(MENAFNEditorial) The global market for automobiles is witnessing a continuous expansion, especially in developing economies of the world. This positively impacts the market for automotive batteries as well. The largest market for automotive batteries is North America, which is closely followed by the European and Asia-Pacific markets. China ranks as the fastest growing automotive battery market thanks to the highest global demand for both commercial and passenger vehicles here. Besides the growing demand itself, the market is further boosted thanks to a growing interest in investments towards carrying out R&D activities in this sector. These research activities are primarily funded by automobile or battery manufacturers, and have resulted in some encouraging breakthroughs. This has helped bring about perceptible changes in the product landscape, besides increasing market demand. It is estimated that the battery replacement market alone accounts for nearly 80% of the entire automotive batteries market.
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Batteries can be divided based on the type of vehicle in which they are used as: two-wheeler, medium commercial, three-wheeler, utility vehicle, passenger car, light commercial vehicle, and farm vehicle. Consumers are showing a progressive interest in electric vehicles that are powered by traction batteries. Automotive batteries can also be classified based on technology as and within this segment, Nickel-Metal Hydride batteries are projected to show the highest rate of growth.
This market research report features leading market players including but not limited to: Exide Technologies, Johnson Controls, Camel Group, GS Yuasa, Fengfan and Fiamm Group, and East Penn Manufacturing.
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This market research report analyzes the following geographies:
North America
Asia Pacific
Europe
Rest of the World
This report gives you access to decisive data such as:
Market growth drivers
Factors limiting market growth
Current market trends
Market structure
Market projections for the coming years
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