The rising demand for the global automotive and transportation sectors is one of the most salient driving factors propelling growth in the global vehicle battery market. Moreover, the rising electrification of automobile vehicles by incorporating several emerging technologies is also likely to motivate sales in the global vehicle battery market in near future. The types of batteries offered by the manufacturers and players operating within the global vehicle battery market are lithium ion (Li- ion) batteries as well as lead acid batteries, among others. The increasing utilization of lithium ion batteries in EVs is likely to foster the development of the global vehicle battery market in coming years.
The solutions offered by the manufacturers and players functional within the global vehicle battery market are used in various different types of vehicles, such as micro hybrids, mild hybrid, plug in hybrid vehicle, internal combustion engine operated vehicles, start stop vehicles, fully hybrid vehicles, and battery electric vehicles. The increasing efforts by the major automotive players to offer novel and innovative EVs and hybrid vehicles to consumers across the globe is also expected to favor the development in vehicle battery market. Key sales channels for the solutions and products in the global vehicle battery market include aftermarket as well as original equipment manufacturer or OEM.
The Passenger Vehicles Segment Leads the Vehicle Battery Market
The segments in the global vehicle battery market classified by the class of the vehicle are light commercial vehicle, passenger vehicle, and heavy commercial vehicle. Amongst these, the passenger vehicle segment is most likely to dominate the global vehicle battery market in coming years. This trend can be attributed to the rising volume of passenger and traveler vehicles. Furthermore, the rising trend of electrifying vehicles by leading automotive manufacturers such as Ford Motors, General Motors, Audi, among others is also presenting players in the global vehicle battery market with multiple growth opportunities. These players in the automotive industry are constantly focused on expanding the scope of research and development activities to develop new and more efficient batteries.
Few of the major and salient drivers for the expansion of the global vehicle battery market include rising integration of electronics in automobile vehicles, the increasing demand from the transportation industry, the high number of new government initiatives as well as incentives for fuel savings as well as green and cleaner transportation solutions. On the other hand, safety usage pertaining to the usage of battery as well as under developed supportive infrastructure for electric vehicles are restricting the growth in the global vehicle battery market. However, the innovations and launches of new electric as well as hybrid electric vehicles from various original equipment manufacturers is propelling the development within the global vehicle battery market.
Asia Pacific Accounts for the Largest Share in Vehicle Battery Market
Major regions evaluated in the professional intelligence report on the global vehicle battery market include Europe, Asia Pacific, Middle East and Africa, Latin America, and North America. The Asia Pacific region is expected to lead the global vehicle battery market in coming years. This leading industry positioning of Asia Pacific region in the global vehicle battery market can be attributed to rising production of vehicles in various regional economies, such as India, South Korea, China, and Japan. Furthermore, the leading positioning of China as the most prominent maker of the lithium ion batteries in the world is also supplementing the growth within the global vehicle battery market in coming years.
Few of the major and leading manufacturers and players operational in the competitive landscape of the global vehicle battery market are LG Chem Ltd., Johnson Controls International PLC, Samsung SDI Co. Ltd., GS Yuasa Corporation, C & D Technologies, Inc., Contemporary Amperex Technology Co., Panasonic Corporation, A123 Systems LLC, East Penn Manufacturing Company, Koyo Battery Co., Ltd., Northstar Battery Company LLC, and BYD Company Limited, among others.
Request a sample to get extensive insights into the Vehicle Battery Market
