According to a fresh IndustryARC research report, the global automotive battery market value will increment at a remarkable CAGR of 8.5% during the forecast period 2018-2023. Rising concerns to limit CO2 emission, growing vehicle production and increasing sales of high-end vehicles are some of the major factors driving the growth of the automotive batteries market. Additionally, government promotions in order to reduce the usage of fossil-fuel dependent vehicles are increasing the use of electric powered vehicles by consumers.
The major applications of the automotive battery include cars, two-wheelers and soon. Automotive batteries provide power to automobile accessories such as radio, music players, wipers, and charging plugs. Based on the type, automotive batteries can be segmented into lead acid, lithium ion, nickel cadmium, and other types. Greater energy density is one of the best advantages of the lithium-ion battery, which helps to charge cellular phones during a long journey. This property of lithium-ion is increasing the demand for automotive batteries in the market.
Additionally, the growing research on graphene batteries as future batteries for electric vehicles is expected to further create revenue avenues for the player during the aforementioned forecast period. These batteries can offer a driving range of up to 500 miles on a single charge in electric vehicles and can be recharged 30 times faster than lithium-ion batteries. Asia Pacific is estimated to be the fastest growing market for an automotive battery, with China accounting for the largest market share in 2018. The information is based on a recent business intelligence report from IndustryARC, titled “Automotive Battery Market: By Battery Type (Lead Acid Batteries, Lithium Ion Batteries, Nickel Cadmium, Others); By Function (Electric Propulsion, SLI); By Engine Type (ICE vs EV); By Vehicle Type (Passenger, Two wheeler, Commercial); By Geography - Forecast (2018-2023)”.
Browse 69 Market Tables, 178 Figures spread through 139 slides and an in-depth TOC on “Automotive Battery Market (2018 - 2023)”
Absorbent Glass Mat (AGM) Battery a Disruptive Market Trend
Almost all manufacturers operating in the automotive battery market are investing in a new segment of demand known as AGM. AGM battery has very low internal resistance and offers a relatively long service life. The leading advantage of AGM is a charge that is up to five times faster than flooded lead acid batteries and the ability to deep cycle is estimated to propel AGM battery market in the near future. Increasing usage of enhanced flooded battery, which reduces the loss of active material and increases cyclic stability than conventional starter batteries, is foreseen by the IndustryARC report analyst as a growth driver of the global automotive battery market.
Some of the examples of major players on the back of AGM trend include Johnson Controls, Robert Bosch, Exide technologies and soon. Johnson’s AGM batteries offer superior performance with a glass mat separator which has two times the life of standard flooded lead acid batteries and unprecedented energy output even in the most demanding conditions including day and night. Additionally, it also offers excellent starting power even at lower charge states.
The automotive battery is a rechargeable battery which supplies power to an automobile. Performance of the automotive battery in different temperature is a significant reason for wide adoption. Moreover, growing focus towards AGM battery vehicles is poised to add new revenue avenues for the market players in the near future.
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