The car batteries market is experiencing solid growth, expanding from $23.19 billion in 2023 to $24.48 billion in 2024, achieving a CAGR of 5.6%. This growth is supported by the increasing popularity of hybrid vehicles, a rising demand for automotive and lead-acid batteries, and a focus on battery recycling. The market is projected to reach $30.90 billion by 2028, growing at a CAGR of 6.0%. Future expansion is attributed to the rising global demand for electric vehicles, advancements in energy density, and increased needs for stationary energy storage systems. Major trends include the adoption of lithium-ion batteries and the integration of smart battery management systems.
Major Driver In The Car Batteries Market
The car battery market is poised for significant growth due to the escalating demand for electric vehicles (EVs). The shift towards EVs is propelled by their environmental benefits and lower operating costs, making them appealing to consumers and businesses alike. Car batteries are essential for providing propulsion energy, supporting auxiliary systems, and ensuring overall vehicle safety. The International Energy Agency's Global EV Outlook 2023 highlighted a 3.5 million increase in electric car sales in 2023, representing a 35% year-on-year rise. This trend is driving the growth of the car battery market.
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Car Batteries Market Competitive Landscape
Volkswagen Group, Stellantis NV, Mercedes-Benz Group AG, Hyundai Motor Company, Tesla Inc, Nissan Motor Co. Ltd., BYD Company Limited, Panasonic Corporation, Renault Group, Toyota Industries Corporation, LG Energy Solution, Samsung SDI, Clarios LLC, Chaowei Power Holdings Ltd., Exide Industries Ltd., East Penn Manufacturing Company, Amara Raja Energy & Mobility Limited, Saft, A123 Systems Inc., Motorcraft, CITROËN
Key Car Batteries Market Trend
The car battery market is witnessing advancements with the introduction of superfast charging lithium iron phosphate (LFP) batteries to meet the growing performance expectations of consumers. In August 2023, Contemporary Amperex Technology Co., Limited (CATL) launched Shenxing, the world's first 4C superfast charging LFP battery, capable of delivering a 400 km range with just a 10-minute charge. Utilizing advanced cathode technology, this battery also offers enhanced safety and thermal stability, making it a game changer for electric vehicles.
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Car Batteries Market Segmentation
The car batteries market covered in this report is segmented –
1) By Type: Valve Regulated Lead-Acid (VRLA) Battery, Flooded Battery, Other Types
2) By Functions: Electric Propulsion, Start, Lighting, Ignition
3) By Sales channel: Original Equipment Manufacturer (OEM), Automotive Channel, E-commerce, Wholesale Clubs, Other Sales Channels
By Geography:The regions covered in the car batteries market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the car batteries market in 2023.
The Car Batteries Global Market Report 2024 furnishes information about the global car batteries market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
