating systems – allowing users of either platform access to their files conveniently without any hassle whatsoever., July 2022: Kioxia Introduces New Speed Levels for its Enterprise NVMe SSD Family Built on PCIe 5.0 Technology. The PCIe 5.0 technology in E3.S and 2.5-inch Enterprise and Datacenter Standard Form Factors is used in the KIOXIA CM7 line series (EDSFF). The EDSFF E3 series enables the next generation of SSDs using PCIe 5.0 and above to meet future data center architectures while supporting a wide range of new applications and devices., July 2022: Innodisk, a global leader in industrial-grade memory and integrated devices, introduced the 2.5" SATA 3TS6-P, 3TS9-P, and M.2 (P80) 4TS2-P SSDs as part of its unique computing power solid-state drive (SSD) product range. Innodisk's latest edge AI SSDs provide low latency, rapid DWPD (drive writes per day), and large capacity.. Notable trends are: Growing demand for cloud computing to boost the market growth.

The UK inflation rate was 3.6 percent in June 2025, up from 3.4 percent in the previous month, and the fastest rate of inflation since January 2024. Between September 2022 and March 2023, the UK experienced seven months of double-digit inflation, which peaked at 11.1 percent in October 2022. Due to this long period of high inflation, UK consumer prices have increased by over 20 percent in the last three years. As of the most recent month, prices were rising fastest in the communications sector, at 6.1 percent, but were falling in both the furniture and transport sectors, at -0.3 percent and -0.6 percent, respectively.
The Cost of Living Crisis High inflation is one of the main factors behind the ongoing Cost of Living Crisis in the UK, which, despite subsiding somewhat in 2024, is still impacting households going into 2025. In December 2024, for example, 56 percent of UK households reported their cost of living was increasing compared with the previous month, up from 45 percent in July, but far lower than at the height of the crisis in 2022. After global energy prices spiraled that year, the UK's energy price cap increased substantially. The cap, which limits what suppliers can charge consumers, reached 3,549 British pounds per year in October 2022, compared with 1,277 pounds a year earlier. Along with soaring food costs, high-energy bills have hit UK households hard, especially lower income ones that spend more of their earnings on housing costs. As a result of these factors, UK households experienced their biggest fall in living standards in decades in 2022/23. Global inflation crisis causes rapid surge in prices The UK's high inflation, and cost of living crisis in 2022 had its origins in the COVID-19 pandemic. Following the initial waves of the virus, global supply chains struggled to meet the renewed demand for goods and services. Food and energy prices, which were already high, increased further in 2022. Russia's invasion of Ukraine in February 2022 brought an end to the era of cheap gas flowing to European markets from Russia. The war also disrupted global food markets, as both Russia and Ukraine are major exporters of cereal crops. As a result of these factors, inflation surged across Europe and in other parts of the world, but typically declined in 2023, and approached more usual levels by 2024.

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US Professional Development Market Size 2025-2029

The US professional development market size is forecast to increase by USD 5.56 billion, at a CAGR of 6.9% between 2024 and 2029.

US professional development market is undergoing rapid transformation, shaped by continuous advancements in technology that enhance course delivery and learner accessibility. The shift toward flexible and personalized education is redefining professional learning formats, with mobile learning emerging as a preferred approach for professionals managing complex schedules. The growing availability of open educational resources further supports this trend by offering customizable, cost-effective solutions that appeal to a wide range of learners. This dynamic environment reflects an evolving market that increasingly prioritizes digital access, interactive formats, and on-demand learning capabilities across sectors.
A key challenge arises from institutional resistance to adopting non-traditional learning management methods, creating friction in the broader implementation of innovative educational models. In parallel, the market contends with oversaturation and inconsistency in content quality, which impacts the effectiveness of available resources. As this market continues to evolve, stakeholders must remain focused on developing and refining high-quality, technology-driven solutions that align with the real-time needs and expectations of professionals.

Major Market Trends & Insights

Based on the End-user the K-12 segment led the market and was valued at USD billion of the global revenue in 2022
Based on the Type the Online accounted for the largest market revenue share in 2022

Market Size & Forecast

Market Opportunities: USD 72.86 billion 
Future Opportunities: USD 5.56 billion 
CAGR (2024-2029): 6.9%

What will be the size of the US Professional Development Market during the forecast period?

