According to the latest market research study released by Technavio, the global automotive battery aftermarket is expected to grow at a CAGR of close to 6% during the forecast period 2016-2020.
This market research report by Technavio provides an in-depth analysis of the market in terms of revenue and emerging market trends. The report also includes an up-to-date analysis and forecasts for various market segments and all geographical regions.
Click here to request a free sample of this report
Technavio research analysts categorize the global automotive battery aftermarket based on product type:
Global automotive battery aftermarket share by vehicle type 2015
|
Passenger cars |
69% |
|
LCV |
24% |
|
M&HCV |
7% |
Source: Technavio
Global automotive battery aftermarket in the passenger car segment
The global automotive battery aftermarket for the passenger car segment accounted for around 69% of the overall revenue from the global aftermarket for automotive batteries during 2015. APAC had the largest market share in terms of the volume of the passenger cars. The lifespan of batteries in passenger cars is longer than that of batteries used in LCVs and M&HCVs. The power drawn from the battery by passenger cars is less when compared to LCVs and M&HCVs. Furthermore, the average distance covered by passenger cars is usually lower than commercial vehicles in most instances. As a result, the batteries in passenger cars last longer than commercial vehicles.
“The market is witnessing an increase in the demand for AGM batteries over the conventional lead acid batteries. AGM batteries are ideal for vehicles that are heavily equipped with electrical accessories such as navigation systems, touchscreen infotainment systems, electric parking brakes, and technologies such as start and stop. The rising popularity of incorporating electrical accessories in automobiles is augmenting the demand for AGM batteries in the global market,” says Abhay Sinha, a lead analyst at Technavio for automotive electronics.
Global automotive battery aftermarket in LCV segment
The global automotive battery aftermarket in LCV surpassed 47 million units during 2015 to account for approximately 24% of the revenue generated by the global automotive battery aftermarket. The Americas had the largest market share in terms of volume in the LCV segment. In 2015, the Americas constituted almost 68% of the global new LCV sales and is expected to reach almost 64% by 2020. Some of the popular LCVs are RAM1500, GMC Sierra, Toyota Tacoma, Nissan Frontier, Ford transit connect, Ford F150, and Chevy Silverado. These LCVs are mainly popular in the Americas due to its multipurpose applications and powerful engines. The increase in industrialization positively affects the use of the heavy, medium and light-duty commercial vehicles for facilitating transport and is expected to propel the demand for automotive batteries for LCVs during the forecast period.
Global automotive battery aftermarket in M&HCV segment
APAC has the largest market share in terms of volume of the global automotive battery aftermarket in the M&HCV segment. In 2015, APAC accounted for almost 74% of the global automotive battery aftermarket in M&HCV. The important factors affecting the sales of M&HCVs are government regulations, fuel prices, and the market condition. A major portion of the batteries is consumed by M&HCVs to support the auxiliary activities such as lighting the vehicle or keeping the air conditioners on when the vehicle is parked. These auxiliary activities also give rise to the need for early replacement of the battery. The growth of the e-commerce industry, especially in countries such as India and China, is expected to act as an incentive for growth of the global automotive battery aftermarket in the M&HCV segment over the next four years.
The top leading vendors operating in the global automotive battery aftermarket are:
- Johnson Controls
- Exide Technologies
- Panasonic
- Robert Bosch
A more detailed analysis is available in the Technavio report titled, ‘Global Automotive Battery Aftermarket 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Battery Monitoring Solutions Market 2016-2020
- Global Automotive Cylinder Head Market 2016-2020
- Global Valve Regulated Lead Acid Batteries Market 2016-2020
- Global Lithium Ion Battery Market 2016-2020
To read more press releases- click here.
For any assistance or query, please contact our media team at:
media@technavio.com
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com
