Automotive Battery Market: Snapshot
Automotive battery is a rechargeable battery mainly utilized to provide electrical current to a motor vehicle. These batteries find application in powering starting, lighting, and ignition system of a vehicle. In addition to this, automotive batteries are used to supply power to gamut of automobile accessories including wipers, radio, air conditioners, charging plugs, and music players.
Automotive batteries are used as a voltage stabilizer as they can absorb nonstandard transient voltages found in the electrical system of vehicle. Due to all these usages, the vendors working in the automotive battery market are experiencing remarkable expansion opportunities.
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The thriving automotive industry is one of the key factors generating substantial demand opportunities in the global automotive battery market. Owing to growth in the worldwide population and improved disposable income of major populace, the automotive industry from all across the world is witnessing noteworthy sales opportunities. This factor is driving the growth of the global automotive battery market.
In recent years, there is remarkable growth in demand for fully electric, hybrid, and semi-hybrid vehicles. This factor is stimulating prominent avenues in the global automotive battery market. This aside, increased acceptance of these batteries in passenger vehicles is estimated to push the growth of the market in the years ahead. The government bodies of several countries have imposed stringent regulations to decrease the carbon emissions. This factor is fueling the growth of the global automotive battery market
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Several automotive manufacturers are growing focus on the advancement of their products. They are concentrating on incorporation of advanced technologies in their products. This factor is impacting positively on the growth of the automotive battery market.
Manufacturers today are growing research activities on plug-in hybrid or electric vehicles due to towering fuel prices and increased awareness about environment. As a result, they are focused on the improvement of battery support. This factor is boosting the growth of the global automotive battery market.
Global Automotive Battery Market: Snapshot
From past decade, the automotive sector is growing with fast pace. Growing focus of automotive manufacturers for improvement of automotive and innovations such as electric vehicles which are fuelling growth of the automotive battery market.
Additionally, growing exploring activities on electric or plug-in hybrid vehicles owing to growing prices of fuel coupled with growing awareness about environment. These factors are fuelling research activities for improvement of battery support which is propelling growth of the global automotive battery market. Owing to the promising opportunities in present in the electric vehicles, OEMs of automotive are trying to introduce new and hybrid and electric car models. Additionally, these OEMs are trying to develop large automotive in order to accomplish need for electricity-based transportation and other similar requirements.
Additionally, numerous governments are imposing strict regulations in order to reduce the carbon emission which is supporting growth of the global automotive battery market.
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However, additional cost of manufacturing the battery is limiting some players to explore and start production of the electric vehicles which is restraining growth of the global automotive battery market to some extent. Nonetheless, growing research and exploration of supportive material can lead to launch of an advanced product which is likely to offer lucrative opportunities for the key players operating in the automotive battery market.
According to a report TMR, the global automotive battery market is projected to be worth US$54.5 bn by the end of the forecast period and is expected to expand with healthy CAGR of 5.70% CAGR over the forecast period from 2017 – 2024.
Growing lithium-ion segment to Boost Market Growth
On the basis of the chemical composition type, the global automotive battery market is segmented into lithium-ion, nickel-cadmium, nickel-metal hydride, and small sealed lead acid. Of these, the small sealed lead acid segment accounted for major share and expected to remain dominant over the forecast period. However, the lithium-ion segment is expected to witness steady growth over upcoming years. This growth is attributable to the rising penetration of hybrid and electric vehicles
On the basis of the vehicle type, the global automotive battery market is segmented into a compact, mid-sized, premium, luxury, commercial, and heavy commercial. On the basis of the sales channel, the global automotive battery market is segmented into OEM and aftermarket.
Due to Growing Research Activities for Developing Novel Products Europe to Dominate the Market
On the basis of region, the global automotive battery market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Of these, Europe dominated the global market for automotive battery with dominant share. This growth in the market is attributable to the presence of a large number of automobile companies coupled with growing investment in the field. However, the emerging economies in Asia Pacific are offering lucrative opportunities in the overall market. Additionally, growth in the North America region is expected to witness steady growth in the upcoming years.
Some of the key players operating in the automotive battery market are Leoch International Tech, Furukawa Electric Co. Ltd., Hitachi Ltd., Haldex Incorporated, and Exide Industries Limited. The global market for automotive battery has highly competitive and expected to further intensify competition over the forecast period. These key players are making efforts to expand product portfolio through merger and acquisitions. In addition, growing research and development (R&D) activities for development of automotive battery are leading to launch new products over the forecast period.
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