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The global professional development market continues to evolve as organizations prioritize structured, technology-driven learning solutions to address shifting workforce needs. Employers are investing in skill development programs and corporate training solutions to build long-term talent pipelines and align with emerging industry demands. This progression is supported by elearning technologies, virtual classroom capabilities, and learning analytics dashboards that enable real-time performance tracking and content optimization. Interactive learning, gamified learning experiences, and mobile learning are gaining traction due to their flexibility and ability to accommodate diverse learning styles.
A comparison of current market activity shows a 17.4% increase in employee participation in customized training programs over the past year, reflecting the growing emphasis on personalized development pathways. Forecasts indicate that investment in training program design and leadership development programs is expected to grow by 22.9% over the next three years, driven by the adoption of knowledge management systems and blended learning programs.
Enterprises are leveraging employee engagement programs and performance improvement plans to foster continuous learning and career development services. Tools such as onboarding programs, succession planning frameworks, and competency frameworks support both immediate role proficiency and long-term career pathing strategies. The integration of online learning platforms and instructional design models enables the deployment of scalable, cost-effective solutions across global teams. With increasing use of virtual training delivery and microlearning modules, organizations are also advancing executive coaching, coaching methodologies, and mentorship programs as part of holistic talent acquisition strategies and development initiatives that support performance management systems and continuing education credits.

How is this market segmented?

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

End-user

  K-12
  Higher education
  Corporate/Organisation


Type

  Online
  Offline


Product

  Career advancement
  Skill enhancement
  Compliance and regulatory requirements
  Personal growth


Career Type

  Entry-level
  Mid-level
  Senior-level
  Executive education


Delivery Method

  Blended Learning
  Workshops
  Coaching


Geography

  North America

    US

By End-user Insights

The k-12 segment is estimated to witness significant growth during the forecast period.

The professional development market in the US is experiencing significant evolution, particularly in the K-12 sector. Traditional education methods, focused on memorization and individual learning, are giving way to more engagin

According to Cognitive Market Research, the global Automotive OEM Key market size will be USD 512.8 million in 2025. It will expand at a compound annual growth rate (CAGR) of 5.80% from 2025 to 2033.

North America held the major market share for more than 37% of the global revenue with a market size of USD 189.73 million in 2025 and will grow at a compound annual growth rate (CAGR) of 4.6% from 2025 to 2033.
Europe accounted for a market share of over 29% of the global revenue with a market size of USD 148.71 million.
APAC held a market share of around 24% of the global revenue with a market size of USD 123.07 million in 2025 and will grow at a compound annual growth rate (CAGR) of 8.6% from 2025 to 2033.
South America has a market share of more than 3.8% of the global revenue with a market size of USD 19.49 million in 2025 and will grow at a compound annual growth rate (CAGR) of 6.1% from 2025 to 2033.
Middle East had a market share of around 4% of the global revenue and was estimated at a market size of USD 11.28 million in 2025 and will grow at a compound annual growth rate (CAGR) of 6.3% from 2025 to 2033.
Africa had a market share of around 2.2% of the global revenue and was estimated at a market size of USD 11.28 million in 2025 and will grow at a compound annual growth rate (CAGR) of 5.5% from 2025 to 2033.
Carbon Fiber is the fastest growing segment of the Automotive OEM Key industry

Market Dynamics of Automotive OEM Key Market

Key Drivers for Automotive OEM Key Market

Increasing Vehicle Production and Sales Is Expected To Boost Market Growth

As automobile manufacturers expand their production capacities to meet rising consumer demand, the need for OEM-supplied keys, including traditional mechanical keys, transponder keys, smart keys, and keyless entry systems, is also increasing. With more vehicles hitting the market, there is a parallel rise in demand for secure and technologically advanced key solutions that enhance both vehicle security and user convenience. Additionally, the growing preference for premium and high-end vehicles, which come equipped with advanced smart key systems, is further fueling market expansion. Luxury car manufacturers are integrating biometric authentication, smartphone-based digital keys, and proximity-based keyless entry systems to offer enhanced security and ease of access. In March 2025, the European Commission announced a three-year extension for automakers to meet new CO? emission targets, now effective from 2025 to 2027. This adjustment aims to provide the industry with more flexibility during the transition to electric vehicles, allowing companies to avoid fines by extending the deadline to 2027.

https://www.reuters.com/business/autos-transportation/eu-propose-giving-automakers-three-years-meet-co2-emission-targets-2025-03-03”/

Rising Demand for Advanced Vehicle Security Systems To Boost Market Growth

Modern vehicles are integrating RFID-based transponder keys, proximity sensors, and rolling code encryption to minimize security vulnerabilities. Additionally, smartphone-based digital keys, which use Bluetooth, NFC, and cloud-based authentication, are becoming increasingly popular, allowing vehicle owners to control access remotely. The ability to track, lock, and disable vehicles in case of theft is a crucial feature that is driving the adoption of advanced key technologies in both passenger and commercial vehicles. Furthermore, government regulations and safety mandates in various regions are pushing automakers to enhance vehicle security standards. Regulatory bodies in Europe, North America, and Asia-Pacific are emphasizing the need for secure authentication and anti-theft mechanisms, prompting OEMs to invest in innovative key solutions. As the automotive industry continues to evolve with advancements in connected cars, electric vehicles, and autonomous driving, the demand for highly secure, digitally integrated OEM key systems is expected to grow exponentially.

