Global Automotive Battery Market is Anticipated to Post a Noteworthy CAGR Of 5.3% During The Forecast Period (2017-2024)
Automotive battery is widely used for starting, lighting and ignition purposes in automobiles. These batteries also provide voltage supply to vehicle accessories such as radio, music players, air conditioners, wipers and charging plugs. Increasing vehicle production coupled with rising adoption of vehicle electrification are anticipated to be the major factors that will create vast opportunities for key players in automobile lead acid battery market. Likely, growing penetration of electric vehicles over the globe is expected to flourish the growth of global automotive battery market. In addition to this, population in urban regions is shifting towards low speed vehicles for their routine works which is also predicted to propel the market of automotive battery in near future.
Global Automotive Battery Market is anticipated to mask a significant CAGR of 5.3% over the forecast period i.e. 2017-2024. Additionally, the market is riding on the back of growing automotive industry along with rising adoption of hybrid vehicles. Moreover, the global automotive battery market is anticipated to account noteworthy revenue by the end of 2024.
Regionally, Asia-Pacific and North America regions constitute the largest market. Asia-Pacific accounts for the highest market share in terms of revenue. Further, Asia-Pacific is anticipated to witness significant growth owing to rapid industrialization accompanied by increasing manufacturing activities in this region by the end of 2024. The major countries witnessing the demand for automotive battery are China, India and Japan. Furthermore, Asia-Pacific automotive battery market is believed to witness a robust growth on the account of increasing automotive sales in India and China. In addition, China ranks the fastest growing automotive battery market owing to the highest global demand for both commercial and passenger vehicles.
Supportive Government Initiatives
Favorable initiatives taken by government for the adoption of electric vehicles due to rising environmental concerns is believed to positively impact the growth of automotive battery market. Further, governments from numerous countries are also encouraging the consumers for the adoption of alternative fuel vehicles to reduce the dependence on oil imports. This factor is envisioned to flourish the growth of automotive battery market.
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Evolution of Automotive Industry
Riding on the back of growing automotive industry, the automotive battery market is anticipated to show a tremendous growth over the forecast period. Further, rising demand for vehicles such as trucks, cars, two-wheelers and others are envisioned to bolster the growth of global automotive battery market. Moreover, increasing environmental concerns coupled with inadequate oil prices has forced the consumers across the globe to use electric powered vehicles. Governments from various countries are also promoting the adoption of alternative fuel vehicles to reduce the dependence on oil imports; thus, automotive batteries are also widely used in electric powered vehicles. This is believed to foster the growth of automotive batteries over the forecast period.
Likewise, rising personal disposable income of developing economies such as India and China has increased the sales of two wheelers in these highly populated countries owing to high preference of such vehicles as a mode of transportation, which will further boost the growth of automotive battery in these countries.
The report titled “Automotive Battery Market: Global Demand Analysis & Opportunity Outlook 2024” delivers detailed overview of the global automotive battery market in terms of market segmentation by vehicle type, by battery type and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
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This report also provides the existing competitive scenario of some of the key players of the global automotive battery market which includes company profiling of Tesla Motors, Douglas Battery, East Penn Manufacturing Co., Exide Technologies, Fengfan Co. Ltd., Johnson Controls Inc., The Furukawa Battery Co., Zhejiang Haijiu Battery Co., Zhejiang Narada Power Source Co., Fiamm SPA, Chaowei Power Holdings Ltd., and Hitachi Ltd.. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global automotive battery market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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