The changing landscape of the global automotive battery market was estimated to increase the importance of the product in years to come by the Transparency Market Research (TMR). To develop components of automobiles for enabling electricity optimization, new mechanics and designs are adopted by Original Equipment Manufacturer (OEM) and automotive battery manufacturers like Exide Industries Limited, Hitachi Ltd, Johnson Controld International plc, and Furukawa Electric Co.Ltd. . These factors support the incorporation of advanced batteries in automobiles.
The market has witnessed the introduction of automotive
battery technology that enables quick recharge and offers power-saving options.
In this regard, automobile manufacturers and OEMs are expected to focus on the
optimization of smooth power consumption during the development of vehicle
system components.
TMR forecasts the global automotive battery market to be valued at US$54.5 bn by 2022 with an estimated 5.7% CAGR during the forecast period of 2017 to 2022.With a 38.0% revenue share achieved in 2017, small sealed lead acid (SSLA) segment is predicted to lead the market on the basis of chemical composition. With a valuation of US$15.1 bn by 2022, Europe is expected to maintain its position as the larger region.
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Strict Emission Norms and High Demand for Fuel Efficiency
Reinforce Growth
The strong growth of SSLLA automotive battery is predicted
by market analysts. As more number of electric and plug-in hybrid vehicles are
being produced presently, lithium-ion (Li-on) automotive battery is showing a
steady sales growth. Owing to the promise of successful commercialization and
attractive incentives, OEMs are encouraged to introduce new hybrid and electric
models. OEMs are compelled to develop products that fulfill future
transportation and similar other requirements because of strict emission norms
and global demand for fuel efficiency.
The advent of electric vehicles has caused a growth in both
the number of electric vehicle models as well as OEMs. For example, in 2017,
Mercedes Benz had decided to introduce plug-in electric vehicle model. Along
similar lines, Toyota is expected to launch a plug-in hybrid and all-electric
vehicles by the end of 2018.
Underdeveloped Support Infrastructure and Safety
Issues Tether Demand
The availability of underdeveloped support infrastructure
for electric vehicles is negatively affected by the forecasted demand for
automotive battery. Moreover, it is difficult to provide products at a parallel
competitive pace for automotive battery manufacturers due to the overflowing
sale of compact and mid-sized vehicles compared to other type of vehicles.
However, less complaints were lodged by manufacturers for the production of
automotive battery for compact and mid-sized vehicles because of the less
complexity requirement in additional cost manufacturing.
Regions that exhibit increased trade activities and high
demand for commercial aircrafts and automobiles are yet to be explored by
manufacturers. These factors have been anticipated to contribute to the growth
of the automotive battery market internationally. An important element expected
to reinforce the demand for automotive battery is its economic, technological
and infrastructural development.
The information presented in this review is based on a TMR
report, titled “Automotive Battery Market (Chemical Composition - Lithium-ion,
Nickel-metal Hydride, Nickel-cadmium, and Small Sealed Lead Acid; Vehicle -
Compact, Mid-sized, Premium, Luxury, Commercial, and Heavy Commercial; Sales
Channel - OEM and Aftermarket) - Global Industry Analysis, Size, Share, Growth,
Trends, and Forecast 2017 - 2022.”
The global automotive battery market has been segmented as
presented below:
Global Automotive Battery Market: Chemical Composition
- Lithium-ion
- Nickel-metal
Hydride
- Nickel-cadmium
- Small
Sealed Lead Acid
Global Automotive Battery Market: Vehicle
- Compact
Vehicle
- Mid-sized
Vehicle
- Premium
Vehicle
- Luxury
Vehicle
- Commercial
Vehicle
- Heavy
Commercial Vehicle
Global Automotive Battery Market: Sales Channel
- OEM
- Aftermarket
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