The car batteries global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Car Batteries Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The car batteries market size has grown strongly in recent years. It will grow from $23.19 billion in 2023 to $24.48 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The growth in the historic period can be attributed to the growth of hybrid vehicles, demand for automotive batteries, demand for lead-acid batteries, the rise of deep cycle and gel batteries, and increasing emphasis on battery recycling.
The car batteries market size is expected to see strong growth in the next few years. It will grow to $30.90 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%. The growth in the forecast period can be attributed to increasing global demand for electric vehicles, growing demand for stationary energy storage systems, rising consumer awareness, and increased energy density and range. Major trends in the forecast period include increasing adoption of lithium-ion batteries, development of advanced lead-acid batteries, integration of smart battery management systems, development of fast-charging capabilities, and growing focus on sustainable practices with advancements in battery recycling technologies.
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Scope Of Car Batteries Market
The Business Research Company’s reports encompass a wide range of information, including:
- Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
- Drivers: Examination of the key factors propelling market growth.
- Trends: Identification of emerging trends and patterns shaping the market landscape.
- Key Segments: Breakdown of the market into its primary segments and their respective performance.
- Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
- Macro Economic Factors: Assessment of broader economic elements impacting the market.
Car Batteries Market Overview
Market Drivers –
The increasing demand for electric vehicles is expected to propel the growth of the car battery market going forward. Electric vehicles (EVs) refer to automobiles powered partially or entirely by electricity stored in batteries. The demand for electric vehicles is driven by their environmental benefits and lower operating costs, making them a compelling choice for consumers and businesses alike. Car batteries are used in electric vehicles to provide the primary propulsion energy, support auxiliary systems, enable regenerative braking, and ensure overall vehicle functionality and safety. For instance, in April 2024, according to the Global EV Outlook 2023 report published by the International Energy Agency, a France-based autonomous intergovernmental organization, electric car sales rose by 3.5 million in 2023 compared to 2022, marking a 35% increase year-on-year. Therefore, the increasing demand for electric vehicles is driving the growth of the car battery market.
Market Trends –
Major companies operating in the car battery market are focusing on developing innovative products such as superfast charging lithium iron phosphate (LFP) batteries to enhance performance and meet consumer demands. A superfast charging LFP car battery is a rechargeable battery that charges much faster than standard batteries, utilizing lithium iron phosphate for enhanced safety, longevity, and thermal stability, making it well-suited for electric vehicles. For instance, in August 2023, Contemporary Amperex Technology Co., Limited (CATL), a China-based battery manufacturer, launched Shenxing, the world’s first 4C superfast charging LFP battery. It is the first 4C superfast charging LFP battery that offers a 400 km range with a 10-minute charge and over 700 km on a full charge. The battery uses advanced cathode technology and nano-crystallized LFP material for efficient lithium-ion extraction and fast charging. Shenxing also features long-range capability, quick charging in diverse temperatures, and enhanced safety through innovative structure and intelligent algorithms.
The car batteries market covered in this report is segmented –
1) By Type: Valve Regulated Lead-Acid (VRLA) Battery, Flooded Battery, Other Types
2) By Functions: Electric Propulsion, Start, Lighting, Ignition
3) By Sales channel: Original Equipment Manufacturer (OEM), Automotive Channel, E-commerce, Wholesale Clubs, Other Sales Channels
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Regional Insights –
Asia-Pacific was the largest region in the car batteries market in 2023. The regions covered in the car batteries market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the car batteries market are Volkswagen Group, Stellantis NV, Mercedes-Benz Group AG, Hyundai Motor Company, Tesla Inc, Nissan Motor Co. Ltd., BYD Company Limited, Panasonic Corporation, Renault Group, Toyota Industries Corporation, LG Energy Solution, Samsung SDI, Clarios LLC, Chaowei Power Holdings Ltd., Exide Industries Ltd., East Penn Manufacturing Company, Amara Raja Energy & Mobility Limited, Saft, A123 Systems Inc., Motorcraft, CITROËN
Table of Contents
1. Executive Summary
2. Car Batteries Market Report Structure
3. Car Batteries Market Trends And Strategies
4. Car Batteries Market – Macro Economic Scenario
5. Car Batteries Market Size And Growth
…..
27. Car Batteries Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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