Automotive Battery Market – Growth, Trends, Industry Analysis And Forecast (2019 – 2024)
The Automotive Battery market has been thoroughly scrutinized and then carefully demarcated by geographic locations which are based on major economic regions and their topographical regions. Growing competition and the changing market dynamics have been highlighted. Aggressive market players are profiled with attributes of company overview, financial overview, business strategies, product portfolio, and recent developments. The Market share and Market size prominent players for 2020 to 2025 are profiled in this report.
The global automotive battery market is anticipated to register a CAGR of about 6.5% during the forecast period (2019 – 2024).
The Automotive Battery market is highly competitive and consists of a number of major players. Top Companies like A123 Systems, Panasonic Corporation, Exide, VARTA, Clarios, GS Yuasa Corporation, Hitachi Group Ltd, Robert Bosch GmbH, China Aviation Lithium Battery Co., Ltd., Contemporary Amperex Tec among others.
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Scope of the Report
An automotive battery is a rechargeable battery, which supplies electrical current to a motor vehicle. The global automotive battery market has been segmented by battery type, vehicle type, and geography.
Key Market Trends
Stringent Emission Norms and Technological Advancements of Start-Stop Systems
The growth in the battery market is primarily attributed to the growing demand for automobiles and the enactment of stringent emission standards set by numerous government and environmental agencies.
The automobile regulatory framework in Europe and North America has been instrumental in creating a sustainable environment in the automobile industry.
– The latest regulatory framework, Euro 6, which got introduced in 2011 and came into effect from September 2014 onward, changed the regulatory standards that have been crucial in determining the dynamics of the automotive market in the region. Since 2013, the EC (European Commission), along with EEA/EMEP, has been maintaining the record of the emission performance standard for each new vehicle registered in Europe.
The EC targets to reduce the average fleet emission of 187g CO2/km in 2011, to an average fleet emission of 175g CO2/km by 2017, and 147g CO2/km by 2020, for the light vehicle segment.
– Manufacturers were mandated to meet the emission targets of 175g CO2/km in 70% of the commercial vehicle fleet in 2014, and they were also expected to do so in 75% of their LCVs in 2015, 80% by 2016, and 100% by 2017.
– Penalties would also be levied to those manufacturers who fail to meet their average targets. There is a penalty of EUR 5 per vehicle for the first g/km of exceeding, EUR 15 for the second g/km, EUR 25 for the third g/km, and EUR 95 for each succeeding g/km. From 2019, the cost would be EUR 95 from the first gram of exceedance.
The micro-hybrid, also known start-stop vehicle, is automakers’ solution for the stringent emission standards, which are getting tougher over stages. The start-stop technology facilitates the vehicle engine to remain shut down when the vehicle is at a stand-still, thereby reducing the emissions. At the initial stages, the micro-hybrid vehicles were operated manually, which gave the driver an option to turn-off the start-stop system. With the inferior battery technology of these vehicles and the increasing power requirement in modern vehicles, with the increase in the number of features offered, the demand for the technologically advanced automotive battery has been on the rise, which in turn is propelling the demand for batteries.
Asia-Pacific is Expected to Dominate the Automotive Battery Market
Asia-Pacific is expected to witness the fastest growth rate during the forecast period and high demand for the automotive battery. Some of the major factors driving the growth of the market in the region are – rising commercial vehicle sales driven by countries like China, India, and ASEAN countries like Thailand, Philippines, Indonesia, and Malaysia; rise in electric vehicles sales in countries like China (both cars and commercial vehicles (especially buses)) and India (commercial vehicles (especially buses)); and rise in sales of passenger cars, especially in ASEAN countries.
Apart from the aforementioned, electric vehicle manufacturers have been signing contracts or deals with Asia’s vehicle battery manufacturers, which in turn is also augmenting the demand for automotive battery in the region. For instance, BMW and Volkswagen have signed contracts to buy batteries from CATL as well as Korean producers LG Chem and Samsung SDI.
The European region is also witnessing rapid growth in the automotive battery market, with the rise in sales of both the IC engine and electric vehicles. The region has been planning to stop the production of IC engine vehicles and will shift to electric cars, maximum by 2035 (on an average). This, in turn, is expected to result in increased investments in automotive technologies.
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What are the market factors that are explained in the report?
–Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on a global and regional scale.
–Key Market Features: The report evaluated key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.
–Analytical Tools: Automotive Battery Market report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. The analytical tools such as Porter’s five forces analysis, feasibility study, and investment return analysis have been used to analyze the growth of the key players operating in the market.
The research includes historic data from 2014 to 2019 and forecasts until 2025 which makes the reports an invaluable resource for industry executives, marketing, sales and product managers, consultants, analysts, and other people looking for key industry data in readily accessible documents with clearly presented tables and graphs.
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