USD 48.22 Billion
Report ID:
SQMIG25A2333 |
Region:
Global |
Published Date: November, 2024
Pages:
220
|Tables:
100
|Figures:
71
Global Automotive Battery Market size was valued at USD 63 billion in 2022 and is poised to grow from USD 66.9 billion in 2023 to USD 109.1 billion by 2031, growing at a CAGR of 6.3% during the forecast period (2024-2031).
Ongoing research and development efforts were focused on improving batteries, increasing efficiency, and reducing costs. This improvement was aimed at addressing both battery range, charging time and durability concerns.
The global automotive battery market has faced raw material availability challenges, especially for lithium and cobalt. Furthermore, geopolitical conflicts and trade policies have affected the availability and prices of these vital resources. Entrants in the automotive battery industry faced increased competition from new entrants, including technology companies and start-ups focused on battery technology This fierce competition led to new factors encouraged partnership and collaboration throughout the project. Government subsidies, tax incentives, and regulations aimed at reducing greenhouse gas emissions and promoting clean energy solutions continued to shape the automotive battery market and so these systems influenced customer purchasing decisions and OEM strategies.
Global Market Size
USD 48.22 Billion
Largest Segment
Lithium-ion
Fastest Growth
Lead-acid
Growth Rate
9.7% CAGR
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Global Automotive Battery Market is segmented by Type, Function, Engine Type, Vehicle Type and region. Based on Type, the market is segmented into Lead Acid, Lithium-Ion, Nickel Metal Hydride. Based on function, the market is segmented into Ignition, Lighting, Electric Propulsion, Start. Based on Engine Type, the market is segmented into Electric Vehicle Internal, Combustion Engine. Based on Vehicle Type, the market is segmented into Passenger Cars, Heavy Commercial Vehicles (HCV), Light Commercial Vehicles (LCV). Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Analysis by Battery
The lithium-ion segment will be dominating the market CAGR of 8.6% during the forecast period. Declining lithium-ion battery prices, technological advancements and mass production are expected to fuel the growth of the segments during the forecast period. Furthermore, government initiatives to promote e-mobility adoption are on the rise by providing financial incentives and stricter standards and regulations. Demand for batteries is expected to fuel. For example, the European Union has implemented emission regulations such as Euro 5 and Euro 6 across Europe to reduce carbon emissions. Moreover, electric cars cost less compared to conventional cars. So higher fossil fuel prices make consumers more attracted to electric cars.
The lead-acid segment accounted for the largest market share of 51.79% by 2020. Lead-acid batteries are widely accepted in conventional vehicles. Thus, the number of conventional vehicles in the world is driving the growth of this segment. For example, according to the International Energy Agency (IEA), conventional vehicles will account for 97.4% of global vehicle sales by 2019. The increasing presence of lead batteries in the aftermarket channel influences the growth of the segment. Apart from that, lead-acid batteries are also used to drive other power loads of electric vehicles, such as electronic devices and sensors used in vehicles so it is expected that electricity consumption an increasing growth will also provide significant revenue growth opportunities for the segment over the forecast period.
Analysis by Engine Type
The IC engine segment accounted for the largest market share by 2020 owing to the increasing sales of automobiles across the globe. The widespread availability and relatively low cost of IC engine vehicles compared to electric vehicles is expected to drive global adoption. Moreover, the high demand for IC engine vehicles in countries with limited EV penetration like India is expected to be the demand for IC engines in heavy vehicles, such as heavy trucks and passenger cars will drive future growth of the segment.
The electric vehicle segment is expected to show the fastest CAGR in the coming years. With increasing demand for electricity transmission due to environmental concerns, fuel due to increasing mineral prices are the major drivers of growth in this sector. Besides, falling lithium-ion battery prices and government initiatives to provide financial support for EV adoption are expected to boost this segment in the coming period. The manufacturer’s focus on diversifying its vehicle offerings to make it emission-free in exchange for early revenue opportunities in mobility solutions will positively impact the segment.
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Asia Pacific is the dominating region in the global automotive battery market. The growth is driven by rapid expansion in the use of electronic devices and automotive industries especially in emerging countries such as China and India. Increasing urbanization, increasing disposable income, growing awareness in energy, a sustainable solution is the demand for batteries, so batteries, in Asia Pacific. Aside from packaging and incentives, the authorities’ initiatives and incentives for adoption of electric vehicles also contribute to this growth trajectory.
North America is the fastest growing segment in the global automotive battery market. This dominance can be attributed to the widespread adoption of advanced battery technologies, especially in electric vehicles and renewable energy. North America’s robust manufacturing and technology infrastructure, with strong safety guidelines density has led to calls for advanced packaging for batteries.
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Drivers
Technological Advancements in Automobile Industry
Increasing Adoption of Electric Vehicles (EVs)
Restraints
Compliance Challenges
Supply Chain Disruption
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The competitive scenario of the global automotive battery market is characterized by various companies competing for market share These companies are based on factors such as product quality, innovation, cost and factors a competes on environmental sustainability. As demand for batteries increases in sectors such as automotive, utility, and renewable energy, competition intensifies. Marketers focus on R&D efforts if products advanced packaging is used to meet evolving industry standards and address environmental concerns. In addition, partnerships and collaborations between competitors are common strategies to expand their markets and cater to a wider customer base.
Top Player’s Company Profiles
Recent Developments
Rising Emphasis on Sustainability in Automotive Battery
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
The global automotive battery market was characterized by rapid technological development, increased demand driven by EV adoption, supply chain challenges, fierce competition, government policies pushing for sustainable transportation solutions encouraged with these developments reshaped the industry landscape and allowed companies to innovate and adapt to emerging trends and consumer preferences. Entrants in the automotive battery industry faced increased competition from new entrants, including technology companies and start-ups focused on battery technology This fierce competition led to new factors encouraged partnership and collaboration throughout the project.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 63 billion |
Market size value in 2031 | USD 109.1 billion |
Growth Rate | 6.3% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Automotive Battery Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Automotive Battery Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Automotive Battery Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Automotive Battery Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIG25A2333
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