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The market for EV batteries is anticipated to rise at a high rate thanks to the booming sales of electric vehicles around the world. Another significant element driving the increase in EV usage is the lowering cost of batteries as a result of technological breakthroughs and growing R&D spending.
A noteworthy government effort that is anticipated to support the expansion of the global EV battery industry is the growing public-private partnerships to build charging station infrastructure.
Energy policies all across the world aim to reduce reliance on fossil fuels and pollution emissions. Globally, governments are encouraging the use of efficient automobiles, such as hybrid electric vehicles.
The use of electric drives in tractors and other agricultural equipment offers benefits including increased functionality and energy economy.
The benefits of drives and decoupling loads from the engines allow electric tractors to run with a high level of efficiency. Automakers are making significant advancements in electric propulsion technology. All the above factors have created a need for electric batteries for vehicles such as electric tractors.
The Indonesia Electric tractor battery market accounted for $XX Billion in 2021 and is anticipated to reach $XX Billion by 2026, registering a CAGR of XX% from 2022 to 2027.
In order to fulfil the soaring demand from the local market, Exide Industries, the top producer of electric vehicle batteries, plans to invest a sizable sum in capacity expansion this fiscal time.
Due to capacity restrictions, the automotive battery company was forced to shift capacity from the OEM segment to the more lucrative replacement market, but the expansion plan should help. The company’s margin has also been under strain because of the relocation of capacity from the replacement market.
