Automotive Battery Market worth USD 115.23 billion by 2027, registering a CAGR of 5.61% – Report by Market Research Future (MRFR)
New York, July 15, 2021 (GLOBE NEWSWIRE) — Automotive Battery Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Automotive Battery Market Research Report, Type, Propulsion, Vehicle Type, Sales Channel and Region – Forecast till 2027” the market size worth USD 115.23 billion by 2027, registering a CAGR of 5.61% during the forecast period (2021 – 2027), The market was valued at USD 44.64 billion in 2020.
COVID-19 Analysis
Several industries have felt the impact of the COVID-19 pandemic with the automotive battery industry being no different. The lockdown had put a brake on the automotive battery market due to spike in prices and fall in demand. It has slowed battery supply chains as the majority of battery cells are made in China, thus highlighting the dependence on China and the associated risks. However the market is returning to normal witnessing steadily increasing demand.
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Key Players
Eminent players profiled in the global automotive battery industry report include:
- Johnson Controls International plc.(U.S.)
- Haldex Incorporated (Sweden)
- ZF TRW Automotive Holdings Corporation (U.S.)
- Hitachi Ltd.(Japan)
- EnerSys (U.S.)
- Furukawa Electric Co. Ltd. (Japan)
- Leoch International Tech (China)
- GS Yuasa Corporation (Japan)
- Crown Battery Manufacturing Company (U.S.), and
- Exide Industries Limited (India).
Key players have incorporated several strategies to stay at the forefront such as mergers and acquisitions, partnerships, new product launches, among others.
Industry Updates
- Nissan will soon create more than 6000 new jobs with UK’s first car battery gigafactory. The facility that will be developed adjacent to the largest European factory of Nissan in Sunderland, was hailed as the key to the United Kingdom’s transition away from the fossil fuel cars.
- Hyundai Motor will invest $100 mn in battery startup SolidEnergy Systems. The company currently sources its batteries from its EVs from LG Chem Ltd and SK Innovation Co Ltd’s wholly-owned LG Energy Solution.
Browse In-depth Market Research Report (111 pages) on Automotive Battery
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Enhancing Features that Boost Market Growth
As per the latest MRFR report, numerous factors are propelling the global automotive battery market share.
Automotive Battery Market Drivers/Automotive Battery Market Trends
Preference for Pollution-Free EVs to Boost Market Growth
The growing consumer preference for pollution-free EVs and hybrid vehicles is likely to boost market growth over the forecast period. This is owing to environmental effect of conventional automobiles, reducing crude oil reserves, and falling battery price.
Besides, the integration of features in automobiles such as car infotainment system, state of art sensors, and hands free calling, and new fuel saving technologies like SHVS (smart hybrid vehicle system) are also adding market growth.
Opportunities
Advances in Battery Technology to offer Robust Opportunities
Advancements in the battery technology will offer robust opportunities for the market in the forecast period. Customers have choices such as AGM batteries, enhanced and flooded batteries to choose from.
Restraints
Battery Failures to act as Market Restraint
Battery failures due to heat and underdeveloped support infrastructure for EVs are factors that may impact the global automotive battery market value over the forecast period.
Challenges
Rising concern for Safety Issues to act as Market Challenge
The rising concern for safety issues related to battery use, the lack of adequate infrastructure needed for proper operation of battery-driven vehicles, and volatility in raw material prices may act as market challenges over the forecast period.
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Market Segmentation
By Type
By type, the lithium-ion battery segment will lead the market over the forecast period for growing production of hybrid and electric vehicles coupled with strict emission norms to develop products such as electric vehicles that cater the future needs of transportation.
By Propulsion
By propulsion, the ICE segment will dominate the market over the forecast period.
By Vehicle Type
By vehicle, the passenger cars segment will spearhead the market over the forecast period at a high CAGR for the growing penetration of passenger cars and large fleet size.
By Sales Channel
By sales channel, the aftermarket segment will have the lions share in the market over the forecast period.
Regional Analysis
North America to Dominate Automotive Battery Market
North America will dominate the automotive battery market over the forecast period. The presence of strong lead-acid battery manufacturers, the increasing need for electric vehicles, strict norms towards using eco-friendly products, rising government efforts to reduce carbon emission by developing eco-friendly products, increasing production of automobiles, increasing vehicle fleet, increasing research and development in automotive battery, and government initiatives for electric cars are fuelling the global automotive battery market growth in the region. The US has the utmost market share.
APAC to Have Admirable Growth in Automotive Battery Market
The APAC region is predicted to have admirable growth over the forecast period. Robust growth in the sales of commercial and passenger vehicles, sales of electric cars, ongoing product developments by several companies for producing high-performance and cost-effective vehicles, increasing disposable income of individuals, rising economy, the presence of a robust automotive industry, growing awareness about vehicle emissions, lower operating cost, maintenance costs, and rise in government initiatives across the region are adding to the global automotive battery market growth in the region. Indonesia, India, Japan, and China, have the utmost market share.
Segmentation of Market covered in the research:
Information by Type (Lead Acid, Lithium-Ion, Nickel Metal Hydride, and Others), Propulsion [Internal Combustion Engine (ICE) and Electric Vehicle], Vehicle Type (Passenger Car and Commercial Vehicle), Sales Channel (OEM And Aftermarket), and Region (North America, Europe, Asia-Pacific, and the Rest of the World)
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