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Car Batteries Market Research Report 2024 - By Growth, Recent Trends, Key Players And Forecast To 2033
Car Batteries Market
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According to The Business Research Company's, The car batteries market size has grown strongly in recent years. It will grow from $23.19 billion in 2023 to $24.48 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The growth in the historic period can be attributed to the growth of hybrid vehicles, demand for automotive batteries, demand for lead-acid batteries, the rise of deep cycle and gel batteries, and increasing emphasis on battery recycling.
The car batteries market size is expected to see strong growth in the next few years. It will grow to $30.90 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%. The growth in the forecast period can be attributed to increasing global demand for electric vehicles, growing demand for stationary energy storage systems, rising consumer awareness, and increased energy density and range. Major trends in the forecast period include increasing adoption of lithium-ion batteries, development of advanced lead-acid batteries, integration of smart battery management systems, development of fast-charging capabilities, and growing focus on sustainable practices with advancements in battery recycling technologies.
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Market Drivers and Trends:
The increasing demand for electric vehicles is expected to propel the growth of the car battery market going forward. Electric vehicles (EVs) refer to automobiles powered partially or entirely by electricity stored in batteries. The demand for electric vehicles is driven by their environmental benefits and lower operating costs, making them a compelling choice for consumers and businesses alike. Car batteries are used in electric vehicles to provide the primary propulsion energy, support auxiliary systems, enable regenerative braking, and ensure overall vehicle functionality and safety. For instance, in April 2024, according to the Global EV Outlook 2023 report published by the International Energy Agency, a France-based autonomous intergovernmental organization, electric car sales rose by 3.5 million in 2023 compared to 2022, marking a 35% increase year-on-year. Therefore, the increasing demand for electric vehicles is driving the growth of the car battery market.
Major companies operating in the car battery market are focusing on developing innovative products such as superfast charging lithium iron phosphate (LFP) batteries to enhance performance and meet consumer demands. A superfast charging LFP car battery is a rechargeable battery that charges much faster than standard batteries, utilizing lithium iron phosphate for enhanced safety, longevity, and thermal stability, making it well-suited for electric vehicles. For instance, in August 2023, Contemporary Amper*ex Technology Co., Limited (CATL), a China-based battery manufacturer, launched Shenxing, the world's first 4C superfast charging LFP battery. It is the first 4C superfast charging LFP battery that offers a 400 km range with a 10-minute charge and over 700 km on a full charge. The battery uses advanced cathode technology and nano-crystallized LFP material for efficient lithium-ion extraction and fast charging. Shenxing also features long-range capability, quick charging in diverse temperatures, and enhanced safety through innovative structure and intelligent algorithms.
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• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Volkswagen Group, Stellantis NV, Mercedes-Benz Group AG, Hyundai Motor Company, Tesla Inc, Nissan Motor Co. Ltd., BYD Company Limited, Panasonic Corporation, Renault Group, Toyota Industries Corporation, LG Energy Solution, Samsung SDI, Clarios LLC, Chaowei Power Holdings Ltd., Exide Industries Ltd., East Penn Manufacturing Company, Amara Raja Energy & Mobility Limited, Saft, A123 Systems Inc., Motorcraft, CITROËN
Car Batteries Market 2024 Key Insights:
• The car batteries market size is expected to see strong growth in the next few years. It will grow to $30.90 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%.
• Surging Demand For Electric Vehicles Fuels Expansion Of Car Batteries Market
• Technological Advancements in Superfast Charging Propel Car Batteries Market Forward
• Asia-Pacific was the largest region in the car batteries market in 2023
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