Need to Curb Burgeoning Environmental Hazards Acting as Building Blocks of Growth for Vehicle Battery Market, ~3% CAGR Across 2020-2030 Predicted by Transparency Market Research

Need to Curb Burgeoning Environmental Hazards Acting as Building Blocks of Growth for Vehicle Battery Market, ~3% CAGR Across 2020-2030 Predicted by Transparency Market Research

PR Newswire

ALBANY, New York, July 13, 2020

-The escalation in the production of vehicle batteries due to the rise in the adoption of electric vehicles is a significant growth generator for the vehicle battery market

-The growing interest of investors and corporations in the research and development of vehicle batteries may further bring exponential growth opportunities for the vehicle battery market

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.

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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

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Vehicle Battery Market: Vital Growth Factors

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

By Vehicle Type

By Sales Channel

By Vehicle Class

By Region

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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Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

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