Albany, NY -- (SBWIRE) -- 05/17/2018 -- Automobile manufacturers from around the world are observing the rapid innovation and advent of battery technologies with a technology-neutral standpoint. OEMs are adopting new designs and mechanics to develop automobile components that enable optimization of electricity consumption. Such practices support the inclusion of advanced batteries in automobiles.
According to Transparency Market Research, the global market for automotive batteries will witness a steady growth over the forecast period, 2017-2022. The report estimates that by the end of 2022, the global automotive battery market will be worth over US$ 54.5 billion.
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High Demand for Automotive Batteries with Chemical Composition – Small Sealed Lead Acid (SSLA)
Chemical composition of automotive batteries plays the most instrumental role in their adoption among automobile manufacturers. Chemicals filled inside these batteries have the critical influence in performance of battery with respect to power efficiency, engine ignition and electrical functioning of the entire vehcile.
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Batteries made with this chemical composition are expected to outsell the ones equipped with Lithium-ion (Li-ion). Over the forecast period, sales of Li-ion batteries are anticipated to incur a steady pace, while SSLA batteries are estimated to register a CAGR of 6.7%.
Key Focus on Equipping Compact and Mid-Sized Vehicles
Manufacturers of automotive batteries in the global market are expected to remain focused on delivering batteries for brimming sales of compact and mid-sized vehicles. As the global sales of these two vehicle-segments continues to soar beyond that of premium, luxury and commercial vehicles, providing automotive batteries at an equally rapid pace is becoming a challenge for market players.
Automotive Battery Aftermarkets to Witness Steady Sales Traction
With respect to the sales of automotive batteries, OEMs are being observed as the largest channel in the global automotive battery market. According to the report, automotive batteries sold globally through OEMs will rake in nearly US$ 40 billion by the end of 2022. The report also expects that over the forecast period, OEMs will witness robust CAGR with respect to sales of automotive batteries. On the other hand, the aftermarket sales of automotive batteries will witness a relatively moderate CAGR over the forecast period. Low need for changing automotive batteries in vehicle customization processes will be limiting the growth of automotive battery aftermarkets around the world.
Key Manufacturers of Automotive Batteries
The report observes that companies namely, Johnson Controls International plc., Haldex Incorporated, ZF TRW Automotive Holdings Corporation, Hitachi Ltd., EnerSys, Furukawa Electric Co. Ltd., Leoch International Tech, GS Yuasa Corporation, Crown Battery Manufacturing Company, and Exide Industries Limited will be key players in the global automotive battery market throughout the forecast period.