Automotive Battery Market is projected to be worth USD 103.47 billion by 2030, registering a CAGR of 6.57% during the forecast period (2022 – 2030). , The market was valued at USD 44.95 billion in 2021.
The primary factor that has played a crucial role in the automotive battery industry growth is the increasing demands of the customers for pollution-free vehicles that follow strict standards laid down by the government concerning environmental protection. The increase in the adoption of streams that include infotainment in the cars has also led to the rise in these batteries’ demand.
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Apart from the factors that promote growth, there are some restraints as well. This includes still developing support infrastructure for electric vehicles. Battery failures because of the heat are amongst few other factors restricting the growth of the automotive battery market Trends.
Major Key Vendors:
Robert Bosch GmbH, which is a Germany based company, EXIDE technologies which is a company based in the US; A123 Systems; GS Yuasa, which is a Japanese company; LF Chem which is based in South Korea, Saft Groupe SA from France, Johnsons controls from the US, East Penn manufacturing company which is a US-based company, Delphi automotive LLP from the UK.
Key Market Drivers:
- Pollution-free vehicles
- Government concerning environmental protection
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Recent developments in the global automotive battery automotive battery market Share include:
- In 2016, Johnson’s control invested a considerable amount of 112 million USD in its facility situated in Germany. It has been estimated by the company to expand its business by almost 65%.
- In the same year, Panasonic corporation started a joint venture with another reading company from China, Dalian lever electric co, to manufacture the batteries used in automobiles. This joint venture will look into the quality controls of the battery.
- In December 2015, a new battery that uses lithium-ion technology was invented by Bosch, which is very light in weight as compared to the lead-acid batteries. These batteries are suitable for two-wheelers and even jet skies.
- Advancements in the market Revenue are being made to ensure that the batteries are eco-friendly and do not harm the environment whatsoever.
- High-performance batteries have been introduced that give a comfortable experience to the user.
- Nissan will soon create more than 6000 new jobs with UK’s first car battery gigafactory. The facility that will be developed adjacent to the largest European factory of Nissan in Sunderland, was hailed as the key to the United Kingdom’s transition away from the fossil fuel cars.
- Hyundai Motor will invest $100 mn in battery startup SolidEnergy Systems. The company currently sources its batteries from its EVs from LG Chem Ltd and SK Innovation Co Ltd’s wholly-owned LG Energy Solution.
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The automotive battery market has been divided into the following segments:
- Based on Vehicle type
- Based on type
- Based on engine types
- Based on functions
- Based on sales channel
Market-based on vehicle type: This is further divided into the following subcategories:
- Passenger cars
Based on type: This segment is subdivided into the following:
- Nickel metal hydride
Based on engine type: This is further divided into:
- Internal combustion engine
- Electric vehicle.
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The market is divided into the following major regions. These are:
- North America
- Asia pacific
- Rest of the world
North America dominates the automotive battery market Outlook because all the strong lead-acid battery manufacturers are located in the region, which leads to the increasing demand for electric vehicles. The area also has strict norms towards using eco-friendly products, ensuring that the market Share gets a sharp rise.
The Asia Pacific is expected to be the region that would have the fastest growth of the automotive battery market Value because of the increasing demand for such vehicles and high sales of passenger cars, commercial cars, and motorcycles.
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