Automotive Battery Market Soars at 4.2% CAGR, Asia Pacific Dominates

Automotive Battery Market to Reach USD 24.98 Billion by 2030, Driven by Increasing Adoption of Electric Vehicles and Technological Innovations

The global Automotive Battery Market size was valued at $18.73 billion in 2023 and is predicted to reach $24.98 billion by 2030, representing a CAGR of 4.2% during the forecast period. Driving this growth is the rise of electric vehicle (EV) adoption, tightening emission requirements, and ongoing technological development in battery technologies.

Drivers & Opportunities for Market Growth

Rising demand for EVs supported by environmental concerns and favorable government policies are key drivers for the growth of the automotive battery market. This is significant, as governments around the world are swiftly establishing strict emission standards and providing incentives to encourage the adoption of EVs, and with that comes a growing demand for sophisticated automotive batteries.

Developments in battery technologies help, too; the rise of lithium-ion batteries has yielded higher energy densities and longer lifespans, with improved efficiency and decreased cost. these innovations will lead to further growth in the market, as both manufacturers and consumers alike demand improved performance and reliability from their batteries.

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Segmentation Analysis

Automotive battery market includes market by battery type; vehicle type and by geography; market size & forecast, trends (2018 - 2028) Overview on automotive battery market Automotive battery market by battery type; vehicle type Automotive battery market by geography Automotive Battery Market Segmentation The automotive battery market is segmented on the basis of battery type, vehicle type and geography.

By Battery Type:

Lead-Acid Batteries: Shaping 39% of market share in 2023, LEAD-ACID battery is primarily used for Starting, Lighting and Ignition (SLI) purposes due to its sturdy construction, affordable cost and high discharge rates.

These types of batteries are becoming more popular, especially for electric and hybrid cars, because they have a higher energy density, are lighter, and last longer compared to traditional lead-acid batteries.Lithium-Ion Batteries:

By Vehicle Type:

Passenger Vehicles: Demand for advanced automotive batteries in passenger vehicles is driven by the growing consumer preference for zero-emission and low-emission electric and hybrid vehicles.

Commercial: The rise of commercial automotive fleets with low operational cost and emission norms has also contributed to the automotive batteries market.

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Regional Analysis

United States:

Due to significant incurred investments dedicated towards EV-based infrastructure along with the presence of extensive automotive manufacturers, the U.S. shows a promising growth of the market. Government initiatives and policies supporting clean energy transportation also contribute to the growth of automotive batteries.

Germany:

Due to the hub for automotive innovation in Germany, the demand for advanced automotive batteries has increased in this country, as it is committed to the transition towards electric mobility. The high emission standards of the nation, along with support for sustainable technologies and services, will boost market growth.

China:

With policies favoring EV and heavy investments in EV manufacturing, China is leading EV adoption. It also gives the country an edge in the automotive battery market by dominating battery production.

Japan:

The automotive battery market growth in Japan is attributed to its potential advancements in battery technologies and flourishing automotive industry. Its emphasis on innovation and sustainability meets the growing need for automotive batteries that are both efficient and environmentally friendly.

South Korea:

The wide acceptance of electric vehicles creates a conducive atmosphere for the advancement of the automotive battery industry in South Korea, owing to its expertise in battery production and expansion in consumer electronics. Cumulative investments by the country on EV infrastructure also create demand.

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Competitor Analysis

Some of the key players in the automotive battery market that are focused on developing battery technologies are:

BYD Company: In 2021, BYD has a market share of 8.8% with 26.3GWh (up 167.7% YoY) of battery capacity. It expects to achieve up to 670 GWh of manufacturing capacity by 2025.

CALB: With a 2.7% share of the market in 2021, CALB produced 7.9 GWh of batteries, increasing 130.5% year-on-year. It aims to have a manufacturing capacity of 500 GWh by 2025 and 1000 GWh by 2030.

Gotion High-Tech: In 2021, Gotion maintained a market share of 2.1%, producing 6.4 GWh of batteries, and a year-on-year growth of 161.3%. The company about 26% owned by Volkswagen is targeting 300 GWh of manufacturing capacity by 2025.

EVE Energy: EVE Energy is working to ramp up its manufacturing capacity to meet demand for automotive batteries, innovating a goal of 200 GWh by 2025.

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