Global Automotive Battery Market - Growth, Trends and Forecast (2018 - 2023)
The global automotive battery market is dominated by some key vendors i.e. Samsung SD, Exide, Panasonic, and China Aviation Lithium. The market has high scope of profits ahead with the revolution of electronic vehicles across the world. The automotive battery market value is estimated to reach USD 34,967.2 million by 2023, registering a CAGR of around 6.5%, during the forecasted period of 2018 - 2023.
As the automotive technology has advanced, automobiles consist of a large number of functions these days. These functions have increased exponentially during the past few years, as a result of the intense competition amongst the vehicle manufacturers. Features, like state-of-the-art gadgets and lighting, car infotainment systems, etc. have trickled down even into the entry-level automobiles. These new attributes have put immense pressure on car batteries, which have to take on higher loads. The new fuel-saving technologies, like micro-hybrid systems are also leading to higher battery usage. Features in commercial and passenger vehicles are set to increase exponentially during the forecast period, which is anticipated be a major driver for the automotive battery market.
This growth in the battery market is primarily attributed to the increasingly growing demand for automobiles and stringent emission standards set by numerous government agencies. The growth is further set to be assisted by increasing environmental concerns on emissions from traditional automotive batteries and offering different advantages with the advanced technologies are used in present batteries.
The lithium-ion battery is predicted to be the fastest growing battery type in the upcoming years on account of the exponential increase expected in the electric, as well as plug-in hybrid vehicles market. The rise in scooter sales in the Africa and Asia-Pacific region should boost the demand for scooter batteries in the forecast period.
The Asia-Pacific region is expected to be the fastest-growing region in the automotive battery market and is poised to be led by countries, such as China, India, Japan, and Indonesia, which are forecasted to experience strong growth in the sales of passenger and commercial vehicles. Electric cars, which currently have very low penetration in the Asia-Pacific region, are expected to experience a boom during the coming 5 years, boosting the battery market in the region. In Indian government is also aiming to bring the electronic vehicle on the roads in 2020 and is also providing a helping hand like giving subsidies and aiding R&D to the automotive and electronic battery manufactures to kick-start the work. North America, led by US, Mexico and Canada, should see strong growth in the automotive battery market. Africa is predicted to emerge as a good market post-2020, as rising disposable incomes and improving infrastructure is expected to induce more people to own automobiles. South Africa, Nigeria and Ghana are set to emerge as the key markets in the region post-2020.Major Players: SAMSUNG SDI, EXIDE, PANASONIC, TOSHIBA CORPORATION, CHINA AVIATION LITHIUM amongst others.
March 2018: Renault-Nissan aims to leapfrog competition on new battery technology
March 2018: Panasonic begins mass production, shipment of automotive lithium-ion batteries in China
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