According to Goldstein Research, global automotive battery market size is expected to reach USD 23.5 billion by 2024, growing at a compounded annual growth rate of 5.7% during the forecast period 2016-2024. Global market is largely driven by the Asia Pacific in terms of revenue share owing to a large automotive industry in the region. Whereas in North America & Europe the increasing adoption advances automotive technologies (automotive telematics, autonomous vehicles, and electric vehicles), there are high growth opportunities of the automotive battery market in these regions.
The automotive industry’s pursuit to limit its environmental impact and Transformation of automotive mobility into a sustainable mode of transportation continues at high intensity. A major driver in global automotive battery market is emerging market of lithium-ion battery-powered electric vehicles around the world. Various governments are taking initiatives for faster adoption and deployment of electric vehicles across the globe. For instance, the Indian government is looking to give a major push to the adoption of EVs and the main challenge would be in dropping the cost of lithium-ion battery used in electric vehicles. To overcome the challenge the government is planning to take initiatives in order to set up large lithium-ion batteries manufacturing plants in India.
Electric vehicles are highly attractive for their potential to reduce greenhouse gas emissions from vehicles and to minimize the dependence on oil. By 2020, more than one-third of new vehicle sales will likely consist of hybrid-electric, plug-in hybrid, and all-electric models which is likely to increase demand for automobile batteries.
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