Automotive Battery Market: Quantitative Market Analysis, Current and Future Trends

From past decade, the automotive sector is growing with fast pace. Growing focus of automotive manufacturers for improvement of automotive and innovations such as electric vehicles which are fuelling growth of the automotive battery market.

Additionally, growing exploring activities on electric or plug-in hybrid vehicles owing to growing prices of fuel coupled with growing awareness about environment. These factors are fuelling research activities for improvement of battery support which is propelling growth of the global automotive battery market. Owing to the promising opportunities in present in the electric vehicles, OEMs of automotive are trying to introduce new and hybrid and electric car models. Additionally, these OEMs are trying to develop large automotive in order to accomplish need for electricity-based transportation and other similar requirements.

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Additionally, numerous governments are imposing strict regulations in order to reduce the carbon emission which is supporting growth of the global automotive battery market.

However, additional cost of manufacturing the battery is limiting some players to explore and start production of the electric vehicles which is restraining growth of the global automotive battery market to some extent. Nonetheless, growing research and exploration of supportive material can lead to launch of an advanced product which is likely to offer lucrative opportunities for the key players operating in the automotive battery market.

According to a report TMR, the global automotive battery market is projected to be worth US$54.5 bn by the end of the forecast period and is expected to expand with healthy CAGR of 5.70% CAGR over the forecast period from 2017 - 2022.