DUBLIN--(BUSINESS WIRE)--The "Global Automotive Battery Market - By Chemical Composition, Sales Channel, Vehicle type, Region - Market Size, Company Profiles, Industry Trends (2017-2023)" report has been added to ResearchAndMarkets.com's offering.
The global automotive battery market was USD 39.81 billion in 2017 and is estimated to reach USD 65.09 billion by 2023 at a CAGR of 7.28% during the forecasted period.
The market demand for this battery is huge as more and more vehicles are being developed daily and more electric vehicles are increasingly being used.
An automotive battery is a rechargeable battery used for supplying power to electric vehicles. The battery feeds the starter of the engines. Automotive battery is one of the critical automotive components deployed to provide power for Starting, Lighting and Ignition (SLI) in an automobile.
Automotive battery could soon become an inevitable source to operate electric vehicles as it now being used to power up their entire framework and engine of the vehicles. The inception of electric vehicles has caused a surge in the number of these batteries and with the growth of electric vehicles these batteries are going to be in demand much more than before.
North America dominates the market due to the presence of large companies in batteries like Exide, Johnson Controls, and Odyssey. Being advanced in the field of technology North America has shown a significant interest in the field and a lot of progress has been made.
Asia-Pacific market has a huge CAGR of 9.2% in the forecast period. This amounts to the increasing population in various countries of this region like India, Indonesia, China and Korea. Due to this demand for vehicles has increased significantly and hence the demand for this market arises automatically.
The passenger car battery market is expected to continue its dominance in the global automotive battery market during the forecast period as well. The use of electric power in vehicle as a fuel is new trend in last few years. Environmental changes and scarce oil resources are the driving force behind their increasing adoption.
On the other hand, the market can be negatively affected by the rise of safety issues associated with battery usage and unavailability of proper infrastructure required for the proper utilization of electric vehicles. Also, the overflowing sales of mid-sized and compact vehicles compared to those of other types of vehicles has been making it difficult for automotive battery manufacturers to provide products at a huge pace.
Key Topics Covered:
- Industry Value Chain Analysis
- Porter's 5 Forces
Global Automotive Battery Market Segmentation, Forecasts and Trends
By Chemical Composition
- Nickel-metal Hydride
- Small Sealed Lead Acid
By Sales Channel
By Vehicle type
- Compact Vehicle
- Mid-sized Vehicle
- Premium Vehicle
- Luxury Vehicle
- Commercial Vehicle
- Heavy Commercial Vehicle
Company Market Share Analysis
- Exide Technologies
- East Penn Manufacturing Company
- NEC Corporation
- LG Chem Ltd
- Johnson Controls
- ByD Co., Ltd
- A123 Systems
- EnerSys LLC
- GS Yuasa Corporation
- Amara Raja Batteries
- Automotive Energy Supply Corporation
- Saft Group S.A.
- Delphi Automotive
- Industry M&As, Consolidations
- Investment Opportunities
Global Automotive Battery Market - Road Ahead
For more information about this report visit https://www.researchandmarkets.com/research/nr29pr/global_automotive?w=4