(MENAFN- GlobeNewsWire - Nasdaq) The growing adoption of Advanced Driver Assistance Systems (ADAS), which enhance vehicle safety and driving comfort through automated support, is fueling the expansion of the Electric Vehicle (EV) Battery housing market.
Wilmington, Delaware, Sept. 25, 2024 (GLOBE NEWSWIRE) -- Allied market Research published a report, titled, " Electric Vehicle Battery Housing Market by Vehicle Type (Passenger Cars and Commercial Vehciles ), and Material (Steel, Aluminum and Others): Global Opportunity Analysis and Industry Forecast, 2024-2033" . According to the report, the electric vehicle battery housing market was valued at $11.8 billion in 2023, and is estimated to reach $30.3 billion by 2033, growing at a CAGR of 9.9% from 2024 to 2033.
The increase in adoption of Advanced Driver Assistance Systems (ADAS) drives growth in the Electric Vehicle (EV) Battery Housing market. ADAS includes a range of technologies designed to enhance vehicle safety and improve driving comfort by providing automated assistance to the driver. This trend has gained momentum due to a rise in focus on improving road safety, reducing accidents, and advancing toward autonomous driving capabilities.
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Prime determinants of growth
The increase in adoption of Advanced Driver Assistance Systems (ADAS) drives growth in the Electric Vehicle (EV) Battery Housing market. ADAS includes a range of technologies designed to enhance vehicle safety and improve driving comfort by providing automated assistance to the driver. This trend has gained momentum due to a rise in focus on improving road safety, reducing accidents, and advancing toward autonomous driving capabilities. However, supply chain disruptions and regulatory uncertainties regarding EV policies hamper the market growth. Moreover, advancements in EV technology are expected to provide lucrative opportunities for the market.
The commercial vehicles segment to maintain its leadership status throughout the forecast period
By vehicle type, the commercial vehicles segment held the highest market share in 2022, accounting for more than two-fifths of the global market revenue and is estimated to maintain its leadership status throughout the forecast period. However, the passenger car segment is projected to manifest the highest CAGR from 2023 to 2032.
The aluminum segment to maintain its lead position throughout the forecast period.
By material, the aluminum segment held the highest market share in 2022, accounting for about four-fifths of the global Electric vehicle (EV) battery housing market revenue and is estimated to maintain its leadership status throughout the forecast period. Also, steel is projected to manifest the highest CAGR from 2023 to 2032.
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Asia-Pacific to maintain its dominance by 2032.
The Asia-Pacific region held the highest market share in 2022, accounting for two-fifths of the global market revenue and is estimated to maintain its leadership status throughout the forecast period. Also, the Asia-Pacific region is projected to manifest the highest CAGR from 2023 to 2032.
Leading Market Players: -
Constellium SE Gestamp Automocion GF Linamar LLC Hanwha Advanced Materials Minth Group Nemak POSCO ThyssenKrupp AG TRB Lightweight UACJ Corporation
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The report provides a detailed analysis of these key players in the global electric vehicle (EV) battery housing market. These players have adopted different strategies such as new product launches, business expansion, partnerships, mergers, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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