Automotive Battery Market Research Report: Information, by Type (Lead Acid, Lithium-Ion, Nickel Metal Hydride, and Others), Propulsion [Internal Combustion Engine (ICE) and Electric Vehicle], Vehicle Type (Passenger Car and Commercial Vehicle), Sales Channel (OEM And Aftermarket), and Region (North America, Europe, Asia-Pacific, and the Rest of the World)- Forecast till 2030

Automotive Battery Market Overview

The global Automotive Battery Market Size is expected to reach up to USD 103.47 Billion during the period 2022-2030. The market is anticipated to have a Compound Annual Growth Rate (CAGR) of 6.57% during this forecast period.

The automotive battery plays a very important role in any vehicle. It is a rechargeable battery used to provide electric current to the vehicle. These batteries are used for igniting and lighting vehicles. These batteries are also used to provide power to different accessories in the vehicles such as charging plugs, air conditioners, wipers, radio, etc.

Due to rising population, increased urbanization, and economic growth, the automotive sector has undergone rapid growth in recent times. This has increased the Automotive Battery Market Demand across the world.

COVID-19 Analysis

Like in other industries, the impact of COVID-19 was evident in the global Automotive Battery Industry. Due to strict lockdown measures, the supply chain was slow during the pandemic period. There were problems in imports and exports of batteries and this has encouraged the local manufacturers and opened up Automotive Battery Industry Opportunities for these local manufacturers.

The Automotive Battery Industry is expected to grow at a steady rate in the coming years.

Automotive Battery Market Dynamics

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  Market Drivers

  
  

Automotive batteries have pivotal roles in improving the performance of the vehicle. They help in reducing emissions and fuel consumption. Automotive batteries are also responsible for the safety and comfort of vehicles. Around 40% of the components of conventional ICE (Internal Combustion Engine) vehicles depend on batteries. In hybrid and electric vehicles (EV), about 75% of the components are dependent on automotive batteries. All these are important drivers for the steady Automotive Battery Market Growth in the coming years.

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  Restraints

  
  

Fluctuation in oil prices, high initial cost, and limited range of products are some of the factors that can restrain the growth of the global Automotive Battery Industry.

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  Opportunities

  
  

The growing integration of electronics in all types of automobiles and rising demand for energy-efficient transportation will help in opening up opportunities for the growth of the global Automotive Battery Industry.

Research and Development activities aiming at reducing the cost of automotive batteries are happening across the globe. Supportive initiatives by the government and huge investments by the key players in research and development activities will increase Automotive Battery Market Opportunities in the coming years.

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  Challenges

  
  

Underdeveloped support infrastructure for Electric Vehicles and safety issues are the challenges for the Automotive Battery Market during the forecast period 2022-2028.

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  Cumulative Analysis

  
  

The Automotive Battery Market Analysis done by experts indicates that the market will grow with a CAGR of 6.57 % during the forecast period. By 2028, the Automotive Battery Market Revenue will reach up to USD 103.47 Billion. Due to

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  Value Chain Analysis

  
  

The Automotive Battery Market Trends show that the value chain of this market is continuously evolving. Owing to environmental hazards due to conventional automobiles, reduction in crude oil reserves, and growing demand for zero-emission electric vehicles and hybrid vehicles the Automotive Battery Industry is anticipated to have steady growth in the period 2022 to 2028.

Market Segmentations

The huge market of automotive batteries is segmented based on product type, engine type, battery type, function, and region.

• Based on Battery type, the Automotive Battery Market is further divided into Lead Acid, Lithium-Ion, and Nickel Metal Hydride. The Lithium-ion sector is anticipated to have the fastest growth during the forecast period. As Lithium batteries last longer, have higher power density, are eco-friendly, and faster charging, this sector is forecasted to dominate the market in the coming years.


• Based on the vehicle type, the market is further segmented into passenger cars, heavy commercial vehicles, and light commercial vehicles.


• Based on Engine Type, the Automotive Battery Market is further segmented into Electric Vehicle and Internal Combustion Engine. Across the world, the Electric Vehicle sector is anticipated to occupy a major portion of the market by 2028.


