The Global Car Batteries market has been on the rise since the past few years. During the 2017-2025 timeline, the global market for Car Batteries is expected to reflect a 54.5% increase in its revenue growth. In 2018, the global Car Batteries market was valued at a US$ 19.3 Bn and by the end of the assessment year (2025), it is estimated to touch a value of more than US$ 28.2 Bn while growing at a value CAGR of 5.59% over the course of the forecast period.
Global Car Batteries Market: Market Drivers
The global Car Batteries market is driven by the increasing automotive production and world population. Car Batteries provide power to the engine of the motor mainly in combustion vehicles. Car Batteries are usually lead-acid type, and are made of six galvanic cells connected in series to provide a nominally 12-volt system. As the popularity of hybrid and electric vehicles increases, the demand in the global Car Batteries market is predicted to surge in the coming years. This could be due to the growing focus on the reduction in pollution levels across the world.
Global Car Batteries Market: Key Takeaways
The key differentiation strategy is to offer better products, in order to leverage opportunity arising from the rising demand for better product performance
The global automotive population has been growing at a CAGR of about 4% during the last several years. It reached 1.39 billion units in 2017
One of the major challenges for the global Car Batteries market is the declining automotive production growth rate. With the automotive market becoming more and more mature, the growth rate of automotive production is expected to further slow down
Global Car Batteries Market: Forecast by Type
By type, the market is segmented into VRLA Battery, Flooded Battery, and others. The average selling price for other batteries is relatively higher in the global Car Batteries market than other segments. The VRLA Battery segment is expected to remain dominant in the global Car Batteries market throughout the forecast period with an expected revenue share of 74.63% in 2018. It is also expected to rank relatively higher on the attractiveness index in the global Car Batteries market by 2018 end.
Global Car Batteries Market: Forecast by Application
Application segmentation consists of Passenger Car and Commercial Vehicle. Among the two, Car Batteries find better application in passenger car, which was estimated to account for a sales share of 74% within the entire industry segment in 2017.
Global Car Batteries Market: Forecast by Region
North America, Europe, China, Japan, India, Southeast Asia, and the Rest of the World are the seven geographies included in this report. Europe is the dominant region for the global Car Batteries market in terms of value. The Europe Car Batteries market was estimated to be valued at a US$ 4.6 Bn in 2017 and is expected to expand at a value CAGR of 2.97% over the forecast period. The China market is expected to expand at a robust rate of 10.89% in terms of revenue due to the steadily increasing production of automotive vehicles in the country.
In recent years, the global automotive industry has been growing steadily. The automotive production growth rate in Asia Pacific is rather fast, while the growth rate in North America and Europe is relative slow. The market in Asia-Pacific is anticipated to expand at a substantial growth rate during the forecast period. The GDP of Asia-Pacific countries is expanding at a significant growth rate. The demand for automotive vehicles and presence of rapidly expanding economies such as China and India are anticipated to drive the global Car Batteries market in the region.
Global Car Batteries Market: Key Players
Johnson Controls, GS Yuasa, Exide Technologies, Hitachi Chemical, Camel Group, Sebang, Atlas BX, CSIC Power, East Penn, Banner Batteries, Chuanxi Storage, Exide Industries, Ruiyu Battery, and Amara Raja are the key vendors included in this report.
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