Anz Automotive Battery Market to Witness Significant Incremental Opportunity During 2020 – 2030
An automotive battery is type of rechargeable battery that is utilized for the starting, lighting, and ignition of a vehicle, and for handling all the electric parts of the vehicle. Automotive batteries are installed in both, IC engine-propelled vehicles as well as electric & hybrid vehicles. Electrification of vehicle components and increasing preference toward electrical vehicles factors are expected to boost the demand for automotive batteries over the forecast period. A study by PMR concludes that, the ANZ automotive battery market will expand at a CAGR of 7 % over the forecast period of 2020 to 2030, and reach a valuation of US$ 1.5 Bn by the end of 2030.
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Key Takeaways of ANZ Automotive Battery Market Study
- Australia holds a leading market share in ANZ automotive battery market, due to overall huge vehicle fleet and increasing electrical vehicle sales in the country.
- For the ANZ automotive battery market, as most of installations take place in the aftermarket, where quality and pricing are deciding factors for a sale to materialize, it becomes extremely important for players to fight for the same piece of pie with a double-edged pricing strategy.
- By battery type, the lead acid batteries segment is anticipated to hold a significant market share, and is expected to continue its dominance over the forecast period.
- Market participants are increasing their online e-Commerce platforms and dealer networks across the region, which is a key emerging trend in the ANZ automotive battery market.
- The COVID-19 crisis is estimated to have significant impact on the ANZ automotive battery market, owing to the limited production capabilities of market participants in present times. Moreover, the crisis has also had a direct impact on the overall sales of automotive batteries.
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ANZ Automotive Battery Market: Competitive Landscape
The ANZ automotive battery has a fairly fragmented market structure, in which the top five players hold around 20% to 25% of the market share. Tier-I companies are expected to remain a dominant force over the forecast period, owing to their product expertise, brand name, and widespread market. Tier-II and other players are focusing on introducing cost-effective, customized, and value-for-money products to improve their market penetration.
Amidst the turmoil in the automotive industry, the shutdown of production plants in Australia and New Zealand since 2017 has halted the progress of automotive production in the region. However, extensive automotive fleet and emerging demand for electric vehicles provide lucrative opportunities, and is anticipated to reflect in market growth over the forecast years. Improvement in electric vehicle infrastructure as well as higher demand for light vehicles with IC engines are projected to boost the growth of the ANZ automotive battery market through 2030.
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