(MENAFN- America News Hour) The automotive battery market has been segmented by vehicle type into two-wheeler, three-wheeler, passenger vehicle, commercial vehicle, and electric vehicle, all of which are anticipated to drive the growth of the automotive battery market during the forecast period. These batteries are broadly used for starting, lighting, and ignition functions in automobiles and further provides voltage supply to vehicle accessories such as radio, music players, air conditioners, wipers, and charging plugs. Factors such as increasing vehicle production coupled with the rising adoption of vehicle electrification are anticipated to bring many manufacturers to collaborate in the automotive battery market.
The global market for the automotive battery market is expected to reach a notable figure during the forecast period, expanding at a compound annual growth rate of 5.3% between the years 2017-2024. Factors such as rising urbanization and an increasing number of automobiles on the road are anticipated to drive the demand for automotive batteries. Such factors combined with rising infrastructure are estimated to boom the automotive battery market by noteworthy revenue by the end of 2024.
In the regional segment, Asia-Pacific accounts for the highest market share in terms of revenue and is anticipated to witness significant growth owing to rapid industrialization accompanied by increasing manufacturing activities in this region by the end of 2024. Increasing automotive sales in India and China are anticipated to drive the growth of the automotive battery market in the Asia Pacific region. North America holds the second-largest share in automotive batteries and is likely to exhibit high growth avenues with U.S. automotive battery market owing to increasing research and development in automotive batteries along with government initiatives for electric vehicles in this region. Further, the European market for the automotive batteries is expected to witness robust growth over the forecast period.
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Automotive Industry Reflects Significant Opportunities
Riding on the back of rising disposable income and the growing automotive industry, the automotive battery market is anticipated to show tremendous growth over the forecast period. Rising demand for vehicles such as trucks, cars, and two-wheelers combined with the integration of features in automobiles like hands-free calling, state of art sensors, and car infotainment systems is envisioned to bolster the growth of the global automotive battery market. Moreover, factors such as increasing government initiatives and environmental concerns are believed to supplement the growth of the automotive battery market globally.
However, high energy consumption and pollution concerns are likely to inhibit the growth of the market in the near future.
The report titled“Automotive Battery Market: Global Demand Analysis & Opportunity Outlook 2024” delivers a detailed overview of the automotive battery market in terms of market segmentation by vehicle type, battery type, and region.
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Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis, and Porter's five force model.
This report also provides the existing competitive scenario of some of the key players of the automotive battery market which includes company profiling of Tesla Motors, Douglas Battery, East Penn Manufacturing Co., Exide Technologies, Fengfan Co. Ltd., Johnson Controls Inc., The Furukawa Battery Co., Zhejiang Haijiu Battery Co., Zhejiang Narada Power Source Co., Fiamm SPA, Chaowei Power Holdings Ltd. and Hitachi Ltd.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts a detailed overview of the automotive battery market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market-centric strategies according to the ongoing and expected trends in the future.
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