Restraint Factor for the Automotive OEM Key Market

Security and Hacking Concerns in Smart Keys, Will Limit Market Growth

As vehicles become increasingly connected and integrated with smart key technologies, concerns regarding security vulnerabilities and hacking threats are growing. Unlike traditional mechanical keys, smart keys rely on wireless communication protocols such as RFID, Bluetooth, and NFC, which can be susceptible to relay attacks, key cl...

The DXY exchange rate rose to 99.9812 on August 1, 2025, up 0.01% from the previous session. Over the past month, the United States Dollar has strengthened 3.31%, but it's down by 3.13% over the last 12 months. United States Dollar - values, historical data, forecasts and news - updated on August of 2025.

Premium Tequila Market Outlook

The premium tequila market size is poised for significant growth, with an estimated global market value of USD 4.5 billion in 2023, expected to reach USD 9.2 billion by 2032, at a CAGR of 8.2%. Several factors are driving this growth, including increasing consumer preference for high-quality, artisanal spirits, growing disposable income, and a rising trend in premiumization within the alcoholic beverages industry.

One of the primary drivers of growth in the premium tequila market is the increasing consumer preference for high-quality and artisanal spirits. As consumers become more educated about different types of spirits and their production processes, they are willing to spend more on superior quality products. This trend is particularly noticeable among millennials and younger generations who value authenticity, craftsmanship, and unique experiences. Premium tequila, often produced using traditional methods and aged for extended periods, caters perfectly to this demand, contributing to its market expansion.

Another significant growth factor is the rising disposable income and changing lifestyle patterns. With economic growth in various regions, consumers have more spending power and are more inclined to indulge in luxury and premium products, including alcoholic beverages. The premium tequila segment benefits from this trend as it positions itself not just as a drink but as a symbol of status and sophistication. Moreover, the growth of the hospitality industry, including upscale bars, restaurants, and nightlife venues, has further propelled the demand for premium tequila.

The trend towards premiumization within the alcoholic beverages industry cannot be overlooked. Consumers are increasingly looking for unique and high-quality drinking experiences, which has led to a surge in demand for premium and super-premium products. This trend is supported by the growing number of tequila brands offering limited-edition releases, special blends, and innovative packaging. Marketing strategies that emphasize the heritage, authenticity, and unique production methods of premium tequila have successfully captured the imagination of consumers, driving market growth.

Regionally, North America dominates the premium tequila market due to its established tequila culture and strong consumer base. The United States, in particular, is the largest market for premium tequila, driven by high consumption levels and a willingness to pay for premium products. Europe is also showing significant growth potential, with countries like the United Kingdom and Germany seeing increasing demand for premium spirits. The Asia Pacific region, although currently a smaller market, is expected to witness the fastest growth rate due to rising disposable incomes and a growing interest in Western lifestyle and products.

Product Type Analysis

The premium tequila market can be segmented by product type into Blanco, Reposado, Añejo, and Extra Añejo. Blanco tequila, also known as silver or white tequila, is the purest form of tequila and is typically unaged. It offers a clean and crisp flavor profile that appeals to many consumers, especially those who prefer mixing tequila in cocktails. The demand for Blanco tequila is strong due to its versatility and relatively lower price point compared to aged variants.

Reposado tequila, aged for at least two months but less than a year, strikes a balance between the raw agave flavors of Blanco and the complex characteristics of aged tequilas. The aging process in wooden barrels imparts subtle flavors of vanilla, caramel, and oak, enhancing its appeal. Reposado tequila is popular among consumers who appreciate a smoother, more refined drinking experience. Its demand is growing steadily, driven by both individual consumers and the hospitality industry.

Añejo tequila, aged for one to three years, offers a more sophisticated and complex flavor profile, with pronounced notes of oak, vanilla, and dried fruit. This type of tequila is particularly favored by connoisseurs and those seeking a premium drinking experience. The market for Añejo tequila is expanding as more consumers are willing to pay a premium for aged spirits that offer a richer taste and a smoother finish. Its popularity is also bolstered by its suitability for sipping, similar to fine whiskey.

Extr

Medical Grade Silicone Market Outlook 2032

The global medical grade silicone market size was USD 2.1 Billion in 2023 and is projected to reach USD 3.5 Billion by 2032, expanding at a CAGR of 5.9% during 2024–2032. The market is propelled by the rising demand for advanced medical devices due to a globally aging population and the surge in healthcare innovations focusing on biocompatibility and patient safety.



