Automotive Battery Market Growth, Size & Share (2022-27) (2023)

The Automotive Battery Market is segmented by Battery Type (Lead Acid, Lithium-Ion, and Other Battery Types), Vehicle Type (Passenger Car and Commercial Vehicle), Drive Type (IC Engines and Electric Vehicles), and Geography (North America, Europe, Asia-Pacific, and Rest of the World). The report offers market size and forecast for the Automotive Battery Market in Value (USD billion) for all the above segments.

HomeAutomotive Battery Market Growth, Size & Share (2022-27) (4)IndustryReportsAutomotive Battery Market Growth, Size & Share (2022-27) (5)AutomotiveAutomotive Battery Market Growth, Size & Share (2022-27) (6)Automotive Battery Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 ...

Market Snapshot

Automotive Battery Market Growth, Size & Share (2022-27) (7)
Study Period:2018-2027
Base Year:2021
Fastest Growing Market:Asia-Pacific
Largest Market:Asia-Pacific
CAGR:5.5 %
Automotive Battery Market Growth, Size & Share (2022-27) (8)

Automotive Battery Market Growth, Size & Share (2022-27) (9)

Need a report that reflects how COVID-19 has impacted this market and its growth?

Market Overview

The Automotive Battery Market was valued at USD 46 billion in 2021, and it is expected to reach USD 65 billion by 2027, registering a CAGR of 5.5% during the forecast period (2022 - 2027).

The impact of COVID-19 is inevitable on any industry as there were continuous lockdowns and halts of manufacturing units worldwide. The COVID-19 pandemic slowed battery supply chains as most battery cells are manufactured in China, thereby highlighting the dependence on China and the associated risks. This has spurred interest among various stakeholders for localization/regionalization of supply chains in the US and EU regions, paving the way for new opportunities in the market.

The global automotive battery market is anticipated to witness steady growth during the forecast period due to the increasing preference of end users for zero-emission hybrid and electric vehicles, owing to the falling battery price, reducing crude oil reserves, and environmental effects of conventional automobiles. In addition to this, an increase in the global battery production capacity has helped achieve economies of scale in the automotive battery industry, another major driver for market growth.

The highest growth rate is observed in Asia-Pacific, and the region is expected to grow further in the coming years. Conversely, China ranks as the fastest-growing automotive battery market, owing to the high demand for commercial and passenger vehicles.

Scope of the Report

The Automotive Battery Market is segmented by Battery Type (Lead Acid, Lithium-Ion, and Other Battery Types), Vehicle Type (Passenger Car and Commercial Vehicle), Drive Type (IC Engines and Electric Vehicles), and Geography (North America, Europe, Asia-Pacific, and Rest of the World). The report offers market size and forecast for the Automotive Battery Market in Value (USD billion) for all the above segments.

Battery Type
Lead-Acid
Lithium-Ion
Other Battery Types
Vehicle Type
Passenger Cars
Commercial Vehicles
Drive Type
Internal Combustion Engine
Electric Vehicles
Geography
North America
United States
Canada
Rest of North America
Europe
Germany
France
United Kingdom
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
Rest of the World
South America
Middle-East and Africa

Report scope can becustomized per your requirements. Click here.

Key Market Trends

The Lithium-Ion Battery Segment Expected To Have Significant Growth

The market for lithium-ion batteries is anticipated to observe the fastest growth during the forecast period. A lithium-ion battery is equipped for applications that demand high-energy density solutions, such as hybrid and electric automobiles. Additionally, to increase vehicle economies, manufacturers are continuously focusing on reducing the price of the battery, propelling the market growth globally.

Compared to the traditional battery technology, lithium-ion batteries charge faster, last longer, and they have a higher power density for more battery life in a lighter package. The automotive lithium-ion battery has emerged as an eco-friendly, rechargeable power source compared to conventional batteries such as lead-acid and nickel-metal hydride batteries.

With stringent fuel efficiency norms in countries such as the United States, India, Germany, and Japan, manufacturers are trying to reduce the cost of lithium-ion batteries, increasing the demand for electric vehicles. For instance, in September 2019, Maruti Suzuki partnered with Toshiba and Denso to set up the world’s largest automotive lithium-ion battery manufacturing unit in Gujrat (India).

Numerous governments are providing incentives/ tax credits to promote the use of electric vehicles, which is expected to increase the demand for automotive lithium-ion batteries. For instance, the IRS (Internal Revenue Service) tax credit is USD 2,500-7,500 per new electric vehicle purchased in the United States. Similarly, California provides USD 2,500 rebates, Delaware provides USD 1,000 rebates, and Colorado provides USD 5,000 tax credits on purchasing electric vehicles.

Automotive Battery Market Growth, Size & Share (2022-27) (10)

To understand key trends, Download SampleReport

The Asia-Pacific Region to Dominate the Automotive Battery Market

The Asia-Pacific region is expected to have the fastest growth in the value of the automotive battery, owing to the increasing demand for electric passenger and commercial cars. However, North America dominates the automotive battery market outlook as all the string lead-acid battery manufacturers are in the region.

