According to a report published by Grand View Research, Inc.; the automotive battery market is likely to reach a valuation of around USD 95.57 billion by 2025.
Rapid growth in automotive sector in developing countries, increasing demand for pollution-free electric and hybrid vehicles, and supportive government policies can propel the market during the forecast period (2014 to 2025).
Availability of batteries in different sizes and specifications coupled with high current level is likely to spur the market during the forecast period. Increasing government efforts to reduce carbon emissions have encouraged the development and use of electric vehicles and hybrid vehicles. Rising fuel prices and demand for pollution free vehicles have increased the consumers preference for these vehicles. This is likely to boost the market in the coming years.
Full Research Report On Automotive Battery Market Analysis: https://www.grandviewresearch.com/industry-analysis/automotive-battery-market
Worldwide automotive battery market can be segmented on the basis of battery type, vehicle type, region. Based on battery type, the market can be classified into lithium-ion based, lead-acid based, sodium-ion, nickel-based, and others. In 2016, lead-acid segment achieved the top position and likely to register highest CAGR over the forecast period. These batteries are comparatively inexpensive as compare to other batteries, simple in manufacturing, and requires low maintenance. Advanced lead-acid batteries offer the start-stop functionality in order to enhance fuel efficiency of micro-hybrid vehicles. The lithium-ion based segment is projected to expand with the highest growth during the projected period due to growing use in onboard energy storage.
As per vehicle type, the market can be categorized into passenger vehicles, commercial vehicles, electric vehicles, and others. Passenger vehicles are projected to generate half of the market revenue over the forecast period. The EV segment is likely to display highest CAGR during the estimated period. China held for more than 40% of the overall EVs sold in 2016.
Geographically, the market can be divided into North America, Europe, Asia Pacific, South America, and Middle East and Africa (MEA).
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In 2016, Asia Pacific accounted for over 48.0% of the overall revenue. This region is also expected to register high CAGR of 9.2% over the forecast period. Rise in sales of motorcycles, passenger cars, and commercial cars are the key factors to boost the market grow in this region. Government efforts to provide subsides on the basis of price difference between internal combustion engine (ICE) enabled vehicles and EVs are also likely to boost the market in this region. Rising sales of vehicles coupled with supportive government efforts in emerging countries like China, India, Mexico, and Vietnam are expected to support the market growth in this region. For instance, in 2016, government of India initiate the National Electric Mobility Mission Plan (NEMMP) 2020 to deal with several issues about national energy security and vehicular pollution. Even though, adoption of EV in Indian market is much low owing to high prices of these vehicles, lack of infrastructure, and insufficient consumer disposable income. But, Launch of EVs at affordable price like Mahindra e2o and Mahindra eVerito is expected to create more opportunities in the country.
In 2016, North America dominated the market. Increasing demand for EVs in the U.S and Mexico due to growing government efforts to reduce the effect of carbon footprints is expected to boost the product demand in this region. In addition, presence of leading lead-acid battery manufacturers in the U.S. is also expected to support the market growth in this region.
Europe is among the top producers of automobiles due to presence of leading automotive manufactures in this region. Therefore, demand for batteries also expected to grow in this region over the forecast period.
Key players operating in the market include Exide Technologies, LLC, BYD Co., Ltd., GS Yuasa Corporation., Tesla, Inc., and Samsung SDI Co., Ltd. The market is extremely competitive owing to presence of large number of manufacturers. Major companies are following strategies like mergers and acquisitions and partnerships to maintain their presence in the market. The market is highly dependent on raw material prices, so, instability in raw material prices are likely to act as barriers for entrants.
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