New York, Aug. 07, 2023 (GLOBE NEWSWIRE) -- According to Persistence Market Research, the Automotive Battery Market revenue totalled US$ 860.8 Million for 2022 and is expected to reach US$ 1.87 Billion by 2033, growing at a CAGR of 7.4% from 2023 to 2033. The growth of the market is driven by the increasing adoption of electric vehicles (EVs) in the region.
The automotive battery market in Australia and New Zealand has experienced steady growth in recent years, driven by factors such as the increasing sales of electric vehicles (EVs) and hybrid vehicles, government initiatives promoting green transportation, and the rising demand for reliable energy storage solutions.
The automotive battery industry in this region is witnessing significant investments in research and development to improve battery efficiency, reduce costs, and enhance overall performance. This report provides a comprehensive analysis of the automotive battery market in Australia and New Zealand, focusing on key trends, drivers, challenges, and opportunities shaping the industry.
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Introduction
Automotive batteries are essential components in both traditional internal combustion engine vehicles and modern electric and hybrid vehicles. They provide the necessary electrical energy to start the engine, power various vehicle systems, and support advanced features in electric and hybrid vehicles.
As the automotive industry undergoes a transformative shift towards electrification, the demand for advanced automotive batteries in Australia and New Zealand is expected to rise significantly.
Market Overview
The Australia and New Zealand automotive battery market has witnessed substantial growth due to several factors, including:
- Rising Electric Vehicle Adoption: The increasing adoption of electric vehicles in Australia and New Zealand, driven by government incentives and growing environmental consciousness, has fueled the demand for automotive batteries.
- Supportive Government Policies: Government initiatives promoting the development of EV charging infrastructure and green transportation have encouraged consumers to embrace electric and hybrid vehicles, further boosting the automotive battery market.
- Advancements in Battery Technology: Ongoing research and development in battery technology have led to improvements in energy density, charging speed, and overall battery performance, making EVs more attractive to consumers.
- Growing Demand for Sustainable Solutions: The increasing awareness of environmental issues and the need for sustainable transportation has led to a shift towards electric and hybrid vehicles, driving the demand for automotive batteries.
Future Outlook
The Australia and New Zealand automotive battery market are expected to witness continued growth in the coming years. Factors such as government support for clean transportation, technological advancements, and increasing consumer acceptance of electric vehicles will drive market expansion.
In conclusion, the automotive battery market in Australia and New Zealand plays a critical role in the region's transition towards sustainable transportation. The industry's future will be shaped by advancements in battery technology, government policies, and collaborative efforts to build a robust and eco-friendly automotive ecosystem.
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Competitive Landscape
The Australia and New Zealand automotive battery market are competitive, with both domestic and international players vying for market share. Major players in the industry include:
- GS Yuasa Corporation.
- Exide Technologies
- East Penn Manufacturing Company
- Clarios Delkor Corporation
- ENERSYS
- Panasonic Corp.
- Supercharge Batteries
- Hankook AtlasBX Co. Ltd.
- FIAMM Energy Technology S.p.A.
- Marshall Batteries
Recent Developments
- LG Energy Solution (2023): LG Energy Solution announced that it will invest AUD 1.4 billion to build a new battery factory in Queensland, Australia. The factory is expected to start production in 2025 and will have a capacity of 10 GWh per year.
- Panasonic (2022): Panasonic announced that it will invest AUD 1.8 billion to expand its battery production capacity in Australia. The expansion is expected to be completed in 2023 and will increase the company's battery production capacity in Australia to 5 GWh per year.
- Tesla (2022): Tesla announced that it will start construction of a new battery factory in New South Wales, Australia. The factory is expected to start production in 2024 and will have a capacity of 50 GWh per year.
- Toyota (2022): Toyota announced that it will invest AUD 100 million to build a new battery research and development facility in Victoria, Australia. The facility is expected to be completed in 2023 and will focus on the development of next-generation battery technologies.
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Market Segmentation
The Australia and New Zealand automotive battery market can be segmented based on various factors:
- Battery Type: The market comprises traditional lead-acid batteries used in internal combustion engine vehicles and advanced lithium-ion batteries used in electric and hybrid vehicles.
- Vehicle Type: Segmentation can be done based on the type of vehicles that use automotive batteries, including passenger cars, commercial vehicles, and two-wheelers.
- Geographical Regions: The market can be divided into regions such as Australia and New Zealand, each with its unique market dynamics and regulatory environment.
Challenges and Opportunities
The Australia and New Zealand automotive battery market face some challenges:
- Infrastructure Development: The lack of a comprehensive EV charging infrastructure in some regions may hinder the widespread adoption of electric vehicles.
- High Initial Costs: The relatively higher upfront costs of electric vehicles and advanced automotive batteries might deter price-sensitive consumers.
Opportunities for the automotive battery market include:
- Collaboration and Investments: Strategic partnerships and investments in battery manufacturing facilities and research can drive technological advancements and cost reduction.
- Government Support: Continued government support through incentives, subsidies, and infrastructure development can boost electric vehicle adoption and automotive battery demand.
About PMR – Automotive and Transportation
The Automotive and Transportation division of PMR provides exclusive coverage and actionable insights about the automotive and transportation industry encompassing the automotive, aviation, shipping and marine, and railway sectors. Market findings and competition intelligence of OEM, aftermarket, services, and technology landscape have helped numerous industry stakeholders’ right from automakers, component manufacturers, channel partners, and service providers in taking informed decisions and keeping them up-to-date with market behavior.
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