Rising awareness and regulatory requirements around biocompatibility and patient safety elevate the demand for medical grade silicone. This material's inert nature minimizes the risk of rejection and adverse reactions, making it ideal for a wide range of medical applications, from implants to tubing. Recent advancements in silicone technology further enhance its performance and safety profile, aligning with stringent healthcare standards.

Increasing consumer health consciousness propels the integration of medical grade silicone in wearable devices. Its flexibility, durability, and hypoallergenic properties meet the critical requirements for continuous, comfortable patient monitoring. Manufacturers are launching innovative silicone-based wearables that offer real-time health tracking, supporting proactive healthcare management.

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  The International Data Corporation's Worldwide Quarterly Wearable Device Tracker reveals that global wearable device shipments increased by 2.6% year-on-year in the third quarter of 2023 (3Q23), hitting a record third-quarter high of 148.4 million units. This volume exceeds the figures from 3Q21 (142.1 million) and 3Q22 (144.6 million), previously boosted by pandemic-related purchases. The surge is mainly due to the growth of emerging brands and categories.

  
  

Surging preference for minimally invasive surgeries boosts the utilization of medical grade silicone in medical instruments and devices. Silicone's versatility and ease of sterilization make it indispensable in the development of surgical tools and equipment that require precision and reliability. This trend reflects the healthcare industry's shift toward procedures that reduce patient recovery time and hospital stays.

In 2024, global retail e-commerce sales reached an estimated ************ U.S. dollars. Projections indicate a ** percent growth in this figure over the coming years, with expectations to come close to ************** dollars by 2028. World players Among the key players on the world stage, the American marketplace giant Amazon holds the title of the largest e-commerce player globally, with a gross merchandise value of nearly *********** U.S. dollars in 2024. Amazon was also the most valuable retail brand globally, followed by mostly American competitors such as Walmart and the Home Depot. Leading e-tailing regions E-commerce is a dormant channel globally, but nowhere has it been as successful as in Asia. In 2024, the e-commerce revenue in that continent alone was measured at nearly ************ U.S. dollars, outperforming the Americas and Europe. That year, the up-and-coming e-commerce markets also centered around Asia. The Philippines and India stood out as the swiftest-growing e-commerce markets based on online sales, anticipating a growth rate surpassing ** percent.

U.S. Surge Protection Devices Market size was valued at USD 686.02 Million in 2023 and is projected to reach USD 1,168.50 Million by 2031, growing at a CAGR of 6.99% from 2024 to 2031.U.S. Surge Protection Devices Market OverviewSurge protectors are the gatekeepers of electronic devices because they block and map high-voltage spikes. Surge protectors help provide only the limited voltage your machine can handle. It also tends to stop the voltage spike, but there are better ways to protect electrical equipment from nearby lightning strikes. It may take a long time before the equipment is interrupted or damaged due to the effects of the surge. SPDs are typically installed inside consumer units to protect electrical installations. Nevertheless, various SPD types are available to cover buildings from phone lines and other incoming services such as cable TV. It is important to remember that protecting only electrical installations and not other equipment may leave alternative routes for transient voltages entering the building. Surge protectors are most prevalent in North America. Electrical Surge Control Devices play an important role in protecting the electrical circuits, home appliances, industrial electrical equipment, high-tech gadgets, and the rest of the others from electrical surges. Such devices help in preventing damage to electrical appliances and devices in the residential areas. An electrical fire can be easily caused due to sparkling caused in the electrical circuits because of electrical surges.Increasing stringent regulations by government and other organizations, and implementation of residential safety standards across the United States are creating better opportunities for the market to grow over forecasted period. Implementation of fire safety standards in residential apartments is very important as the residential area comprises larger percentage of population. Thus, government of various countries are taking the initiatives to build stringent regulations in the construction of buildings to implement fire safety standards. The increasing demand for protection systems in electronic appliances and the adoption of alternative energy programs are driving U.S. Surge Protection Devices Market. The growing demand for smart power strips is also one of the major factors accentuating the market growth. Customers' demand for Wi-Fi-enabled power strips is high due to their ability to set schedules and timers and automatically monitor energy usage. The increased use of consumer gadgets such as cellphones, laptops, and home entertainment systems raises the need for surge protection devices to protect these investments. Industrial facilities require surge protection to ensure that machinery and equipment run continuously, decreasing downtime and maintenance expenses.For instance, in the United States, the National Electrical Code, published and sponsored by the National Fire Protection Association of Quincy, Massachusetts, is updated every three years to reflect rapid technological progress. The code was recently updated to the 2020 edition, and the revision includes new requirements for providing whole-home surge protection. The new rules apply to new homes and will also apply to existing ones once service panels are updated. The revised National Electrical Code protects against electrical surges for household appliances, electronic equipment, and computers. Apart from that, the properties of surge protectors that only cover against spikes and do not close out lightning strikes may hinder the market as unstable environmental conditions drive the population to demand 2-in-1 options for housing.

