Market Highlights
Market Research Future (MRFR) reports that the global Automotive Battery Market Size will expand at a compound annual growth rate (CAGR) of 5.5% during the assessment period (2020–2027). The Market is projected to reach a valuation of USD 75 Billion by the year 2027. Battery is key component of a vehicle. In recent years, the important of battery has grown further. Automotive batteries play an important role in powering cars.
Witch changing needs, the technology in automotive battery is also changing. The arrival of hybrid and fully electric vehicle has provided an impetus to automotive batteries. Growing Markets of vehicles, growth of the electric vehicle market, and rapid expansion of the automotive sector in Asia, Latin America and the Middle East are some of the factors contributing to the growth of the market. Moreover, growing commercial interest toward electric mobility is expected to support the market. Government subsidies and favourable regulations for electric cars are indicative of the growing interest in such segments.
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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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.
Global Automotive Battery Market Size Revenue: Segmental Analysis
MRFR’s report includes a detailed segmental analysis of the Market on the basis of propulsion, Markets channel, vehicle type, type and region.
On the basis of propulsion, the Market has been segmented into electric vehicle and internal combustion engine (ICE). The ICE segment currently accounts for a significant Market share and is like to remain highly attractive throughout the assessment period. On the basis of type, the Market has been segmented into nickel-metal hydride, lithium-ion, lead-acid and others. The lithium-ion segment is expected to witness a healthy growth during the assessment period. Based on vehicle type, the Market has been segmented into commercial vehicle and passenger car. The passenger car segment holds the predominant share of the Market in terms of value. On the basis of Markets channel, the Market has been segmented into afterMarket and OEM. The former is expected to witness a relatively higher growth rate during the assessment period.
Global Automotive Battery Market Size Revenue: Regional Analysis
The Market has been covered across regions such as Asia Pacific, Europe, North America, the Middles East & Africa, and Latin America. Asia Pacific (APAC) is the standout Market for automotive battery. APAC is expected to retain its leading Market position over 2027. Industrial growth has been rapid in the region where the automotive sector has emerged as a prime focus. China has established itself as a global automotive manufacturing hub, which has augured well the sub-markets including Automotive Battery Market Size Revenue. Meanwhile, Europe and North America hold the second and third spot respectively. The North America Market is expected to register the noteworthy growth over the next couple of years. Europe is also expected to remain an important Market for automotive battery during the projection period. The region is home numerous carmakers who are globally renowned; this gives the Market a high degree of leverage in Europe.
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.
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Key Questions Addressed by the Report
- What was the historic market Size?
- Which segmentation (Product/ Capacity) is driving market?
- What will be the growth rate by 2023?
- How are the key players in this market?
- What are the strategies adopted by key players?
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Table Of Contents
- Executive Summary
- Scope Of The Report
2.1. Market Definition
2.2. Scope Of The Study
2.2.1. Definition
2.2.2. Research Objective
2.2.3. Assumptions
2.2.4. Limitations
2.3. Research Process
2.3.1. Primary Research
2.3.2. Secondary Research
2.4. Market Size Estimation
2.5. Forecast Model
- Market Landscape
3.1. Porter’s Five Forces Analysis
3.1.1. Threat Of New Entrants
3.1.2. Bargaining Power Of Buyers
3.1.3. Threat Of Substitutes
3.1.4. Segment Rivalry
3.1.5. Bargaining Power Of Buyers
3.2. Value Chain/Supply Chain Analysis
- Market Dynamics
4.1. Introduction
4.2. Market Drivers
4.3. Market Restraints
4.4. Market Opportunities
4.5. Market Trends
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