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.

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 - 2022.

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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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