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.
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.
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Major players in the market include 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.
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.
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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For the purpose of this report, Reports and Data has segmented the global car battery market based on type, vehicle type, sales channel, and region:
Type Outlook (Revenue, USD Billion; 2018–2028)
Vehicle Type Outlook (Revenue, USD Billion; 2018–2028)
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Sales Channel Outlook (Revenue, USD Billion; 2018–2028)
Regional Outlook (Revenue, USD Billion; 2018–2028)
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