Growing Demand for EVs and Rapid Vehicle Electrification to Boost the Global Automotive Battery Market Through 2031

According to the Markets and Data Research report, “Global Automotive Battery Market Assessment, By Region, Opportunities and Forecast, 2017-2031F”, the global automotive battery market was valued at USD 51.21 billion in 2023 and is expected to register a CAGR of 5.24% during the forecast period.

As electric vehicles gain popularity and the automotive industry thrives with emerging economies, the market for automotive batteries is anticipated to rise. The sector is growing as research and development centers strive to enhance lithium-ion technology, extend battery life cycles, and create flexible batteries for integrated technologies. EVs and HEVs require stronger batteries as they need more power and energy than lead acid and Li-ion batteries. In comparison to lead-acid and lithium-ion batteries, solid-state batteries offer higher energy density, longer battery life, and increased safety. Solid-state batteries are quickly becoming a disruptive technology. Despite this, lead acid and lithium-ion batteries continue to dominate the market because of their superior integration with battery management systems and growing usage.

Electric vehicles (EVs) are gaining popularity because of their small environmental impact and cheap maintenance costs. The rise in traditional (ICE) vehicle sales, particularly in developing nations, is contributing to the EV market's expansion. Recycling and sustainability are receiving more attention as EVs gain popularity. Therefore, environmentally acceptable techniques for recycling and repurposing wasted battery material have been developed. It is critical to address the environmental effects of battery production, use, and disposal as we move toward electric vehicle models. Encouraging eco-friendly batteries improves company’s image and draws in environmentally sensitive clients. Therefore, the supplier businesses create sustainable and recyclable battery solutions.

Spread through 324 pages, the "Global Automotive Battery Market" report includes an in-depth TOC, over 116 market data figures, the latest market developments, key drivers and opportunities, and a thorough study of major company profiles. Moreover, the report also offers strategic recommendations, pricing analysis, market share analysis, and value chain analysis in detail. 

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Key Takeaways:

• Increased EV production, integrated technologies such as battery management systems, and other monitoring layers are anticipated to fuel the market growth.
• The advent of sustainable battery production with lower manufacturing gas emissions is projected to drive market growth.
• New government policies supporting sustainable mobility and its components are likely to fuel the market expansion.
• Rapid vehicle electrification for advanced infotainment systems and transmission systems is increasing the demand for powerful auto batteries.

Global Automotive Battery Market is Segmented in the following Categories:

By Battery Type: Lead Acid, Lithium-Ion, Others

By Propulsion Type: Internal Combustion Engine, Electric Vehicle, Others

By Distribution Channel: OEM, Aftermarket

By Vehicle Type: Passenger Vehicle, Commercial Vehicle, Others

By Region: North America, Europe, South America, Asia-Pacific, Middle East, and Africa

Due to the presence of developing economies such as China and India, the Asia-Pacific region is a significant market for automotive batteries. Asia-Pacific generated 44.07% of the worldwide automotive battery market's revenue in 2023, and by 2031, it is predicted to generate 42.08% of the total. New businesses are coming up to create cutting-edge battery technology with faster charging times and more range. The rising expense of gasoline because of inflation, expanding economies, and other factors is pushing consumers to look for electric vehicles (EVs) with greater range. Malaysian, Indian, and Thai governments all work closely with commercial charger companies.

As of 2023, lead acid batteries accounted for 64.39% of the market value, making them the major battery type. In the automotive sector, lead acid battery technology has a long history of dependability and longevity. Lead acid batteries are robust, resilient to a variety of environmental factors, and shock-resistant, meaning they can tolerate knocks and vibrations from moving objects in a car. Furthermore, they do not need a lot of maintenance. As new manufacturers create reusable and recyclable batteries, the government also promotes the use of lead-acid batteries. The market for lithium-ion batteries is expanding quickly as well, and businesses are building new facilities to enhance their supply chain.

Major companies operating in the global automotive battery market include:

·         Samsung SDI Co. Ltd

·         LG Energy Solution Ltd

·         SK Innovation Co. Ltd

·         Svolt Energy Technology Co. Ltd.

·         Sunwoda Electric Vehicle Battery

·         CALB Group Co. Ltd

·         Gotion High-Tech Co. Ltd

·         Envision AESC

·         Farasis Energy Co.

·         Contemporary Amperex Technology Co. Limited

·         BYD Company

·         Panasonic Holdings Corporation

The market for automotive batteries is open to new entrants. However, the major firms that are already there are concentrated on enhancing supply chains and technological advancements. To obtain a competitive edge, rivals are experimenting with price, battery ranges, charging times, and shelf life. Major corporations are making investments in government-led partnerships, new research facilities, and joint ventures with other major entities. Industry players are investing in solid-state battery technology as it holds the promise to be more energy efficient, last longer, and be safer than traditional lithium-ion batteries.

For instance, in October 2023, Stellantis and Samsung SDI announced their plans to construct a second electric vehicle battery plant in the state of Indiana. The new plant is expected to be the first of two planned EV battery plants in the region, the second of which was previously announced in June. Samsung SDI and Stellantis have invested $3. 1 billion in this facility so far.

“Global Automotive Battery Market Assessment, 2017-2031F”, evaluates the future growth potential of the global automotive battery market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision-makers make investment decisions for their organizations more strategically. Moreover, the report identifies and examines the emerging trends along with key drivers, challenges, and opportunities in the global Automotive Battery market.

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