Auto Storage Battery Market Top Manufacturers, Product Types, Sales and Demand 2021-2030
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North America (U.S., Canada, and Mexico), Europe (Germany, UK, France, Russia, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia-Pacific), LAMEA (Latin America, Middle East, and Africa)
Hyundai, Nissan, BMW, Daimler AG, Mercedes-Benz Energy, Beijing Electric Vehicle, Rivian, Proterra, Applied Energy, and Morris Garages
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Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis
Regulatory push toward efficient technologies and global measures by original equipment manufacturer (OEM) to increase the customer's preference toward electric vehicles (EV) is expected to boost the growth of the market during the forecast period. However, the higher cost of eps as compared to traditional steering systems and lack of steering feel restrain the growth of the market. Furthermore, penetration in commercial vehicles and enabling advanced driver-assistance systems (ADAS) features in eps create new opportunities for the market growth.
The second life electric vehicle battery market trends are as follows:
The regulatory push toward efficient technologies
The manufacturing companies are regularly innovating advanced techniques to enhance customer's luxury in their automobile vehicles. Efficient technology is attributed to the rise in vehicle production and sales in developing economies such as China and India. In addition, the safety and security feature has been taking into consideration as there is an increase in number of accidents. Hence, companies are adapting a better safety system which further boosts the growth of the second-life electric vehicle battery market during the forecast period.
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Global measures by OEMs to increase the customer's preference for electric vehicles (EV)
The automobile manufacturers are incorporating several systems in vehicles that attract the attention of more customers by advancing their design or implementing new strategies for the vehicles. Advanced features are no longer restricted to premium vehicles. Consumers are now concerned about the afterlife, reselling of the vehicle, and technological advancement, and therefore, they are interested in opting for vehicles that are equipped with better resources. This is anticipated to boost the market growth during the forecast period.
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