Global Light Vehicle Batteries Market 2019-2023 | 10% CAGR Projection over the Next Five Years | Technavio

LONDON--(BUSINESS WIRE)--Jul 1, 2019--

The global light vehicle batteries market is expected to post a CAGR of more than 10% during the period 2019-2023, according to the latest market research report by Technavio.

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Technavio has published a new market research report on the global light vehicle batteries market from 2019-2023. (Graphic: Business Wire)

A key factor driving the growth of the global light vehicle batteries market size is the declining Li-ion battery prices. Li-ion batteries are the most widely used batteries for light vehicles across the world as it is a light metal that contains better electrochemical properties than other battery technologies. Although Li-ion batteries have been more expensive than lead-acid batteries and nickel metal hybrid batteries, the manufacturing cost of Li-ion batteries is declining significantly each year. This is mainly due to an increase in the production scale and improvements in manufacturing efficiency. Moreover, the declining cost of Li-ion batteries can be attributed to the increasing adoption in the automotive industry and the development of cost-effective production methods by vendors. Therefore, the declining cost of Li-ion batteries will fuel the light vehicle batteries market growth during the next five years.

As per Technavio, the advances in battery technologies will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global light vehicle batteries market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.

Global light vehicle batteries market: Advances in battery technologies

The global batteries market has been witnessing a significant increase in R&D activities by manufacturers to develop new battery technologies. For instance, the UltraBattery is a hybrid device with a chemical combination of both lead-acid battery and an ultracapacitor. This battery has been witnessing many design improvements over conventional lead-acid technology. The unique chemistry of the battery increases power handling as well as vastly reduces sulfation, which allows it to run continuously without charging fully. Many such technologies are expected to evolve during the forecast period owing to the heavy investments in R&D by battery manufacturers. These advances in battery technologies will drive the global light vehicle batteries market during the forecast period.

“Apart from the advances in battery technologies, other factors such as the technological advances in the automotive industry, and the rising number of collaborations between market vendors will have a significant impact on the light vehicle batteries market worth during the forecast period,” says a senior analyst at Technavio.

Global light vehicle batteries market: Segmentation analysis

This market research report segments the global light vehicle batteries market by application (ICEV, and EV), and geographic regions (APAC, EMEA, and the Americas).

The APAC region led the light vehicle OE batteries market in 2018, EMEA, and the Americas respectively. The growth of the light vehicle OE batteries market in APAC can be attributed to the rising sales of light vehicles, which is driven by the increasing urbanization and high gross domestic product (GDP) growth in countries such as China and India. Furthermore, the increasing construction of roads in rural areas is offering extended potential target markets for light vehicle manufacturers to boost the sales of light vehicles.

Looking for more information on this market?Request a free sample report

Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.

Some of the key topics covered in the report include:

Market Landscape

  • Market ecosystem
  • Market characteristics
  • Market segmentation analysis

Market Sizing

  • Market definition
  • Market size and forecast

Five Forces Analysis

Market Segmentation

Geographical Segmentation

  • Regional comparison
  • Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

  • Vendors covered
  • Vendor classification
  • Market positioning of vendors
  • Competitive scenario

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

If you are interested in more information, please contact our media team at [email protected].

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CONTACT: Technavio Research

Jesse Maida

Media & Marketing Executive

US: +1 844 364 1100

UK: +44 203 893 3200



SOURCE: Technavio Research

Copyright Business Wire 2019.

PUB: 07/01/2019 07:20 AM/DISC: 07/01/2019 07:20 AM

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