ALBANY, New York, September 21, 2018 /PRNewswire/ --
According to TMR, the global automotive battery market is expected to value US$54.5 bn by the end of 2022. Between 2017 and 2022, the market is forecast to exhibit a CAGR of 5.7%. Holding over 38% of the market based on chemical composition, the small lead acid segment held dominant in 2017. Europe, among key regional markets, is expected to remain dominant through the course of the forecast period. The Europe market for automotive battery is expected to reach US$15.1 bn by the end of 2022.
Impelled by the rising demand for advanced performance in vehicles, the leading players in the global automotive battery market are focusing on product innovation. As per a new study by Transparency Market Research. For instance, original equipment manufacturers are developing novel components for automobiles to enable electricity optimization. Furthermore, companies such as Hitachi Ltd, Exide Industries Limited, Furukawa Electric Co.Ltd, and Johnson Controld International plc and investing in novel designs to gain a stronghold in the global automotive battery market.
Their efforts have resulted in the launch of the automotive battery technology, which offers quick recharging and power-saving options. Considering the prevailing trends, TMR expects the market players to focus on optimizing power consumption while developing vehicle system components. Strategies adopted by the market players are likely to have a profound impact on the overall market.
Stringent Emission Control Norms to Aid Growth Witnessed Worldwide
TMR predicts rapid rise in demand for SSLLA automotive batteries. The increasing production of electric and plug-in hybrid vehicles is also expected to create steady sales opportunities for lithium-ion automotive batteries. Also OEMs are introducing new electric and hybrid electric models encouraged by attractive incentives and successful commercialization. Also, strict emission control norms are encouraging the production of automotive batteries, in turn creating lucrative growth opportunities for the market.
In the coming years, the market will witness immense opportunities for sales in response to the rising demand for electric vehicles. With leading automakers focusing towards the production of hybrid vehicles and electric cars, the automotive battery market is likely to gain considerable impetus in the near future.
Underdeveloped Support Structure May Hinder Demand
On the downside, infrastructure supporting the production of electric vehicles is yet to be fully developed. This may negatively impact the automotive battery market to an extent. Furthermore, it is not a cakewalk for manufacturers to offer products at a competitive pace on account of the increasing sale of mid-size and compact vehicles compared to other vehicle types. This has an adverse impact on the overall automotive battery market. Nonetheless, manufacturers complained lesser about producing automotive batteries for mid-size and compact vehicle because it was less complex. This could bode well for the overall market.
TMR projects that the rising trade activities will fuel the demand for commercial aircrafts and automobiles. This as per the report will contribute towards the market's expansion around the world. Also, the rising knowledge about the technological and economic benefits of using automotive batteries in vehicles will fuel their demand in the coming years.
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