According to the market research Report“Automotive Battery Market (2015-2023): By Vehicle Type (Passenger Vehicle, Electric Vehicle and Commercial Vehicle); By Function (Electric Propulsion, and Lighting and Ignition); By Battery (Lead-Acid, Lithium-Ion, Nickel Cadmium and Others) & Geography- Forecast 2017 – 2023” Published by IndustryARC, the market to reach $34,967.2 million by 2023
According to a recent study from IndustryARC, automotive battery market is forecast to reach $34,967.2 million by 2023 and is estimated to grow at a CAGR of 8.5% during the forecast period 2017-2023. The steady penetration of electric vehicles in the automotive sector is set to escalate the demand for battery packs employed for powering the traction motor in these vehicles. The growth is further set to be assisted by increasing environmental concerns on emissions from hydrocarbon powered automobiles.
In terms of battery type, Lead acid batteries dominated the market with an estimated 75% share of the total automotive battery market followed by Lithium ion batteries at 13%. Low costs, reliability, low self-discharge, and high specific power are among the few advantages of lead acid batteries. Lithium-ion batteries are poised to witness high growth rate owing to the increasing demand for these batteries in electrical vehicles. On basis of vehicle type, passenger vehicles segment held the major share at 50% of the total market in 2015. However, electric vehicle battery market is estimated to be the fastest growing segment estimated to grow at a CAGR of 23.8% during the forecast period 2017-2023. Government regulations for environmental safety, carbon emission reductions and the need to reduce burden on fossil fuels are the major drivers for electric vehicle market. The Chinese government has already taken up initiatives to have over 200,000 buses on its roads with nearly 4,000 charging stations by 2020.
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APAC region dominated the global automotive battery market with a market share of 40% in 2015. This region is also considered to be the fastest growing market estimated to grow at a CAGR of 10.8% during the forecast period 2017-2023.
The Major Players in this Market Include
- Panasonic Corporation
- BYD Company Limited
- LG Chem
- Samsung SDI Co. Ltd
- Exide technologies, Inc
The automotive battery service providers have made extensive investments into R&D and have utilized product launches, acquisitions, and collaborations to enhance their core competencies through additions to product portfolio as well as leveraging capabilities of acquired companies to gain a foothold in the emerging markets.
The automotive battery market study across vehicle type, battery type and function type is incorporated in the Report:
- Vehicle type
- Passenger Vehicles
- Commercial Vehicles
- Electric Vehicles
- Battery type
- Lead acid battery
- Nickel cadmium battery
- Lithium ion battery
- Function type
- Electric Propulsion
- Start, Lighting and Ignition
The overall market is also presented from the perspective of different geographic regions and the key countries for this industry. Competitive landscape for each of the product types is highlighted and market players are profiled.
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