Increasing Penetration of Electric Powered Vehicles All across the Globe is Projected to Intensify the growth of Automotive Battery Market in near future
The global automotive battery market is segmented into battery type such as lithium ion, nickel-metal hydride, nickel-cadmium, lead acid and others. Among these segments, lithium ion segment is believed to capture a notable CAGR by the end of 2024. 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.
The electric vehicle segment is projected to be the fastest growing segment in overall automotive battery market owing to growing demand for eco-friendly vehicles. In terms of geography, Asia-Pacific region is projected to register a largest market of automotive battery during the forecast period. Moreover, China captured the largest market of automotive battery in this region due to highest demand for commercial and passenger vehicles. Apart from this, North America region is also projected to capture a remarkable CAGR by 2024 due to increasing research and development activities related with automotive battery.
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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.
Evolution of Automotive Industry
Integration of various features into the vehicles such as hand free calling, car infotainment system and numerous sensors is anticipated to supplement the growth automotive battery market. Furthermore, introduction of new fuel saving technologies such as smart hybrid vehicle system (SHVS) are also leading to higher battery usage which is projected to intensify the demand for automotive battery.
On the contrary, automotive battery industries require high energy consumption and are responsible for pollution which in turn projected to hamper the growth of automotive battery market all over the globe.
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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