The global vehicle battery market is expected to flourish as the automobile industry undergoes a significant transformation. The rise in electrification of vehicles has also led to surging demand for vehicle batteries. According to Fairfield Market Research the global vehicle battery market will register a CAGR of 4.64% between 2021 and 2030. By the end 2030, analysts anticipate that the global vehicle battery market will be worth US$43.48 Bn.
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The focus on attaining energy sustainability to reduce pollution issues is likely to bring lucrative opportunities for the market. The study indicates that the shift towards green transportation can shape the future of the market.
Widespread Popularity of Electric Vehicles to Boost Market Growth of Vehicle Battery
Vehicle battery plays a pivotal role in improving driving performance and ensuring the operational safety of a vehicle. Numerous technological advancements such as lithium-ion batteries have resulted in a broader acceptance of electric vehicles for personal and commercial uses as its technology allows high battery recharge capacity. Rise in investment to manufacture solutions that increase the vehicle’s battery while lowering production costs will increase the demand of these batteries. For instance, Tesla investments in the development of vehicle batteries in the Asia Pacific market is expected to give the market a shot in the arm.
Government and regulatory bodies are actively working towards curbing carbon emissions by promoting cleaner transportation alternatives. This has pushed manufacturers to develop advanced batteries with high energy density. The market is expected to witness innovations ahead owing to these reasons.
Lack of Infrastructure to Hinder Market Growth During Forecast Period
The global vehicle market is expected to face certain restraints, which might hamper its growth during the forecast period. Lack of charging stations to support the usage of electric vehicles is expected to hinder the market growth. The market for vehicle battery is also expected to suffer as the automotive industry, on the whole, has been experiencing cyclical depression, resulting in plummeting sales. In 2020, several automobile manufacturers suffered mammoth losses, which also percolated to ancillary market such as the vehicle battery market. However, as consumers opt for personal vehicles to avoid crowded shared mobility alternatives, the automobile market is expected to gain momentum.
Electric Car Segment to Flourish Owing to Shift Towards Cleaner Alternatives
The electric car segment is expected to rise in demand during the forecast period as consumers behaviour tilts towards sustainable transport systems. Numerous government incentives and stringent regulations to curb carbon emission and to find cleaner alternatives will boost the demand for this segment.
For instance, the Government of India’s Energy Efficiency Services Ltd (EESL) plans to deploy 20,000 EVs across the country for official use. With this move, it aims to achieve an EV sales penetration of 70% for commercial cars, 40% for buses, 30% for private cars, and 80% for two- and three-wheelers by 2030. Such initiatives are expected to create a high demand for new vehicle batteries that operate at excellent efficiency.
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Contracts between Electric Vehicle Manufacturers and Battery Manufacturers to Provide Lucrative Opportunities in Asia Pacific
Asia Pacific is expected to lead the global market for vehicle battery during the forecast period as this region has a large manufacturing base in developing economies such as China and India. Availability of cheap raw material and labour in this region increases its sales. Numerous electric vehicle manufacturers are collaborating with battery manufacturers in Asia such as Volkswagen and BMW to purchase batteries from Samsung SDI, LG Chem, CATL and other Korean producers.
The strong presence of players in the region is expected to keep the regional market at the forefront. Furthermore, as China and India remain hubs of ancillary markets for the automobile industry, the vehicle batter market in this part of the world will have an edge over others.
Key Players are Adopting Strategies such as Mergers and Acquisition to Stay Ahead in Competition
The global vehicle market is heavily dependent on raw material manufacturers and suppliers therefore, key players are adopting numerous strategies such as mergers and acquisitions and joint ventures to consolidate their market presence. For instance, NEDO, Sharp and Toyota have collaborated to manufacture an exclusive car that can run longer without needing to charge. Panasonic and Toyota have also announced a joint venture for producing batteries for electric vehicles.
The key players operating in the global vehicle battery market are BYD Company Limited, Panasonic Corporation, Johnson Controls International PLC, SAMSUNG SDI Co., Ltd, Contemporary Amperex Technology Co., Limited, LG Chem Ltd., A123 Systems Inc.
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