Press release
Car Batteries Market Outlook 2025-2034: Key Trends, Growth Drivers, and Market Share
Car Batteries
The surge in electric vehicle demand is anticipated to significantly contribute to the expansion of the car battery market. Electric vehicles (EVs), cars that are partially or fully energized by electricity stored in batteries, are gaining popularity due to their environmentally-friendly nature and cost-effective operation, making them an attractive option for both individual consumers and corporations. Car batteries play a crucial role in electric vehicles, providing the main propulsion energy, assisting auxiliary systems, enabling regenerative braking, and maintaining overall vehicle performance and safety. For example, the Global EV Outlook 2023 report disclosed by the International Energy Agency, an independent intergovernmental organization based in France, stated in April 2024 that electric car sales witnessed an escalation of 3.5 million in 2023 compared to 2022 - indicating a year-on-year growth of 35%. Consequently, the escalating demand for electric vehicles is stimulating the expansion of the car battery market.
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How will the growth rate of the car batteries market shape industry trends by 2034?
The automobile battery industry's dimensions have been expanding forcefully over the previous years. Its value is projected to grow from $24.48 billion in 2024 to $26.01 billion in 2025, with a 6.3% compound annual growth rate (CAGR). This historic growth rate is largely due to the increasing popularity of hybrid vehicles, a surge in the demand for automotive and lead-acid batteries, the emergence of deep cycle and gel batteries, and a growing emphasis on battery recycling.
In the coming years, the car batteries market is poised to experience robust growth, expanding to an estimated worth of $32.71 billion by 2029 with a compound annual growth rate (CAGR) of 5.9%. This projected growth during the forecast period can be linked to the escalating global demands for electric vehicles, the increasing needs for stationary energy storage systems, heightened consumer awareness, and an augmented energy density and range. The forecast period is expected to witness major trends, including escalated adoption of lithium-ion batteries, the progression of advanced lead-acid batteries, the incorporation of intelligent battery management systems, the development of rapid charging capabilities, and an enhanced emphasis on eco-friendly practices accompanied by new developments in battery recycling technologies.
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What trends are poised to drive the future success of the car batteries market?
Leading players in the car battery sector are prioritizing the creation of cutting-edge items such as superfast charging lithium iron phosphate (LFP) batteries, aiming to optimize performance and accommodate consumer requirements. The superfast charging LFP vehicle battery is a rechargeable battery that charges more quickly than traditional batteries, deploying lithium iron phosphate to improve safety, lifespan, and thermal stability, and is ideally designed for electric vehicles. For example, Contemporary Amperex* Technology Co., Limited (CATL), a battery producer based in China, introduced Shenxing, the first 4C superfast charging LFP battery across the globe, in August 2023. Shenxing, which is the inaugural 4C superfast charging LFP battery, provides a 400 km range after a 10-minute charging period and more than 700 km if fully charged. Employing state-of-the-art cathode technology and nano-crystallized LFP material, the battery guarantees efficient lithium-ion extraction and speedy charging. Shenxing also possesses advanced distance coverage, fast charging across various temperatures, and amplified safety via its innovative structure and smart algorithms.
Which primary segments of the car batteries market are driving growth and industry transformations?
The car batteries market covered in this report is segmented -
1) By Type: Valve Regulated Lead-Acid (VRLA) Battery, Flooded Battery, Other Types
2) By Functions: Electric Propulsion, Start, Lighting, Ignition
3) By Sales channel: Original Equipment Manufacturer (OEM), Automotive Channel, E-commerce, Wholesale Clubs, Other Sales Channels
Subsegments:
1) By Valve Regulated Lead-Acid (VRLA) Battery: Absorbent Glass Mat (AGM) VRLA Battery, Gel VRLA Battery
2) By Flooded Battery: Conventional Flooded Battery, Enhanced Flooded Battery (EFB)
3) By Other Types: Lithium-Ion Battery, Nickel-Metal Hydride (NIMH) Battery
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Asia-Pacific was the largest region in the car batteries market in 2023. The regions covered in the car batteries market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the influential players reshaping the car batteries market landscape?
Major companies operating in the car batteries market are 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
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What Is Covered In The Car Batteries Global Market Report?
•Market Size Forecast: Examine the car batteries market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the car batteries market for a structured understanding.
•Key Players Overview: Analyze major players in the car batteries market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the car batteries market.
•Segment Contributions: Evaluate how different segments drive overall growth in the car batteries market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the car batteries market.
•Industry Challenges: Identify potential risks and obstacles affecting the car batteries market.
•Competitive Landscape: Review strategic developments in the car batteries market, including expansions, agreements, and new product launches.
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