High rates of digitalisation and the continued proliferation of technical support services globally has resulted in a mixed performance for call centres in France. The French economy facilitated a critical boost for call centre demand in 2021 and 2023, as higher adoption rates of Very High-Capacity Networks (VHCNs) and Fibre to the Premises (FTTP) technology bolstered technical support demand. While the pandemic did harm call centre demand due to lower sector-wide demand among retailers and considerable cuts to call centre representatives in response, there was a push toward automation in the industry, lowering operational expenses for call centres and the reliance on skilled labour, generating more effective client query resolutions. Nonetheless, a 0.2% slip in business sentiment in 2020 forced call centres to prioritise alternative client streams like individual consumers due to the growing rate of smartphone adoption. Over the five years through 2025, revenue is estimated to climb at a compound annual rate of 1.9% to an estimated €3.1 billion, including an anticipated 10.1% fall in 2025 alone stemming from higher in-house adoption of client query services by sector leaders in finance and retail. The adoption of new technology like artificial intelligence (AI) has been critical in facilitating higher-quality service offerings. Many call centres have begun adopting AI chatbots to engage consumers and businesses directly, without requiring any manual labour. Although the technology is relatively new and can only tackle basic tasks, like issue selection, larger call centres with economies of scale have been able to incorporate these new automations to cut down on labour costs, which helped stabilise profit after a period of instability over the three years through 2023 amid high inflation. Moving forward, call centres are anticipated to struggle, as the continued push toward automation will encourage core clients in government and retail to adopt in-house solutions for their technical or client service issues. An anticipated spike in the real effective exchange rate will be another hit for the industry, as a strengthening Euro will lower the cost of international call centre services and encourage service outsourcing. Nonetheless, the anticipated full adoption of digital public services across retail businesses and healthcare by the end of the decade will bolster more established call centres with strong cybersecurity protections. Revenue is expected to slip at a compound annual rate of 0.2% to €3.0 billion over the five years through 2030.

The accounting and auditing industry benefits from the wide range of businesses it serves and because many UK businesses need to have their financial accounts audited. During periods of economic growth, demand for accounting and auditing services picks up. During adverse economic conditions, revenue remains fairly stable thanks to demand for countercyclical services, like restructuring and cost-cutting advice. Despite economic hardships in recent years, revenue is expected to climb at a compound annual rate of 5.3% to £38.5 billion over the five years through 2024-25, including a projected growth of 4.1% in 2024-25. During the COVID-19 outbreak, accounting and auditing were not as affected since the outbreak lifted demand for some countercyclical services as businesses continued to seek audit solutions. However, revenue declined in 2020-21 due to a plunge in business confidence and reduced expenditure. Following a solid recovery in 2021-22, revenue has been on an upward trajectory over the three years through 2024-25, driven by rising fees to combat swelling costs as auditors contend with the inflationary environment, regulatory pressures and skill shortages. Alongside technology integration, rising consolidation activity and private equity investment are key trends affecting firms. The average industry profit margin has benefitted from soaring audit fees but has been constrained as the Financial Reporting Committee ratchets fines and clamps down on poor audit work alongside climbing wage costs. Over the five years through 2029-30, industry revenue is forecast to swell at a compound annual rate of 3.6% to £46.1 billion. Increasingly stringent regulations and severe skill shortages are here to stay, keeping audit fees high and supporting revenue growth. Subsiding inflation and improving business confidence will encourage business expenditure and M&A activity, boosting demand for accounting and audit services. Technological advances will allow some firms to take accounting services in-house, hitting demand. Considering the continued poor audit quality from some of the larger firms, the proposed new Audit, Reporting and Governance Authority will implement more stringent regulation in addition to potential audit reforms by the UK government. Higher regulation could help improve competition and reduce market share concentration, though it may also hoist firms’ costs, constraining profit growth.

