Industry

Car Batteries Market Expected To Reach $30.90 billion Bn by 2028

The Car Batteries Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Car Batteries Global Market Report 2024, 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.

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.

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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

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 report table of contents includes:

1. Executive Summary

2. Car Batteries Market Characteristics

3. Car Batteries Market Trends And Strategies

4. Car Batteries Market – Macro Economic Scenario

5. Global Car Batteries Market Size and Growth

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32. Global Car Batteries Market Competitive Benchmarking

33. Global Car Batteries Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Car Batteries Market

35. Car Batteries Market Future Outlook and Potential Analysis

36. Appendix