Our in-depth analysis segmented the global automotive battery market in the following segments:
Global automotive battery market is further classified on the basis of region as follows:
The global automotive battery market is expected to grow at a CAGR of 5.3% over the forecast period i.e. 2017-2024. The automotive battery market is driven by various factors such as increasing number of automobiles on road, rising infrastructure and as well as rising urbanization.Regionally, Asia-Pacific and North America regions constitute the largest market. Asia-Pacific accounts for the highest market share in terms of revenue. Further, Asia-Pacific is anticipated to witness significant growth owing to rapid industrialization accompanied by increasing manufacturing activities in this region by the end of 2024. The major countries witnessing the demand for automotive battery are China, India and Japan. Furthermore, Asia-Pacific automotive battery market is believed to witness a robust growth on the account of increasing automotive sales in India and China. In addition, China ranks the fastest growing automotive battery market owing to the highest global demand for both commercial and passenger vehicles.
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Asia-Pacific region is to be trailed by North America and Europe. North America holds the second largest share in automotive battery and is likely to exhibit high growth avenues with U.S. automotive battery market. Further, increasing research and development in automotive battery along with government initiatives for electric vehicles in this region are the factors propelling the growth of automotive battery. Europe market for automotive battery is expected to witness a robust growth over the forecast period. Moreover, Germany and U.K are anticipated to capture the largest share in the automotive battery market in this region over the forecast period. Middle East and Africa and Latin America region is also projected to fuel the demand for automotive battery over the forecast period.
Riding on the back of growing automotive industry, the automotive battery market is anticipated to show a tremendous growth over the forecast period. Further, rising demand for vehicles such as trucks, cars, two-wheelers and others are envisioned to bolster the growth of global automotive battery market. Moreover, increasing environmental concerns coupled with inadequate oil prices has forced the consumers across the globe to use electric powered vehicles. Governments from various countries are also promoting the adoption of alternative fuel vehicles to reduce the dependence on oil imports; thus, automotive batteries are also widely used in electric powered vehicles. This is believed to foster the growth of automotive batteries over the forecast period.
Further, integration of features in automobiles like hands free calling, state of art sensors and car infotainment system have flourished the demand for automotive battery. Moreover, the new fuel saving technologies such as smart hybrid vehicle system (SHVS) are also leading to higher battery usage. These factors are envisioned to bolster the growth of automotive battery market.
Likewise, rising personal disposable income of developing economies such as India and China has increased the sales of two wheelers in these highly populated countries owing to high preference of such vehicles as a mode of transportation, which will further boost the growth of automotive battery in these countries. However, automotive battery industries require high energy consumption and are responsible for pollution. Further, government regulations associated with the environmental concerns can restrain the market growth of automotive battery over the forecast period.
The major key players for automotive battery market are as follows
The major key players for automotive battery market are as follows
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
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