ALBANY, New York, July 13, 2020 /PRNewswire/ -- The mounting environmental concerns present a bleak future for the coming generations. To tackle environmental concerns and impart a clean and green future for the existing and upcoming generations, various countries are coming up with strict environmental norms to curb emissions. The promotion of e-vehicles use is one of the prime initiatives for reducing the carbon footprint. Therefore, the vehicle battery market will largely benefit from such initiatives, bringing tremendous growth opportunities.
Specialists at the Transparency Market Research predict that the global vehicle battery market is estimated to transcend US$ 65 bn by 2030 at a ~3% CAGR during the forecast period of 2020-2030. Numerous automotive majors are shifting their business strategies toward developing e-automobiles as a large pool of consumers are preferring e-vehicles.
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Useful Insights by the Analysts at Transparency Market Research on Vehicle Battery Market
One of the TMR analysts stated "Battery innovations in EVs are one of the prime focal points for manufacturers. However, the mass adoption of EVs still remains a challenge, owing to changing consumer behavior, and unsure technological developments and government policies. As such, companies in the vehicle battery market should capitalize on the industry-wide trend of decline in EV battery costs and its performance innovations to reassure faith among the buyers."
On the flip side, the TMR analysts also highlighted the disruption caused by the novel coronavirus and its effect on the global market. The analysts shed light on the goal of the Chinese companies to broaden their production capacities for stabilizing the economic growth. Furthermore, they suggested the key players of the vehicle battery market to focus on opportunities from renewable energy sources for increased production capabilities.
Uncover 261 pages of intelligent research, current market scenario, and extensive geographical projections. Gain insights onVehicle Battery Market (Battery Type: Lead Acid, Lithium Ion, and Others; Vehicle Type: ICE/Micro Hybrids/Start-Stop Vehicles, Mild Hybrid/Fully Hybrid Vehicle, and Plug-in Hybrid/ Battery Electric Vehicle; Sales Channel: OEM and Aftermarket; and Vehicle Class: Passenger Vehicle, Light Commercial Vehicle, and Heavy Commercial Vehicle) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020 – 2030 at https://www.transparencymarketresearch.com/vehicle-battery-market.html
Vehicle Battery Market: Vital Findings
- The plug-in hybrid/ battery electric vehicle segment is estimated to balloon at a growth rate of 18.24% in terms of volume
- Based on battery type, the lithium-ion segment projects an upward trajectory at 16.42% CAGR during the 2020-2030 forecast period
- Based on vehicle class, the passenger vehicle segment is estimated to grow at a rapid pace
- On the horizon of geographical landscape, Asia Pacific held a vital share in 2019 and expects to display the same picture across the aforementioned forecast period
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Vehicle Battery Market: Vital Growth Factors
- The noticeable rise in the sales of e-vehicles in urban areas is proving to be a growth multiplier for the vehicle battery market
- The environmental crisis is ringing alarm bells across the world with pollution levels at an all-time peak; hence, the urgency to tackle rising pollution is fuelling the growth of the vehicle battery market
- Introduction of affordable and lightweight batteries with supercapacitors are also churning growth for the vehicle battery market
- Growing focus on electrification of highways and promotion of e-vehicles by the government further propels the growth rate of the vehicle battery market
Analyze Vehicle Battery Market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a Sample of the Study
Vehicle Battery Market: Competitive Scenario
The vehicle battery market has a hybrid landscape of both local and international players in competition with each other. Major manufacturing companies are collaborating with scientists and researchers to curb snags and produce vehicle batteries that carry their functions effectively. In addition, mergers, acquisitions, joint ventures and collaborations also prove to be growth generators for the vehicle battery market
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The vehicle battery market can be segmented into the following parameters:
By Battery Type
- Lead Acid
- Lithium Ion
By Vehicle Type
- ICE/Micro Hybrids/ Start-Stop Vehicles
- Mild Hybrid/ Fully Hybrid Vehicle
- Plug-in Hybrid Vehicle/ Battery Electric Vehicle
By Sales Channel
By Vehicle Class
- Passenger Vehicle
- Light Commercial Vehicle
- Heavy Commercial Vehicle
- North America
- Asia Pacific
- Middle East & Africa
- Latin America
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Market Research's award-winning coverage of the Global Automotive & Transport Industry:
Hub Motor Market – Global hub motor market for electric vehicle is projected to reach US$ 27.4 Bn by 2030, expanding at a CAGR of 22.5% during the forecast period. Rise in demand for fuel-efficient and lightweight vehicles across the globe, which provide comfort and noiseless driving, is likely to propel the hub motor market for electric vehicle. Increase in vehicle electrification across the globe due to enactment of vehicle emission standards is likely to boost the demand for electric vehicles across the globe.
All-Wheel Drive (AWD) Vehicle Market – global all-wheel drive (AWD) vehicle market is projected to surpass US$ 679.8 Bn by 2030, expanding at a CAGR of 5% during the forecast period. Increase in global warming across the globe is prompting most vehicle manufacturers to develop efficient vehicle technologies for their vehicles, which in turn is anticipated to boost the all-wheel drive (AWD) vehicle market across the globe.
Forklift Tire Market – The global forklift tire market is estimated to expand at a CAGR of ~5% and surpass US$ 3.3 Bn by 2030, driven by the increase in adoption of forklifts across industries to improve productivity and safety of workers. The forklift tire market is largely concentrated in East Asia, Europe, and North America, owing to the presence of large industries in the region.
Microcars Market – the global Microcars market is projected to reach ~US$ 12.7 Bn by 2030, expanding at a CAGR of ~15% during the forecast period. Growing environmental concerns, increasing fuel prices, and traffic congestion globally have laid emphasis on improving transportation facilities. Thus, vehicle manufacturers are focusing on the development of comfortable, affordable, and fuel-efficient small vehicles. This is likely to boost the microcars market during the forecast period.
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About Transparency Market Research
Transparency Market Research is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. Our experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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