Market Research Future (MRFR) reports that the global Automotive Battery Market will expand at a compound annual growth rate (CAGR) of 5.5% during the assessment period (2018–2025). The market is projected to reach a valuation of USD 75 Billion by the year 2025. Battery is key component of a vehicle. In recent years, the important of battery has grown further. Automotive batteries play an important role in powering cars.
Witch changing needs, the technology in automotive battery is also changing. The arrival of hybrid and fully electric vehicle has provided an impetus to automotive batteries. Growing sales of vehicles, growth of the electric vehicle market, and rapid expansion of the automotive sector in Asia, Latin America and the Middle East are some of the factors contributing to the growth of the market. Moreover, growing commercial interest toward electric mobility is expected to support the market. Government subsidies and favourable regulations for electric cars are indicative of the growing interest in such segments.
Global Automotive Battery Market: Segmental Analysis
MRFR’s report includes a detailed segmental analysis of the market on the basis of propulsion, sales channel, vehicle type, type and region.
On the basis of propulsion, the market has been segmented into electric vehicle and internal combustion engine (ICE). The ICE segment currently accounts for a significant market share and is like to remain highly attractive throughout the assessment period. On the basis of type, the market has been segmented into nickel-metal hydride, lithium-ion, lead-acid and others. The lithium-ion segment is expected to witness a healthy growth during the assessment period. Based on vehicle type, the market has been segmented into commercial vehicle and passenger car. The passenger car segment holds the predominant share of the market in terms of value. On the basis of sales channel, the market has been segmented into aftermarket and OEM. The former is expected to witness a relatively higher growth rate during the assessment period.
Global Automotive Battery Market: Regional Analysis
The market has been covered across regions such as Asia Pacific, Europe, North America, the Middles East & Africa, and Latin America. Asia Pacific (APAC) is the standout market for automotive battery. APAC is expected to retain its leading market position over 2025. Industrial growth has been rapid in the region where the automotive sector has emerged as a prime focus. China has established itself as a global automotive manufacturing hub, which has augured well the sub-markets including Automotive Battery Market. Meanwhile, Europe and North America hold the second and third spot respectively. The North America market is expected to register the noteworthy growth over the next couple of years. Europe is also expected to remain an important market for automotive battery during the projection period. The region is home numerous carmakers who are globally renowned; this gives the market a high degree of leverage in Europe.
Global Automotive Battery Market: Competition Analysis
MRFR in its report has profiled some of the leading market participants namely East Penn Manufacturing Company (US), EXIDE Technologies (US), BYD Co. Ltd (China), Saft Groupe SA (France), LG Chem (South Korea), A123 Systems, LLC (China), Panasonic Corporation (Japan), Johnson Controls (US), Delphi Automotive LLP (UK), Robert Bosch GmbH (Germany), GS Yuasa (Japan) and EnerSys (US).
Japanese electronics giants Sony and Yamaha are reportedly collaborating to develop a futuristic windowless electric mobility cart (SC-1 Sociable Cart). The cart will home big-screen TVs inside and out with multimedia streaming. In its initial phase, the cart will be perceived as experimental tool in oppose to a consumer product.
South Korean automotive giant Hyundai is reportedly gearing up to reveal it second version of concept electric scooter. The new version comes with new modifications and is likely to have a wider distance covering range.
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