Global Automotive Battery Market is Expected to Reach USD 85.41 Billion by 2025 : Fior Markets

Global Automotive Battery Market by Battery Type (Lithium-Ion Based, Nickel-Based, Lead-Acid Based, Sodium-Ion, Others), Vehicle Type (Passenger Vehicles, Others), Region, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2018 to 2025

/EIN News/ -- Newark, NJ, Jan. 28, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global automotive battery market is expected to grow from USD 49.05 Billion in 2017 to USD 85.41 Billion by 2025 at a CAGR of 7.02% during the forecast period 2018-2025.

With an advancement of automobile technology, vehicles now consist of large number of functions these days. Features like lighting, various gadgets, and car infotainment system, have been increasingly being adopted in the vehicles. Thus, to powering these systems, demand for automotive battery has been increased in the recent years. In addition to this, rising adoption of electric vehicles across the globe, further fuelling the growth of automotive battery market. For instance, according to the data by Edison Electric Institute (EEI), global EV sales totalled about 2.1 million for 2018, an increase of 64% compared to the total sold in 2017.

The automotive electric system comprises many different modules. Automotive battery’s main function is to store and distribute the electric current to various system in the vehicle. A modern vehicle needs an automotive battery to operate many electrical components/gadgets such as digital gadgets, electric gadgets, power windows, central locking mechanism, and air conditioning. Besides, battery acts as a secondary source of electric current, when the vehicle is not operating or the generator speed is not sufficient to meet the requirements.

Global automotive battery market is expected to witness rapid growth over the forecast period, owing to growing demand for automobiles and strict regulation standard related to emission set by various government agencies across the globe. However, high cost of manufacturing the battery is restraining growth of the global automotive battery market over the forecast period.

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Key players operating in the global automotive battery market include East Penn Manufacturing Co., Inc., Camel Group Co., Ltd., Exide Technologies, FIAMM S.p.A., Fengfan Co., Ltd., Douglas Battery, Zhejiang Narada Power Source Co. Ltd., Johnson Controls Inc., The Furukawa Battery Co., Ltd., and Shandong Sacred Sun Power Sources Co., Ltd., Zhejiang Haijiu Battery Co., Ltd., Chaowei Power Holdings Ltd., Hitachi Ltd., Shandong Sacred Sun Power Sources Co., Ltd., and GS Yuasa Corporation among others. To enhance their market position in the global automotive battery market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership.

• For instance, in March 2019, Camel Group Co Ltd announced the plan to open the largest automobile battery production plant in Malaysia. With this plant, company is expected to have an estimated production of 5 million automotive batteries annually
• For instance, in January 2018, Exide Technologies launched a new range of automotive batteries 'Epiq' in the Indian market. This new range of batteries comes with the six years of warranties, 'the highest' in the Indian market.

The lead-acid based segment dominated the market and valued USD 18.98 Billion in 2017

The battery type segment is classified into lithium-ion based, nickel-based, lead-acid based, sodium-ion and others. The lead-acid based segment dominated the market and valued around USD 18.98 Billion in 2017.  These batteries are mainly used in the automotive for the SLI (Starting, Lighting and Ignition) applications because they are robust, tolerant to abuse, tried and tested. They are less expensive and simple in manufacturing, capable of high discharge rates, minimal maintenance and superior starting capacity.

The electric vehicle segment is dominated in the market and valued around USD 19.23 Billion in 2017

The vehicle type segment is classified into passenger vehicles, commercial vehicles, electric vehicles, and others. The electric vehicle segment is dominating the market with the highest share of 39.21% in 2017. Rising number of electric cars on the road would promote the growth of privately and publicly accessible charging infrastructure. Most electric vehicle batteries are guaranteed for 8–10 years or 160,000 km (100,000 miles). In addition to this, many automotive battery manufacturing companies are investing heavily into the research and development activities, to innovate automotive batteries especially for the electric vehicles.

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Regional Segment Analysis of the automotive battery Market

• North America (U.S. , Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
• Asia-Pacific (China, Japan India, Rest of APAC)
• South America (Brazil and Rest of South America)
• Middle East and Africa (UAE, South Africa, Rest of MEA)

The regions analysed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. North America region dominated the global automotive battery market in 2017 and valued around USD 21.68 Billion in 2017 whereas the Asia-Pacific region is growing rapidly in the market. This dominance is mainly due to presence of strong manufacturing base of lead-acid battery which is expected to promote market growth in the region. The Asia-Pacific region is anticipated to grow rapidly, owing to rising product demand in automotive applications in various countries which would positively influence the growth of the region during the forecast period. Some of the major factor driving the growth of market are growth of automotive sector and rising demand for passenger vehicles in the countries such as India, China, and in Southeast Asian Countries. In addition to this, European region is also witnessing the rapid growth in the market, owing to increasing demand for electric vehicles across the region. Furthermore, countries such as Germany and Italy are the world’s largest automotive hubs, with the presence of many key automotive manufacturers in the countries, boosting the growth of market.

About the report:

The global automotive battery market is analysed on the basis of value (USD Billion) and volume (Thousand units). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.

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