Automotive Battery Marketing to grow significantly at a CAGR of 8.5% by 2028
According to the latest report, the global automotive batter market is projected to reach USD 115.55$ billion by 2028, at a CAGR of 8.5% between 2016 and 2028. According to Quince Market Insights, the features of an automotive battery have evolved drastically over the years as modern engines and smaller in displacement and use lower-viscosity engine-oil one of the factors influencing the demand for automotive battery market during the forecast period. The report provides a detailed analysis of emerging market trends, market size, and forecasting, detailed overview of major companies operating in the market, impact factors influencing the market, etc.
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Automotive battery Market Overview:
The automotive battery market is one of the established markets in industry. The market is expected to witness significant growth over the coming years owing to rapid expansion in the automotive industry in emerging economies such as Mexico, Vietnam, Indonesia, India, and Thailand. Growing consumer preference for pollution-free electric and hybrid vehicles is one of the key trends anticipated to fuel the demand for automotive batteries over the forecast.
Increasing consumer preference for pollution-free electric vehicles to boost the demand for automotive battery market
The automotive battery are generally made of lead alloy grid filled with sponge lead (cathode plates) or coated with lead dioxide (anode). Each of cells is filled with a sulfuric acid solution, which is the electrolyte. Passenger and Commercial vehicle use automotive battery as of more power is supplied to the engine and it ignites the plug stronger and stabilizes the electricity supply much better and faster. The demand of automotive battery is increasing as the countries in developing regions such as Asia Pacific, and South America have witnessed economic growth in the past few decades. The rising demand in automotive sector across all regions is one of the key components for the increase in automotive battery market.
Asia Pacific is expected to witness high demand during the forecast period
Asia Pacific is the fastest growing market for automotive battery market, owing to high demand from rapidly growing economies such as Japan, China, India, South Korea, etc. Japan is the largest market automotive battery marketing in Asia due to a large population base, high economic growth, and can be credited by the rising automobile production across the region because of low cost labor along with easier availability of raw material and components further accentuates then regional shares.
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Companies Covered: Panasonic Corporation, Samsung SDI Co. Ltd., Johnson Controls International PLC, Kokam Co. Ltd., Toshiba Corporation, LG Chem Power Inc., Sanyo Electric Co. Ltd, A123 Systems, LLC, BYD Co., Ltd., East Penn Manufacturing Company, EnerSys, Exide Technologies….
Market Segmentation
By Battery Type:
o Lead Acid
o Nickel Metal Hybride
o Lithium-Ion
o others
By Battery Technology:
o SLI
o AGM
o Deep Cycle
o Wet Cell
o Others
By Vehicle Types:
o Passanger
o Commercial
o Electric
o Other
By Region:
o North America
o By Country (US, Canada, Mexico)
o By Battery Type
o By Battery Technology
o By Vehicle Type
o Western Europe
o By Country (Germany, UK, France, Italy, Spain, Rest of Europe)
o By Battery Type
o By Battery Technology
o By Vehicle Type
o Eastern Europe
o By Country (Russia, Turkey, Rest of Eastern Europe)
o By Battery Type
o By Battery Technology
o By Vehicle Type
o Asia Pacific
o By Country (China, Japan, India, South Korea, Australia, Rest of Asia Pacific)
o By Battery Type
o By Battery Technology
o By Vehicle Type
o Middle East
o By Country (UAE, Saudi Arabia, Qatar, Iran, Rest of Middle East)
o By Battery Type
o By Battery Technology
o By Vehicle Type
o Rest of the World
o By Region (South America, Africa)
o By Battery Type
o By Battery Technology
o By Vehicle Type
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