A recent report published by
Infinium Global Research on automotive battery market provides in-depth
analysis of segments and sub-segments in global as well as regional automotive
battery market. The study also highlights the impact of drivers, restraints and
macro indicators on the global and regional automotive battery market over the
short term as well as long term. The report is a comprehensive presentation of
trends, forecast and dollar values of the global automotive battery market.
According to report, the global automotive battery market is projected to grow
at a CAGR of 7.7% over the forecast period of 2018-2024.
Automotive
battery is a rechargeable electronic device that supplies electrical energy to
automobiles. These batteries are
majorly employed in passenger vehicles, electric vehicles, commercial vehicles
and among others. Automotive batteries also provide power to automobile
accessories such as radio, music players, air conditioners, wipers and charging
plugs. Furthermore, the battery also serves as a voltage stabilizer by absorbing
abnormal transient voltages in vehicle electrical system. Greater energy
density is one of the chief advantages of a lithium-ion battery. With
electronic equipment in the automotives such as mobile phones needing to
operate longer between charges while still consuming more power, there is always
a need to batteries with a much higher energy density.
Growing
demand for the automobile industry and stringent emission standards set by numerous
government agencies are the major factors driving the growth of the automotive
battery market. In addition, the new fuel-saving technology such as
micro-hybrid systems is also leading the higher battery usage. The use of
lithium-ion batteries is proving quite beneficial as they are light in weight
and provide greater efficiency. This, in turn, have a positive impact on the growth
of the automotive battery market. Growing demand for transportation and the
launch of new hybrid and new electric automotive models are fuelling the growth
of the automotive battery market. However, safety issues related to battery and a constant fluctuation in the prices of raw materials such as nickel and lead are
likely to restrain the growth of the automotive battery market during the
forecast period. Furthermore, increase in research and development in for fuel
cell based automobile and development of nanotechnology based lithium
batteries are some of the factors further providing several growth
opportunities for the key players in the automotive battery market over the
upcoming years.
Among the
geographies, the Asia Pacific region is anticipated to be the fastest growing
region for the automotive battery market. The growth in the Asia Pacific region
is a high due increasing number of passenger vehicles and rising disposable income
to eventually foster growth in the automotive battery market. Moreover, Strong
presence of lead-acid battery manufacturers such as Exide, Johnson Controls,
and Odyssey in the U.S. is expected to promote market growth in the European
region. On the other hand, Government initiatives to provide subsidies based on the price difference between Electrical Vehicles and Internal Combustion Engine
(ICE) enabled vehicles, with a maximum limit of Yen 85,000 are also providing a
boost to the market in Asia Pacific regions.
The report on the global automotive
battery market covers segments such as battery type and vehicle type. On the basis of battery type the global
automotive battery market is categorized into lithium-ion, lead-acid,
nickel-based and sodium-ion. On the basis of vehicle type the global automotive
battery market is categorized into passenger vehicles, commercial vehicles, and electric
vehicles.
The countries covered in the North America region include the U.S., Canada, and Mexico; while Asia-Pacific includes China, Japan, India, South Korea, Malaysia, and among others. Moreover, Germany, U.K., France, Spain, and Rest of Europe are included in the European region.
The U.S. drives the growth in the North America region as it
is the largest market in the region. The Asia-pacific region offers a
substantial potential for the market growth owing to rapid growth in markets
such as India and China. The APAC region is projected to experience growth at
a CAGR of x.x% over the period of 2016-2024.
The report provides profiles of
the companies in the global automotive battery market such as Samsung SDI Co.,
Ltd., Panasonic Corporation, LG Chem Ltd., Johnson Controls, Exide
Technologies, Hitachi, Ltd., NEC Corporation, Toshiba Corporation, Tesla, Inc.
and A123 Systems, LLC.
The report provides deep insights on demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the global automotive battery market. Moreover, IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of automotive battery market. Moreover, the study highlights current market trends and provides forecast from 2018-2024. We also have highlighted future trends in the automotive battery market that will impact the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players. This report will help manufacturers, suppliers, and distributors of the automotive battery market to understand the present and future trends in this market and formulate their strategies accordingly.