New York, US, May 11, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Report by MRFR/Market Research Future (MRFR), “Automotive Battery Market Research Report Information by Engine Type, Vehicle Type, Region, Function, and Type - Forecast Till 2030”, the global Automotive battery market is predicted to bolter substantially during the review era from 2022 to 2030 at a substantial growth rate of around 6.57%. The reports further predict the market will acquire nearly USD 103.35 Billion by the end of 2030. As per the documents, the Automotive battery market was valued at nearly USD 66.2 Billion in 2022.
Automotive Battery Market Overview:
A lithium-ion battery can offer applications that demand high-energy density solutions, such as electric & hybrid automobiles. The global Automotive battery industry has lately demonstrated immense development. The primary parameter causing a surge in the performance of the market is the escalating demand of end users for zero-emission hybrid and electric vehicles, given the environmental effects of conventional automobiles, reducing crude oil reserves and falling battery prices. Furthermore, the rise in the global battery production capacity has assisted in achieving economies of scale in the automotive battery industry is also considered to be one of the crucial parameters supporting the development of the market over the coming years.
Competitive Analysis
The listing of the prominent leaders across the global market for Automotive batteries includes players such as:
- Exide
- Robert Bosch Gm BH
- GS Yuasa
- East Penn Manufacturing Company
- Panasonic
- A123 Systems
- LG Chem
- EnerSys
- Among others.
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Automotive Battery Market USP Covered
Market Drivers
The global Automotive battery industry has lately demonstrated immense development. The primary parameter causing a surge in the performance of the market is the escalating demand of end users for zero-emission hybrid and electric vehicles, given the environmental effects of conventional automobiles, reducing crude oil reserves and falling battery prices. Furthermore, the rise in the global battery production capacity has assisted in achieving economies of scale in the automotive battery industry is also considered to be one of the crucial parameters supporting the development of the market over the coming years. Moreover, escalating demand for lithium-ion batteries will boost the market's growth over the review timeframe. In addition, the factors such as increasing vehicle economies, stringent fuel efficiency norms, increasing demand for electric vehicles, and numerous government initiatives are also projected to influence the development of the market over the review timeframe.
Market Restraints
On the contrary, some parameters may restrict the market's development. The main parameter limiting the market's development is the high costs associated.
Report Scope:
| Report Metrics | Details |
| Market Size 2032 | 2030: USD 103.348 Billion 2032: Significant Value |
| CAGR during 2023-2032 | 6.57% CAGR |
| Base Year | 2021 |
| Forecast | 2023-2032 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Vehicle Type, type, Function, Engine Type, and Region |
| Key Market Opportunities | Increase in the adoption of streams that include the cars |
| Key Market Dynamics | Pollution – Free vehicles Government concerning environmental protection |
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COVID-19 Impact
The COVID-19 pandemic has had a massive impact on several industry areas worldwide. The Automotive battery market is no different than others. The market experienced a tremendous setback during the pandemic, given the halt of several industrial operations and manufacturing activities. However, with the world recovering from the impact caused by the global health hazard, the market is anticipated to grow considerably over the coming years.
Automotive Battery Market Segment Analysis
Among all the vehicle types, the passenger cars segment secured the top position across the global automotive battery market in 2021, given mainly to the growing sales of mid-range and premium passenger vehicles.
Among all the types, the lead-acid segment ensured the leading position across the global automotive battery market in 2021 mainly because of the increased reliability. They are widely utilized for SLI applications in conventional vehicles because of their low cost, higher cold-cranking performance, and simplicity in manufacturing.
Among all the functions, the electric propulsion segment led the global market and is anticipated to showcase a CAGR of over 28% over the assessment era.
Among all the engine types, the electric vehicle internal segment secured the global market in 2021, given factors such as increasing adoption, declining battery prices, and technological advancement.
Automotive Battery Market Regional Analysis
The global market for Automotive batteries is studied across five major parts: Asia-Pacific, Europe, North America, Latin America, and Middle & Africa.
The research reports by MRFR suggest that the North American region is anticipated to secure the top position across the global Automotive battery industry over the assessment period. The growing number of government efforts to lower carbon emissions by developing eco-friendly products is considered the vital aspect causing a surge in the regional market performance.
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The European regional market for the automotive battery is anticipated to ensure the second top globally over the review era. The main parameter supporting regional market development is the increasing end-user demand for zero-emission hybrid and electric vehicles. The region has Germany as the leading growth contributor with the largest revenue contribution. On the other hand, the UK is anticipated to showcase the highest growth rate over the coming years.
The Asia-Pacific regional market for the automotive battery is anticipated to showcase the maximum growth rate over the coming years. The main parameter supporting the development of the regional market is the high sales of commercial, motorcycles, and passenger vehicles across the region. Furthermore, the ongoing product developments by several companies to manufacture cost-efficient and high-performance vehicles are also predicted to enhance the performance of the regional market over the assessment era. The Chinese automotive battery market accounted for the region's highest revenue share. On the other hand, India is anticipated to demonstrate the maximum growth rate over the coming years.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
