The global Automotive Batteries Market is expected to foresee significant growth. North America to lead the growth!
The Automotive Batteries Market is expected to grow at a CAGR of around 5% from 2021-2027. The automotive battery plays a very important role in any vehicle. It is a rechargeable battery used to provide electric current to the vehicle. These batteries are used for igniting and lighting vehicles. These batteries are also used to provide power to different accessories in the vehicles such as charging plugs, air conditioners, wipers, radio, etc. Due to the high demand for fossil fuels on the international markets together with the aggravation of environmental problems caused by an increased number of internal combustion engine vehicles, there is an increased interest in the research and development of batteries used in electric and hybrid vehicles.
Moreover, the growing consumer preference for pollution-free electric and hybrid vehicles and the increasing need for an ideal automotive battery that is capable of offering adequate reserve capacity which signifies the amount of electrical energy that the battery can deliver when it is fully charged are the major factors driving the automotive battery market.
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Based on battery type, the automotive batteries market is classified into lead-acid, lithium-ion, and others. The lithium-ion battery segment caters substantial share of the market. Falling prices of lithium-ion batteries, owing to technological advancement and mass production are expected to propel the segment growth over the forecast period. Additionally, government initiatives to increase e-mobility adoption by providing financial incentives and enforcing stringent norms & regulations are anticipated to fuel the demand for lithium-ion batteries worldwide.
Based on vehicle type, the automotive batteries market is bifurcated into passenger cars and commercial vehicles. Among these, the passenger car segment holds a significant share in the market. The rapidly growing passenger car electrification and the manufacturers’ initiatives to launch a premium range of passenger EVs to grab early revenue growth opportunities in the transforming automotive industry are anticipated to fuel the growth of the segment in the ensuing period.
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For a better understanding of the market adoption of the automotive batteries industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of Asia-Pacific), of World. North America is anticipated to grow at a substantial CAGR during the forecast period. This is mainly attributed to a large number of lead-acid battery manufacturers in the region coupled with strict norms to control environmental pollution. This has led to a huge demand for eco-friendly products including automotive batteries. This will help in the steady growth of the automotive battery industry in the North America.
Some of the major players operating in the market include Exide Technologies, GS Yuasa Internation, Panasonic Corporation, LG Chem, A123 Systems, East Penn Manufacturing Company, Robert Bosch Gm BH, Hitachi Group Ltd., Samsung SDI CO. LTD, and BYD Company.
Global Automotive batteries Market Segmentation
Market Insight, by Battery Type
Market Insight, by Vehicle Type
- Passenger Car
- Commercial Vehicle
Market Insight, by Drive Type
- IC Engines
- Electric Vehicles
Market Insight, by Sales Channel
Market Insight, by Region
- North America
- United States
- Rest of North America
- The United Kingdom
- Rest of Europe
- Rest of Asia-Pacific
- Rest of the World
Top Company Profiles
• Exide Technologies
• GS Yuasa International
• Panasonic Corporation
• LG Chem
• A123 Systems
• East Penn Manufacturing Company
• Robert Bosch Gm BH
• Hitachi Group Ltd.
• Samsung SDI CO. LTD
• BYD Company