Automotive Battery Market Size to Reach US$ 67 Billion by 2028 | Industry CAGR of 5.40%

According to the latest report by IMARC Group, titled, "Automotive Battery Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" The study provides a detailed analysis of the industry, including the global automotive battery market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

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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