Batteries Market Research Report – Global Forecast to 2022. Batteries are useful for providing the electric energy to automobiles for starting, lighting and ignition. Market Research Future (MRFR) has published a research report about the global batteries market that tallies hike for this market at 4% CAGR (Compound Annual Growth Rate) during the forecast period between 2019 and 2022.
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Batteries is a device that provide the electric energy to automobiles for starting, lighting and ignition. Rising the demand of hybrid, semi-hybrid and fully electric vehicles will drive the global battery market. Also adoption rate of these batteries in passenger vehicle is increasing which will drive this market. However, safety issues related to battery usage may hamper the growth of global battery market. Thus the Batteries System market is expected to register a CAGR of about 4%.
The key factor driving the global batteries market growth is the rising demand for hybrid, semi-hybrid and fully electric vehicles. The second factor contributing to market growth is the adoption rate of these batteries in a passenger vehicle. However, safety issues related to battery usage can hinder the market growth.
The global batteries market has been segmented on the basis of application, battery type, and lastly, region. The application-based segmentation segments this market into electric cars, heavy vehicles, two/three wheelers, and others. By battery-type, the market has been segmented into lead acid, lithium ion, nickel cadmium, and nickel metal hydride.
The regional segmentation of the global batteries market segments the market into the regional markets known North America, South America, Europe, Asia Pacific, and the Middle East & Africa (MEA). North America is the largest regional market due to increasing eco-friendly initiatives, the presence of many key market players, and raising the production of technologically advanced vehicles. The primary country-specific markets in North America are the USA, Canada, and Mexico.
During the forecast period, the Asia Pacific region is expected to show a significant growth due to rising the disposable income and rising the demand of commercial & passenger vehicles. The supreme most country-specific markets in this region are China, India, and Japan, followed by the remaining Asia Pacific countries.
North America region dominates the global Batteries market, because increasing eco-friendly initiatives & raising the production of technologically advanced vehicles. This region will grow at good pace during the forecast period. Asia-Pacific region will show a significant growth during the forecast period. Factors like rising the disposable income and rising the demand of commercial & passenger vehicles, will drive the global batteries market.
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