With increasing sales of electric vehicles and hybrids, manufacturers of automotive batteries are focusing on extending the capacity of these batteries by adopting new power dispensing technologies and chemicals. In parallel to the advent of battery technologies that enable quick recharging and power-saving options, automobile manufacturers and OEMs are also being compelled to develop vehicle components & systems with optimized power consumption. Changing landscapes in the global automobile sector are also indicating that automotive batteries, which are traditionally addressed as tools to power up the engine and the vehcile’s electrical framework, can soon become the key source to run an entire vehicle. According to the recently published report by Transparency Market Research, the global automotive battery market will witness a steady expansion over the forecast period, 2017-2022. The report further estimates that by the end of 2022, the will be worth over US$ 54.5 billion.
Europe – Largest Market for Automotive Batteries through 2022
A regional analysis on the forecasted expansion of the global automotive battery market reveals that Europe will represent the largest market for automotive batteries through 2022. According to the report, Europe’s automotive battery market will have the highest contribution on revenues being netted in the global market over the next five years.
During this period, automobile manufacturers based in European countries will play a key role in boosting the revenues in the overall automotive battery market. The report estimates that by the end of 2022, European automotive battery market will be valued at nearly US$ 15.1 billion.
Asia-Pacific excluding Japan (APEJ) is also expected to be a lucrative region in the expansion of the global automotive battery market. Considering the voluminous production of vehicles in APEJ countries such as South Korea, China and India, the demand for batteries will be significantly high in the region over the near future. Over the forecast period, the APEJ automotive battery market is anticipated to register fastest CAGR of 6.3%. The report further reveals North America as another key region for incurring robust demand for automotive batteries.
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Key Insights from the Report
From the range of findings and inferences being offered in the report, the following insights highlight key forecast scenarios on the global automotive battery market:
- On the basis of vehicle types, compact and mid-sized segments are expected to collectively account for over half of the revenues procured in the global automotive battery market in 2017 and beyond
- By 2022, sales of automotive batteries through OEMs are expected to rake nearly US$ 40 billion in global revenues
- With respect to chemical composition, Lithium-ion (Li-ion) batteries will remain among the top-selling segments, albeit, demand for batteries with SSLA (Small Sealed Lead Acid) composition will gain steadfast traction towards the end of 2022
Companies to Watch
The report has profiled companies such as, Johnson Controls International plc., ZF TRW Automotive Holdings Corporation, Haldex Incorporated, Hitachi Ltd., GS Yuasa Corporation, Furukawa Electric Co. Ltd., EnerSys, Leoch International Tech, Exide Industries Limited, and Crown Battery Manufacturing Company as key players in the global automotive battery market. These companies are expected to remain active in the expansion of global automotive battery market through 2022.