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Automotive Battery Market is Driven by Increasing Demand for Electric Vehicles and Government Incentives and Regulations
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Key Trends
The automotive battery industry is undergoing a period of significant change. The traditional lead-acid battery is being increasingly displaced by newer technologies such as lithium-ion and nickel-metal-hydride.
The main reason for this shift is that lead-acid batteries are not well suited to the demands of modern cars. They are heavy, have a limited capacity, and are not very efficient. Lithium-ion and nickel-metal-hydride batteries are much lighter, can store more energy, and are more efficient.
The other major trend in automotive battery technology is the move away from traditional wet-cell batteries to newer dry-cell batteries. Wet-cell batteries are more prone to leaking and require more maintenance.
The trend towards lighter, more efficient, and easier-to-maintain batteries is likely to continue in the coming years. This will help to make electric and hybrid cars more viable options for consumers.
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Key Drivers
There are several key drivers of the automotive battery market.
Firstly, the increasing demand for electric vehicles is driving the need for batteries.
Secondly, the advancement of battery technology is enabling longer range and faster charging times for electric vehicles, making them more viable for consumers.
Finally, government incentives and regulations are encouraging the uptake of electric vehicles, which in turn is boosting the demand for automotive batteries.
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Key Players
The Automotive Battery Market includes players such as Camel Group Co. Ltd., Douglas Battery, East Penn Manufacturing Co., Inc., Exide Technologies, Fengfan Co. Ltd., Johnson Controls Inc., THE FURUKAWA BATTERY CO., LTD., Zhejiang Haijiu Battery Co. Ltd, Zhejiang Narada Power Source Co. Ltd. and FIAMM S.p.A.
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