Albany, NY — 11/17/2017 — Battery is one of the most important components of a vehicle. These batteries are rechargeable and small in size so that can be set up in automobiles easily. In the present time, growth in automobile sales and a rising vehicle penetration rate per thousand in Asia Pacific (APAC) and the Rest of the World (ROW) countries are forecast to drive the automotive battery market for family and passenger vehicles. Recently, a new forecast study titled “Automotive Battery Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2022″ has been broadcasted to the wide repository of Market Research Hub (MRH), which presents in-depth insights on the current as well as future growth prospects of automotive battery market over the forecast period, 2017-2025. To precisely estimate the market value share and volume forecast, 2016 is considered as the base year. Moreover, the report provides information on the various factors that are likely to boost market revenue growth during the forecast period.
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Automotive batteries are rechargeable batteries that supply electric energy to automobiles, most essentially for automotive SLI (starting, lighting and ignition) system. They also provide power to automobile accessories such as radio, music players, air conditioners, wipers and charging plugs. Looking to its wider demand, automobile manufacturers from around the world are perceiving the rapid innovation and advent of battery technologies with a technology-neutral viewpoint. Apart from 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.
According to the key findings, 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 value over US$ 54.5 billion. The growth has been obtained due to a number of factors, one of them is chemical composition of automotive batteries. Chemicals filled inside these batteries have the precarious influence in the performance of battery with respect to power efficiency, engine ignition and electrical functioning of the entire vehicle.
For a better understanding, the research has further segmented on the basis of type of chemical composition, vehicle type, sales channel, and region. This section covers all key aspects influencing the growth of global automotive battery market. On the basis of chemical composition, the study comprises Lithium Ion, Nickel-Metal Hydride, Nickel-Cadmium and Small Sealed Lead Acid. Amongst, Lithium-ion (Li-ion) batteries will remain among the top-selling segments, although, demand for batteries with SSLA (Small Sealed Lead Acid) composition will gain steadfast traction towards the end of 2022. With respect to the sales of automotive batteries, OEMs are being observed as the largest channel in the global market. On the basis of vehicle types, compact and mid-sized segments are expected to collectively account for over half of the revenues in the coming years.
Europe being Largest Market for Automotive Batteries through 2022
In terms of geography, automotive battery market will have the highest contribution on revenues and will be valued at nearly US$ 15.1 billion.
Moreover, the exhaustive report has profiled a few of the prominent companies actively involved in automotive battery market. This section briefly describes product and company overview, recent developments, and business strategies of key players. At present, key players functioning in this market include Johnson Controls International plc, GS Yuasa Corporation, Hitachi Ltd., Crown Battery Manufacturing Company, ZF TRW Automotive Holdings Corporation, Exide Industries Limited, Haldex Incorporated, Leoch International Tech, EnerSys and Furukawa Electric Co. Ltd.
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