Car battery market size – USD 61.52 billion in 2020, market growth – at a CAGR of 5.2%, market trends – Electric vehicle production increase.
NEW YORK, NY, USA, Aug. 5, 2022 /EINPresswire.com/ — Car battery market revenue growth is driven by increasing preference for zero-emission electric and hybrid vehicles by various users endpoints and favorable government initiatives.
The global car battery market size is expected to reach USD 92.60 billion in 2028 and register a CAGR of 5.2% over the forecast period, according to the latest report from Reports and Data. Growing demand for clean hybrid and electric vehicles is driving the market revenue growth. Dwindling crude oil reserves, falling battery prices, and growing environmental concerns are another driving force behind the global car battery market revenue growth.
Rising production and sales of vehicles, rising demand for advanced technologies, and changing lifestyles are other factors fueling the market revenue growth. Electric vehicle manufacturers are focusing on installing batteries with adequate power and reserve capacity to boost sales and attract more customers. Additionally, 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 negatively affected the market growth due to continued lockdown in most parts of the world and halt in car battery production. The pandemic has also highlighted the dependence of battery cell manufacturing on China and the associated risks. Market players are starting to shift their manufacturing plants to more lucrative regions and countries, paving the way for new opportunities for other countries.
Rechargeable batteries play an important role in reducing carbon footprint and mitigating greenhouse gas emissions, which is also propelling the growth of the market. Another driving factor driving the car battery market is the growing demand for electric vehicles.
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Some highlights of the report
• In July 2021, Nissan announced plans to build its first car battery “gigafactory” in the UK, where it will build a new electric vehicle. Envision AESC, Nissan’s Chinese battery supplier, is set to invest more than $600 million to build the battery factory that will run on renewable energy and be able to power up to 100,000 Nissan electric vehicles each year. The facility will be built in Sunderland and is seen as a major step towards fossil-free vehicles.
• Revenue from lithium-ion battery segment is expected to register a rapid growth rate during the forecast period. These battery types charge faster, have high power density, and last longer. The lithium-ion battery has become an environmentally friendly rechargeable power source compared to traditional or conventional batteries. The majority of electric vehicles run on lithium-ion batteries and ongoing R&D to reduce costs will further drive revenue growth in this segment.
• The electric vehicle segment accounted for a significantly large share of revenue in 2020, as these vehicles have a lower carbon footprint, have less impact on the environment, and emit fewer emissions that cause smog and climate change compared to compared to conventional vehicles. Countries like Norway, Germany, China, and the United Kingdom, among others, are rapidly shifting to electric vehicles, thus encouraging automakers to invest heavily in the car battery market and expand their business opportunities and income.
• Asia-Pacific recorded the fastest revenue growth rate in 2020 due to high adoption of electric vehicles in countries including Japan and China, attributed to automotive electrification initiatives and government initiatives aimed at setting up more advanced infrastructures. Additionally, countries like India and South Korea are taking initiatives to reduce greenhouse gas emissions by supporting demand for electric vehicles and favorable government programs. This is driving the growth of the car battery market in the region.
• Major market players are Exide Technologies, A123 Systems, LLC, Enersys, Hitachi, Ltd., GS Yuasa Corporation, LG Chem Ltd., BYD Co. Ltd., NEC Corporation, Samsung SDI Co., Ltd. and LG Chem Ltd.
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For the purposes of this report, Reports and Data has segmented the global car battery market on the basis of type, vehicle type, sales channel and region:
Type Outlook (Revenue, USD Billion; 2018-2028)
• Nickel-based battery
• Lithium ion battery
• Sodium-ion battery
• Battery based on lead acid
Vehicle Type Outlook (Revenue, USD Billion; 2018-2028)
Sales Channel Outlook (Revenue, USD Billion; 2018-2028)
• Secondary market
Regional Outlook (Revenue, USD Billion; 2018-2028)
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
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