Market research firm predicts 9.2% growth for stop-start batteries
A new report by market research firm Edition Truth says the global start-stop battery market will increase by a compound annual growth rate of 9.2% up to 2022, to reach $65 million.
The report cites key factors driving the growth as stringent emission norms across developed and developing countries, which are focusing more on fuel-efficient technologies.
“Owing to rapid urbanization and increasing disposable income in various emerging economies, the production of passenger cars across the globe has increased, including luxury and semi-luxury vehicles,” says the report.
“In the near future, the vendors in the start-stop systems market are expected to gain new opportunities from the growing demand of cam-less actuation and increasing production of start-stop vehicles.”
As we reported in a BESB on August 10, a lower than expected aftermarket for the batteries appears to show that drivers are choosing to switch off the option in their cars, thus under using the battery.
However, JCI suggested that moves were under way to completely remove the option from start-stop cars, which would boost demand and please AGM manufacturers. More here: http://bit.ly/2ffMvKQ
Back in April, Business Wire released a report predicting a CAGR in the start-stop battery market of 20.8% between 2017 and 2021, attributing the growth to the greater use of EVs and HEVs and emissions targets.
In January, research firm Technavio predicted a 21% growth to 2021, also because of the move towards limiting emissions and towards adopting HEVs and EVs.
“The global start-stop battery market is still in its nascent stage and is characterized by the presence of several small, medium and large vendors across the globe,” the report said. “Some of the major factors responsible for the growing competitive environment in the market is the introduction of new technologies and increased in investments in the market. To sustain themselves in the market, these vendors are also focusing on product innovations and technological enhancements.”