Press release
Global Automotive Battery Market is expected to grow at a CAGR of 7.2% during the forecast period from 2019-2025
Global Automotive Battery Market 2019, Global Automotive Battery Market Growth, Global Automotive Battery Market Trends
Global Automotive Battery Market by Battery Type (Lithium-Ion Based, Nickel-Based, Lead-Acid Based, Sodium-Ion, Others), Vehicle Type (Passenger Vehicles, Others),Region, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2018 to 2025.
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Leadersin the industry East Penn Manufacturing Co., Inc., Camel Group Co., Ltd., Exide Technologies, FIAMM S.p.A., Fengfan Co., Ltd. among otherswhichare offering greater opportunities and major players are continuously focused on new product developments and venture capital investments to obtain market shareFor instance, in February 2019, Electric car maker Tesla has intended to acquire US-based energy storage company Maxwell Technologies so as to help the electric automaker to improve its batteries and lower the costs as more competitors enter the market.
The battery type segment is classified into lithium-ion based, nickel-based, lead-acid based, sodium-ion and others. The lead-acid based segment dominated the market and valued around USD 18.98 Billion in 2017.Lead-acid batteries are basically used for SLI applications in conventional vehicles because of their higher cold cranking performance, low cost, and increased reliability. They are less expensive and simple in manufacturing, capable of high discharge rates, minimal maintenance and superior starting capacity.The vehicle type segment is segmented intopassenger vehicles, commercial vehicles, electric vehicles and others. The electric vehicle segment is dominating the market with the highest share of 39.21% in 2017. Rising number of electric cars on the road would promote the growth of privately and publicly accessible charging infrastructure.
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The rising demand for batteries is estimated to drive the automotive batterymarket during the forecast period. The newest trend of start-stop batteries in vehicles and consumer inclination for pollution-free electric and hybrid vehicles are alsodriving forces for the growth of the market Also, growing demand for hybrid, semi-hybrid and fully electric vehicles is also boosting up the demand for automotive battery. But high cost of manufacturing the battery is restraining growth of the global automotive battery market. However, rising research and development activities of supportive material may provide lucrative opportunities for the key players operating in the automotive battery marketand mayboost the market in coming years.
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