Light Vehicle Batteries Market by Application and Geography - Global Forecast 2023

ELMHURST, Ill. - Feb. 20, 2020 - PRLog -- The global light vehicle batteries market is expected to post a CAGR of more than 10% during the period 2019-2023, according to the latest market research report by Technavio. A key factor driving the growth of the global light vehicle batteries market size is the declining Li-ion battery prices. Li-ion batteries are the most widely used batteries for light vehicles across the world as it is a light metal that contains better electrochemical properties than other battery technologies.

Global light vehicle batteries market: Advances in battery technologies
The global batteries market has been witnessing a significant increase in R&D activities by manufacturers to develop new battery technologies. For instance, the UltraBattery is a hybrid device with a chemical combination of both lead-acid battery and an ultracapacitor. This battery has been witnessing many design improvements over conventional lead-acid technology. The unique chemistry of the battery increases power handling as well as vastly reduces sulfation, which allows it to run continuously without charging fully. Many such technologies are expected to evolve during the forecast period owing to the heavy investments in R&D by battery manufacturers.
Global light vehicle batteries market: Segmentation analysis
This market research report segments the global light vehicle batteries market by application (ICEV, and EV), and geographic regions (APAC, EMEA, and the Americas).
The APAC region led the light vehicle OE batteries market in 2018, EMEA, and the Americas respectively. The growth of the light vehicle OE batteries market in APAC can be attributed to the rising sales of light vehicles, which is driven by the increasing urbanization and high gross domestic product (GDP) growth in countries such as China and India. Furthermore, the increasing construction of roads in rural areas is offering extended potential target markets for light vehicle manufacturers to boost the sales of light vehicles.

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Market Landscape
• Market ecosystem
• Market characteristics
• Market segmentation analysis

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