Market Research Future has published a half-cooked research report on the Global Batteries Market. 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 2017 and 2022.
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Observing the market structure, this report evaluates the future growth potential of the market. It inspects the strategies of the key players in the market and reflects the competitive developments like joint ventures, mergers & acquisitions, new product developments, research and developments (R&D) in the market.
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.
In Europe, the market is growing due to the technological development, the presence of many key market players in this region, developed automobile industry, government regulations to cut down carbon emissions, and due to the technological advancement that is second only to North America. In Europe, the crucial country-specific markets are France, Germany, Spain, and the UK, followed by the remaining countries in Europe.
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