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The global electric vehicle battery market is estimated to develop at a robust CAGR of 8.5% from 2022 to 2032. The target market will reach a valuation of US$ 18.09 billion in 2032, rising from US$ 8.68 billion in 2022.

Key Takeaways:

Supply chain disruptions and harmful manufacturing processes are factors that may hinder the growth of the electric vehicle battery market.
By vehicle, the passenger car segment will generate the most demand for the market and grow at a CAGR of 9%.
Based on vehicle technology, the hybrid electric vehicle category accounts for a substantial portion of the market. This segment will gain traction due to its twin-powered engine and electric motor which reduces fuel consumption.
Asia Pacific electric vehicles battery market will prove to be highly remunerative owing to the expanding automobile sector in this region.
The electric vehicle battery market in Europe will grow rapidly over the assessment period due to the commissioning of several mega factories in the region.
In its latest report, FMI offers an unbiased analysis of the global electric vehicle battery market, providing historical data from 2016 to 2021 and forecast statistics for 2022 to 2032. For a comprehensive understanding of the global market potential, growth, and scope, the market is segmented on the basis of battery type, vehicle technology, vehicle type, battery capacity, and region.

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According to the same reports, based on segmentation, the passenger car vehicle type segment will dominate the global marketplace. In terms of vehicle technology, hybrid electronic vehicle technology will contribute substantially to the overall market growth. Based on region, the electric vehicle battery market in Asia Pacific will assume the lead in the international space with the ownership of a sizable portion of the market share. Rising fuel prices, environmental concerns, and expanding automotive sector are responsible for the growth of the Asia Pacific electric vehicle battery market. Europe, too, will aid the global growth of the electric vehicle battery market.

The market for electric vehicle batteries is strongly influenced by surging fuel prices, increasing use of lithium-ion batteries, and growing sales of hybrid/ electric vehicles. Technology advancements and an evolving automotive industry further aid the expansion of the electric vehicle battery market during the forecast period.

With numerous governments across the world promoting the use of electric or hybrid vehicles, the prospects for the electric vehicle battery market are strong over the upcoming years. Hybrid or electric vehicles make use of alternative or sustainable fuels which are necessary for environmental preservation and aid with emission control. This environmental-friendly factor prompts governments all over the globe to foster the growth of electric vehicles which, in turn, augurs well for the electric vehicle battery market.

The sustainability drives are encouraging more and more consumers to opt for electric vehicles as they are financially and environmentally friendly. Densely populated countries like India and China are leaning towards alternative fuels due to the low availability of fuel, high prices, and low per capita income. As a result, there’s a notable growth in the demand for electric vehicles which augurs well for the electric vehicles battery market.

The introduction of enhanced and powerful batteries that have a longer shelf life and exhibit better performance also spurs the growth of the electric vehicle battery market. Further, the growing awareness of the advantages of electric vehicle battery such as low running costs, cost-effective maintenance, and no tailpipe pollution also aids the market growth. With constant product upgradation and the launch of innovative products, consumers have a wide range of choices which bodes well for the overall market growth. Other factors like high fuel prices, troubling socio-political conditions, and increasing innovations further aid the growth of the electric vehicle battery market during the projection period.

Competitive Landscape

LG Chem Ltd, BYD Company Limited, Panasonic Corporation, Tesla Motors, Inc., Samsung SDI Co, Ltd, and Narada Power Source Co., Ltd, among others, are some of the prominent players in the electric vehicle battery market profiled in the full version of the report.

Leading market players are focusing on product upgradation and development as well as the release of new products. These companies are adopting novel chemistry techniques and engaging in various organic and inorganic business strategies to enhance their market footprints.

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Everything You Need To Know Before Buying Payroll Management Software online
For any business choosing a system that suits their different business needs and culture is important. Hence, there are a few different factors that a business should know about. Here, in this blog, find everything you should know before you buy a payroll management system from an online software marketplace


 



 

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Contract Furniture Market Growth, COVID Impact, Trends Analysis Report 2033

The contract furniture market is predicted to be worth US$ 148.72 billion in 2023, and rise to US$ 268.86 billion by 2033. Initially, the global market was expanding at a CAGR of 6.1 % during 2023 to 2033.

Technology development has boosted the demand for contract furniture and furnishings. Big tech companies are progressively encouraging the growth of the world economy. The expansion of large IT companies' office space has increased demand for corporate office furniture, which is fueling industry growth.

The demand for smart furniture, which makes it possible to do things like browse the internet, charge mobile devices, listen to the radio, and more, is rising swiftly. The contract furniture industry is likely to follow this trend for high profits margins.

The demand for ergonomic office furniture is growing, which is a significant trend supporting the key corporations' exorbitant profit margins. It is believed that workplace design has a substantial impact on employees' productivity. One of the most important aspects of ergonomics is carefully placing furniture to make the best use of commercial space.

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Key Takeaways
• In 2022, the United States was expanding at a market value of US$ 13.89 billion in the contract furniture market, and continues to expand at an expected CAGR of 5% by 2033.
• The contract furniture market was significantly expanding, with a size of US$ 140.17 billion in 2022.
• The market in the United States is anticipated to expand at a valuation of US$ 23.76 billion by 2033, as a result of ongoing innovation by existing players.
• Due to the market's enormous potential and expanding e-commerce sector, analysts expect it is likely to rise 1.06 times between 2022 and 2023.
• The United Kingdom market is expected to develop at a prodigious CAGR of 4.8% by 2033.
• The Asia Pacific contract furniture market is likely to hold a 10 to 12% share in the global furniture industry.
• Based on product type, chairs & stools dominated the market with a share of 34.15% in 2022 and continued to lead the market during the forecast period.
• Based on end user, corporate offices dominated the market with a share of 42.4% in 2022, and continues to lead the market during the forecast period.
• Based on distribution channels, the offline segment dominated the market with a share of 77.15% in 2022 and continues to lead the market during the forecast period.

Critical Approaches Increasing Top Players' Wealth
The primary focus of businesses is on offering a variety of furniture solutions for commercial settings like offices, hotels, and restaurants. The introduction of various new entrepreneurs, who are using cutting-edge technologies and novel business models to disrupt the market, further defines the competitive landscape of the contract furniture market.

These businesses are primarily concerned with offering customers ergonomic and environmentally friendly furniture options, which are in high demand.

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Recent Developments
The home and workplace underwent transformation, with the merging of Herman Miller and Knoll in 2021, which produced the dominating leader in contemporary design.
In July 2022, Kokuyo paid US$ 75 million to purchase the Lamex Office Furniture division of HNI Company in China and Hong Kong.
On April 22, 2022, Fursys Inc. and Sidiz Inc. reached an agreement to sell FURSYS VN Ltd. to Fursys Inc. for KRW 50 billion. A transaction board decision was reached on April 22, 2022. The agreement was finalized on May 6, 2022.