Press release
Automotive Battery Market: Growth Key Trends (2024-2032)| Major Panasonic Corporation, EnerSys, Northvolt AB.
The automotive battery market refers to the industry involved in the production and distribution of batteries used in vehicles, particularly electric vehicles (EVs) and hybrid electric vehicles (HEVs). These batteries are essential for powering the electric drivetrain and other vehicle systems, offering a cleaner, more sustainable alternative to traditional internal combustion engines.
The growing demand for electric vehicles, government incentives, and emission-reduction rules are the main factors propelling the automotive battery industry. This change is a result of consumers' increasing desire for environmentally friendly transportation options. Along with advancements in battery technology like solid-state and lithium-sulfur batteries, there are opportunities in expanding battery production capabilities to meet the growing demand for EVs. Additionally, new applications for batteries in energy storage and transportation are being made possible by the incorporation of renewable energy sources. Businesses in the automotive battery industry have a great deal of room to grow because to these developments.
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Some of The Leading/Active Market Players Are-
• Panasonic Corporation (Japan)
• LG Chem Ltd. (South Korea)
• Samsung SDI Co., Ltd. (South Korea)
• BYD Company Limited (China)
• Johnson Controls International plc (USA)
• GS Yuasa Corporation (Japan)
• Exide Technologies (USA)
• EnerSys (USA)
• Saft Groupe S.A. (France)
• East Penn Manufacturing Co. (USA)
• Toshiba Corporation (Japan)
• Amara Raja Batteries Ltd. (India)
• Northvolt AB (Sweden)
• Sanyo Electric Co., Ltd. (Japan), and Other Key Players.
Automotive Battery Market, Segmentation
The Automotive Battery Market is segmented into Battery Type, Functions, Engine Type, Vehicle Type, and region. By Battery Type, the market is categorized into Lithium- Ion, Lead- Acid, Nickel, Sodium- Ion. By Functions, the market is categorized into Ignition, Lighting, Electric Propulsion, Start. By Engine Type, the market is categorized into Internal Combustion Engine (ICE), Electric Vehicles (EV). By Vehicle Type, the market is categorized into Passenger Cars, Commercial Vehicles, Electric Vehicles, Two-Wheelers.
Type:
The automotive battery market consists of lithium-ion (Li-ion), lead-acid, and solid-state batteries. Among these, Li-ion batteries hold the largest market share due to their high energy density, long lifespan, and efficiency, making them ideal for electric vehicles (EVs). Lead-acid batteries are still commonly used in traditional internal combustion engine (ICE) vehicles for starting, lighting, and ignition (SLI) functions. Solid-state batteries, while still under development, show great promise for offering higher energy density and enhanced safety.
Application:
Automotive batteries are mainly used in electric and hybrid vehicles, as well as conventional gasoline-powered cars for powering electrical systems and starting functions. The growing adoption of electric vehicles globally is driving the demand for advanced automotive batteries, particularly for EVs and hybrid vehicles. Additionally, these batteries support various energy storage applications, such as regenerative braking systems and improving overall vehicle efficiency.
Region:
The Asia-Pacific region, there is more convenient access to raw materials such as lithium, cobalt, and nickel needed for producing batteries. They make investments worldwide in order to ensure a consistent supply for production. China dominates the global EV market due to high domestic demand supported by both consumers and government initiatives. Electric vehicle adoption in Chinese cities increases due to urbanization and pollution issues.
• North America (U.S., Canada, Mexico)
• Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)
• Western Europe (Germany, U.K., France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)
• Asia-Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New Zealand, Rest of APAC)
• Middle East & Africa (Turkey, Saudi Arabia, Bahrain, Kuwait, Qatar, UAE, Israel, South Africa)
• South America (Brazil, Argentina, Rest of SA)
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Key Industry Developments:
• In January 2024: Panasonic announced a partnership with Tesla to develop next-generation lithium-ion battery cells with improved energy density and faster charging capabilities. The collaboration aims to enhance the performance of electric vehicles, further advancing Tesla's leadership in the EV market.
• In December 2023: CATL (Contemporary Amp Technology Co. Ltd.), one of the world's largest electric vehicle battery manufacturers, unveiled its new high-energy-density sodium-ion battery. This development promises a more affordable and sustainable solution for the EV industry, offering a breakthrough in battery technology and energy storage efficiency.
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Key Findings of the Study
• Automotive Battery Market Size Was Valued at USD 49929.03 Million in 2023, and is Projected to Reach USD 86527.17 Million by 2032, Growing at a CAGR of 6.3% From 2024-2032.
• Lithium-ion batteries dominated the market in 2023 and are expected to continue leading due to their high energy density and efficiency in electric vehicle (EV) applications.
• Companies in the automotive battery sector are increasingly focusing on innovations such as solid-state batteries and sodium-ion technologies to enhance battery performance and sustainability, addressing consumer concerns about driving range and charging time.
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At Introspective Market Research Private Limited, we are a forward-thinking research consulting firm committed to driving our clients' growth and market dominance. Leveraging cutting-edge technology, big data, and advanced analytics, we provide deep insights and strategic solutions that enable our clients to stay ahead in a competitive landscape. Our expertise spans across comprehensive Market Research Reports, Holistic Market Insights, Macro-Economic Analysis, and tailored Go-to-Market (GTM) Strategies. Through our Consulting Services and AI-Driven Solutions, we empower Thin Clienty business to navigate challenges and achieve their objectives. Additionally, we offer Product Design and Prototyping support and Flexible Staffing Solutions to meet evolving industry demands. Our IMR Knowledge Cluster ensures continuous learning and innovation, guiding our clients toward sustainable success.
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