The global Automotive Battery Market Size is expected to reach up to USD 103.47 Billion during the period 2022-2028. 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.
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 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.
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.
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.
Underdeveloped support infrastructure for Electric Vehicles and safety issues are the challenges for the Automotive Battery Market during the forecast period 2022-2028.
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
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.
The huge market of automotive batteries is segmented based on product type, engine type, battery type, function, and region.
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.
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).
Some of the Automotive Battery Market Key Players in the global market are:
The overview of the Automotive Battery Market Report is given below.
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.
Based on Vehicle Type
Based on type
Based on Engine Type
Based on Function
Based on Region
|CAGR||6.57% CAGR (2022-2030)|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Technology, By End Market, By Application, By Vehicle type|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|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 Opportunities||Increase in the adoption of streams that include infotainment in the cars|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The market is slated to expand at a steady rate of 6.57% in the coming years.
The market can reach a valuation of USD 103.47 billion by 2028.
The players listed in the report are EXIDE Technologies (US), GS Yuasa (Japan), Saft Groupe SA (France), East Penn Manufacturing Company (US), EnerSys (US), BYD Co. Ltd (China), Panasonic Corporation (Japan), Delphi Automotive LLP (UK), Johnson Controls (US), LG Chem (South Korea), A123 Systems, LLC (China), Robert Bosch GmbH (Germany), and others.
Soaring demand for semi-hybrid, hybrid, and fully electric vehicles along with the rising adoption of automotive battery in passenger vehicles back the market growth.
The enhancing the growth of the North American market include strict regulations, mounting demand for environment-friendly vehicles along with the presence of some of the most well-known players like Johnson Controls, Odyssey and Exide.