Global Demand for Automotive Batteries to Increase 13% Annually Through 2022
The automotive market is the largest outlet for battery sales worldwide
CLEVELAND, June 25, 2018 /PRNewswire/ -- Global demand for automotive batteries is forecast to rise 13% per year to $54.1 billion in 2022, expanding to 38% of total sales. Rising manufacturing and use of motor vehicles worldwide will spur sales growth. The HEV segment will more than quadruple in size as these vehicles increasingly penetrate global markets. Electric vehicles, which use more expensive batteries than hybrids, will post particularly strong growth, boosting overall market value. While falling prices for lithium-ion batteries (on a kWh basis) will be a major contributor to growth for HEVs, a shift toward batteries with higher capacities will boost prices on a unit basis and contribute to the expanding market size. These and other trends are presented in Global Batteries, 11th Edition, a new study from The Freedonia Group, a Cleveland-based industry research firm.
More information about this study is here: https://www.freedoniagroup.com/industry-study/global-batteries-by-product-and-market-11th-edition-3569.htm
The automotive market is the largest outlet for battery sales worldwide, accounting for 34% of demand in 2017. The universal need for aftermarket batteries creates a massive global market for these products and provides a stabilizing influence in comparison to the more volatile OEM segment. Lead-acid batteries account for the vast majority of automotive market demand, but lithium-ion and nickel-based types have steadily become increasingly prevalent with the commercialization of HEVs.
Global demand for batteries in all outlets is forecast to rise 9.8% per year to $141 billion in 2022, improving on the 2017-2022 performance. According to analyst Elliott Woo, "Growth prospects vary significantly among product and market segments, and suppliers will need to carefully tailor their strategies to the differing needs of target areas."
Related studies include:
- #3627 Global Hybrid & Electric Vehicles, 4th Edition (May 2018)
- #3519 Global Power Tools Market, 9th Edition (May 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 Machinery & Equipment studies can be purchased at https://www.freedoniagroup.com, www.marketresearch.com and www.profound.com.
Press Contact:
Corinne Gangloff
+1 440.684.9600
[email protected]
SOURCE The Freedonia Group
Share this article