Press release
Automotive Battery Market Size to Reach US$ 67 Billion by 2028 | Industry CAGR of 5.40%
Automotive Battery Market Research and Forecast Report 2023-2028
Report Highlights:
How big is the automotive battery market?
The global automotive battery market size reached US$ 48 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 67 Billion by 2028, exhibiting a growth rate (CAGR) of 5.40% during 2023-2028.
What is automotive battery?
An automotive battery serves as a crucial component designed for powering the electrical systems in vehicles, playing a vital role in their functioning. Typically, it consists of a plastic case that houses a series of cells, with each cell containing positive and negative plates crafted from lead and lead oxide and submerged in an electrolyte solution comprising sulfuric acid and water. The automotive battery has the capacity to store and supply energy as required, assuring optimal performance of the vehicle's electrical systems. It provides the essential power to initiate engine ignition, ensuring reliable starting. The automotive battery even acts as a stabilizer, mitigating voltage spikes and providing a steady flow of electricity to several components. Consequently, it finds extensive utilization across the globe.
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What are the growth prospects and trends in the automotive battery industry?
The automotive battery market is primarily driven by the inflating demand for electric vehicles (EVs) and the implementation of stringent emission regulations and supportive government policies. Additionally, the increasing advancements in battery technology for enhanced energy density and longer lifespan, coupled with the expanding electric charging infrastructure, are also positively influencing the market growth. Furthermore, the launch of financial incentives for EV purchasers and growing consumer awareness regarding the environmental advantages of EVs are acting as significant growth-inducing factors. Besides this, the decreasing costs of lithium-ion batteries and substantial investments in battery research and development (R&D) by manufacturers are further fueling the global market. Moreover, the escalating number of battery production facilities, the rising emphasis on renewable energy, and the elevating integration of batteries in energy storage systems will bolster the automotive battery market in the coming years.
What is included in market segmentation?
The report has segmented the market into the following categories:
Battery Type Insights:
Lead Acid
Lithium Ion
Others
Vehicle Type Insights:
Passenger Vehicles
Commercial Vehicles
Electric Vehicles
BEV (Battery Electric Vehicles)
PHEV (Plug-in Hybrid Electric Vehicles)
Others
Breakup by Region:
North America
Asia-Pacific
Europe
Latin America
Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
A123 Systems LLC
Contemporary Amperes Technology Co. Limited.
East Penn Manufacturing Company
Enersys
Exide Industries Limited
GS Yuasa International Ltd.
Hitachi Ltd.
LG Chem Ltd
Panasonic Holdings Corporation
Robert Bosch LLC
Samsung SDI Co. Ltd.
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If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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IMARC Group
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About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.
Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.
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