New York, July 15, 2021 (GLOBE NEWSWIRE) – Automotive Battery Market Overview: According to a comprehensive research report from Market Research Future (MRFR), “Automotive Battery Market Research report, type, propulsion, vehicle type, sales channel and region – Forecast to 2027 ” the market size worth 115.23 billion USD by 2027, registering a CAGR of 5.61% during the forecast period (2021 – 2027), the market was valued at 44.64 billion USD in 2020.
Several industries have felt the impact of the COVID-19 pandemic, the automotive battery industry being no different. The lockdown had put a damper on the auto battery market due to soaring prices and falling demand. This has slowed down battery supply chains as the majority of battery cells are made in China, highlighting the reliance on China and the associated risks. However, the market is returning to normal with steadily increasing demand.
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Prominent players featured in the Global Automotive Battery Industry report include:
- Johnson Controls International plc. (United States)
- Haldex Incorporated (Sweden)
- ZF TRW Automotive Holdings Corporation (United States)
- Hitachi Ltd. (Japan)
- EnerSys (United States)
- Furukawa Electric Co. Ltd. (Japan)
- Leoch International Tech (China)
- GS Yuasa Corporation (Japan)
- Crown Battery Manufacturing Company (United States), and
- Exide Industries Limited (India).
The main players have integrated several strategies to stay at the forefront, such as mergers and acquisitions, partnerships, new product launches, among others.
- Nissan will soon create more than 6,000 new jobs with the UK’s first car battery giga-factory. The facility, which will be developed next to Nissan’s largest European plant in Sunderland, has been hailed as key to the UK’s transition from fossil fuel cars.
- Hyundai Motor will invest $ 100 million in battery startup SolidEnergy Systems. The company currently sources batteries for its electric vehicles from LG Chem Ltd and LG Energy Solution, wholly owned by SK Innovation Co Ltd.
Browse the In-Depth (111 Pages) Automotive Battery Market Research Report
Improved features that drive market growth
According to the latest MRFR report, there are many factors that are propelling the global automotive battery market share.
Automotive Battery Market Drivers / Automotive Battery Market Trends
Preference for pollution-free electric vehicles to drive market growth
Growing consumer preference for electric vehicles and non-polluting hybrid vehicles is expected to drive the market growth during the forecast period. This is due to the environmental impact of conventional automobiles, reduced crude oil reserves, and falling battery prices.
In addition, the integration of features in automobiles such as the automotive infotainment system, advanced sensors and hands-free calling, as well as new fuel-saving technologies such as SHVS (Intelligent Hybrid Vehicle System) also add to market growth.
Advances in battery technology present strong opportunities
Advances in battery technology will provide strong opportunities for the market during the forecast period. Customers have the choice of AGM batteries, upgraded batteries and flooded batteries.
Battery failures to act as a market restriction
Battery failures due to heat and underdeveloped support infrastructure for electric vehicles are factors which may impact the global automotive batteries market value during the forecast period.
Growing concern that security concerns act as a market challenge
Growing concerns about the safety issues associated with the use of batteries, the lack of adequate infrastructure necessary for the proper functioning of battery-powered vehicles and the volatility of commodity prices may pose challenges for the market during the period. forecast.
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By type, lithium-ion battery segment will dominate the market during the forecast period for increasing production of hybrid and electric vehicles coupled with strict emission standards to develop products such as electric vehicles that meet future transportation needs.
By propulsion, ICE segment will dominate the market during the forecast period.
By vehicle type
By vehicle, the passenger car segment will spearhead the market during the forecast period at high CAGR for the increasing penetration of passenger cars and large fleet.
By sales channel
By sales channel, the aftermarket segment will hold the lion share in the market during the forecast period.
North America to Dominate Automotive Battery Market
North America will dominate the automotive battery market during the forecast period. The presence of powerful lead-acid battery manufacturers, the growing need for electric vehicles, strict standards for the use of environmentally friendly products, the increased efforts of the government to reduce carbon emissions by developing environmentally friendly products. environment, increase in auto production, increase in vehicle fleet, increase research and development in automotive batteries, and government initiatives for electric cars are fueling the growth of the global battery market automobiles in the area. The United States has the largest market share.
APAC to experience admirable growth in automotive battery market
The APAC region is expected to experience admirable growth during the forecast period. Robust growth in sales of commercial and passenger vehicles, sales of electric cars, product developments underway by several companies to produce efficient and profitable vehicles, increase in personal disposable income, growing economy, presence of a robust automotive industry , The growing awareness of vehicle emissions, falling operating costs, lower maintenance costs and increasing government initiatives in the region are contributing to the growth of the global automotive battery market in the region. Indonesia, India, Japan and China hold the largest market share.
Market segmentation covered by research:
Information by type (lead-acid, lithium-ion, nickel-metal hydride and others), propulsion [Internal Combustion Engine (ICE) and Electric Vehicle], vehicle type (passenger car and utility vehicle), sales channel (OEM and aftermarket) and region (North America, Europe, Asia-Pacific and rest of the world)
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