Automotive Batteries Market: Current Analysis and Forecast (2022-2028)

Report Description

The global automotive batteries market is expected to grow at a significant rate of around 5% during the forecast period. 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.

Exide Technologies, GS Yuasa Corporation, Panasonic Corporation, LG Chem, A123 Systems, East Penn Manufacturing Company, Robert Bosch Gm BH, Hitachi Group Ltd., Samsung SDI CO. LTD, and BYD Company.

Insights Presented in the Report

“Amongst battery type, lithium-ion category to witness robust CAGR during the forecast period”

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.

“Amongst sales channel, aftermarket segment to hold a significant share in the market in 2020”

Based on sales channel, the automotive batteries market is bifurcated into OEM and aftermarket. Aftermarket caters considerable share of the market. As automotive batteries are subjected to continuous drainage. Though these batteries have long replacement cycles, continuous growth in aging vehicle fleets still offers significant growth opportunities for vendors in the automotive battery aftermarket.

“North America to hold a significant share in the market”

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.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global Automotive batteries market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Automotive batteries Market Analysis (2022-2028)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global Automotive batteries market were the three major steps undertaken to create and analyze the adoption of Automotive batteries in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Automotive batteries market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the Automotive batteries market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Automotive batteries market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as battery type, vehicle type, drive type, and sales channel. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Automotive batteries market. Further, we conducted factor analysis using dependent and independent variables such as various battery type, vehicle type, drive type, and sales channel. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Automotive batteries market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global automotive batteries market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2027 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the Automotive batteries market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global Automotive batteries market in terms of the product offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Automotive batteries market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of battery type, vehicle type, drive type, and sales channel in the global Automotive batteries market.

The main objective of the Global Automotive batteries Market Study

The current & future market trends of the global Automotive batteries market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the Automotive batteries market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of battery type, vehicle type, drive type, and sales channel.
• Define and analysis of the regulatory framework for the Automotive batteries
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the Automotive batteries market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
• Company profiles of the Automotive batteries market and the growth strategies adopted by the market players to sustain in the fast-growing market

Deep dive regional level analysis of the industry

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