Global Vehicle Battery Market Worth US$43.48 Billion, Globally, by 2030 at 4.64% CAGR: Fairfield Market Research 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. 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. Get a Sample Copy of Vehicle Battery Market: https://www.fairfieldmarketresearch.com/report/vehicle-battery-market/requestsample 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.
Vehicle Battery Market is Expected to Register a CAGR of 4.64% Between 2020 and 2030
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