Liquor retailers have endured several challenges in recent years, including rising health consciousness, volatile per capita alcohol consumption, and mounting internal and external competitive pressures. However, ongoing growth in the population aged 18 and older and rising consumer demand for higher-value premium beverages have offset these factors. The pandemic significantly affected the industry's revenue performance over the past few years. Panic buying and lockdowns boosted revenue growth over the three years through 2021-22. Revenue falls in subsequent years have been due to normalising conditions post-pandemic. Demand has also taken a hit as consumers feel the pinch of inflation and rising interest rates. Overall, revenue is expected to rise at an annualised 0.4% over the five years through 2024-25, to $18.1 billion. This includes an anticipated drop of 2.6% in 2024-25. The two largest liquor retailers’ – Endeavour Group and Coles – market dominance has waned. Smaller independent businesses have increasingly joined retail banner groups, enhancing their buying power and marketing capabilities. The industry has also faced rising competition from online liquor retailers, whose sales are excluded from the industry. This competition has hampered growth for liquor retailers that still predominantly rely on in-person sales from their bricks-and-mortar stores. This factor, combined with rising upstream manufacturing costs, has seen profit margins drop over the period. However, this fall has been constrained as more independent bottle shops join buying groups. Liquor retailing revenue is projected to grow marginally over the next few years. With more independent liquor retailers set to join the industry or form banner groups, Endeavour Group and Coles will face intensifying competition for their market dominance. However, there will still be room for well-located, customer-driven, independent retailers that focus on high-margin, niche and premium products and services. Industry revenue is forecast to rise at an annualised 0.6% over the five years through 2029-30, to reach $18.6 billion.

Retirement homes have faced a challenging period. They depend on self-funders or local council funding that covers the retirement needs of people who satisfy financial assessment means tests. Tightening government budgets have meant publicly funded fees have failed to cover providers’ operating costs in recent years, forcing retirement homes to cross-subsidise local authority beds with fees from self-funded residents. Revenue is anticipated to inch down at a compound annual rate of 0.2% over the five years through 2024-25 to £10.3 billion, but it’s set rise by 1.1% in 2024-25. Much of this is down to care homes fees mounting to cover costs and being paid for by self-funders, who are seeing their disposable income levels tick upwards in 2024-25. Although the ageing population supports revenue, constrained government spending, delayed reform changes and rising costs (particularly for labour) have put pressure on profit. Demand for beds far outstrips the supply, which is driving investment into the industry. The COVID-19 pandemic caused revenue to decline significantly in 2020-21, but the successful roll-out of vaccinations significantly reduced the death rate in care homes. This, combined with mounting demand from residents who had delayed joining a retirement home during the lockdowns, contributed to strong growth in revenue in 2021-22. Care homes fees then edged up in the three years through 2024-25 to cope with enhanced staffing costs, mounting mortgage payments and heightened energy costs – these were all the result of high inflation. This has been to the dismay of many retirees whose purse strings have tightened thanks to the cost-of-living crisis, making hit harder for them to afford to move into retirement homes. Higher fees have therefore dampened some of demand for beds, but they’ve also increased the overall takings of care homes. Retirement home revenue is expected to climb at a compound annual rate of 1.9% over the five years through 2029-30 to £11.3 billion, driven by an ageing population. By 2036, the number of people aged 85 and over will hit 2.6 million, representing 3.5% of the UK population, according to the Office for National Statistics. However, medical advances will make an older population healthier, allowing people to live independently for longer, dampening growth.

Why is the stock down here?

• EV Adoption Concerns
  • After a period of accelerating EV penetration through 2022, the adoption curve has plateaued
  • Concerns around the consumer’s appetite for BEVs and hybrids due to the EV price premium when compared to ICE vehicle alternatives
  • Election of President Trump and the end of the $7,500 EV rebate, which will potentially lead to a drop off in EV demand as seen in other countries that pulled EV subsidies
• Mix shift to local OEMs away from Multinational OEMs in the Chinese market
  • Chinese nationalism and advancement of Chinese EVs at lower prices has driven Chinese consumer demand to favor local Chinese OEMs over foreign multinational (FMN) OEMs. This headwind is not unique to APTV
  • Currently, APTV’s customer mix in China is ~55% local OEMs and ~45% FMN (FMN mix was closer to 80% 3-4 years ago). This is slightly under-indexed vs the ~65% market share local OEMs have in China
  • From a bookings standpoint for APTV, 60% - 70% of the backlog is with local Chinese OEMs, which means the local Chinese OEM mix will continue to improve going forwards. APTV is actively working with five top Chinese OEMs who are looking to set up production outside of China
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• Customer mix headwinds in the North American market
  • Affordability issues (driven by inflation and higher rates) have pushed consumers to look for cheaper cars, which are primarily produced by Japanese OEMs (J3). APTV has more CPV with the D3 American OEMs vs the J3
  • This headwind was exacerbated by the UAW strikes in 4Q23, which further reduced D3 production
  • Over the years, the D3 has shifted their production to SUVs and CUVs and have discontinued the production of smaller sedans (more affordable)
• Production cuts at 4 of the top 5 APTV OEM customers
  • Stellantis and Ford have been dealing with destocking and high inventory in the North America market
  • Tesla production will be down y-o-y for the first time
  • Volkswagen has seen weakness across Europe which pushed them to consider shutting down three factories in Germany
  • Exposure to these OEMs have been a big drag on APTV’s Growth over Market (GOM) in 2024

