Wilmington, Delaware, United States, Sept. 26, 2023 (GLOBE NEWSWIRE) -- The Automotive Battery market was estimated to have acquired US$ 45 billion in 2020. It is anticipated to register a 5.70% CAGR from 2021 to 2031 and by 2031; the market is likely to gain US$ 82.80 billion.
The automotive battery market is experiencing a dynamic transformation driven by several key factors. The foremost driver is the increasing demand for electric vehicles (EVs), fueled by environmental concerns and stringent emission regulations worldwide. Lithium-ion batteries have emerged as the dominant technology, offering higher energy density and longer ranges.
Innovations are shaping the market, with a notable focus on solid-state batteries, promising improved safety and energy efficiency. As EVs become more accessible and affordable, consumer awareness is growing, amplifying market opportunities.
Sustainability and circular economy initiatives are gaining traction, with a growing emphasis on battery recycling and second-life applications. The industry is witnessing significant investments in research and development to enhance battery performance and cost-effectiveness.
Collaborations between automakers and battery manufacturers are becoming more prevalent, accelerating technological advancements. The automotive battery market is on an exciting trajectory, with sustainability, innovation, and electrification as its guiding trends.
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Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | US$ 45 Bn | |
| Estimated Revenue | US$ 82.80 Bn | |
| Growth Rate - CAGR | 5.70% | |
| Forecast Period | 2021-2031 | |
| No. of Pages | 200 Pages | |
| Market Segmentation | By Type, Propulsion, Vehicle Type, Sales Channel | |
| Regions Covered | North America, Latin America, Europe, Asia Pacific, Middle East & Africa | |
| Companies Covered | Leoch International Tech, Furukawa Electric Co. Ltd., Hitachi Ltd., Haldex Incorporated, Exide Industries Limited, Panasonic Corporation, CATL, GS Yuasa, LG Chem, Samsung SDI, SK Innovation and Others | |
Key Findings of the Market Report
- R&D investments focus on battery performance and cost reduction.
- EV affordability drives consumer awareness and adoption.
- Battery range and efficiency improvements are ongoing priorities.
- Battery safety enhancements remain a key research area.
- Asia-Pacific leads in EV production and battery manufacturing.
- Government incentives and regulations impact market growth.
Market Trends for Automotive Batteries
- Emerging from cutting-edge quantum physics research, quantum batteries hold potential to revolutionize the automotive industry. These batteries leverage quantum mechanical principles to store energy more efficiently and charge rapidly. While still in the experimental phase, their ability to offer higher energy densities and faster charging times may redefine the EV landscape.
- With sustainability at the forefront, researchers are exploring biodegradable battery materials. These batteries are designed to naturally degrade over time, reducing electronic waste and environmental impact. This trend aligns with growing eco-conscious consumer preferences and stringent environmental regulations.
- Silicon has garnered attention as a promising alternative to traditional graphite anodes. Silicon anode batteries can offer significantly higher energy capacities, extending EV ranges. Ongoing advancements in silicon anode technology could lead to more powerful and efficient electric vehicles, addressing one of the key limitations of current battery tech.
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Market for Automotive Batteries: Regional Outlook
The global market for automotive batteries is not only characterized by its rapid growth but also by distinct regional variations that shape its trajectory. Here's a snapshot of the regional outlook in this dynamic market:
- Asia-Pacific reigns as the epicentre of automotive battery production and consumption. With major automakers and battery manufacturers based in countries like China, Japan, and South Korea, this region dominates the market. Government incentives, strong demand for electric vehicles and the presence of key players make Asia-Pacific a driving force in the industry.
- North America is witnessing a surge in electric vehicle adoption, driven by consumer demand, environmental awareness, and regulatory support. The United States and Canada are experiencing a growing infrastructure for EVs and battery manufacturing facilities, positioning the region as a key player in the automotive battery market.
- Europe is undergoing a rapid transition toward green mobility. Stringent emissions standards and ambitious sustainability goals are boosting the demand for electric vehicles. European countries are fostering innovation in battery technology and investing in charging infrastructure, positioning themselves as leaders in the market.
Global Automotive Battery Market: Key Players
The competitive landscape in the automotive battery market is fierce, with major players like Panasonic, LG Chem, and CATL dominating, while newcomers and startups focus on niche innovations and regional markets. The following companies are well-known participants in the global Automotive Battery market:
- Leoch International Tech
- Furukawa Electric Co. Ltd.
- Hitachi Ltd.
- Haldex Incorporated
- Exide Industries Limited
- Panasonic Corporation
- CATL
- GS Yuasa
- LG Chem
- Samsung SDI
- SK Innovation
Key developments in the global Automotive Battery market are:
- In May 2023, Hitachi India collaborates with NASH INDUSTRIES, known for precision metal solutions, to provide Brushless DC motor controllers using integrated single-chip ICs from Hitachi Power Semiconductor Device, Japan.
- In June 2023, Samsung SDI achieved a significant milestone, becoming the inaugural lithium battery manufacturer to attain carbon footprint labels, awarded by Carbon Trust.
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Global Automotive Battery Market Segmentation
Type
- Lithium Ion
- Sealed Lead Acid
- Nickel-Metal Hydride
- Nickel-Cadmium
Propulsion
- Internal Combustion Engine
- Gasoline
- Diesel
- Electric
- Battery Electric
- Hybrid Electric
Vehicle Type
- Passenger Vehicle
- Light Commercial Vehicle
- Heavy Duty Trucks
- Bus & Coaches
- Two Wheeler Vehicle
Sales Channel
- OEM
- Aftermarket
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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