CLEVELAND, Aug. 9, 2017 /PRNewswire/ -- In 2016, North American aftermarket demand for automotive batteries totaled US$4.5 billion, more than three times larger than the next largest product category. Automotive batteries accounted for 54% of total regional demand for automotive batteries and ignition system components in 2016. This share of regional demand is up significantly compared to 2006, buoyed by trends toward higher-value absorbent glass mat (AGM) batteries and robust lead-acid battery price increases between 2006 and 2011. These and other trends are presented in Automotive Aftermarket for Batteries & Ignition System Components in North America, a new study from The Freedonia Group, a Cleveland-based industry research firm.
North American aftermarket demand for automotive batteries is forecast to expand 3.3% per annum through 2021 to US$5.3 billion, accelerating from the rate of the 2011-2016 period due to continued robust gains in aftermarket battery sales in the small, but rapidly expanding H/EV segment and steady gains in the large, well-established conventional automotive battery segment.
The US dominates North American aftermarket automotive battery demand, accounting for 84% of the regional total in 2016. The country's leading position is due to its expansive light vehicle park and its larger stock of H/EVs, with a large concentration in California due to the state's more stringent emissions and fuel economy standards. Through 2021, aftermarket automotive battery demand in the US is expected to advance 2.6% per year to US$4.4 billion. While this is the slowest average annual rate of advance of the North American countries, the US will nonetheless account for over two-thirds of demand gains through 2021 due to the large light vehicle stock, as well as the higher-value AGM lead-acid and Li-Ion batteries in conventional ICE vehicles and H/EVs, respectively.
More information about the study is available at https://www.freedoniagroup.com/industry-study/automotive-aftermarket-for-batteries-and-ignition-system-components-in-north-america-by-product-and-performer-3548.htm
Related studies include:
- #3534 Automotive Aftermarket for Filters in North America (June 2017)
- #3512 Automotive Aftermarket for Brake Parts in North America (April 2017)
About The Freedonia Group, a division of MarketResearch.com – The Freedonia Group is a leading international industrial research company publishing more than 100 studies annually. Since 1985, we have provided research to customers ranging in size from global conglomerates to one-person consulting firms. More than 90% of the industrial companies in the Fortune 500 use Freedonia Group research to help with their strategic planning. Additional Automotive & Transport studies can be purchased at www.freedoniagroup.com, www.marketresearch.com and www.profound.com.
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SOURCE The Freedonia Group