Albany, NY -- (SBWIRE) -- 11/05/2018 -- In the last few years, there has been a tremendous growth in the automotive sector. The growing focus of automobile manufacturers for innovations and technological advancements are predicted to enhance the growth of the global automotive battery market in the coming years. In addition to this, the increasing efforts being taken by governments, across the globe, to reduce the carbon emission and further develop eco-friendly products to accelerate the growth of the global automotive battery market in the next few years.
As per the market intelligence study, the global market for automotive battery is projected to reach a value of US$54.5 bn by the end of 2022. Furthermore, the market is estimated to register a healthy 5.70% CAGR between 2017 and 2022.
Rise in Use of Electric Vehicles to Encourage Growth of Global Automotive Battery Market
A tremendous rise in the demand for transportation and the growing focus on research and development activities are estimated to accelerate the growth of the global automotive battery market in the coming years. In addition to this, the growing demand for new electric and hybrid automotive models is predicted to enhance the growth of the overall market in the next few years.
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On the other hand, the rising issues concerning the battery usage and the non-availability of support infrastructure are predicted to restrict the growth of the market in the near future. Moreover, the changing prices of fuel and the high cost of batteries are further likely to hamper the market growth in the near future. Nonetheless, the rising demand for technologically advanced products is estimated to offer growth opportunities for players in the near future.
The global market for automation battery has been categorized on the basis of chemical composition into nickel-metal hydride, lithium-ion, nickel-cadmium, and small sealed lead acid. Among these, the small sealed lead acid segment is expected to hold a major share of the overall market in the coming few years. On the other hand, the lithium-ion segment is predicted to witness a steady growth in the next few years. The rise in the use of hybrid vehicles is likely to accelerate the overall growth in the coming years.
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Increasing Research Activities to Propel Automotive Battery Market
Among the key regional segments, Europe is projected to hold a major share of the global automotive battery market in the coming few years. The presence of a large number of automobile companies and the rising investments in this field are the key factors encouraging the growth of this region in the coming few years.
Furthermore, the emerging economies in Asia Pacific holds immense growth potential, thanks to which the market is estimated to witness a healthy growth in the next few years. North America is anticipated to witness a steady growth in the coming years.
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The global market for automotive battery is highly competitive at present and is expected to witness a significant rise in the competitive environment of the market in the coming years. The key players are making ardent efforts to enhance their product portfolio, thus supporting the overall market growth in the near future. In addition to this, the rising research activities and the growing number of mergers and acquisitions are further expected to enhance the competitive environment of the market in the coming years.
Some of the key players operating in the automotive battery market across the globe are Leoch International Tech, Hitachi Ltd., Furukawa Electric Co. Ltd., Exide Industries Limited, Haldex Incorporated, Crown Battery Manufacturing Company, GS Yuasa Corporation, ZF TRW Automotive Holdings Corporation, Johnson Controls International plc., and EnerSys.