BURNABY, British Columbia, January 29, 2014 /PRNewswire/ --
India's thriving automobile sector and various government initiatives are driving the automotive battery market
India is the third largest automotive market in Asia after Japan and China, and is one the top five passenger and commercial vehicle manufacturers across the globe. Rapid industrialization, especially the flourishing Micro, Small and Medium Enterprises (MSMEs), coupled with developing infrastructure is contributing to boost the demand for light commercial vehicles and heavy duty trucks in India. The industry is also receiving support by various government measures such as National Automotive Testing and R&D Infrastructure Project (NATRiP), Auto Mission 2006-2016, Focus Market Scheme, etc. This is augmenting growth in the country's automotive sector, which is eventually driving the demand for automotive batteries in both OEM and aftermarket segments.
According to a recently published report by TechSci Research, "India Automotive Battery Market Forecast & Opportunities, 2018", the Indian automobile batteries market is projected to grow at a CAGR of approximately 13% during 2013-18 as a result of growing automobiles market in the country.
The report highlights that Exide Industries Limited and Amara Raja Batteries Limited are the two major players occupying a majority share in automobile batteries market in India. Both the companies are working extensively in broadening their product portfolio over a wide price range along with widespread marketing activities to create product differentiation in the overall automotive battery market. One of the latest developments is the introduction of pro rata warranties of up to three years.
Further, the battery manufacturers in India in order to tap the replacement market are also aggressively working on extending their reach by expanding their distributors and dealers network.
"Passenger car penetration is comparatively low in India than other countries, and as a result, offers considerable opportunity for automobile companies to tap the unexplored market. As a result, with the rising automobile sales, the demand for batteries is also anticipated to rise over the next five years." said Mr Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
"India Automotive Battery Market Forecast and Opportunities, 2018" has evaluated the future growth potential of the Indian automotive battery industry and provides statistics and information on market structure, exports and future growth of the tyre industry. The report is intended to provide cutting-edge market intelligence and help decision makers to take sound investment evaluation. Besides all this, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities available in the automotive battery industry in India.
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SOURCE Techsci Research