• Based on the function, the market is segmented into Electric Propulsion, lightning, start, and ignition sectors.

Regional Analysis

The Automotive Battery Market is segmented into Asia-Pacific, North America, Europe, South America, and Middle East & Africa.

North America dominates the major portion of the Automotive Battery Market Share as this region has most of the lead-acid battery manufacturers. Additionally, this region has strict norms to control environmental pollution. This has led to the huge demand for eco-friendly products including automotive batteries. This will help in a steady growth of the Automotive Battery Industry in the North American region in the coming years.

The Asia Pacific region is forecasted to have a rapid rise in the Automotive Battery Market Revenue. Owing to the increase in demand for hybrid and Electric vehicles and huge sales of motorcycles, passenger cars, and commercial cars, the Asia Pacific region will experience rapid growth in this sector. As per the Automotive Battery Market Forecast, the demand is growing in the countries such as India, Indonesia, South Korea, and Malaysia and this will lead to a significant increase in Automotive Battery Industry Revenue within the forecast period.

Many market players of automobile sectors are investing in the research and development of high-performance and cost-efficient vehicles which will contribute to the growth of the Automotive Battery Market. Additionally, governments of many countries in the Asia-Pacific region offer subsidies to the manufacturers of Electric Vehicles. This is also an important driver for the growth of the Automotive Battery Industry. Many international automobile manufacturers are signing deals and contracts with manufacturers of the Asia-Pacific region. Volkswagen and BMW had signed deals with CATL, LG Chem, and Samsung SDI to buy batteries that will augment the demand for automotive batteries.

Competitive Analysis

The global market of the Automotive Battery Industry is very competitive due to the presence of many manufacturers. Joint ventures, mergers, and acquisitions are the main strategies that major key players are adopting to achieve rapid growth in the coming years. Additionally, the key players are setting up new production units and expanding their businesses across the globe.

For example, Exide Technologies has a joint venture with Shenyang Dongbei Storage Battery Co. in China. Toyota and Panasonic had announced that they will work jointly to produce batteries for EV (Electric Vehicle).

List of the companies in the global Automotive Battery Market are:

• Exide


• GS Yuasa


• Panasonic


• LG Chem


• A123 Systems


• East Penn Manufacturing Company


• Robert Bosch Gm BH


• EnerSys


• Among others.

Recent Development

• In February 2022, Mercedes Benz had started its sustainable battery logistics center in Germany.


• Inverted Energy, a battery maker in Delhi, India, had opened a lithium battery production facility in New Delhi in November 2020. The production capacity of this plat is 100 MWh. The opening up of this production unit will reduce dependency on imports from other countries.


• In December 2020, LG Chem Ltd. had announced to double its production capacity at its production center in China where the company manufactures batteries for Tesla Inc. Electric Vehicles (EV).

Report Outlook

The overview of the Automotive Battery Market Report is given below.

• Market Overview


• COVID-19 analysis


• Dynamics of the market


• Value chain analysis


• Market segmentation


• Regional analysis


• Competitive analysis


• Recent development

Report Scope and Segmentation

The scope of this Automotive Battery Market Report is to provide important information after doing an extensive study of the Automotive Battery Industry. The information is obtained from different primary and secondary data sources. This report provides important information about growth forecast, market trends, recent development, challenges, growth opportunities, market segmentation, regional analysis, key players, CAGR value, and other aspects of the Automotive Battery Market.

• Study Period-2022-2028


• Base Year-2022


• Forecast Period-2022-2028


• Historical Period-2019-2021

Segmentation

Based on Vehicle Type

• Passenger Cars


• Heavy Commercial Vehicles (HCV)


• Light Commercial Vehicles (LCV)

Based on type

• Lead Acid


• Lithium-Ion


• Nickel Metal Hydride

Based on Engine Type

• Electric Vehicle


• Internal Combustion Engine

Based on Function

• Ignition


• Lighting


• Electric Propulsion


• Start

Based on Region

• Europe


• North America


• South America


• Asia-Pacific


• Africa and the Middle East