Growing product demand for automotive applications in various countries, including South Korea, India, Malaysia, and Indonesia, is likely to influence the region's growth during the forecast period. Furthermore, ongoing product developments by various companies to manufacture cost-efficient and high-performance vehicles are projected to contribute to the regional market's growth. In addition, government initiatives to provide subsidies to increase the adoption of electric vehicles are also anticipated to drive market growth during the forecast period.

(Video) How GM Is Going All In On Electrification | CNBC Marathon

Apart from the factors above, various electric vehicle manufacturers have signed contracts or deals with Asia's vehicle battery manufacturers, augmenting the demand for automotive batteries in the region. For instance, BMW and Volkswagen signed contracts to buy batteries from CATL, and Korean producers, LG Chem and Samsung SDI.

Automotive Battery Market Growth, Size & Share (2022-27) (11)

To understand geography trends, Download SampleReport

Competitive Landscape

The Automotive Battery Market is highly competitive, owing to the presence of numerous manufacturers. The market is dependent on raw material suppliers and manufacturers. Mergers, acquisitions, and joint ventures are among the key strategies market players adopt to consolidate their market presence. For Instance,

  • Exide Technologies operates in China through its joint venture with Shenyang Dongbei Storage Battery Co. This helps in the mass production of automotive batteries in the market.
  • Panasonic and Toyota announced their plan to produce batteries for electric vehicles jointly. Panasonic announced that the mass production of batteries for electric vehicles began in the Gigafactory set up by the collaboration of Panasonic and Tesla in Nevada.

Some other key players operating in the market include A123 Systems LLC, LG Chem, BYD Co. Ltd, East Penn Manufacturing Company, Robert Bosch GmBH, EnerSys, Exide Technologies, and GS Yuasa Corporation.

Recent Developments

  • In May 2022, Stellantis and Samsung announced to invest USD 2.5 billion to build a battery manufacturing facility in Indiana. The factory is likely to start production by the year 2025.
  • In December 2021, Toyota announced to invest USD 1.3 billion for the establishment of a battery manufacturing plant in North Carolina. The plant is likely to have the capacity to produce Lithium-Ion batteries for 800,000 vehicles and is expected to commence production by 2025.
  • In Oct 2021, the United States Department of Energy (DOE) announced the opening 13 new projects at various stages to expand the country's battery production for automotive needs. The commissioning of these battery manufacturing plants is set to finish by 2025

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Drivers

    2. 4.2 Market Restraints

    3. 4.3 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.3.1 Bargaining Power of Suppliers

      2. 4.3.2 Bargaining Power of Consumers

      3. 4.3.3 Threat of New Entrants

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 Battery Type

      1. 5.1.1 Lead-Acid

      2. 5.1.2 Lithium-Ion

      3. 5.1.3 Other Battery Types

    2. 5.2 Vehicle Type

      1. 5.2.1 Passenger Cars

        (Video) E-Bike 2022 | Cube Stereo Hybrid 160 HPC TM MTB Fully Bosch Drive Unit Performance CX Gen 4 Review

      2. 5.2.2 Commercial Vehicles

    3. 5.3 Drive Type

      1. 5.3.1 Internal Combustion Engine

      2. 5.3.2 Electric Vehicles

    4. 5.4 Geography

      1. 5.4.1 North America

        1. 5.4.1.1 United States

        2. 5.4.1.2 Canada

        3. 5.4.1.3 Rest of North America

      2. 5.4.2 Europe

        1. 5.4.2.1 Germany

        2. 5.4.2.2 France

        3. 5.4.2.3 United Kingdom

        4. 5.4.2.4 Rest of Europe

      3. 5.4.3 Asia-Pacific

        1. 5.4.3.1 China

        2. 5.4.3.2 India

        3. 5.4.3.3 Japan

        4. 5.4.3.4 South Korea

        5. 5.4.3.5 Rest of Asia-Pacific

      4. 5.4.4 Rest of the World

        1. 5.4.4.1 South America

        2. 5.4.4.2 Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Vendor Market Share

    2. 6.2 Company Profiles*

      1. 6.2.1 A123 Systems

      2. 6.2.2 Panasonic Corporation

      3. 6.2.3 Exide Technologies

      4. 6.2.4 VARTA

      5. 6.2.5 Clarios

      6. 6.2.6 GS Yuasa Corporation

      7. 6.2.7 Hitachi Group Ltd

        (Video) Meray Humnasheen Episode 27 - Ahsan Khan - Hiba Bukhari [Eng Sub] 5th August 2022 - HAR PAL GEO

      8. 6.2.8 Robert Bosch GmbH

      9. 6.2.9 China Aviation Lithium Battery Co. Ltd

      10. 6.2.10 Contemporary Amperex Technology Co. Limited

      11. 6.2.11 SAMSUNG SDI CO. LTD

      12. 6.2.12 East Penn Manufacturing Co.

      13. 6.2.13 LG Chem Ltd.

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

Frequently Asked Questions

What is the study period of this market?

The Automotive Battery Market market is studied from 2018 - 2027.

What is the growth rate of Automotive Battery Market?

The Automotive Battery Market is growing at a CAGR of 5.5% over the next 5 years.

