Car Sharing Market by Vehicle Type, Application 2014-2024 Automotive Battery Market Analysis Report 2023 | Page 3

Automotive Battery Market
The decreasing crude oil reserves and environmental impact of the conventional vehicles are the major factors
driving the growth of the automotive battery market. With the decreasing crude reserves, the demand for
economical transportation technologies has attracted investment in this market. The government of major
countries have encouraged adoption of hybrid vehicles that utilize the electric battery. The stringent
environmental regulations in the European Union have encouraged the use of battery run vehicles. These factors
are expected to create growth opportunities for the automotive battery market.
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