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.
Market Size and Forecast
The global automotive battery market
is expected to grow at a CAGR of 5.3% over the forecast period i.e. 2017-2024. The automotive battery market is
driven by various factors such as increasing number of automobiles on road,
rising infrastructure and as well as rising urbanization.
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.
Asia-Pacific
region is to be trailed by North America and Europe. North America holds the
second largest share in automotive battery and is likely to exhibit high growth
avenues with U.S. automotive battery market. Further, increasing research and
development in automotive battery along with government initiatives for
electric vehicles in this region are the factors propelling the growth of
automotive battery. Europe market for automotive battery is expected to witness
a robust growth over the forecast period. Moreover, Germany and U.K are
anticipated to capture the largest share in the automotive battery market in
this region over the forecast period. Middle East and Africa and Latin America
region is also projected to fuel the demand for automotive battery over the
forecast period.
Market Segmentation
Our
in-depth analysis segmented the global automotive battery market in the
following segments:
By Vehicle
Type
Two-wheeler
Three-wheeler
Passenger
vehicle
Commercial
vehicle
Electric
vehicle
By Battery
Type
Lithium
ion
Nickel-metal
hydride
Nickel-cadmium
Gasoline
Lead-acid
By Region
Global
automotive battery market is further classified on the basis of region as
follows:
North
America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity
Analysis
Latin
America (Brazil, Mexico, Rest of Latin America) Market size, Y-O-Y growth &
Opportunity Analysis
Europe
(U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands &
Luxembourg, Rest of Western Europe) Market size, Y-O-Y growth & Opportunity
Analysis
Asia-Pacific
(China, India, Japan, Singapore, Australia, New Zealand, South Korea &Rest
of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
Middle
East and Africa (GCC, North Africa, South Africa and Rest of Middle East and
Africa) Market Size and Y-O-Y Growth Analysis
Growth Drivers and Challenges
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.
Further,
integration of features in automobiles like hands free calling, state of art
sensors and car infotainment system have flourished the demand for automotive
battery. Moreover, the new fuel saving technologies such as smart hybrid
vehicle system (SHVS) are also leading to higher battery usage. These factors
are envisioned to bolster the growth of automotive battery market.
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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.
However,
automotive battery industries require high energy consumption and are
responsible for pollution. Further, government regulations associated with the
environmental concerns can restrain the market growth of automotive battery
over the forecast period.
Key players
The major
key players for automotive battery market are as follows
Tesla
Motors
Company
Overview
Key
Product Offerings
Business
Strategy
SWOT
Analysis
Financials
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.
Hitachi
Ltd.
Scope and Context
Overview
of the Parent Market
Analyst
View
Segmentation
The global
automotive battery market is segmented as follows:
By Vehicle
Type Market Size & Y-O-Y Growth Analysis
By Battery
Type Market Size & Y-O-Y Growth Analysis
By Region
Market Size & Y-O-Y Growth Analysis
Market
Dynamics
Supply
& Demand Risk
Competitive
Landscape
Porter’s
Five Force Model
Geographical
Economic Activity
Key
Players (respective SWOT Analysis) and their Strategies and Product Portfolio
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