NEW YORK, May 21, 2018 /PRNewswire/ -- Automotive Battery
Market Size, Share & Trends Analysis Report By Battery Type
(Lithium-Ion Based, Lead-Acid Based), By Vehicle Type (Passenger
Vehicles, Electric Vehicles), And Segment Forecasts, 2018 -
2025
Read the full report: https://www.reportlinker.com/p05399281
The global automotive battery market size is anticipated to reach
USD 95.57 billion by 2025, according
to a new report by Grand View Research, Inc., registering a CAGR of
7.9% during the forecast period. Features of an automotive battery
have evolved drastically over the years as modern engines are
smaller in displacement and use lower-viscosity engine oils.
Furthermore, modern fuel injectors spray the gasoline directly onto
the cylinder itself. Due to this, batteries in recent times are
connected to vehicle's electrical system. Additionally,
contemporary batteries act as a capacitor in the electrical system
of vehicles to absorb voltage spikes, which are often created when
the electric switch closes or opens.
Large-scale availability of batteries in various sizes and
specifications along with high current level is expected to drive
the market over the forecast period. Lead acid batteries are
relatively cheaper as compared to other batteries and can be
manufactured with relatively lower technology equipment, which in
turn is projected to keep their demand high through 2025.
Sodium-ion batteries are the direct replacement of lithium-ion
batteries, raw materials of which are costlier than the
former.Moreover, Na-ion batteries are available in abundance.
Compared to Li-ion batteries, they are a potentially safer and
cheaper alternative.However, these batteries are still in the
development stage and not available for practical use.
In 2015, researchers developed a prototype of sodium-ion batteries
in the industry standard of 18650 cylindrical formats.
Consensus to reduce carbon footprint is leading to a shift towards
electric vehicles.Increasing fuel prices along with growing
environmental concerns in developed countries are resulting in
rising interest of individuals in electric vehicles.
Several favorable regulatory initiatives are further supporting the
sales of electric vehicles, which are estimated to augment the
market.
Development of electric vehicles is also poised to be driven by an
agreement promoted by the U.S., European Union, and Japan. The regions co-operate on the
convergence of regulatory obligations to control cost pertaining to
electric vehicles worldwide. Currently, electric cars represent a
small share of the overall automobile sales, owing to which the
agreement plays a crucial role in economic recovery and
price-sensitivity of the industry.
Growing sales of vehicles and favorable government initiatives in
developing economies such as India, China,
Vietnam, and Mexico are likely to provide a fillip to the
automotive battery market over the forecast period.For instance, in
2013, the Indian government set up the National Electric Mobility
Mission Plan (NEMMP) 2020 to take into account various issues
pertaining to vehicular pollution and national energy security.
Penetration of electric vehicles in the India market is considerably low due to high
cost of vehicles, low consumer disposable income, and absence of
requisite infrastructure in the region. However, advent of low-cost
EVs such as Mahindra e2o and Mahindra eVerito is projected to
bolster the adoption in coming years, thereby providing substantial
growth opportunities for the automotive battery market.
Further key findings from the report suggest:
• Lead acid batteries are the most commonly used type. On the other
hand, the lithium-ion batteries segment is expected to post the
highest CAGR during the forecast period
• Sodium-ion batteries are anticipated to gain tremendous
popularity after their commercialization, owing to abundant
availability of raw materials
• In terms of vehicle, passenger vehicles are estimated to command
more than half of the market revenue throughout the forecast
horizon
• Asia Pacific dominated the
market in 2016, accounting for over 48.0% of the market revenue
• Manufacturers either outsource powertrain or batteries from
specialist suppliers or carry out the entire manufacturing process.
Key players in the market includeHitachi; Ltd.; NEC Corporation;
Johnson Controls; LG Chem Ltd.; and Tesla, Inc. These companies
have a firm foothold in the market with capabilities to cater to
the local as well as the international market.
Read the full report: https://www.reportlinker.com/p05399281
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