LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global automotive lead-acid battery market to grow at a CAGR of more than 6% during the period 2018-2022, according to their latest report.
This market research report segments the global automotive lead-acid battery market into the following applications, including aftermarket and OEM and key regions, including the Americas, APAC, and EMEA.
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In this report, Technavio analysts highlight the demographic shift as a key factor contributing to the growth of the global automotive lead-acid battery market:
Demographic shift
The tourism industry is growing and is expected to grow further during the forecast period. The young generation is increasingly traveling and exploring new places, and this is driving the market. Expenditures are incurred on traveling and traveling modes such as cars and bikes. In countries such as the US, the UK, India, Australia, Germany, and New Zealand, there has been a huge growth in the tourism industry due to the influx of tourists.
During 2016, APAC has recorded the highest growth in international tourism. International tourism in Southeast Asia increased by approximately 10% while Northeast Asia and South Asia displayed an increase of approximately 8% and 7% respectively. In regions such as the Americas and Europe, tourism increased by more than 6% and 4%, respectively. This has resulted in the growth of the global automotive rental market, which, in turn, drive the global automotive lead-acid battery market. The increase in the car rental market has compelled players to perform car servicing frequently after every trip, thus increasing the replacement and aftermarket of lead-acid battery due to the rough use of the car and the battery power to charge the devices.
According to a senior analyst at Technavio for energy storage, “The improved consumer spending is driving world tourism. It proves to be an important economic indicator, as it usually reflects the overall consumer confidence in a nation’s economy. High consumer confidence indicators include high levels of consumer spending in the market. This improvement in consumer spending is expected to drive the sales of automotive vehicles during the forecast period, thus enhancing the demand for lead-acid batteries.”
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Global automotive lead-acid battery market segmentation
Of the two major applications, the aftermarket segment held the largest market share in 2017, accounting for nearly 5% of the market. The market share for this application is expected to increase nearly 3% by 2022.
APAC was the leading region for the global automotive lead-acid battery market in 2017, accounting for a market share of 57%. By 2022, APAC is expected to continue its dominance in the market and register an increase of nearly 2%.
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