Press release
Automotive Battery Market is set to Garner Staggering Revenues by 2031, TMR Study
The rapid spread of coronavirus across the globe and enforced lockdown in many countries had a negative impact on the global automotive battery market. This has hampered the supply chain, halting manufacturing and production of passenger vehicles, light commercial vehicles, buses, etc. across the globe. Manufacturers operating in the automotive and transportation industry are recovering from the losses caused due to disturbed ecosystem and reduction in sales of automotive vehicles. Thus, manufacturers in the global automotive battery market are focusing on increasing their production capacity to gain revenue benefits.View Our Report @ https://www.transparencymarketresearch.com/automotive-battery-market.html
There has been a rapid demand for electric vehicles in developing countries due to their fuel-efficiency, high-performance, and low-emission properties. Increasing research & development activities in the automotive industry, surging trend of vehicle electrification in the automobile industry, growing popularity of electric vehicles, and rising government regulations on emissions are some of the prominent factors driving the demand for automotive batteries. Furthermore, the demand has been increasing consistently due to the advent of electric and hybrid vehicles for the past few years. The increasing popularity of battery-powered vehicles boosts the global automotive battery market. Major players operating in the global automotive battery market are investing and expanding their production capabilities to deploy high quality automated batteries.
There are a variety of batteries used in automotive vehicles. Among these, low-cost lithium ion batteries are immensely popular in consumers. Lithium ion batteries are used due to their cost-efficiency and increasing applications in electric vehicles. The rising sales of electric vehicles across the globe is creating growth opportunities for the lithium ion batteries manufacturers. The average price of these batteries is a major advantage for automobile manufacturers.
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Lithium ion batteries are popularly used due to their speed, safety and high thermal stability. Market players are adopting technological innovations to increase the operational efficiency of these batteries to meet the increasing demand for a longer driving range. This will automatically increase the sales of electric vehicles. All these factors are driving the global automotive battery market.
There is an increasing acceptance of electric vehicles due to rising awareness about energy crisis and environmental pollution caused due to automotive vehicles. The growing popularity of low-emission vehicles for economic benefits is driving the global automotive battery market. Stringent rules and regulations applied on the vehicle emission by many development countries is contributing to the increasing demand for low-emission electric vehicles, thus fueling the demand for batteries across the globe.
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In various countries, there are strict rules and regulations on vehicle emissions, and it is mandatory to use advanced technologies to combat high-emission levels in electric vehicles. Due to these strict laws, many automobile manufacturers across the globe are focusing on the increasing production of low-emission and zero emission vehicles (ZEV). This factor is responsible for the increasing demand for electric vehicles, hence augmenting the growth of the global automotive battery market.
Asia Pacific and Europe are expected to account for significant share of the global automotive battery market. Increasing investments on R&D of battery system in Europe, along with presence of major original equipment manufacturers is driving the automotive battery market in the upcoming years. The presence of major automotive parts manufacturing industries across China, India, and Japan is also anticipated to propel the automotive battery market in Asia Pacific.
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The surging demand for electric vehicles in Asia Pacific is due to increasing fuel prices and awareness of benefits of electric vehicles. Increasing adoption of vehicle electrification, rapidly expanding charging infrastructure, and stringent regulations on vehicle emission are some of the factors accelerating the demand for electric vehicles. The market is growing rapidly in Asia Pacific countries such as India and China. The Asia Pacific automotive battery market is driven by factors such as significant presence of manufactures, easy availability of raw material, and rapid economic growth.
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Transparency Market Research registered at Wilmington, Delaware, United States, is a global market research firm that offers market analysis reports and business consulting. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyze information.
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