Automotive batteries are rechargeable batteries used to supply electric energy to electric systems in the automotive and also for ignition.
Major factor driving growth of the global automotive battery market is increasing sale of vehicles across the globe. In addition, rising environmental concerns related to global warming and increasing crude oil prices has led to increased demand for electric vehicles. This is another factor expected to propel growth of the global market to a significant extent over the forecast period.
The global automotive battery market is segmented on the basis of battery type, vehicle type, and region. On the basis of battery type, the global market is segmented into lithium-ion based, lead-acid based, nickel-based, and others. The lead-acid based segment accounts for highest market share in the global market, whereas the lithium-ion segment is expected to witness highest growth over the forecast period.
The global market on the basis of vehicle type is segmented into passenger vehicles, commercial vehicles, and electric vehicles. The passenger vehicles segment accounts for highest market share in terms of revenue and electric vehicle segment is expected to witness significant growth over the forecast period, owing to rising demand for electric vehicle from consumers across the globe.
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On the basis of region, the global market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in Asia Pacific is expected to witness highest growth in terms of revenue during the forecast period. This growth can be attributed to presence of prominent players and increasing sale of vehicles in countries in this region.
Key players in the global market are Johnson Controls International plc, Crown Battery Manufacturing Company, Exide Industries Limited, A123 Systems LLC, East Penn Manufacturing Company, GS Yuasa Corporation, Furukawa Electric Co. Ltd., Leoch Battery Inc., BYD Company Ltd., Alf Technologies Pvt. Ltd., and other prominent players.