Auto Battery Market to Cross $42 Billion by 2019
March 26, 2014—According to a recently released TechSci Research report, "Global Automotive Battery Market Opportunities & Forecast, 2019," the global automotive battery market is projected to cross $42.6 billion by 2019.
Major reasons that are expected to drive the market include increasing battery demand from OEMs, growing battery sales in the replacement market, globally, and increasing penetration of passenger cars in developing countries. Presently, the passenger car battery segment dominates the global automotive battery market, in value terms, followed by two-wheel battery and commercial vehicle battery segments. The passenger car battery market is anticipated to continue its market dominance in the global automotive battery market over the next five years.
Region wise, Asia-Pacific accounts for the largest volume share of the automotive battery market, which is majorly due to large existing fleet of two-wheel segments. The passenger car battery sales in the region are also witnessing a continuing increase, predominantly on account of growing passenger car sales in China and India. In 2013, Asia-Pacific accounted for the largest fleet of two-wheelers and second largest fleet of passenger cars, globally, consequently establishing the region a major market for automotive batteries. Due to presence of automobile production hubs like China, India, etc., Asia-Pacific is witnessing surging demand for automotive batteries from automotive OEM segment. The aftermarket market is being driven by the large and expanding automotive fleet in the region.
"Johnson Controls is the leader in [the] global automotive battery market, accounting for over one-third of the global automotive battery sales. Continuing collaborations with leading global OEMs coupled with the company's strong sales network across [the globe] would allow Johnson Controls to continue its market domination through 2019 as well," said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm. Other major global automotive battery manufacturers includes GS Yuasa Corporation, Exide Technologies and East Penn Manufacturing Co., Inc.
"Global Automotive Battery Market Forecast and Opportunities, 2019" has evaluated the future growth potential of the global automotive battery market and provides statistics and information on market structure and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers to take sound investment evaluation. The report also identifies and analyzes emerging trends along with essential drivers, challenges and opportunities available in the global automotive battery market.