Need to Curb Burgeoning Environmental Hazards Acting as Building Blocks of Growth for Vehicle Battery Market, ~3% CAGR Across 2020-2030 Predicted by Transparency Market Research

-The escalation in the production of vehicle batteries due to the rise in the adoption of electric vehicles is a significant growth generator for the vehicle battery market

-The growing interest of investors and corporations in the research and development of vehicle batteries may further bring exponential growth opportunities for the vehicle battery market

ALBANY, New York, July 13, 2020 /PRNewswire/ -- The mounting environmental concerns present a bleak future for the coming generations. To tackle environmental concerns and impart a clean and green future for the existing and upcoming generations, various countries are coming up with strict environmental norms to curb emissions. The promotion of e-vehicles use is one of the prime initiatives for reducing the carbon footprint. Therefore, the vehicle battery market will largely benefit from such initiatives, bringing tremendous growth opportunities.

Specialists at the Transparency Market Research predict that the global vehicle battery market is estimated to transcend US$ 65 bn by 2030 at a ~3% CAGR during the forecast period of 2020-2030. Numerous automotive majors are shifting their business strategies toward developing e-automobiles as a large pool of consumers are preferring e-vehicles.

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Useful Insights by the Analysts at Transparency Market Research on Vehicle Battery Market

One of the TMR analysts stated "Battery innovations in EVs are one of the prime focal points for manufacturers. However, the mass adoption of EVs still remains a challenge, owing to changing consumer behavior, and unsure technological developments and government policies. As such, companies in the vehicle battery market should capitalize on the industry-wide trend of decline in EV battery costs and its performance innovations to reassure faith among the buyers."

On the flip side, the TMR analysts also highlighted the disruption caused by the novel coronavirus and its effect on the global market. The analysts shed light on the goal of the Chinese companies to broaden their production capacities for stabilizing the economic growth. Furthermore, they suggested the key players of the vehicle battery market to focus on opportunities from renewable energy sources for increased production capabilities.