Automotive Battery Market Surge: Forecast and Trends 2024-2030

In the dynamic realm of automotive innovation, the Automotive Battery Market is not just a powerhouse but a catalyst for the evolving landscape of vehicles. Valued at US$ 17.98 billion in 2022, this market is set to surge to US$ 23.98 billion by 2029, charting a robust CAGR of 4.2% during this period.

Driving Forces Behind the Surge:

As developing regions like the Asia Pacific and South America witness rapid economic growth, the automotive industry is emerging as a key player. Despite a sluggish performance in 2020, countries such as Mexico, Vietnam, Indonesia, India, and Thailand are propelling the market forward. Automotive batteries, serving as the lifeblood for vehicle accessories like radios, music players, air conditioners, and charging plugs, are becoming indispensable. The ever-growing electronic equipment in automobiles, including power-hungry mobile phones, demands batteries with higher energy density, driving the need for constant innovation.

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Dynamics Shaping the Market:

The automotive industry's escalating demand and stringent emission standards set by governments globally are pivotal factors fueling market growth. The advent of fuel-saving technologies like micro-hybrid systems and the utilization of lightweight, efficient lithium-ion batteries are further propelling the market forward. The surge in electric and hybrid vehicles, driven by consumer preference for zero-emission options, is adding a significant portion to the market. Moreover, increased research and development in fuel cell-based automobiles and nanotechnology-based lithium batteries present abundant growth opportunities for industry leaders.

Challenges and Opportunities:

While the market faces challenges such as safety concerns related to batteries and fluctuations in raw material prices, it also offers avenues for innovation. Manufacturers are grappling with constant variations in nickel and lead prices. However, the report delves into the pricing structure of final products, reflecting regional variations in value chains.

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Market Segmentation Insights:

In terms of battery type, lead-acid batteries claim the largest market share, constituting 39% of the global automotive battery market. Known for their robustness and affordability, these batteries are extensively used in Starting, Lighting, and Ignition (SLI) applications.

by Battery Type

Lead Acid
Nickel Metal Hybrid
Lithium-Ion
Others

The electric vehicle segment dominates the market, holding over 50% of the global automotive battery market during the forecast period. The rising number of electric cars on the road is driving the growth of accessible charging infrastructure.

by Vehicle Type

Passenger
Commercial
Electric
Other

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Who are Automotive Battery Market Key Players?

1. Johnson Controls International plc.
2. Haldex Incorporated
3. ZF TRW Automotive Holdings Corporation
4. Hitachi Ltd.
5. EnerSys
6. Furukawa Electric Co. Ltd.
7. Leoch International Tech
8. GS Yuasa Corporation
9. Crown Battery Manufacturing Company
10.Exide Industries Limited
11.East Penn Manufacturing Co., Inc.
12.Camel Group Co., Ltd.
13.FIAMM S.p.A.
14.Fengfan Co., Ltd.
15.Douglas Battery
16.Zhejiang Narada Power Source Co. Ltd.
17.Shandong Sacred Sun Power Sources Co., Ltd.
18.Zhejiang Haijiu Battery Co., Ltd.
19.Chaowei Power Holdings Ltd.
20.Robert Bosch GmbH
21.MK Battery
22.Amara Raja Group
23.SANYO Electric Co.,Ltd
24.Hitachi, Ltd.

Table of content for the Automotive Battery Market includes:

Part 01: Executive Summary

Part 02: Scope of the Automotive Battery Market Report

Part 03: Automotive Battery Market Landscape

Part 04: Automotive Battery Market Sizing

Part 05: Automotive Battery Market Segmentation by Type

Part 06: Five Forces Analysis

Part 07: Customer Landscape

Part 08: Geographic Landscape

Part 09: Decision Framework

Part 10: Drivers and Challenges

Part 11: Market Trends

Part 12: Vendor Landscape

Part 13: Vendor Analysis

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Automotive Battery Market Regional Insights:

Asia Pacific emerges as the fastest-growing market, fueled by the vehicle demand from economies like Japan and India. Japan, boasting the largest automotive battery market in Asia, benefits from a large population, increasing vehicle demand, and high economic growth.

North America is poised to witness the highest CAGR, thanks to factors like low gasoline prices, tax-cutting reforms, and stable crude oil prices. The region's low traffic congestion contributes to the relatively long lifespan of automotive batteries.

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