Goldstein Research published a report, titled, "Global Automotive Battery Market Outlook,2024" which contains detailed overview of the automotive battery market in terms of market segmentation by product type, vehicle type and distribution channel. According to the report, the global automotive battery market size is expected to reach USD 23.5 billion by 2024, growing at a compounded annual growth rate of 5.7% during the forecast period 2016-2024.

The expected high growth of electric vehicles in the near future & increasing demand for lithium-ion batteries are together driving the growth of the Global Automotive Battery Market.

The global automotive battery market is largely driven by the Asia Pacific in terms of revenue share owing to the large automotive industry in the region. Whereas in North America & Europe the increasing adoption advances automotive technologies (automotive telematics, autonomous vehicles and electric vehicles), there are high growth opportunities of the automotive battery market in these regions.

 

Drivers & Challenges to Automotive Battery Market Growth

 

Rising penetration of automotive battery in the automotive industry and Expected high growth of electric vehicles in the near future & increasing demand for lithium-ion batteries are together driving the growth of the Global Automotive Battery Market.

Further, the high cost of efficient battery technologies such as lithium-ion batteries for electric vehicles may hinder the market growth. The exponential growth of advanced automotive battery technology growth is largely dependent on safety, life cycle and power density, which create restraints to develop cost-efficient and high power density automotive batteries. 

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Passenger cars are expected to be the most opportunistic segment

Passenger cars accounted for the largest market share of 45% in the global automotive market in 2016. The inclination of vehicle owners towards passenger cars, huge investments by car manufacturers & increasing sales of electric passenger cars have set this segment to dominate the global automotive market through 2024.

Government Initiatives for the adoption of EVs to drive the Li-ion battery market in APAC

In the Asia Pacific, li-ion batteries are anticipated to reach a market size of USD 22.3 billion growing at 12.1% CAGR through 2024. China which is a huge market for electric vehicles dominated the li-ion battery segment in APAC. Electric vehicles are highly attractive for their potential to reduce greenhouse gas emission and increasing government initiatives for adoption and deployment of electric vehicles in major countries such as China & India have created opportunities for market players in the region.  

The report is available at https://www.goldsteinresearch.com/report/global-automotive-battery-market

“Global Automotive Battery Market Outlook 2024” by Goldstein Research also highlights the competitive outlook of key players by discussing the business strategies, revenue distribution by multiple business segments, products & services catered by the company, financial reports and other information to provide a business outlook.

Key players of the global automotive battery market discussed in the report are: 

•  Exide Technologies
• Johnson Controls International plc.
• Panasonic
• Robert Bosch
• Haldex Incorporated
• ZF TRW Automotive Holdings Corporation
• Hitachi Ltd.
• EnerSys
• Furukawa Electric Co. Ltd.
• Leoch International Tech
• GS Yuasa Corporation
• Crown Battery Manufacturing Company
• BYD Company

 

Further, for the in-depth analysis, the report encompasses the market growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis.

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About Goldstein Research

 

Based in the US, Goldstein Research currently has a strong presence in the American and Asian countries. In the next five years, we strive to expand our reach to 50+ nations spanning across Europe, Asia and parts of the Middle East and Africa. We strive to realize a strong brand presence globally through our quality research and forecasting solutions.

 

Our mission is simple: to develop insightful business solutions, help our clients make powerful future decisions to keep them well ahead of the game which is the market, and leave a mark across businesses and communities through our well-defined ideas and clear-cut forecasts. Our market research reports provide in-depth analysis of global and regional variations along with competitors’ overview.

Our analysts working on packaging industry analysis reports helping various tech-giants, tech start-ups and entry players to assess the current and upcoming business scenario. We believe in the rigorous examination of the current market scenario and build around creative ideas and approaches that are most suitable for our clients’ needs and business agenda.

 

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