Market Overview
The global Car Battery Market is expected to reach USD 1,03,470 Million between 2023 and 2030. During this forecast period, the market is expected to grow at a CAGR of 6.5%. The increasing use of infotainment systems in automobiles has increased the demand for energy-efficient batteries. The expanding automotive industry in emerging economies has aided the expansion of the Car Battery Market. Rising consumer preference for pollution-free electric and hybrid vehicles has led to market growth in the forecast period. The global Car Battery market is expected to grow steadily during the forecast period, owing to end users' increasing preference for zero-emission hybrid and electric vehicles due to falling battery prices, dwindling crude oil reserves, and the environmental effects of conventional automobiles.
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Furthermore, an increase in global battery production capacity has aided in achieving economies of scale in the Car Battery industry, another major driver of market growth. The impact of COVID-19 on any industry is unavoidable, as there have been continuous lockdowns and halts of manufacturing units worldwide. The COVID-19 pandemic slowed battery supply chains because most battery cells are manufactured in China, emphasizing China's dependence and its associated risks. This has sparked interest among stakeholders in the EU and US regions for the localization/rationalization of supply chains, paving the way for new market opportunities.
Market segmentation:
The global Car Battery market is divided into Vehicle, engine, function and battery type.
By Vehicle type, the market is divided into:
· Heavy commercial vehicles
· Passenger cars
· Light commercial vehicles.
By engine type, the market is further divided into:
· Internal Combustion Engine
· Electric Vehicle
By function type, the market is further divided into:
· Lightning sector
· Ignition sector
· Start sector
· Electric Propulsion sector
By battery type, the market is further divided into:
· Lithium-Ion
· Lead Acid
· Nickel Metal
Regional analysis:
The Car Battery Market is divided into North America, Asia-Pacific, South America, Europe, the Middle East and Africa. Due to the rising demand for electric passenger and commercial vehicles, the Asia-Pacific region is expected to experience the fastest growth in Car Battery value. However, North America dominates the Car Battery market outlook due to all major lead-acid battery manufacturers in the region. Growing product demand for automotive applications in various countries, including South Korea, India, Malaysia, and Indonesia, is expected to influence the region's growth during the forecast period. Furthermore, ongoing product development by various companies to manufacture cost-effective and high-performance vehicles is expected to contribute to the regional market's growth. Furthermore, government initiatives to provide subsidies for electric vehicle adoption are expected to drive market growth during the forecast period.
Recent developments:
· Stellantis and Samsung announced a USD 2.5 billion investment in May 2023 to build a battery manufacturing facility in Indiana. The factory is expected to begin production by 2025.
· Toyota announced in December 2021 that it would invest USD 1.3 billion in the construction of a battery manufacturing plant in North Carolina. The plant is expected to start production in 2025 and will be able to produce Lithium-Ion batteries for vehicles.
· Mercedes-Benz established its sustainable battery logistics center in Germany in February 2023.
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