What is Automotive Battery Market size in 2018?

The Automotive Battery Market is valued at 46 Billion USD in 2018.

Which region has highest growth rate in Automotive Battery Market?

Asia-Pacific is growing at the highest CAGR over 2021- 2026.

Which region has largest share in Automotive Battery Market?

Asia-Pacific holds highest share in 2021.

(Video) DataCentric: What's Impacting the Data Center World in 2022?

Who are the key players in Automotive Battery Market?

A123 Systems, Exide, GS Yuasa, Panasonic, LG Chem are the major companies operating in Automotive Battery Market.

Related Reports

  • Automotive Battery Management System Market ‚Äö Segmented by Components (Battery IC, Battery Sensor, Others (electronics and materials used in BMS)), Propulsion Type (IC Engine Vehicle, EV), Vehicle Type (Passenger Car, Commercial Car), and Geography - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)
  • Automotive Battery Management System Market - Growth, Trends, COVID-19 Impact, and Forecast (2022 - 2027)
  • Automotive Lithium Ion Battery Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Automotive Battery Market Growth, Size & Share (2022-27) (13)

80% of our clients seek made-to-order reports. How do youwant us to tailor yours?

Automotive Battery Market Growth, Size & Share (2022-27) (16)

Thank You!

Thank you for your Purchase. Your payment is successful. The Report will be delivered in 24 - 72 hours. Our sales representative will reach you shortly with the details.

Please be sure to check your spam folder too.

FAQs

Is the battery industry growing? ›

The global solid-state battery market was valued at USD 805 million in 2021. It is expected to reach USD 13,156 Million by 2030, registering a CAGR of 36.4% during the forecast period (2022–2030).
...
Report MetricDetails
Key Market OpportunitiesGrowing Demand for Electric Vehicles
11 more rows
Jul 14, 2022

How big is the EV battery market? ›

20, 2022 (GLOBE NEWSWIRE) -- The global electric vehicle battery market size is expected to gain momentum by reaching USD 154.90 billion by 2028 while exhibiting a CAGR of 28.1% between 2021 to 2028.
...
Report CoverageDetails
Segments coveredBy Battery Type, By Vehicle Type
9 more rows
Sep 20, 2022

How important is group size for car battery? ›

Although some vehicles may accommodate a battery from more than one group size, it is important that you use a battery approved for use in your vehicle. Make make sure your new battery will fit the proper CCA according to the vehicle manufacturer's specifications.

What are the sizes of automotive battery? ›

In general, these more-common battery group sizes are 24, 24F, 25, 34, 35, 51, 51R, 52, 58, 58R, 59, and 65. Helpful Hint: Some vehicles can handle a larger battery than was originally installed. A physically larger battery usually has more power and reserve time than a smaller battery.

How big is the global battery market? ›

The global market size is expected to be USD 44.49 billion in 2021 and is projected to reach USD 193.13 billion by 2028, exhibiting a CAGR of 23.3% during the forecast period from 2021-2028.
...
Report CoverageDetails
Base Year2020
Market Size in 2020USD 36.90 billion
Historical Data for2017-2019
No. of Pages200
6 more rows
Jul 18, 2022

What is the most popular battery brand? ›

Best Battery Brands
  1. 1 Energizer. ...
  2. 2 Duracell. ...
  3. 3 PowerKing. ...
  4. 4 Panasonic. ...
  5. 5 Voyager. ...
  6. 6 DieHard.
  7. 7 Enercell. ...
  8. 8 Toshiba Toshiba Corporation is a Japanese multinational conglomerate corporation headquartered in Tokyo, Japan.

Videos

1. 2022 27 07 Webinar on Role of Psychology and Psychometric Tools for HR Professionals
(NHRD Network Pune Chapter)
2. Rs.15 Penny Stock, Target Rs.750 in 3 months | Penny Stocks 2022 India | Stocks to Buy now
(Neeraj joshi)
3. Securing A Just Transition For Resource Dependent Countries - PWYP Global Assembly 2022
(Publish What You Pay)
4. Smaller Triple Slide Fifth Wheel! 2021 Cougar 27SGS Keystone RV Review
(Josh the RV Nerd at Bish's RV)
5. Webber About to be Fired?! F1 22 My Team Career Part 27: Silverstone
(Tiametmarduk)
6. Energiewende - Einfach machen! | dokus und reportagen
(hrfernsehen)
Top Articles
Latest Posts
Article information

Author: Foster Heidenreich CPA

Last Updated: 12/13/2022

Views: 5738

Rating: 4.6 / 5 (76 voted)

Reviews: 83% of readers found this page helpful

Author information

Name: Foster Heidenreich CPA

Birthday: 1995-01-14

Address: 55021 Usha Garden, North Larisa, DE 19209

Phone: +6812240846623

Job: Corporate Healthcare Strategist

Hobby: Singing, Listening to music, Rafting, LARPing, Gardening, Quilting, Rappelling

Introduction: My name is Foster Heidenreich CPA, I am a delightful, quaint, glorious, quaint, faithful, enchanting, fine person who loves writing and wants to share my knowledge and understanding with you.