There is a discernable increase in demand for vehicles including two-wheelers and cars across the globe owing to the economic outburst that has made it possible for people to afford fuel and maintenance charges of vehicles. Subsequently, this has led to a myriad of opportunities in the global automotive battery market valuation of which is poised to attain a massive figure of $34,967.2 million by the end of 2023 with a healthy compound annual growth rate (CAGR) of 8.5% during the forecast period of 2018 to 2023, according to a recently published report by IndustryARC.
The business intelligence report is compiled with well-marshaled and analyzed facts and statistics along with the challenges and opportunities that are foreseeable in the future. It provides a detailed peek into the prospects of the business along with the customer-base and pricing environment in all the regions worldwide. The report is titled, “Automotive Battery Market: By Battery Type (Lead Acid Batteries, Lithium Ion Batteries, Nickel Cadmium, Others); By Function (Electric Propulsion, SLI); By Engine Type (ICE vs EV); By Vehicle Type (Passenger, Two wheeler, Commercial); By Geography – Forecast (2018-2023).”
Automotive Battery Market: Leading Segments
The geographical market study by the market analyst has led to an inference that APAC had the maximum automotive battery market share in 2017, and the market will prove to be lucrative through to 2025 and witness an impressive revenue of $17,516.90 million by 2023. This is much attributed to the economic growth in the region along with the proliferating urbanization in countries such as China, India, Indonesia, Malaysia, and the Philippines. Furthermore, the pricing of vehicles in the region is favorable to the customers which enables them to make the purchase and support the automotive battery market.
The automotive battery market is segmented on the basis of applications of these batteries in passenger, commercial, and electric vehicles. Owing to the propitious progress in the electric vehicles segment, the application of automotive batteries is set to observe a staggering CAGR of 23.8% in electric vehicles over the forecast period. The world is leapfrogging towards alternative sources of energy due to the threatening depletion of the conventional sources of energy. This is leading to growth in production of electric vehicles which will substantially stroke the automotive battery market.
Security Screening Market: Market Trends and Growth Drivers
• Growing Demand for Transportation –
With the population outflow, the demand for transportation is growing at a rapid rate. Furthermore, there have been changes in city structures. The industries have moved out of the urban regions, which is the main reason a multitude of people travels miles for work. This is leading to demand influx in the transportation sector. Evidently, with increasing transportation, battery power consumption grows, and a vehicle demands battery replacement faster. This is leading to revenue growth in the automotive battery market.
• Environmental Concerns Leading to Demand Influx –
Conventional fuels are causing serious concerns about the environment, and governments worldwide are taking actions to reduce air pollution. According to the World Health Organization (WHO), 9 out of 10 people are breathing polluted air, and 4.3 million deaths are attributed to air pollution. With these disquieting figures, the world is in dire need to implement air pollution reducing methods one of which is the incorporation of EVs. The future foresees an exponential expansion of the EVs market which will further flourish the automotive battery market.
• Lithium-Ion Battery Market Size Set to Swell –
The renewable and clean source of energy trend will make the vendors in the automotive battery market take a leap into the lithium-ion battery segment which is projected to grow at a rapid rate during the forecast period. The robust growth potential in the lithium-ion battery segment as gauged by the market analyst will make more vendors venture into the automotive battery market.
• Innovations In the Automotive Battery Market –
There is a concern about the electrode life and electrolytic consumption in automotive batteries. However, there is a lot of research in progress to improve battery performance. This may increase the cost-prize of batteries; however, owing to the enhanced efficiency, the customer-base will make the purchase which will help vendors reap better returns on investment (ROI).
Automotive Battery Market: Competitive Landscape
Some of the key companies identified in the security screening market intelligence report that are crusading for market share are Panasonic Corp., LG Chem, BYD Company, Bosch Gmbh Robert, Daimler Ag, Ford Global Tech Llc, Hitachi Ltd., and a few others.
Talk to one of our sales representative about the full report by providing your details in the link below:
a) Battery Market
b) Nanowire Battery Market
What can you expect from the report?
The Automotive Battery Market is Prepared with the Main Agenda to Cover the following 20 points:
1. Automotive Battery Market Size by Product Categories & Application
2. Automotive Battery Market trends & Relevant Market Data
3. Manufacturer Landscape
4. Distributor Landscape
5. Pricing Analysis
6. Top 10 End-user Analysis
7. Product Benchmarking
8. Product Developments
9. Mergers & Acquisition Analysis
10. Patent Analysis
11. Automotive Battery Market Demand Analysis (Revenue & Volume)
12. Country-level Analysis
13. Competitor Analysis
14. Automotive Battery Market Shares Analysis
15. Value Chain Analysis
16. Supply Chain Analysis
17. Automotive Battery Market Strategic Analysis
18. Automotive Battery Market Current & Future Market Landscape Analysis
19. Opportunity Analysis
20. Automotive Battery Market Revenue and Volume Analysis
Frequently Asked Questions:
Q. Does IndustryARC provide customized reports and charge additionally for limited customization?
Response: Yes, we can customize the report by extracting data from our database of reports and annual subscription databases. We can provide the following free customization:
1. Increase the level of data in the application or end-user industry.
2. Increase the number of countries in geography chapter.
3. Find out market shares for other smaller companies or companies which are of interest to you.
4. Company profiles can be requested based on your interest.
5. Patent analysis, pricing, product analysis, product benchmarking, value and supply chain analysis can be requested for a country or end-use segment.
Any other custom requirements can be discussed with our team, drop an e-mail to firstname.lastname@example.org to discuss more about our consulting services.
Mr. Venkat Reddy
Contact Sales: +1-614-588-8538 (Ext-101)
About IndustryARC: IndustryARC is a Research and Consulting Firm that publishes more than 500 reports annually, in various industries such as Agriculture, Automotive, Automation & Instrumentation, Chemicals and Materials, Energy and Power, Electronics, Food and Beverages, Information Technology, and Life sciences and Healthcare.