Automotive Battery Market Size Estimated to Observe Significant Growth by 2021
Sarasota, FL -- (SBWIRE) -- 08/24/2017 -- An automotive battery is a battery that supplies electric energy to automobiles. It is also widely known as "rechargeable battery". Automotive batteries are mainly used for SLI (starting, lighting, and ignition) systems and their main purpose is to start the system. Apart from starting the engine, automotive batteries supply the extra power required when the vehicle's electrical requirements exceed the supply from the charging system. Moreover, it is a stabilizer that balances potentially damaging voltage spikes.
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The global automotive battery market is proving its dominance in the vehicle market owing to its increasing demand for batteries. These batteries serve numerous automotive applications. Rising demand for hybrid, semi-hybrid and fully electric vehicles will the growth of automotive vehicles market in a positive way in the near future. In addition, the new trend of providing latest vehicles with start–stop batteries will further boost the growth of the global market. Owing to the developments in the automotive batteries, the adoption rate of these batteries is increasing in passenger and commercial vehicles. All the above-mentioned factors are setting up the market for electric vehicles, which in turn results in a growth of the global automotive battery market.
On the basis of battery type, the automotive battery market is segmented as lead acid batteries, lithium ion batteries, nickel metal hybrid batteries, and others. Further, the market is segmented based on the vehicle type as electric bikes, hybrid cars, electric cars, and others. On the basis of application, the market can be segmented as two/three wheeler's battery, car and light van's battery, heavy motor vehicles' battery, and others.
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North America dominates the global market followed by Europe and Asia-Pacific. Automotive battery market is anticipated to witness moderate but steady growth in the near future. The highest growth rate is observed in Asia Pacific and is expected to rise in the coming years. China, on the other hand, ranks as the fastest growing automotive battery market owing to the high demand for commercial and passenger vehicles in the region. In addition, the new trend of vehicles with latest features will be largely observed in Europe along with the U.S. and China. Increasing demands from other Asian countries such as India, Malaysia, Thailand, and the Philippines further impact the global market growth in a positive way.
Key players in the global automotive battery market include East Penn Manufacturing Co., Inc., Camel Group Co., Ltd., Exide Technologies, FIAMM S.p.A., Fengfan Co., Ltd., Douglas Battery, Zhejiang Narada Power Source Co. Ltd., Johnson Controls Inc., The Furukawa Battery Co., Ltd., and Shandong Sacred Sun Power Sources Co., Ltd., Some other major players in the market are Zhejiang Haijiu Battery Co., Ltd., Chaowei Power Holdings Ltd., Hitachi Ltd., Shandong Sacred Sun Power Sources Co., Ltd., and GS Yuasa Corporation.
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Global Automotive Battery Market by Geographical Analysis: North America( U.S.), Europe( UK, France, Germany), Asia-Pacific (China, Japan, India), Latin America( Brazil), Middle East and Africa
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