Increased emphasis on eco-friendly initiatives has opened up new avenues for traction batteries-powered electric vehicles.
San Francisco, California (PRWEB) January 09, 2015
The automotive battery market is expected to witness steady growth as a direct consequence of a flourishing automotive market, particularly in developing economies. High automotive density in North America and Asia Pacific has augmented automotive batteries’ demand in these regions.
Stagnant automotive sales in Europe and North America are expected to have negligible impact on the market owing to the high frequency of battery replacement in existing vehicles. Asia Pacific is expected to be a lucrative automotive battery market over the forecast period on account of increasing automotive sales in India and China. Automobile and battery manufacturers have increased investments for accelerating R&D activities in the sector, which is expected to have a positive bearing on the automotive battery market.
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Automotive batteries are available in several technologies such as calcium-calcium, deep cycle, lithium ion, valve-regulated lead acid (VRLA), and wet/flooded. Wet/flooded batteries have gained popularity owing to their low price. Lithium-ion batteries, on account of their high cost, typically serve the niche automotive market, which comprises limited edition cars, high performance vehicles, and electric vehicles.
Increasing fuel prices coupled with growing emphasis on eco-friendly initiatives have opened up new avenues for traction battery-powered electric vehicles. The introduction of plug-in electric vehicles capable of getting recharged externally has created a new market for plug-in automotive batteries. Lithium-ion technology is incorporated in a majority of plug-in batteries, followed by nickel metal hydride (NiMH) technology.
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Key industry participants include Exide Technologies, Johnson Controls, GS Yuasa, Fiamm Group, Fengfan, East Penn Manufacturing, and Camel Group. Tesla Motors, Panasonic, NEC, and LG Chem are leading players in the plug-in vehicles’ battery marketplace.
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