Market Definition: Automotive Battery Market
Global Automotive Battery Market is expected to rise from its initial estimated value of USD 55.87 billion in 2018 to an estimated value of USD 103.18 billion by 2026,registering a CAGR of 7.97% in the forecast period of 2019-2026.
Automotive batteries are batteries which supplies electric current to motor vehicle which are usually rechargeable in nature. Lithium- ion, Lead- Acid, Nickel, Sodium- ion are some of the automotive batteries types. They are usually is a 12-volt battery of six cells and is the heart of the car’s electrical system. Its main aim is to start the engine and then the power for electrical system is supplied by alternator.
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Key Market Competitors: Automotive Battery Market
Few of the major competitors are Johnson Controls, GS Yuasa International Ltd., Exide Technologies., East Penn Manufacturing Company, Camel Group Co, Fengfan Co.,Ltd., FIAMM, ENERSYS., Robert Bosch GmbH, MK Battery., Amara Raja Group, Hitachi, Ltd., SANYO Electric Co.,Ltd, Okaya Power Pvt. Ltd., Luminous India, Huawei Technologies Co., Ltd., Chaowel Power Holdings Limited.
The report performs the study of market drivers and market restraints thoroughly along with the analysis of the market structure. This market report endows with the plentiful insights and business solutions that will help to stay ahead of the competition. A class and transparency is strictly maintained while carrying out research studies of this report to offer an exceptional market research report for a specific niche. Businesses can achieve better insights to drive the business into right direction with the different segments covered in the market research report. This market analysis examines various segments which help for the quickest development amid the estimated forecast frame.
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Major Market Drivers & Restraints are as follows:
- The new fuel-saving technologies, like micro-hybrid systems are leading to higher battery usage.
- Increasing environmental concern is driving the market.
- Lack of adequate infrastructure required for proper operation of battery-driven vehicles is restraining the growth of this market.
- High cost of the batteries is another factor restraining the growth of this market.
Market Segmentation: Automotive Battery Market
- By Battery Type:
- Lithium- ion
- Lead- Acid
- Construction type
- VRLA battery
- Sodium- ion
- Construction type
- By Vehicle Type:
- Passenger Vehicle
- Commercial Vehicle
- Electric Vehicle
- By Engine Type:
- Internal combustion Engine
- Petrol Engines
- Diesel Engines
- Compressed Natural Gas (CNG) Engines
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Global automotive battery market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of automotive battery market for global, Europe, North America, Asia Pacific, South America and Middle East & Africa.
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