Thesis

• At this point, expectations for APTV are very low (trading at 9x fwd PE and 7.2x fwd EBITDA), and we think a lot of the bad news is already baked into the stock
• EV adoption should continue to increase over time and benefit APTV, which has 3x CPV on BEV and 2x on PHEVs
  • The price gap between EV and ICE will continue to narrow and EVs will become more affordable for the consumer
    • In 2022, the price gap between the average EV and average ICE was ~$17k. This gap shrunk to ~$2k as of January 2024 according to COX automotive
      • This price gap is on an overall basis. On a like for like basis, when we compare a handful of EV models with their ICE counterparts, we think the average price gap is ~$7k - $8k, which was largely covered by the EV credit. The gap is wider on lower end models and smaller with more premium models
      • Price tends to be the #1 hurdle for the average consumer to get past when considering an EV over an ICE vehicle

    • Most industry 3rd party research believes that EVs will reach price parity with ICE vehicles some time in the back half of this decade. This will be driven by lower battery costs for an EV which makes up ~40% of the total cost. Battery costs have declined significantly since 2008 and currently cost ~$115 per kwh. Costs need to come down to $100 per kwh for EVs to reach price parity. This next leg down will be driven by lower commodity costs and higher nickel content in battery chemistry
    • Several <$35K EV models are set to launch over the next 2 years
  • Consumers will demand EVs long-term, given they are (1) a higher quality/better product and (2) cheaper to operate and maintain
    • A survey of 3,897 electric car drivers has shown that 85% would never go back to petrol or diesel. The 15% of those that would go back, cite charging infrastructure as the main reason
    • Maintenance costs for EVs are much cheaper because they don’t require annual oil changes, spark plugs, engine air filter, or power steering fluid
    • The EV savings grow when you factor in the gas prices. EVs save an extra ~$1,300 annually to “fill the tank”. This means there’s a 6.7 year pay back period when you purchase an EV without the tax credit
• US and Europe have put regulations and incentives in place to support the growth of EVs. OEMs have largely bought into this and made substantial investments to hit their long-term EV targets
  • New US EPA regulation approved March 2024 are a continuation of prior emissions guidelines and extends through the 2027 – 2032 model periods
    • While slightly more relaxed vs the initial proposal, the approved emissions rules contemplate scenarios where EV & PHEV penetration rates reach 69% - 72% by 2032
    • The mix between BEV and PHEV shifts in either way between the scenarios, but generally this should be viewed positively for EV adoption
  • Euro 7, approved Sept 2023 and effective July 2025, will keep Euro 6 emission regulations, particle/matter, as well as battery health
    • In 2022, the EU passed a law banning the sale of new ICE vehicles by 2035; the UK recently pushed out their target to be in-line with the EU
• Trump’s elimination of the $7,500 EV subsidy and “EV mandate” may not stop OEMs from continuing to advance EV sales
  • EV adoption is more than just consumer preferences, and is being driven by critical stakeholders including OEMs and national security concerns
    • OEMs view EVs as an existential, must-have product that is necessary to secure their competitiveness long-term. The industry is at a point where a reversal of emissions rules would be detrimental to the auto industry. An OEMs’ planning cycle is much longer compared to an election cycle and it is very difficult to flip flop. When Trump reversed Obama’s car emission standards (SAFE Vehicles Rule in 2020), the OEMs themselves asked for him to not reverse them so dramatically so that they could stay competitive
    • EVs are becoming computers on wheels and so their production within the US is viewed as a matter of national security. As a result, the US government is incentivized to keep US EV OEMs and their adoption competitive internationally
  • The state of California sets its own emissions rules, which are more stringent vs the EPA’s. 13 other states follow California’s lead and major OEMs have also agreed to follow California’s standards. April 2024, the U.S. Court of Appeals for the District of Columbia Circuit blocked an attempt by Ohio, Alabama, Texas and other Republican-led states to revoke California’s authority to set standards that are stricter than rules set by the federal government. Several OEMs have sided with California over this decision and recognize the state’s authority in this matter under the Clean Air Act. As a business, you can’t increase and decrease investments based on elections results, you need to invest for the future which is zero-emissions. Therefore, even if Trump reverses EPA emissions rules, California’s own standard will remain and OEMs will continue to invest in EVs across the US to scale and reach profitability
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• Today’s vehicles are increasingly adding technological content as the industry works towards full autonomous driving. APTV’s active safety business is well positioned to take advantage of this megatrend
  • The more basic systems (level 0 and level 1) have ~$300 of content while the more advanced systems (L2+) have ~$1,000. L3 systems see a big jump up to ~$3,000 driven by the need for LIDAR
    • APTV is focused on the development of L2, L2+ and L3 technologies
    • Currently, the market is just starting to commercialize L3 technology with Mercedes as the first OEM allowed to sell their L3 vehicle at retail
    • Google’s Waymo is considered level 4, but this technology is reserved for robo-taxi commercial applications. The amount of LIDAR cameras required for L4 makes the cost too expensive for passenger car consumers (Waymo pays ~$15k - $20k for the hardware they use)
  • The growth in this segment is driven by higher adoption of autonomous technology and higher content from step up in more advanced systems
    • Today, only LSD-MSD% of vehicles have L2 or greater ADAS capabilities. APTV expect this % to

