LONDON--(BUSINESS WIRE)--The global light vehicle batteries market is expected to post a CAGR of more than 10% during the period 2019-2023, according to the latest market research report by Technavio.
A key factor driving the growth of the global light vehicle batteries market size is the declining Li-ion battery prices. Li-ion batteries are the most widely used batteries for light vehicles across the world as it is a light metal that contains better electrochemical properties than other battery technologies. Although Li-ion batteries have been more expensive than lead-acid batteries and nickel metal hybrid batteries, the manufacturing cost of Li-ion batteries is declining significantly each year. This is mainly due to an increase in the production scale and improvements in manufacturing efficiency. Moreover, the declining cost of Li-ion batteries can be attributed to the increasing adoption in the automotive industry and the development of cost-effective production methods by vendors. Therefore, the declining cost of Li-ion batteries will fuel the light vehicle batteries market growth during the next five years.
As per Technavio, the advances in battery technologies will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global light vehicle batteries market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global light vehicle batteries market: Advances in battery technologies
The global batteries market has been witnessing a significant increase in R&D activities by manufacturers to develop new battery technologies. For instance, the UltraBattery is a hybrid device with a chemical combination of both lead-acid battery and an ultracapacitor. This battery has been witnessing many design improvements over conventional lead-acid technology. The unique chemistry of the battery increases power handling as well as vastly reduces sulfation, which allows it to run continuously without charging fully. Many such technologies are expected to evolve during the forecast period owing to the heavy investments in R&D by battery manufacturers. These advances in battery technologies will drive the global light vehicle batteries market during the forecast period.
“Apart from the advances in battery technologies, other factors such as the technological advances in the automotive industry, and the rising number of collaborations between market vendors will have a significant impact on the light vehicle batteries market worth during the forecast period,” says a senior analyst at Technavio.
Global light vehicle batteries market: Segmentation analysis
This market research report segments the global light vehicle batteries market by application (ICEV, and EV), and geographic regions (APAC, EMEA, and the Americas).
The APAC region led the light vehicle OE batteries market in 2018, EMEA, and the Americas respectively. The growth of the light vehicle OE batteries market in APAC can be attributed to the rising sales of light vehicles, which is driven by the increasing urbanization and high gross domestic product (GDP) growth in countries such as China and India. Furthermore, the increasing construction of roads in rural areas is offering extended potential target markets for light vehicle manufacturers to boost the sales of light vehicles.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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