LONDON--(BUSINESS WIRE)--The global automotive batteries market is projected to grow at a CAGR of nearly 5% over the forecast period, according to Technavio’s latest report.
In this report, Technavio covers the market outlook and growth prospects of the global automotive batteries market for 2017-2021. Based on the vehicle type, the market is divided into passenger car, light commercial vehicle, and medium and heavy commercial vehicle segments.
| Wet cell, gel cell, absorbed glass mat (AGM) batteries, and lithium-ion batteries are the most widely used automotive batteries. The global automotive batteries market is growing proportionally to the sales of the vehicles sold each year. Based on segmentation by vehicle type, the passenger cars segment dominated the market, accounting for a share of 79.94% in the overall market in 2016. |
Technavio’s research study segments the global automotive batteries market into the following regions:
- APAC
- Americas
- EMEA
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Automotive batteries market in APAC
“APAC occupied a majority 51% of the market in 2016 and is projected to continue growing swiftly through the forecast period. China, India, and Japan are the major markets in APAC that account for most of the sales of the vehicles,” says Amey Vikram, a lead analyst at Technavio for automotive components research.
Increasing disposable income and launches of new car models by OEMs are the main drivers for the market growth. Also, since APAC has the maximum number of potential first-time buyers of passenger cars, it presents a rich market landscape for the growth in the sales of passenger cars, which, in turn, will drive the market for automotive batteries.
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Automotive batteries market in the Americas
The automotive batteries market in the Americas is expected to reach nearly 28 million units by volume by 2021. The factors leading to an increase in the sales of vehicles in the Americas can be attributed to the low gasoline prices, Trump's tax cutting reforms, revenue neutral tax legislation, and stable crude oil prices.
The lifespan of the automotive batteries in the Americas is relatively higher when compared with other regions due to low congestion of traffic. In addition, in the Americas, individuals drive their vehicles for a longer distance, thereby enabling the batteries to charge and discharge fully. The improved battery performance leads to fewer replacements, which substantially retards the market growth.
Automotive batteries market in EMEA
“The automotive batteries market in Europe accounted for the maximum share of the market in EMEA in 2016. The widespread adoption of compact vehicles in Europe is expected to ensure the dominance of Europe in the automotive batteries market in EMEA,” says Amey.
The European Union has deliberately kept the tax higher on more carbon-emitting vehicles to discourage the OEMs to produce such vehicles. This is the reason for the popularity of the start-stop technology in Europe, which is expected to be adopted by most manufacturers in the coming years. The rising penetration of hatchbacks is another key factor that is expected to boost the growth of the regional segment.
The top vendors in the global automotive batteries market highlighted in the report are:
- Exide Technologies
- Johnson Controls
- Panasonic
- Robert Bosch
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