Top Drivers in the Global Automotive Lead-Acid Battery Market | Technavio
LONDON–(BUSINESS WIRE)–#Energy—Technavio
market research analysts forecast the global
automotive lead-acid battery market to grow at a CAGR of more
than 6% during the period 2018-2022, according to their latest
report.
This market research report segments the global automotive lead-acid
battery market into the following applications, including aftermarket
and OEM and key regions, including the Americas, APAC, and EMEA.
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In this report, Technavio analysts highlight the demographic shift as a
key factor contributing to the growth of the global automotive lead-acid
battery market:
Demographic shift
The tourism industry is growing and is expected to grow further during
the forecast period. The young generation is increasingly traveling and
exploring new places, and this is driving the market. Expenditures are
incurred on traveling and traveling modes such as cars and bikes. In
countries such as the US, the UK, India, Australia, Germany, and New
Zealand, there has been a huge growth in the tourism industry due to the
influx of tourists.
During 2016, APAC has recorded the highest growth in international
tourism. International tourism in Southeast Asia increased by
approximately 10% while Northeast Asia and South Asia displayed an
increase of approximately 8% and 7% respectively. In regions such as the
Americas and Europe, tourism increased by more than 6% and 4%,
respectively. This has resulted in the growth of the global automotive
rental market, which, in turn, drive the global
automotive lead-acid battery market. The increase in the car
rental market has compelled players to perform car servicing frequently
after every trip, thus increasing the replacement and aftermarket of
lead-acid battery due to the rough use of the car and the battery power
to charge the devices.
According to a senior analyst at Technavio for energy
storage, “The improved consumer spending is driving world
tourism. It proves to be an important economic indicator, as it usually
reflects the overall consumer confidence in a nation’s economy. High
consumer confidence indicators include high levels of consumer spending
in the market. This improvement in consumer spending is expected to
drive the sales of automotive vehicles during the forecast period, thus
enhancing the demand for lead-acid batteries.”
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Global automotive lead-acid battery market
segmentation
Of the two major applications, the aftermarket segment held the largest
market share in 2017, accounting for nearly 5% of the market. The market
share for this application is expected to increase nearly 3% by 2022.
APAC was the leading region for the global
automotive lead-acid battery market in 2017, accounting for a
market share of 57%. By 2022, APAC is expected to continue its dominance
in the market and register an increase of nearly 2%.
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