Press release
Global Car Batteries Market Outlook 2025-2034: Trends, Innovations, And Future Outlook
Car Batteries
What Is the Car Batteries Market Size and Projected Growth Rate?
The car batteries market has grown significantly in recent years. It will increase from $24.48 billion in 2024 to $26.01 billion in 2025, at a CAGR of 6.3%. The growth is driven by the rise of hybrid vehicles, higher demand for automotive batteries, the popularity of lead-acid batteries, and the focus on battery recycling.
The car batteries market is projected to reach $32.71 billion by 2029, growing at a CAGR of 5.9%. This growth is attributed to the increasing global demand for electric vehicles, stationary energy storage systems, greater consumer awareness, and improvements in energy density and range. Major trends include the adoption of lithium-ion batteries, advancements in lead-acid batteries, integration of smart battery management systems, fast-charging capabilities, and a focus on sustainable battery recycling technologies.
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What Are the Major Segments in the Car Batteries Market?
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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What Are The Driving Car Batteries Market Evolution?
The growing demand for electric vehicles (EVs) is expected to drive the car battery market. EVs, which use electricity stored in batteries, are becoming more popular due to their environmental benefits and lower operating costs. Car batteries are essential for powering EVs and supporting various vehicle systems. The International Energy Agency reported in April 2024 that global electric car sales rose by 35% in 2023. Hence, the demand for electric vehicles is driving the growth of the car battery market.
Which Firms Dominate The Car Batteries Market Segments?
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
What Trends Are Expected to Dominate the Car Batteries Market in the Next 5 Years?
Companies in the car battery market are focused on developing superfast charging lithium iron phosphate (LFP) batteries to enhance vehicle performance. In August 2023, Contemporary ere*x Technology Co., Limited (CATL), a China-based battery manufacturer, introduced the Shenxing, the world's first 4C superfast charging LFP battery. This battery can charge to 400 km in just 10 minutes and offers a range of over 700 km on a full charge.
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Which Is The Largest Region In The Car Batteries Market?
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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Car Batteries Market?
2. What is the CAGR expected in the Car Batteries Market?
3. What Are the Key Innovations Transforming the Car Batteries Industry?
4. Which Region Is Leading the Car Batteries Market?
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