Automotive Battery Market worth USD 103.47 billion by 2030, registering a CAGR of 6.57% – Report by Market Research Future (MRFR)
New York, Nov. 11, 2021 (GLOBE NEWSWIRE) — Automotive Battery Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Automotive Battery Market Research Report, Technology, By End Market, By Application, By Vehicle type and Region – Forecast till 2030”, the market is projected to be worth USD 103.47 billion by 2030, registering a CAGR of 6.57% during the forecast period (2022 – 2030). , The market was valued at USD 44.95 billion in 2021.
List of the companies profiled in the automotive battery market research report are –
- Robert Bosch GmbH (Germany)
- EXIDE technologies (US)
- A123 Systems (Japan)
- GS Yuasa (Japan)
- LF (South Korea)
- Saft Groupe SA (France)
- Johnsons controls (US)
- East Penn manufacturing company (US)
- Delphi Automotive LLP (UK)
- Among others.
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Market Research Future’s Review on Automotive Battery Market
Market Analysis
Increasing Demand for Pollution-Free Electric Vehicles
The market growth is predicted to accelerate in the following years, particularly in rising economies such as India, Thailand, and Vietnam. In addition, there has been an increase in demand for pollution-free electric vehicles, which is one of the primary factors for the expansion of the automotive battery market Outlook in the forecast period.
According to industry standards, an ideal vehicle battery should have certain properties, such as appropriate reserve capacity, which informs users about the battery’s ability to store electrical energy, which in turn delivers performance. The market’s driving forces have been rising demand for automotive vehicles as a result of greater awareness among people all over the world about the no or negligible negative effects it has on the environment.
Competitive Landscape
All of the leading companies have been concentrating on the revenue development aspects of the automotive battery market. They have planned things strategically in order to ensure that the markets reach their peak. They have been looking forward to simultaneously protecting the environment and giving the best user experience. They have not just focused on themselves but also on the industry as a whole. They have brought the sector to a point where all newcomers have a predetermined level to work on, thanks to new inventions and technological breakthroughs.
Browse In-depth Market Research Report (188 pages) on Automotive Battery
https://www.marketresearchfuture.com/reports/automotive-battery-market-4763
The Global Market to Rebound Post COVID-19 Crisis
The impact of COVID-19 on any industry is unavoidable since there have been constant lockdowns and halts of production units around the world. The COVID-19 pandemic has hindered battery supply chains because most battery cells are manufactured in China, emphasizing China’s dependence and the hazards that come with it. This has sparked interest among many stakeholders in the US and EU areas for the localization/regionalization of supply chains, paving the way for new market opportunities.
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Market Segmentation
The worldwide automotive battery market has been segmented on the basis of type, propulsion, vehicle type, and sales channel.
On the basis of type, the worldwide automotive battery market has been segmented into Lead Acid, Lithium-Ion, Nickel Metal Hydride, and Others.
On the basis of propulsion, the worldwide automotive battery market has been segmented into Internal Combustion Engine (ICE) and Electric Vehicle.
On the basis of vehicle type, the worldwide automotive battery market has been segmented into Passenger cars and Commercial Vehicles.
On the basis of sales channels, the global automotive battery market has been segmented into OEM And Aftermarket.
Regional Analysis
North America to Dominate the Global Market
North America dominates the automotive battery market outlook due to the region’s concentration of powerful lead-acid battery producers, which contributes to the rising demand for electric vehicles. The area also has rigorous guidelines for utilizing eco-friendly products, ensuring that the market share increases dramatically.
APAC to Witness Quickest Growth
Due to rising demand for such vehicles and large sales of passenger cars, commercial vehicles, and motorcycles, Asia Pacific is predicted to have the quickest growth in the automotive battery market value.
Segmentation of Market covered in the research:
Automotive Battery Market Research Report: Information, by Type (Lead Acid, Lithium-Ion, Nickel Metal Hydride, and Others), Propulsion [Internal Combustion Engine (ICE) and Electric Vehicle], Vehicle Type (Passenger Car and Commercial Vehicle), Sales Channel (OEM And Aftermarket), and Region (North America, Europe, Asia-Pacific, and the Rest of the World)- Forecast till 2030
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
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