Automotive Battery Market Size Worth $262.60 Billion By 2030: IndustryARC

Global Automotive Battery Market size is predicted to reach $72.75 billion by 2030, growing at a CAGR of 5.5% during the forecast period 2024-2030 according to the latest market research report published by IndustryARC. Government Regulations and Incentives is poised to propel the market growth, finds IndustryARC in its recent report, titled “Automotive Battery Market Size, Share & Trends Analysis Report- By Battery Type (Lithium-Ion Batteries, Nickel-Metal Hydride Batteries, Lead-Acid Batteries, Ultracapacitors, Others), By Battery Capacity (<50 kWh, 51-100 kWh, 101-300 kWh and >300 kWh), By Vehicle Fuel Type (Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV), Plug-in Hybrid Electric Vehicle (PHEV), Fuel cell Electric vehicle, ICE Vehicle, Others), By Application (Cars (Passenger Cars and Commercial Cars and Others), Scooters, Motorbikes, Others), By Geography – Global Opportunity Analysis & Industry Forecast, 2024-2030”

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Asia-Pacific to Register Highest Growth:

Asia-Pacific is forecasted to be the fastest-growing automotive battery market. The rapid growth is driven by escalating demand for electric vehicles, particularly in emerging markets like India and Indonesia, where government initiatives are promoting EV adoption. The region’s technological advancements and infrastructure improvements are expected to significantly boost automotive battery sales. Notably, strategic partnerships between electric vehicle manufacturers and local battery producers, such as BMW and Volkswagen collaborating with CATL and LG Chem, are enhancing the supply chain and increasing market competitiveness.

Automotive Battery Market 2024-2030: Scope of the Report

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Automotive Battery Market Report – Key Takeaways:

• Dominance of Lithium Ion Battery Type in the Automotive Battery Market

The Automotive Battery Market is segmented by battery type, with lithium-ion batteries projected to hold a significant market share of 33.47% in 2023 due to their widespread adoption in electric vehicles and superior technical advantages. These batteries provide high energy density, rapid recharging, and substantial discharge power, meeting OEM requirements for vehicle range and charging times. Additionally, the recycling of lithium-ion batteries enhances raw material supply, reducing reliance on mineral extraction. This recycling presents opportunities for manufacturers to reclaim materials for new battery production, driving demand in the automotive battery sector throughout the forecast period.

• Electric Vehicle Type in the Automotive Battery

The Electric Vehicle segment is anticipated to achieve the fastest CAGR of 20.3% in the Automotive Battery Market from 2024 to 2030. This growth is driven by rising demand for fuel-efficient, high-performance, and low-emission vehicles, alongside stringent government regulations on emissions. Additionally, declining electric vehicle battery costs and increasing fuel prices further support this trend. Technological advancements and mass production have significantly reduced EV battery expenses, making electric vehicles more affordable. Projections indicate that EV battery prices could drop to around $60 per kWh by 2030, enhancing the competitiveness of electric vehicles against traditional internal combustion engine models.

• Government Regulations and Incentives Propel Market Growth

Government regulations and incentives play a crucial role in driving the automotive battery market. Stricter emission standards and policies aimed at reducing carbon footprints are pushing manufacturers and consumers towards electric and hybrid vehicles. For instance, the European Union has set ambitious targets to cut CO2 emissions from new cars by 37.5% by 2030, which accelerates the adoption of electric vehicles. Additionally, various governments are offering subsidies and tax incentives for electric vehicle purchases, enhancing consumer appeal and market growth. This regulatory framework not only stimulates demand for automotive batteries but also encourages innovation within the industry.

• Slowed Automotive Production Amid the Pandemic Hamper Market Growth

The automotive industry faced significant disruption due to decreased manufacturing and transportation service closures, particularly affecting automotive battery production and the global market outlook. However, lifting restrictions and strong government policies may enhance battery sales. While COVID-19 halted global vehicle production and sales, electric vehicles (EVs) thrived, with 2020 sales surpassing 2019 figures. Component production suffered, impacting small Tier II and III manufacturers. Major global automotive events, including the Geneva Motor Show and New York International Auto Show, were canceled or postponed. Although the market has shown some recovery post-pandemic, EV growth remains stunted, potentially limiting future market expansion.

