Pune, India, Sept. 21, 2022 (GLOBE NEWSWIRE) -- According latest report published by Fortune Business Insights, the global automotive battery market size is projected to grow at CAGR of 5.5% and reach USD 65.62 Billion in 2028 from USD 45.10 Billion in 2021 during forecast period of 2022 to 2028. The automotive battery market size was valued at around USD 43.32 billion in 2020. This vital information is presented by Fortune Business Insights™, in its report, titled, “Automotive Battery Market, 2021-2028.”
According to analysis the factors to drive the growth of market during forecast period are soaring demand for automotive batteries along with the preference for battery-powered electric vehicles will provide lucrative growth opportunities. Besides, investments in electric vehicles (EVs) will complement the growth of e-mobility. Investments in EVs to bolster growth potentials.
Automotive Battery Industry Developments:
May 2021 - Ford announced forming a new joint venture with SK Innovation to ramp up North America battery deliveries.
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Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast Period 2021 to 2028 CAGR | 5.5% |
| 2028 Value Projection | USD 65.62 Billion |
| Base Year | 2020 |
| Market Size in 2021 | USD 45.10 Billion |
| Historical Data for | 2017-2019 |
| No. of Pages | 200 |
| Segments covered | Type, Vehicle Type, Engine Type, and Region are Studied |
| Growth Drivers | Asia Pacific to Witness Profound Investments with Rising Automotive Sales |
| Investments in EVs to Provide Compelling Growth Opportunities |
Regional Insights
Asia Pacific to Witness Profound Investments with Rising Automotive Sales
Emerging economies are expected to provide revenue-boosting opportunities on the back of soaring automotive production in China. According to the International Organization of Motor Vehicle Manufacturers (OICA), China sold around 25 million vehicles in 2020. Furthermore, expanding penetration of EVs, along with the availability of raw materials, will drive regional growth. The Asia Pacific market size surpassed USD 22.92 billion in 2020 and will witness a similar growth trajectory during the forecast period.
Stakeholders are expected to further their investments in Europe in the wake of the adoption of electric vehicles across advanced economies. Moreover, rigorous regulations and norms will compel automakers to inject funds into the battery component. Watchdogs, such as the EU, are promoting the use of the lithium-ion batteries, thereby augmenting the industry outlook.
North America is expected to emerge as a happy hunting ground following the adoption of EVs and technological advancements. In addition, the presence of leading companies, such as General Motors and Tesla, has furthered the demand for batteries. Sales of commercial vehicles, along with the rising footfall of lead-acid batteries, will foster the North America automotive battery market share.
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Market Drivers
Investments in EVs to Provide Compelling Growth Opportunities
Industry players are expected to increase their investments in EVs with the growing prominence of emission-free battery and hybrid electric vehicles. Besides, technological advancements have encouraged leading companies to bolster their penetration across untapped areas. Notably, the prevalence of fast automotive battery chargers for improved batter performance will bode well for the global automotive battery market growth.
Furthermore, the rising electrification of commercial vehicles across advanced economies will further drive industry growth. Stakeholders are also expected to up their production on the back of robust government policies to adopt EVs. However, the low penetration of electromobility in emerging economies could dent the business.
Competitive Landscape
Industry Participants to Invest in Joint Ventures to Gain a Competitive Edge
The market's competitive scenario suggests that prominent companies could focus on organic and inorganic strategies such as technological advancements, mergers & acquisitions, product launches, and R&D activities.
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COVID-19 Impact
Dip in Automotive Production Amidst Pandemic to Mar Industry Growth
A plunge in automotive production as well as the shutdown of transportation services has led to disruption in the industry. Prominently, halt in the production of vehicular batteries did not support the global market outlook. However, ease of restrictions and robust government policies could trigger the sales of the batteries.
Companies Profiled in the Automotive Battery Market Research Report:
- EXIDE INDUSTRIES LTD. (India)
- Panasonic Corporation (Japan)
- LG Chem (South Korea)
- GS Yuasa International Ltd. (Japan)
- Robert Bosch GmbH. (Germany)
- Hitachi Group Ltd (Japan)
- Contemporary Amperex Technology Co. Limited (China)
- A123 Systems (U.S.)
- SAMSUNG SDI CO. LTD (South Korea)
- BYD Company Ltd. (China)
- East Penn Manufacturing Company (U.S.)
- Exide Technologies (U.S.)
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Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Porter’s Five Forces Analysis
- SWOT Analysis
- Technological Developments
- Distribution of Automotive Battery Market - In Value
- Impact of COVID-19
- Global Automotive Battery Market Analysis, Insights and Forecast, 2017-2028
Continued…
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