The report titled “Automotive Battery Market: Global Demand Analysis & Opportunity Outlook 2024” delivers detailed overview of the automotive battery market in terms of market segmentation by vehicle type, by battery type and by region.
The automotive battery market has been segmented by vehicle type into two-wheeler, three-wheeler, passenger vehicle, commercial vehicle and electric vehicle, all of which are anticipated to drive the growth of automotive battery market during the forecast period. These batteries are broadly used for starting, lighting and ignition functions in automobiles and further provides voltage supply to vehicle accessories such as radio, music players, air conditioners, wipers and charging plugs. Factors such as increasing vehicle production coupled with rising adoption of vehicle electrification are anticipated to bring many manufacturers to collaborate in automotive battery market.
The global market for automotive battery market is expected to reach notable figure during the forecast period, expanding at a compound annual growth rate of 5.3% between the years 2017-2024. Factors such as rising urbanization and increasing number of automobiles on the road are anticipated to drive the demand for automotive batteries. Such factors combined with rising infrastructure are estimated to boom automotive battery market by noteworthy revenue by the end of 2024.
In the regional segment, Asia-Pacific accounts for the highest market share in terms of revenue and is anticipated to witness significant growth owing to rapid industrialization accompanied by increasing manufacturing activities in this region by the end of 2024.
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Increasing automotive sales in India and China are anticipated to drive the growth of automotive battery market in Asia Pacific region. North America holds the second largest share in automotive battery and is likely to exhibit high growth avenues with U.S. automotive battery market owing to increasing research and development in automotive battery along with government initiatives for electric vehicles in this region. Further, Europe market for automotive battery is expected to witness a robust growth over the forecast period.
Automotive Industry Reflects Significant Opportunities
Riding on the back of rising disposable income and growing automotive industry, the automotive battery market is anticipated to show a tremendous growth over the forecast period. Rising demand for vehicles such as trucks, cars and two-wheelers combined with integration of features in automobiles like hands free calling, state of art sensors and car infotainment system is envisioned to bolster the growth of global automotive battery market. Moreover, factors such as increasing government initiatives and environmental concerns are believed to supplement the growth of the automotive battery market globally.
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