The Global Automotive Battery Market is projected to reach USD 115.55 billion by 2028, at a CAGR of 8.5% between 2016 and 2028. According to Quince Market Insights, the features of an automotive battery have evolved drastically over the years, as modern engines are smaller in displacement and use lower-viscosity engine-oil, this has increased the demand for vehicles as lowering the displacement lowers the overall cost. This is one of the factors influencing the demand for automotive batteries. The report provides a detailed analysis of emerging market trends, market size, and forecasting, detailed overview of major companies operating in the market, impact factors influencing the market, etc.
The automotive battery market is one of the established markets. The market is expected to witness significant growth in the coming years. The rapid expansion of the automotive industry in emerging economies, such as Mexico, Vietnam, Indonesia, India, and Thailand is one of the main factors responsible for the growth of the automotive battery market. Moreover, growing consumer preference for zero-emission and low emission electric and hybrid vehicles are driving the automotive battery market. In addition, strict government emission standards are leading to the promotion of electric-powered vehicles. Due to this, major automotive manufacturers are producing new electric-powered vehicles in all segments, including luxury, sports, etc.
Increasing demand for automotive batteries
Automotive batteries are generally made of lead alloy grid filled with sponge lead (cathode plates) or coated with lead dioxide (anode). Each of the cells are filled with a sulfuric acid solution, which is the electrolyte. This combines together to supply power to the required part in the vehicle. Passenger and commercial vehicles use automotive batteries, as it supplies more power to the engine, ignites the plug stronger, and stabilizes the electricity supply faster. The demand for automotive batteries is increasing, as countries of developing regions such as Asia Pacific and South America are witnessing rapid economic growth. The rising demand for these batteries from the global automotive sector is a key driver for the automotive battery market.
Asia Pacific is expected to witness high demand for automotive batteries during the forecast period
The Asia Pacific is the fastest-growing market for automotive batteries, owing to the high demand for vehicles from rapidly growing economies, such as Japan, India, etc. Japan is the largest automotive battery market in Asia due to a large population base, increasing vehicle demand, and high economic growth as a result of the availability of low-cost labor, along with easy availability of raw material and components. This is expected to propel the automotive battery market growth in the region.
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