Treating mental health conditions requires specialised staff that the Care Quality Commission scrutinises, so there's significant pressure on facilities. Degenerative health conditions like dementia, which can lead to mental health problems, are rising in line with the ageing population, boosting demand for facilities. Greater awareness of mental health issues, primarily driven by campaigns led by high-profile figures, has increased demand. Rising incomes support demand for private facilities, creating profit opportunities and encouraging market entry. Wallets have been squeezed in the two years through 2023-24 as inflation was persistently high. Despite private-sector expansion, deflationary price pressures exerted by the public sector have weighed on revenue. Revenue is anticipated to grow at a compound annual rate of 4.3% over the five years through 2024-25 to £1.6 billion. Over the two years through 2022-23, the success of the vaccination roll-out to combat the COVID-19 outbreak led to a gradual easing and subsequent lifting of restrictions, enabling facilities to raise the number of patients they could treat, supporting industry revenue. Higher occupancy levels and the boost in demand for industry services spurred by the rise in mental health issues stemming from the COVID-19 pandemic and the impact of cost of living pressures are expected to lead to revenue growth of 1.2% in 2024-25. Over the five years through 2029-30, industry revenue is forecast to rise at a compound annual rate of 2.1% to reach £1.8 billion. The government pledged additional funding of £2.3 billion a year for mental health services by 2023-24 as part of its NHS Long Term Plan. It has committed to providing £780 million over the three years through 2024-25 to rebuild the drug treatment system, including expanding treatment places by 20%. This funding may relieve some of the financial pressures currently facing facilities. However, workforce strikes across care services threaten industry profit, primarily by exacerbating current staff shortages.

On July 28, 2025, the Brent crude oil price stood at 69.68 U.S. dollars per barrel, compared to 66.71 U.S. dollars for WTI oil and 70.98 U.S. dollars for the OPEC basket. Brent and OPEC prices rose slightly that week, while WTI prices fell.Europe's Brent crude oil, the U.S. WTI crude oil, and OPEC's basket are three of the most important benchmarks used by traders as reference for oil and gasoline prices. Lowest ever oil prices during coronavirus pandemic In 2020, the coronavirus pandemic resulted in crude oil prices hitting a major slump as oil demand drastically declined following lockdowns and travel restrictions. Initial outlooks and uncertainty surrounding the course of the pandemic brought about a disagreement between two of the largest oil producers, Russia and Saudi Arabia, in early March. Bilateral talks between global oil producers ended in agreement on April 13th, with promises to cut petroleum output and hopes rising that these might help stabilize the oil price in the coming weeks. However, with storage facilities and oil tankers quickly filling up, fears grew over where to store excess oil, leading to benchmark prices seeing record negative prices between April 20 and April 22, 2020. How crude oil prices are determined As with most commodities, crude oil prices are impacted by supply and demand, as well as inventories and market sentiment. However, as oil is most often traded in future contracts (where a contract is agreed upon while product delivery will follow in the next two to three months), market speculation is one of the principal determinants for oil prices. Traders make conclusions on how production output and consumer demand will likely develop over the coming months, leaving room for uncertainty. Spot prices differ from futures in so far as they reflect the current market price of a commodity.

Natural gas rose to 3.09 USD/MMBtu on August 1, 2025, up 0.10% from the previous day. Over the past month, Natural gas's price has fallen 11.31%, but it is still 57.26% higher than a year ago, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Natural gas - values, historical data, forecasts and news - updated on August of 2025.

Gasoline fell to 2.11 USD/Gal on August 1, 2025, down 2.93% from the previous day. Over the past month, Gasoline's price has fallen 0.36%, and is down 9.53% compared to the same time last year, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Gasoline - values, historical data, forecasts and news - updated on August of 2025.