Rockville, MD, Sept. 05, 2024 (GLOBE NEWSWIRE) -- According to the newly published report by Fact.MR, a market research and competitive intelligence provider, the global automotive battery market is evaluated to reach US$ 52.71 billion in 2024 and the market is further forecasted to rise at a CAGR of 6.1% between 2024 and 2034.
The market for electric vehicles (EVs) is growing at a steady rate, and hybrid technology adoption is also driving up demand for automotive batteries globally. The automobile industry is moving toward electrification as several countries are looking for more environment-friendly ways to tackle climate change, which is increasing the need for high-performance batteries.
Advanced batteries are being used in traditional car start-stop systems, which enhance fuel economy and lower emissions, in addition to electric vehicles. Since these systems need reliable power sources, the emergence of connected automobile features and autonomous driving technology also adds to the rising need for batteries.
Similarly, new opportunities for automotive batteries in energy storage applications are being created by the combination of renewable energy systems and vehicle-to-grid (V2G) technology. This adaptability, together with falling battery prices and enhancing performance, is driving the automotive battery industry to new heights in several geographical areas and establishing it as an essential part of the energy and transportation systems of the future.
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Key Takeaways from Market Study
- The global automotive battery market is projected to reach a valuation of US$ 95.29 billion by the end of 2034.
- North America is evaluated to account for a 2% share of the global market by 2034.
- The East Asian market for automotive batteries is analyzed to expand at a CAGR of 6% from 2024 to 2034.
- Sales of automotive batteries in Mexico are forecasted to rise at a CAGR of 4% through 2034.
- Japan is calculated to account for a market share of 9% in East Asia by 2034.
- Sales of lead-acid batteries are calculated to rise at a CAGR of 7% from 2024 to 2034.
“Enhanced performance and improved fuel efficiency are stimulating customers to invest in automotive batteries worldwide,” says a Fact.MR analyst.
Leading Players Driving Innovation in the Automotive Battery Market:
Key players in the automotive battery market are Autonomous Tractor Corporation, Trimble Inc., Bear Flag Robotics, AGCO Corporation, Raven Industries (Applied Technology), CNH Industrial N.V., AG Leader Technology, Inc., Yanmar Holdings Co., Ltd., Agjunction, Inc., Kubota Corporation, NovAtel Inc. (Hexagon), Iseki & Co., Ltd., Zimeno Inc. (Monarch Tractor), Deere & Company, Mahindra & Mahindra, Autonomous Solutions, Inc., Escorts Limited.
New Improvements in Solid-State Batteries Interesting Customers to Purchase Automotive Batteries:
Solid-state batteries are attracting interest from manufacturers and customers alike because of their potential for increased safety, faster charging times, and better energy density. Key issues with electric vehicles, such as range anxiety and charging time, are addressed by these developments. Long-term improvements in battery life and overall performance are being facilitated by advancements in battery management systems, which will eventually make electric vehicles more dependable and affordable. The development of lithium-sulfur batteries with silicon anodes presents the possibility of higher energy storage capacity at reduced prices.
Advancements in rapid charging technologies are increasing the practicality of electric vehicles for daily usage. In certain areas, battery-switching stations have become popular and offer a rapid option for "refueling." The adoption of electric vehicles and battery sales are surging globally with these advancements, which are also lowering production costs and raising consumer awareness of environmental issues.
Automotive Battery Industry News:
- With an initial expenditure of USD 2.3 billion, Morocco announced in March 2024 that it will establish its first industrial zone dedicated to the production of batteries for electric vehicles. The 283-hectare industrial zone is also expected to attract investments from businesses, such as the Chinese firm CNGR and the Moroccan-based African private investment fund Al Mada.
- February 2024: JSW Group plans to establish facilities for the production of batteries and electric vehicles in Odisha with an investment of USD 4.82 billion. In November, the company formed a joint venture with SAIC Motor of China with the aim of competing against both domestic and international players in India's growing electric vehicle market.
- Exide Industries announced in May 2022 that it would invest USD 773.43 million to build a gigawatt-scale SVOLT lithium-ion facility. During the following three to four years, the facility started up. Six gigawatt-hours (GWh) are its initial production capacity; for the next eight to ten years, an extension to twelve GWh is anticipated.
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the automotive battery market for 2019 to 2023 and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on battery type (lead acid, lithium ion, nickel metal hydride), vehicle type (internal combustion engines, electric & hybrid vehicles), vehicle category (passenger cars, commercial vehicles), and sales channel (OEMs, aftermarket), across seven major regions of the world (North America, Western Europe, Eastern Europe, East Asia, Latin America, South Asia & Pacific, and MEA).
Check out More Related Studies Published by Fact.MR:
Automotive Lead Acid Battery Market: Size is reach US$ 26.93 billion in 2022, according to the latest market study by Fact. MR. Over the projection period (2023 to 2033), worldwide sales of lead acid batteries are predicted to rise at 5.1% CAGR to amount to US$ 46.54 billion by 2033-end.
Electric Vehicle (EV) Battery Market: Size is projected to expand at a prolific CAGR of 18.5% and reach a valuation of US$ 347 billion by the end of 2033, up from US$ 63.55 billion in 2023.
Motorcycle Accessory Market: Size is poised to reach US$ 8.81 billion in 2024. The market has been projected to expand at a CAGR of 3.6% and reach a valuation of US$ 21.05 billion by the end of 2034.
Heavy Duty Truck Market: Size is evaluated at US$ 194.82 billion in 2024. According to projections by Fact.MR in its latest market study, worldwide sales of heavy-duty trucks are forecasted to increase at a CAGR of 4.6% and reach US$ 305.46 billion by 2034-end.
Third-Party Logistics Market: Size has been valued at US$ 1.2 billion in 2024, as revealed in the recently updated industry report by Fact.MR. Worldwide demand for 3PL logistics solutions is projected to reach a market value of US$ 2.5 billion by 2034, registering a CAGR of 7.6% from 2024 to 2034.
Autonomous Farm Equipment Market: Size is expected to grow at a compound annual growth rate (CAGR) of 15.3% over the next ten years, from a value of US$ 1.1 billion in 2024 to US$ 4.59 billion by 2034.
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