Car Batteries Market to Grow at 5.1% CAGR, Reaching $31.29 Billion by 2029

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Car Batteries Market Outlook: How is the Market Expected to Grow by 2025?
The market size for car batteries has seen consistent growth in the past few years. It's expected that the market will expand from $24.48 billion in 2024 to $25.68 billion in 2025, with a compound annual growth rate (CAGR) of 4.9%. Factors contributing to growth during the historic period include the increasing popularity of hybrid vehicles, the surge in demand for automotive and lead-acid batteries, the emergence of deep cycle and gel batteries, and a heightened focus on battery recycling.

Car Batteries Market Forecast: What Size Will It Reach By 2029?
The market size for car batteries is predicted to witness robust growth in the upcoming years, with an expected value of $31.29 billion in 2029. This represents a compound annual growth rate (CAGR) of 5.1%. Factors contributing to this predicted growth during the forecast period include a rising global demand for electric vehicles, an increasing need for stationary energy storage systems, heightened consumer consciousness, and improved energy density and range. Key trends expected during the forecast period encompass the growing usage of lithium-ion batteries, the progression of advanced lead-acid batteries, the assimilation of intelligent battery management systems, the evolution of quick charging capabilities, and an augmented attention on sustainable practices through advancements in battery recycling technologies.

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Which Key Market Drivers Will Shape Car Batteries Industry Trends in 2025-2029?
The car battery market is projected to expand, driven by the rising demand for electric vehicles (EVs). EVs, vehicles powered fully or partially by electricity stored in batteries, are gaining popularity due to their environmental benefits and cost-effectiveness, making them an appealing option for individuals and businesses. Car batteries play a crucial role in electric vehicles as they supply the main propulsion energy, power auxiliary systems, facilitate regenerative braking, and maintain overall vehicle safety and functionality. For example, the Global EV Outlook 2023 report published by the France-based independent intergovernmental organization International Energy Agency indicated that in April 2024, electric car sales recorded a rise of 3.5 million compared to 2023, a year-on-year increase of 35%. Hence, the growing demand for electric vehicles is fuelling the advancement of the car battery market.

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What Are the High-Growth 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

Which Global Trends Are Driving Car Batteries Market Expansion?
Key players in the car battery market are channeling their energies into developing innovative offerings like ultra-fast charging lithium iron phosphate (LFP) batteries to improve functionality and cater to consumer needs. An ultra-fast charging LFP car battery recharges at a significantly faster rate than regular batteries, employing lithium iron phosphate to boost safety, durability, and thermal stability. This makes it an optimal choice for electric vehicles. For instance, Contemporary Amper*ex Technology Co., Limited (CATL), a battery manufacturing company based in China, introduced Shenxing, the world's inaugural 4C superfast charging LFP battery, in August 2023. The battery is the world's first 4C ultra-fast charging LFP battery, providing a 400km distance coverage after just 10 minutes of charging, and 700km after a full charge. It employs progressive cathode technology and nano-crystallized LFP material to facilitate effective lithium-ion extraction and fast charging. Shenxing also offers long-distance capacity, fast charging in variable temperatures, and enhanced safety through its innovative structure and smart algorithms.

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Who Are the Fastest-Growing Companies in the Car Batteries Industry?
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 Is the Regional Outlook for the Car Batteries Market by 2029?
Asia-Pacific was the largest region in the car batteries market in 2024. The regions covered in the car batteries market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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