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Global automotive battery market to surpass $41 billion by 2017
Companiesandmarkets.comAug 06, 2012 16:28 BST
The global automotive battery market has been forecast to grow at a compound annual growth rate (CAGR) of 6.3% during the next five years, to surpass a market value of $41 billion by 2017.
Growth within the automotive battery market for family and passenger vehicles looks set to be driven by a rise in automobile sales and a rising vehicle penetration rate per thousand in Asia Pacific (APAC) and the Rest of the World (ROW) countries.
Furthermore, Government credit policies and investments in nanotechnologies to make efficient use of lithium batteries are among the major drivers that should boost the global automotive battery market.
The ROW market is expected to witness the highest growth rate followed by the European market. Such high growth is likely because of the introduction of more battery electric vehicles and hybrid electric vehicles in these countries, with replacement markets for lead acid and Nickel-Metal Hydride (Ni-MH) batteries.
The North American and APAC markets are expected to lag due to the negative impacts of the economic slowdown and their stringent recycling policies.
Segment wise, Lithium-ion and Ni-MH are anticipated to grow in automobiles and electric vehicles application. The global automotive lithium ion battery market will grow to more than $9 billion by 2015.
For more information on the global automotive battery market, see the latest research: Global Automotive Battery Market Report
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