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Automotive Battery Market Overview, Opportunities, Challenges, Trends, Size Growth and Future Prospects, 2024

Automotive Battery Market
Automotive Battery Market
Press Release

Automotive Battery Market Overview

The global automotive battery market is anticipated to witness a steady growth during the forecast period due to increasing end users’ preference for zero-emission hybrid and electric vehicles, owing to falling battery price, reducing crude oil reserves, and environmental effect of conventional automobiles. In accumulation to this, increase in the global battery production capacity has helped to achieve economies of scale in the automotive battery industry, which is another major driver for the growth of the market.

On the basis of type, the automotive battery market has been categorized into lithium-ion, and sealed lead acid. Among these, the market for lithium-ion batteries is anticipated to observe the fastest growth during the forecast period. Lithium-ion battery is equipped in applications, which demand high-energy density solutions such as hybrid and electric automobiles.

Government initiatives to promote electric vehicles by offering generous subsidies and implementing regulations continue to drive the market for electric vehicles, which in turn, increase the demand for automotive batteries.

On the basis of region, the automotive battery market has been categorized into North America, Europe, Asia–Pacific (APAC), the Middle-East and Africa (MEA), and rest of the world (RoW). The APAC market for automotive batteries is estimated to witness the fastest growth in the coming years. This regional market is led by China, Japan, India, and Indonesia, which are forecasted to experience robust growth in the sales of commercial and passenger vehicles. Also, sales of electric cars are anticipated to experience a massive growth in APAC region in the coming years, fuelling the battery market in the region. Ongoing product developments by several companies to produce high-performance and cost-efficient vehicles are estimated to contribute to the growth of the market for automotive batteries in the APAC region.

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Automotive Battery Market Dynamics

Drivers

The growth of the automotive battery market is primarily driven by the increasing demand for electric vehicles due to falling battery price and stringent regulations set by several government agencies across the world. Decline in prices of lithium-ion battery packs are resulting in the increase in electric vehicle sales. The average price of lithium-ion battery pack is reduced to around $220 per kWh from 1000 per kWh, a decline of more than 75%. The decrease in battery cost is resulting in the decrease in electric vehicle upfront cost, as battery accounts for around 30–40% of total electric vehicle’s cost. This is uplifting the market of the automotive battery.

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Automotive Battery Market Competitive Landscape

Key players operating in the global automotive battery market are Panasonic Corporation, Samsung SDI Co. Ltd., Johnson Controls International PLC, Kokam Co. Ltd., BYD Company Limited, Toshiba Corporation, LG Chem Power Inc., Sanyo Electric Co. Ltd., Li-Tec Battery GmbH, Furukawa Electric Co. Ltd., Leoch International Technology Limited, GS Yuasa International Ltd., Crown Battery Manufacturing Company, Exide Industries Limited, Hitachi Ltd., Fengfan Co. Ltd., Shandong Sacred Sun Power Sources Co. Ltd., and Chaowei Power Holdings Limited.

 

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