Astute Analytica reports that the global Asia Pacific Marine Battery Market size will grow from US$ 123.9 Mn in 2021 to US$ 1,017.1 Mn by 2026. The global market will record a tremendous compound annual growth rate (CAGR) of 51.1% during the study period, i.e., 2022-2026.
The report’s segmentation section focuses on each category while also identifying those with the greatest influence on the Asia Pacific Marine Battery Market. The segmentation provided the framework for locating businesses and assessing their financial health, product portfolios, and potential for future growth. In order to forecast the level of competition, the second step involved analysing the core competencies and market shares of leading companies. To determine the size of the market as a whole, a bottom-up approach was adopted.
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The automotive sector is continuously working to develop an integrated approach to a cleaner environment and lower carbon emissions. In order to minimize fuel consumption, automakers are creating more efficient engines and drive trains, and a wide range of sophisticated emissions-control equipment is placing cleaner cars on the road globally. It is forecast that clear improvements in air quality can notice when more new automobiles with contemporary exhaust emissions performance hit the road. As older, more polluting cars replace the new ones. Thus, this trend will continue to lead to the growth of the automotive sector.
Impact Analysis of COVID-19
The COVID-19 pandemic wreaked havoc on the worldwide automotive industry quickly and severely. Chinese parts shipments halted, large-scale manufacturing disruptions were occurring across Europe, and assembly factories in the United States had to close. This has put a lot of pressure on a sector already dealing with a worldwide demand downturn due to decreased consumer needs. According to data from the International Organization of Motor Vehicle Manufacturers, the commercial vehicle sector in out of 40 major nations, 17 nations, including Belgium, Canada, Germany, Japan, etc., saw negative growth of 67.5% during the COVID-19 pandemic.
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China is one of the world’s largest auto marketplaces, both in terms of sales and production. According to Statista, worldwide passenger vehicle manufacturing will exceed 66 million units in 2020. China produced about a third of these automobiles in that year. In the year 2020, Germany accounted for about 5% of global production.
By 2020, the Chinese government expects car production to reach 30 million units and 35 million by 2025. The China Association of Automobile Manufacturers estimated a sale of 27 million vehicles in 2018. It includes 23.79 million passenger vehicles, a 4.08 percent decrease from 2017, and 4.38 million commercial vehicles, a 5.05% rise. This is the first annual fall in passenger vehicle sales in at least 20 years.
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