Press release
Automotive Battery Market - Booming Segments; Investors Seeking Growth 2021 -2031
Rising focus on research & development and investments in the automotive industry for electric vehicles, growing demand for electric vehicles among consumers, surging trend of vehicle electrification in the automobile industry, government regulations on emissions, and increasing fuel-efficiency are prominent factors driving the demand for automotive battery.Research Report- https://www.transparencymarketresearch.com/automotive-battery-market.html
The demand for automotive batteries has been increasing consistently due the advent of electric and hybrid vehicles for the last few years.
The global automotive battery market was valued at US$ 45 Bn in 2020. It is estimated to expand at a CAGR of 5.70% from 2021 to 2031. The global automotive battery market is expected to exceed the value of US$ 82.80 Bn by the end of 2031.
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Drivers of Automotive Battery Market
Key factors fueling the demand for lead acid battery include initiatives undertaken to introduce green energy solutions in the automotive industry. Manufacturing companies of automotive battery are focusing on expansion of their production and distribution capacities in various countries. Some companies are collaborating directly with regional manufacturers to improve their industrial research activities. All these factors are anticipated to drive the automotive battery market.
Increase in disposable income of individuals and stable economic structure of countries have propelled the demand for vehicles, thereby boosting production levels, which, in turn, is fueling the demand for automotive battery.
Furthermore, on-demand mobility, introduction of ultra-batteries in the energy storage segment, and development of advanced energy storage modules for the automobile industry are key factors driving automotive production as well as the consumption of batteries.
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Segmentation of Automotive Battery Market
The global automotive battery market has been segmented based on type, propulsion, vehicle type, sales channel, and region
Based on propulsion, the global automotive market has been segmented into IC engine and electric. The IC engine segment dominated the automotive battery market, in terms of volume, in 2020. The electric segment is projected to expand at a notable pace, which is likely to enhance the use of automotive battery. Electric vehicles are projected to dominate the market during the forecast period due to the enactment of stringent emission norms across the globe, which, in turn, is estimated to fuel the automotive battery market during the forecast period.
Based on vehicle type, the passenger vehicle segment dominated the global automotive battery market. Rise in sale of passenger vehicles across the globe is projected to drive the market. Increase in purchase capacity of consumers across the globe is likely to increase the sale of vehicle, which, in turn, is anticipated to fuel the automotive battery market.
Automotive Battery Market: Regional Analysis
Based on region, the global automotive battery market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
Europe and Asia Pacific held a major share of the global automotive battery market, in terms of revenue, in 2020, as these regions are home to major vehicle manufacturers and tier-1 suppliers who have advanced research and development facilities that help enhance the use of automotive battery
Rapid expansion of small- and medium-scale industries across the globe is estimated to boost the automotive battery market. Surge in the number of startups across developing countries in Asia Pacific is likely to offer opportunities for the automotive battery market in Asia Pacific.
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Automotive Battery Market: Competition Landscape
Key players operating in the global automotive battery market include
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
Major players operating in global automotive battery market are focusing on expansion of their market share by engaging in collaborations, partnerships, and mergers & acquisition. In December 2020, LG Chem Ltd planned to more than double the production capacity of battery cells it makes in China for Tesla Inc. electric vehicles (EV) in 2021, in order to keep up with its U.S.-based client's expansion in the biggest car market.
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