Deep Analysis of Impact of COVID-19 on “Automotive Battery Market 2019-2025” Growth Worldwide….


The global automotive battery market size is anticipated to reach USD 95.57 billion by 2025, according to a new report by Grand View Research, Inc., registering a CAGR of 7.9% during the forecast period. Features of an automotive battery have evolved drastically over the years as modern engines are smaller in displacement and use lower-viscosity engine oils. Furthermore, modern fuel injectors spray the gasoline directly onto the cylinder itself. Due to this, batteries in recent times are connected to vehicle’s electrical system. Additionally, contemporary batteries act as a capacitor in the electrical system of vehicles to absorb voltage spikes, which are often created when the electric switch closes or opens.
The automotive & transportation industry is amongst the most exposed verticals to the ongoing COVID-19 outbreak and is currently amidst unprecedented uncertainty. COVID-19 is expected to have a significant impact on the supply chain and product demand in the automotive sector. The industry's concern has moved on from being centered on supply chain disruption from China to the overall slump in demand for automotive products. The demand for commercial vehicles is expected to plummet with the shutdown of all non-essential services. Furthermore, changes in consumer buying behavior owing to uncertainty surrounding the pandemic may have serious implications on the near future growth of the industry. Meanwhile, liquidity shortfall and cash crunch have already impacted the sales of fleet operators, which is further expected to widen over the next few months. We are continuously monitoring the COVID-19 pandemic, and assessing its impact on the growth of the automotive & transportation industry. The report will account for Covid19 as a key market contributor.
Large-scale availability of batteries in various sizes and specifications along with high current level is expected to drive the market over the forecast period. Lead acid batteries are relatively cheaper as compared to other batteries and can be manufactured with relatively lower technology equipment, which in turn is projected to keep their demand high through 2025.
Sodium-ion batteries are the direct replacement of lithium-ion batteries, raw materials of which are costlier than the former. Moreover, Na-ion batteries are available in abundance. Compared to Li-ion batteries, they are a potentially safer and cheaper alternative. However, these batteries are still in the development stage and not available for practical use. In 2015, researchers developed a prototype of sodium-ion batteries in the industry standard of 18650 cylindrical formats.
Consensus to reduce carbon footprint is leading to a shift towards electric vehicles. Increasing fuel prices along with growing environmental concerns in developed countries are resulting in rising interest of individuals in electric vehicles. Several favorable regulatory initiatives are further supporting the sales of electric vehicles, which are estimated to augment the market.
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Development of electric vehicles is also poised to be driven by an agreement promoted by the U.S., European Union, and Japan. The regions co-operate on the convergence of regulatory obligations to control cost pertaining to electric vehicles worldwide. Currently, electric cars represent a small share of the overall automobile sales, owing to which the agreement plays a crucial role in economic recovery and price-sensitivity of the industry.
Further key findings from the report suggest:
·         Lead acid batteries are the most commonly used type. On the other hand, the lithium-ion batteries segment is expected to post the highest CAGR during the forecast period
·         Sodium-ion batteries are anticipated to gain tremendous popularity after their commercialization, owing to abundant availability of raw materials
·         In terms of vehicle, passenger vehicles are estimated to command more than half of the market revenue throughout the forecast horizon
·         Asia Pacific dominated the market in 2016, accounting for over 48.0% of the market revenue
·         Manufacturers either outsource powertrain or batteries from specialist suppliers or carry out the entire manufacturing process. Key players in the market includeHitachi; Ltd.; NEC Corporation; Johnson Controls; LG Chem Ltd.; and Tesla, Inc. These companies have a firm foothold in the market with capabilities to cater to the local as well as the international market.
Growing sales of vehicles and favorable government initiatives in developing economies such as India, China, Vietnam, and Mexico are likely to provide a fillip to the automotive battery market over the forecast period. For instance, in 2013, the Indian government set up the National Electric Mobility Mission Plan (NEMMP) 2020 to take into account various issues pertaining to vehicular pollution and national energy security. Penetration of electric vehicles in the India market is considerably low due to high cost of vehicles, low consumer disposable income, and absence of requisite infrastructure in the region. However, advent of low-cost EVs such as Mahindra e2o and Mahindra eVerito is projected to bolster the adoption in coming years, thereby providing substantial growth opportunities for the automotive battery market.
The global automotive battery market size was valued at USD 48.71 billion in 2016. The market is expected to witness significant growth over the coming years owing to rapid expansion in the automotive industry in emerging economies such as Mexico, Vietnam, Indonesia, India, and Thailand. Furthermore, growing consumer preference for pollution-free electric and hybrid vehicles is one of the key trends anticipated to fuel the demand for automotive batteries over the forecast period.
An ideal automotive battery must be capable of offering adequate reserve capacity, which signifies the amount of electrical energy that the battery can deliver when it is fully charged. Some of the rankings that are commonly used to measure battery performance, include cold cranking amperes (CCA), amp-hours (AH), power (Watts), and reserve capacity (RC).
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Successful manufacturing of an EV requires implementation of supportive policies by federal, state, and area administrative bodies to sustain long-term benefits. Electric utility providers are also required to develop a uniform platform and provide operational support for EVs. Favorable regulatory policies can provide a phenomenal push to sales of electric vehicles, which in turn can help the automotive battery market to gain tremendous momentum over the forecast period.
Grand View Research has segmented the global automotive battery market based on battery type, vehicle type:
Automotive Battery Type Outlook (Revenue, USD Billion, 2014 - 2025)
·         Lithium-ion based
·         Lead-acid based
o    Construction type
o  VRLA battery
o  Flooded
o    Product
o  SLI
o  Stationary
o  Motive
·         Nickel-based
·         Sodium-ion
·         Others
Automotive Battery: Vehicle Type Outlook (Revenue, USD Billion, 2014 - 2025)
·         Passenger vehicles
·         Commercial vehicles
·         Electric vehicles
o    BEV
o    PHEV
·         Others
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.



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