The global automotive battery market size reached US$ 48 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 67 Billion by 2028, exhibiting a growth rate (CAGR) of 5.40% during 2023-2028. Increasing demand for electric vehicles, stringent emission regulations and incentives provided by governments of various nations, advancements in battery technology, and availability of financial incentives for EV buyers represent some of the key factors driving the market.
An automotive battery is a vital component that powers the electrical systems of vehicles, playing a critical role in their operation. It typically comprises a plastic case housing a series of cells, each containing positive and negative plates made of lead and lead oxide. These plates are immersed in an electrolyte solution consisting of sulfuric acid and water. When the vehicle's engine is off, the battery acts as a chemical storage device. The automotive battery offers several advantages, including its ability to store energy and deliver it as needed, enabling the vehicle's electrical systems to function optimally. It also provides the necessary power to start the engine, ensuring reliable ignition. Additionally, the battery acts as a stabilizer, absorbing voltage spikes and ensuring a consistent supply of electricity to various components. Currently, there are several types of product variants available, such as lead-acid, absorbent glass mat (AGM), and lithium-ion batteries.
Automotive Battery Market Trends:
The surging demand for electric vehicles (EVs) and stringent emission regulations and incentives provided by governments of various nations are some of the primary factors creating a positive outlook for the market. Moreover, advancements in battery technology, such as improved energy density and longer lifespan, and the growing infrastructure for electric charging stations are propelling the market growth. Besides this, the availability of financial incentives for EV buyers and rising consumer awareness regarding the environmental benefits of EVs are contributing to the market growth. Additionally, the declining costs of lithium-ion batteries and burgeoning investments in research and development (R&D) activities by battery manufacturers are fueling the market growth. In line with this, the expanding network of automotive manufacturers entering the EV market and growing investments in battery production facilities are accelerating the market growth. Other factors, such as the rising focus on renewable energy and the integration of batteries in energy storage systems, are boosting the market growth.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each segment of the global automotive battery market, along with forecasts at the global, regional, and country levels from 2023-2028. Our report has categorized the market based on battery type and vehicle type.
Battery Type Insights:
- Lead Acid
- Lithium Ion
The report has provided a detailed breakup and analysis of the automotive battery market based on the battery type. This includes lead acid, lithium ion, and others. According to the report, lead acid represented the largest segment.
Vehicle Type Insights:
- Passenger Vehicles
- Commercial Vehicles
- Electric Vehicles
- BEV (Battery Electric Vehicles)
- PHEV (Plug-in Hybrid Electric Vehicles)
A detailed breakup and analysis of the automotive battery market based on the vehicle type has also been provided in the report. This includes passenger vehicles, commercial vehicles, electric vehicles (battery electric vehicles and plug-in hybrid electric vehicles), and others. According to the report, passenger vehicles accounted for the largest market share.
- North America
- Asia Pacific
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Asia Pacific was the largest market for automotive battery. Some of the factors driving the Asia Pacific automotive battery market included growing preference for lightweight batteries to improve vehicle efficiency, the increasing adoption of hybrid electric vehicles (HEVs), and the rising popularity of autonomous vehicles.
The report has also provided a comprehensive analysis of the competitive landscape in the global automotive battery market. Detailed profiles of all major companies have been provided. Some of the companies covered include A123 Systems LLC, Contemporary Amperex Technology Co. Limited., East Penn Manufacturing Company, Enersys, Exide Industries Limited, GS Yuasa International Ltd., Hitachi Ltd., LG Chem Ltd, Panasonic Holdings Corporation, Robert Bosch LLC, Samsung SDI Co. Ltd. etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.
|Base Year of the Analysis
|Scope of the Report
||Exploration of Historical and Forecast Trends, Industry Catalysts and Challenges, Segment-Wise Historical and Predictive Market Assessment:
- Battery Type
- Vehicle Type
|Battery Types Covered
||Lead Acid, Lithium Ion, Others
|Vehicle Types Covered
- Passenger Vehicles
- Commercial Vehicles
- Electric Vehicles: BEV (Battery Electric Vehicles), PHEV (Plug-in Hybrid Electric Vehicles)
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||A123 Systems LLC, Contemporary Amperex Technology Co. Limited., East Penn Manufacturing Company, Enersys, Exide Industries Limited, GS Yuasa International Ltd., Hitachi Ltd., LG Chem Ltd, Panasonic Holdings Corporation, Robert Bosch LLC, Samsung SDI Co. Ltd. etc.
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Key Questions Answered in This Report:
- How has the global automotive battery market performed so far, and how will it perform in the coming years?
- What are the drivers, restraints, and opportunities in the global automotive battery market?
- What is the impact of each driver, restraint, and opportunity on the global automotive battery market?
- What are the key regional markets?
- Which countries represent the most attractive automotive battery market?
- What is the breakup of the market based on the battery type?
- Which is the most attractive battery type in the automotive battery market?
- What is the breakup of the market based on the vehicle type?
- Which is the most attractive vehicle type in the automotive battery market?
- What is the competitive structure of the global automotive battery market?
- Who are the key players/companies in the global automotive battery market?
Key Benefits for Stakeholders:
- IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the automotive battery market from 2017-2028.
- The research study provides the latest information on the market drivers, challenges, and opportunities in the global automotive battery market.
- The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
- Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the automotive battery industry and its attractiveness.
- Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.