The Global Car Battery Market size is expected to reach USD 92.60 Billion in 2028 and register a revenue CAGR of 5.2% over the forecast period, according to the latest report by Reports and Data. Increasing demand for pollution-free hybrid and electric vehicles is driving market revenue growth. Reduction in crude oil reserves, fall in battery prices, and increasing concerns regarding the environment is another factor driving revenue growth of the global car battery market.
Increase in production and sale of vehicles, rising demand for advanced technologies, and changing lifestyle are some other factors fueling market revenue growth. Electric vehicle manufacturers are focusing on installing batteries with adequate power and reserve capacity to drive sales and attract more customers. Moreover, increasing investment in research and development of electric vehicles is expected to provide ample growth opportunities for players operating in the global car battery market in the coming years.
COVID-19 has affected market growth negatively due to continuous lockdown in most parts of the world and halt in production of car batteries. The pandemic also highlighted dependence of manufacturing battery cells on China and the risks associated with it. Market players are beginning to move their manufacturing plants more lucrative regions and countries, thereby paving way for new opportunities for other countries.
Rechargeable batteries play a significant role in lowering carbon footprint and mitigating greenhouse gas emissions, which is also propelling market growth. Another driving factor of car batteries market is increasing demand for electric vehicles.
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The key players studied in the report are:
- Exide Technologies,
- A123 Systems,
- LLC,
- Enersys,
- Hitachi, Ltd.,
- GS Yuasa Corporation,
- LG Chem Ltd.,
- BYD Co. Ltd.
- Others
Market Segmentation:
By Type Outlook
- Nickel-based Battery
- Lithium-ion Based Battery
- Sodium-ion Battery
- Lead-acid Based Battery
- Others
By Vehicle Type Outlook
- ICE Vehicles
- Electric Vehicles
- BEV
- PHEV
- Others
By Sales Channel Outlook
- OEM
- Aftermarket
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The study covers latest industry information, growth opportunities, and trends. It further explains in detail the competitive landscape of the industry with regional and global analysis and profiles of each competitor. The report highlights the recent mergers and acquisitions, collaborations, joint ventures, government initiatives, product launch or brand promotion, licensing agreements, and memorandum of understandings happening in the market. The report further offers data about key competitors including their manufacturing and production capacities, product portfolio, gross profit margins, strategic expansion plans, and projects and products in pipeline.
The automotive industry has expanded significantly over the recent past with a rapid rise in technology-driven trends such as diverse mobility, electrification of transportation sectors, autonomous driving, and integration of advanced technologies such as AI, ML, and deep learning in autonomous driving systems. Increasing trend of self-driving cars across the globe, rising investment in development of sophisticated and luxurious autonomous cars, and growing shift towards electric and hybrid vehicles to curb carbon emissions are some factors expected to drive revenue growth of the market over the forecast period. Trend of micromobility, connected and shared mobility, and increasing popularity of vehicle connectivity are disrupting the automotive industry and are expected to boost sales of autonomous and advanced cars over the coming years. In addition, rapid emergence of ride sharing platforms and apps, increasing investment to develop robust electric vehicle charging stations, and rising reliance on real-time predictive analytics to inform users of incoming traffic, navigations, and quicker routes are some other factors contributing to rapid growth of the automotive industry.
The report offers a country-wise and region-wise analysis to provide better understanding of the geographical expansion of the market and the current trends, demand and supply, customer trends, production and consumption trends, and import/export of each country in the region.
Further, the report segments the Car Battery market on the basis of products, applications, and end-use, among other segments and offers details about the segment expected to account for largest revenue share or rapid revenue CAGR and the key trends and factors influencing the revenue growth.
Major geographical regions analysed in the report include: -
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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