Government authorities of many countries around the world are implementing strict regulations that focus on reducing the carbon emission levels. Owing to this factor, the demand for automotive batteries is expected to increase. This scenario, in turn, is projected to fuel sales opportunities in the global automotive battery market.
Surge in demand for semi-hybrid, fully electric, and hybrid vehicles from all across the globe is expected to drive the expansion prospects for companies operating in the global automotive battery market. These batteries are manufactured using various chemical compositions such as nickel–metal hydride (Ni-MH), lithium ion (Li-ion), small sealed lead acid (SSLA), and nickel–cadmium (Ni-Cd).
Automotive batteries are used in different vehicle types such as mid-sized, compact, luxury, premium, heavy commercial, and commercial vehicles. Among all, the market for automotive battery is likely to experience high demand from passenger vehicle manufacturers owing to surge in the adoption of these batteries in passenger vehicles.
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Surge in Fuel Prices Boosts Demand for Automotive Batteries
With towering prices of fuel and growing environment awareness, major manufacturers are increasing research activities to develop electric vehicles or plug-in hybrid vehicles. Owing to this factor, they are concentrated on battery support improvement. This factor is projected to create prominent sales opportunities in the global automotive battery market in the years ahead.
In recent years, original equipment manufacturers (OEMs) from all across the globe are focused on the launch of electric and hybrid car models. Apart from this, several OEMs are concentrating on creation of large automotive to fulfill need of electricity-based transportation and other alike requirements. These factors are fueling market expansion.
Rise in Investment toward Europe Automotive Industry Makes it Prominent Market Region
Europe is dominating region of the automotive battery market. The Europe market is expected to maintain its prominent position owing to surge in investment in the regional automotive industry and existence of many automakers. Moreover, the market players are anticipated to gain prominent expansion opportunities in the Asia Pacific region owing to presence of many emerging economies in it.
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