The Middle East & Africa Automotive Battery market is growing at a high rate owing to a surging inclination toward the introduction of electric vehicles in order to curb carbon emission, burgeoning degree of automotive production, a significantly rising size of the vehicle fleet, and extensive demand for premium cars due to growing discretionary spending of the people in the region. Furthermore, increasing the presence of market players, the rising level of automobile electrification, and a boost in the adoption of these batteries are increasing in passenger and commercial vehicles are some of the factors placing a positive impact on the growth of the market in the forecast period.
According to MarkNtel Advisors’ research report titled “Middle East & Africa Automotive Battery Market Analysis, 2020”, the Middle East & Africa Automotive Battery market is anticipated to grow at a CAGR of 4% during 2021-26F. Based on Type, the lithium-ion based segment is projected to grow at the highest CAGR over the forecast period during 2021-26F. The application of lithium-ion batteries is more in electric vehicles as it requires high-energy density solutions due to its features such as being eco-friendly and a rechargeable power source. Moreover, the launch of electric vehicles such as electric buses in countries such as the UAE and Saudi Arabia, constant efforts made by automotive manufacturers to produce more vehicles with electric drivetrains, and the growth rate of penetration of lithium-ion batteries in the region are anticipated to upsurge the growth of the market in the forthcoming timeline.
“Middle East & Africa Automotive Battery Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and growth opportunities available for Automotive Battery providers across the region. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
Saudi Arabia Acquired Considerable Market Share
Saudi Arabia acquired the significant market share in the Middle East and Africa Automotive Battery market in 2019. The growth is attributed to high sales of commercial and passenger cars, burgeoning demand for cost-efficient and high-performance vehicles, and boost in government efforts to reduce carbon emissions by encouraging the sales of electric vehicles. Moreover, the UAE is anticipated to attain highest CAGR by 2025. The introduction of electric buses by governments in the region, increasing research and development (R&D) activities to develop advanced and eco-friendly automotive battery, and launch of new products by the market players are expected to boost the growth of Automotive Battery market in the forthcoming period as stated by the MarkNtel Advisors’ research report “Middle East & Africa Automotive Battery Market Analysis, 2020”.
According to MarkNtel Advisors, the key players with a considerable market share in the Middle East & Africa Automotive Battery market are East Penn Manufacturing Company, Enersys, Inc., Exide Technologies, Hitachi, Ltd., Panasonic Corporation, Toshiba Corporation, Middle East Battery Company (MEBCO), C&D Technologies Inc., FIAMM Energy Technology S.p.A., Saft Groupe S.A etc.
Key questions answered in the study