The global automotive battery market size is anticipated to reach usd 95.57 billion by 2025 super 8 database

NEW YORK, May 21, 2018 /PRNewswire/ — Automotive Battery Market Size, Share & Trends Analysis Report By Battery Type (Lithium-Ion Based, Lead-Acid Based), By Vehicle Type (Passenger Vehicles, Electric Vehicles), And Segment Forecasts, 2018 – 2025

The global automotive battery market size is anticipated to reach USD 95.57 billion by 2025, according to a new report by Grand View Research, Inc., registering a CAGR of 7.9% during the forecast period. Features of an automotive battery have evolved drastically over the years as modern engines are smaller in displacement and use lower-viscosity engine oils. Furthermore, modern fuel injectors spray the gasoline directly onto the cylinder itself. Due to this, batteries in recent times are connected to vehicle’s electrical system. Additionally, contemporary batteries act as a capacitor in the electrical system of vehicles to absorb voltage spikes, which are often created when the electric switch closes or opens.

Large-scale availability of batteries in various sizes and specifications along with high current level is expected to drive the market over the forecast period. Lead acid batteries are relatively cheaper as compared to other batteries and can be manufactured with relatively lower technology equipment, which in turn is projected to keep their demand high through 2025.

Consensus to reduce carbon footprint is leading to a shift towards electric vehicles.Increasing fuel prices along with growing environmental concerns in developed countries are resulting in rising interest of individuals in electric vehicles.

Development of electric vehicles is also poised to be driven by an agreement promoted by the U.S., European Union, and Japan. The regions co-operate on the convergence of regulatory obligations to control cost pertaining to electric vehicles worldwide. Currently, electric cars represent a small share of the overall automobile sales, owing to which the agreement plays a crucial role in economic recovery and price-sensitivity of the industry.

Growing sales of vehicles and favorable government initiatives in developing economies such as India, China, Vietnam, and Mexico are likely to provide a fillip to the automotive battery market over the forecast period.For instance, in 2013, the Indian government set up the National Electric Mobility Mission Plan (NEMMP) 2020 to take into account various issues pertaining to vehicular pollution and national energy security.

Penetration of electric vehicles in the India market is considerably low due to high cost of vehicles, low consumer disposable income, and absence of requisite infrastructure in the region. However, advent of low-cost EVs such as Mahindra e2o and Mahindra eVerito is projected to bolster the adoption in coming years, thereby providing substantial growth opportunities for the automotive battery market.

• Manufacturers either outsource powertrain or batteries from specialist suppliers or carry out the entire manufacturing process. Key players in the market includeHitachi; Ltd.; NEC Corporation; Johnson Controls; LG Chem Ltd.; and Tesla, Inc. These companies have a firm foothold in the market with capabilities to cater to the local as well as the international market.