Explore Industry Insights in Global Automotive Battery Market Size, Share, Development, Growth and Demand Forecast to 2023

Battery pack is the most essential element for any automotive vehicle. It stores electricity, which is used for the initial ignition of the vehicle engine. Due to the rapid growth in sales of electric buses and other automotive vehicles, the automotive battery market has also gained pace, because of the large-sized batteries required in the automotive vehicles.

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An electric vehicle battery or traction battery is a battery used to power the propulsion of battery electric vehicles. Vehicle batteries are usually secondary or rechargeable batteries. The application of traction batteries are in the sectors including electric transportation vehicles, electric commercial and private vehicles, and electric goods carrier vehicles.

A battery module consists of battery cells, sensors, battery management system (BMS) and contactors enclosed in a casing. A battery cell consists of electrodes, separators and electrolyte. The types of batteries used include lead-acid, nickel metal hydride, lithium ion, zinc-air, and molten salt. Lithium ion battery is the most commonly used rechargeable battery.

The decreasing crude oil reserves and environmental impact of the conventional vehicles are the major factors driving the growth of the automotive battery market. With the decreasing crude reserves, the demand for economical transportation technologies has attracted investment in this market. The government of major countries have encouraged adoption of hybrid vehicles that utilize the electric battery. The stringent environmental regulations in the European Union have encouraged the use of battery run vehicles. These factors are expected to create growth opportunities for the automotive battery market.

Battery is a major factor that determines the cost and range of the battery driven automotive vehicle. Due to the high cost of the batteries, the overall cost of the vehicle is also high and it acts as a hindrance for electric vehicle market but only the initial purchase cost is high, as the vehicles uses electricity to give them power and the cost required to operate an electric vehicle is considerably much lower than that of the liquid fuel to generate an equivalent amount of energy.

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Some of the major automotive battery manufacturers include Kokam, BYD, Toshiba, LG Chem Power, Sanyo, Li-tec Battery GmbH, Johnson Controls, among others.

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