NEW
YORK, July 3, 2024 /PRNewswire/ -- The
global automotive batteries market size is estimated to
grow by USD 119.8 billion from
2024-2028, according to Technavio. The market is estimated to grow
at a CAGR of over 19.75% during the forecast period. Rise in
sales of passenger cars is driving market growth, with a
trend towards growing demand for AGM batteries.
However, multiple limitations and short life cycle of
lead-acid batteries poses a challenge. Key market players include
A123 Systems LLC, Amara Raja Group, CLARIOS LLC, Crown Battery
Manufacturing Co., East Penn Manufacturing Co. Inc., EnerSys, Exide
Industries Ltd., Furukawa Electric Co. Ltd., GS Yuasa International
Ltd., HBL Power Systems Ltd., Hitachi Ltd., Leoch International
Technology Ltd., LG Corp., Montana Tech Components AG, Panasonic
Holdings Corp., Robert Bosch GmbH, Samsung SDI Co. Ltd., Shandong
Sacred Sun Power Sources Co. Ltd., Toshiba Corp., and TotalEnergies
SE.
Get a detailed analysis on regions, market
segments, customer landscape, and companies- View the
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Automotive Batteries
Market Scope
|
Report
Coverage
|
Details
|
Base year
|
2023
|
Historic
period
|
2018 - 2022
|
Forecast
period
|
2024-2028
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
19.75%
|
Market growth
2024-2028
|
USD 119.8
billion
|
Market
structure
|
Fragmented
|
YoY growth 2022-2023
(%)
|
17.09
|
Regional
analysis
|
APAC, North America,
Europe, South America, and Middle East and Africa
|
Performing market
contribution
|
APAC at 62%
|
Key
countries
|
China, US, Germany, and
India
|
Key companies
profiled
|
A123 Systems LLC, Amara
Raja Group, CLARIOS LLC, Crown Battery Manufacturing Co., East Penn
Manufacturing Co. Inc., EnerSys, Exide Industries Ltd., Furukawa
Electric Co. Ltd., GS Yuasa International Ltd., HBL Power Systems
Ltd., Hitachi Ltd., Leoch International Technology Ltd., LG Corp.,
Montana Tech Components AG, Panasonic Holdings Corp., Robert Bosch
GmbH, Samsung SDI Co. Ltd., Shandong Sacred Sun Power Sources Co.
Ltd., Toshiba Corp., and TotalEnergies SE
|
Market Driver
AGM batteries, utilized in aircraft since the 1980s, have gained
popularity due to their suitability for heavily
electrical-accessorized vehicles. Manufactured with fiberglass mat
separators, these batteries evenly distribute acid across plates,
ensuring better resistance during vibration and longer life. Their
slow discharge rate reduces the likelihood of spills, enhancing
safety. With a lifespan almost double that of conventional
batteries, superior recharging capability, and benefits for heavy
traffic regions, the demand for AGM batteries in the automotive
market is expected to increase significantly.
The Automotive Batteries market is experiencing significant
growth due to the increasing demand for electric and hybrid
vehicles. Advanced technologies such as lithium-ion and
nickel-metal hydride batteries are driving this trend. These
batteries offer longer battery life, higher energy density, and
faster charging times compared to traditional lead-acid batteries.
Additionally, governments worldwide are investing in renewable
energy and electric vehicles, further boosting the market.
Passenger cars and commercial vehicles are the major applications
for automotive batteries. Companies are focusing on research and
development to improve battery performance and reduce costs. The
future of the automotive batteries market looks bright with the
shift towards sustainable transportation solutions.
Research report provides comprehensive data on
impact of trend. For more details- Download a Sample
Report
Market Challenges
- The lead-acid battery, the first rechargeable battery for
commercial use, remains popular due to its affordability and
reliability. However, its limitations include heavy weight, reduced
durability compared to nickel and lithium-based systems, and
permanent capacity loss after full discharge. The battery's
lifespan is influenced by charge conditions and temperature, with
optimal functioning at 77 F. Elevated temperatures reduce battery
life. Additionally, lead-acid batteries have low energy density,
limiting their ability to be stored in a discharged state. These
factors contribute to premature battery failure and hinder market
growth.
- The Automotive Batteries market faces several challenges. The
use of electric and hybrid vehicles is increasing, requiring
advanced battery technology for longer driving ranges and faster
charging times. Consumers demand cost-effective and reliable
batteries, which can be a challenge for manufacturers due to the
high cost of raw materials and the need for continuous innovation.
Additionally, regulations on emissions and battery disposal add
complexity to the market. Proper management of the supply chain,
from raw material sourcing to recycling, is essential to meet
demand and mitigate risks. The market is competitive, with
companies constantly seeking to improve battery performance and
reduce costs. Collaboration and innovation will be key to
addressing these challenges and driving growth in the Automotive
Batteries market.
For more insights on driver and
challenges - Request a sample report!
Segment Overview
This automotive batteries market report extensively covers
market segmentation by
- Vehicle Type
- 1.1 Passenger cars
- 1.2 Commercial vehicles
- Channel
- Geography
- 3.1 APAC
- 3.2 North America
- 3.3 Europe
- 3.4 South America
- 3.5 Middle East and
Africa
1.1 Passenger cars- The automotive batteries market is
experiencing technological advancements due to emission
regulations, fuel efficiency standards, and consumer preferences.
Passenger cars utilize batteries for starting, interior
electronics, and electric vehicles. With the rise of high-voltage
systems and the shift towards electric vehicles, demand for
energy-efficient batteries will increase. By 2030, an estimated
2,700 GWh of lithium-ion batteries will be required annually. One
ton of lithium produces enough material for 90 EVs, but range
anxiety may increase the number of cells in battery packs. The
passenger vehicle segment will drive market growth as demand for
battery electric vehicles continues to rise.
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data
(2017-2021) - Download a Sample Report
Research Analysis
The Automotive Batteries Market encompasses electrochemical
devices designed to store and release electrical energy for various
applications in passenger vehicles. These batteries power the
starting motor for ignition systems, support the alternator for
voltage stabilization, and supply power to lights, radio, and
electrical accessories. With the shift towards sustainable
transportation, the market for Electric Vehicles (EVs) and Battery
Electric Vehicles (BEVs) is experiencing significant growth.
Consumer constraints, such as charging time and performance, are
being addressed through advancements in Lithium-ion batteries,
which offer higher energy density and longer charge-discharge
cycles. Urbanization and population growth are driving the demand
for vehicles, leading to increased focus on the durability and
maintenance requirements of automotive batteries across the SLI
(Starting, Lighting, Ignition) batteries segment.
Market Research Overview
The Automotive Batteries Market encompasses the production,
sales, and supply of batteries used in the automotive industry.
These batteries provide power to various vehicle systems, including
the starter motor, lighting, and other electrical components. The
market is driven by factors such as increasing vehicle production,
growing demand for electric and hybrid vehicles, and advancements
in battery technology. The market also faces challenges such as
price volatility of raw materials and increasing competition. The
market is segmented based on battery type, vehicle type, and
geography. Battery types include Lead-Acid, Nickel-Metal Hydride,
Lithium-Ion, and others. Vehicle types include Passenger Cars and
Commercial Vehicles. Geographically, the market is analyzed across
regions such as North America,
Europe, Asia Pacific, and the Rest of the World.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Vehicle Type
-
- Passenger Cars
- Commercial Vehicles
- Channel
-
- Geography
-
- APAC
- North America
- Europe
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com
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SOURCE Technavio