Global Automotive Battery Market is expected to reach USD 95.57 billion by 2025 as the scope and its applications are rising enormously across the globe. Automotive Battery is a termed as a rechargeable battery that supplies electrical current to a motor vehicle to start an engine. Alternator supply power for the cars electrical system. The automotive battery industry is expected to grow at a CAGR of 7.9% in the forecast period.
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Key Players:
The key players of Automotive
Battery Market are GS Yuasa Corporation, A123 Systems, Exide Technologies, BYD
Co. Ltd., EnerSys, and East Penn Manufacturing Company.
Growth Drivers:
Rising number of the electric
cars on the road, high investment in research and development sector, and
rising government initiative to reduce carbon emission are documented as major
factors of Automotive Battery Market that are estimated to enhance the growth
in the years to come. Also, vast growth in automotive sector, rising consumer
preference for pollution free cars, and high demand from developing countries
are another factors estimated to grow in coming years. Automotive Battery
Market is segmented based on vehicle type, battery type, and region.
Commercial vehicles, passenger
vehicles, two wheelers, electric vehicles, and others are the vehicle types
that could be explored in Automotive Battery in the future period. Commercial
vehicles may be heavy commercial vehicles and light commercial vehicles. Passenger
vehicle sector accounted for the largest market share of Automotive Battery and
is estimated to lead the overall market in the coming years. Electric vehicles
include plug-in hybrid electric vehicle (PHEV) and battery electric vehicle
(BEV). In 2016, China sold more than 40% of the total electric cars. However,
the electric vehicle sector is estimated to grow at fastest pace in the coming
years.
There are various types of
batteries like nickel cadmium, lead acid battery, lithium ion, and others could
be explored in Automotive Battery in the foremost period. Lead acid battery may
be sealed and flooded. Lead-acid battery sector accounted for the largest
market share and is estimated to lead the overall market in the coming years.
These are efficient of high discharge rate, effortless in manufacturing, higher
starting capability, and nominal maintenance. Lithium-ion (Li-ion) batteries
are commonly used rechargeable batteries with double the energy density of
Nickel-Cadmium batteries and superior constancy and security. Lithium (Li) is
the lightest of all metals, has the maximum electrochemical potential, and
offers the high energy density for weight.
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