LONDON--(EON: Enhanced Online News)--Technavio analysts forecast the global automotive battery aftermarket to grow at a CAGR of close to 6% during the forecast period, according to their latest report.
“The demand for replacement of parts and accessories is strengthening the growth of the aftermarket for automotive batteries. Much of the volume of the automotive battery aftermarket comes from APAC followed by Europe and then the Americas.”
The research study covers the present scenario and growth prospects of the global automotive battery aftermarket for 2016-2020. calculate the market size, the report considers the sales figures of the different vehicles segment such as passenger cars, LCVs, and M&HCVs.
According to Praveen Kumar, a lead analyst for automotive electronics at Technavio, “The demand for replacement of parts and accessories is strengthening the growth of the aftermarket for automotive batteries. Much of the volume of the automotive battery aftermarket comes from APAC followed by Europe and then the Americas.”
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Technavio automotive analysts highlight the following three factors that are contributing to the growth of the global automotive battery aftermarket:
- Multiple limitations and short life cycle of lead-acid batteries
- Growing traffic congestion in cities
- Increase in use of electrical accessories in cars
Multiple limitations and short life cycle of lead-acid batteries
The first rechargeable batteries for commercial use were lead acid batteries. Lead acid batteries continue to be widely used since they are dependable in terms of performance and price on cost-per-watt basis. However, lead acid batteries have low energy density, and they cannot be stored in a discharged condition since the cell voltage should not drop below 2.10V. The lead content and electrolyte make the battery environmentally unfriendly, and there is also the probability of thermal runaway if improperly charged. All these limitations often lead to premature failure of lead acid batteries.
Growing traffic congestion in cities
In recent times, all major economies are facing the challenge of increased traffic congestion Although, this is an inescapable condition in all urban and metropolitan areas across the world, the problem is particularly acute in APAC and Europe. The reason for increased traffic congestion in these areas is the rapid increase in the number of vehicles owing to urbanization and rise in the average middle class household income. Increased traffic congestion drains out batteries leading to shorter lifespans giving rise frequent replacement of batteries, resulting in a year-on-year growth for battery aftermarket.
Increase in use of electrical accessories in cars
With the continuous technological advancement in the automotive world, there has been an increasing trend in installing more and more electrical accessories in vehicles, generating the requirement for powerful batteries to operate them. An increase in the use of electrical accessories leads to an amplified load on the battery. At times, some of the electrical components are left on, while the engine is off, this unwittingly impacts the life of the battery.
Electrification makes it possible to reduce the load on the engine by taking out the ancillary system, however, this increases the load on the battery. “Although, the power drawn from the battery to crank the engine has significantly gone down, the use of electrical components has increased the power drawn from the battery, says Praveen.”
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