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Key Opportunity Analysis:

Advancements in Battery Technology is Creating Opportunities in the Market

Technological advancements in the automotive industry have led to significant improvements in battery energy density, durability, and charging capabilities. The development of high-energy density lithium-ion batteries has increased the traveling range of EVs, making them more attractive to consumers. Automakers are increasingly equipping their upcoming models with these advanced batteries, presenting a lucrative opportunity for the automotive battery market. Moreover, the availability of fast charging technologies is expected to drive further market growth by addressing consumer concerns about charging times.

Opportunities in the Market due to Growing Demand for Automotive Electronics

The rising demand for automotive electronics, such as Advanced Driver Assistance Systems (ADAS) and infotainment systems, is creating a significant opportunity for the automotive battery market. These advanced systems require reliable and efficient power sources to function effectively. As the integration of electronics in vehicles continues to increase, the need for high-performance batteries will grow correspondingly. Manufacturers can capitalize on this trend by developing batteries specifically designed to power these electronic components, ensuring optimal performance and reliability.

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The report also covers the following areas:

• Automotive Battery Market Size and Forecast
• Automotive Battery Market Trends
• Automotive Battery Market Analysis by Product Type

Automotive Battery Market 2024-2030: Key Highlights

• CAGR of the market during the forecast period 2024-2030
• Value Chain Analysis of key stakeholders
• Detailed analysis of market drivers and opportunities during the forecast period
• Automotive Battery Market size estimation and forecast
• Analysis and predictions on end users’ behavior and upcoming trends
• Competitive landscape and Vendor market analysis including offerings, developments, and financials
• Comprehensive analysis of challenges and constraints in the Automotive Battery Market

Covid and Ukrainian Crisis Impact:

• The COVID-19 pandemic significantly impacted the automotive battery market, leading to supply chain disruptions and a 14% decrease in battery shipments to car manufacturers in 2020. Lockdowns halted production facilities and reduced demand for electric vehicles (EVs), causing a decline in sales across various segments, particularly in two-wheelers and three-wheelers. However, electric passenger vehicles saw a 54% growth during the same period, indicating a shift in consumer preferences. Despite these challenges, the long-term outlook for lithium-ion batteries remains strong, driven by anticipated recovery and increasing demand for EVs and renewable energy storage solutions.
• The Russia-Ukraine war has significantly disrupted the automotive battery market, particularly impacting the supply chains for electric vehicle (EV) production. Russia is a key supplier of nickel, essential for battery manufacturing, and the conflict has led to soaring prices and shortages of this critical metal. Sanctions against Russia have forced many automakers to halt operations, exacerbating existing supply chain issues from the COVID-19 pandemic. Consequently, production cuts are expected to result in millions fewer vehicles produced globally, driving up costs and potentially stalling the growth of the EV sector as consumer confidence wavers amid geopolitical instability.

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List of Key Market Players in the Automotive Battery Market:

The Global Automotive Battery Market is fragmented with several global and regional companies operating with expansive manufacturing capabilities and extensive distribution networks. The key companies profiled are listed below:

• EXIDE INDUSTRIES LTD.
• Panasonic Corporation
• LG Chem
• GS Yuasa International Ltd.
• Robert Bosch GmbH.
• Hitachi Group Ltd
• Contemporary Amperex Technology Co. Limited
• A123 Systems
• SAMSUNG SDI CO. LTD
• BYD Company Ltd.

Related Reports:

Battery Market: Growing Demand for Electric Vehicles (EVs) The rapid adoption of electric vehicles is significantly driving the demand for advanced battery technologies, particularly lithium-ion batteries, due to their high energy density and performance.

Report Code: ESR 0300

Battery Materials Market: Increased Demand for High-performance Materials With the rise of electric vehicles (EVs) and portable electronics, there is growing demand for advanced battery materials like lithium, cobalt, nickel, and graphite to enhance energy density and performance.

Report Code: CMR 26672

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