Automotive Batteries Market: Current Analysis and Forecast (2022-2028)

Automotive Batteries Market: Current Analysis and Forecast (2022-2028)

The global automotive batteries market is expected to grow at a significant rate of around 5% during the forecast period. The automotive battery plays a very important role in any vehicle. It is a rechargeable battery used to provide electric current to the vehicle. These batteries are used for igniting and lighting vehicles. These batteries are also used to provide power to different accessories in the vehicles such as charging plugs, air conditioners, wipers, radio, etc. Due to the high demand for fossil fuels on the international markets together with the aggravation of environmental problems caused by an increased number of internal combustion engine vehicles, there is an increased interest in the research and development of batteries used in electric and hybrid vehicles.

Moreover, the growing consumer preference for pollution-free electric and hybrid vehicles and the increasing need for an ideal automotive battery that is capable of offering adequate reserve capacity which signifies the amount of electrical energy that the battery can deliver when it is fully charged are the major factors driving the automotive battery market.

Exide Technologies, GS Yuasa Corporation, Panasonic Corporation, LG Chem, A123 Systems, East Penn Manufacturing Company, Robert Bosch Gm BH, Hitachi Group Ltd., Samsung SDI CO. LTD, and BYD Company.

Insights Presented in the Report
"Amongst battery type, lithium-ion category to witness robust CAGR during the forecast period”

Based on battery type, the automotive batteries market is classified into lead-acid, lithium-ion, and others. The lithium-ion battery segment caters substantial share of the market. Falling prices of lithium-ion batteries, owing to technological advancement and mass production are expected to propel the segment growth over the forecast period. Additionally, government initiatives to increase e-mobility adoption by providing financial incentives and enforcing stringent norms & regulations are anticipated to fuel the demand for lithium-ion batteries worldwide.
"Amongst sales channel, aftermarket segment to hold a significant share in the market in 2020”

Based on sales channel, the automotive batteries market is bifurcated into OEM and aftermarket. Aftermarket caters considerable share of the market. As automotive batteries are subjected to continuous drainage. Though these batteries have long replacement cycles, continuous growth in aging vehicle fleets still offers significant growth opportunities for vendors in the automotive battery aftermarket.
"North America to hold a significant share in the market”

North America is anticipated to grow at a substantial CAGR during the forecast period. This is mainly attributed to a large number of lead-acid battery manufacturers in the region coupled with strict norms to control environmental pollution. This has led to a huge demand for eco-friendly products including automotive batteries. This will help in the steady growth of the automotive battery industry in the North America.

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• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
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• Deep dive regional level analysis of the industry.