Automotive Battery Market is Likely to Garner Revenue of US$ 82.80 Billion at a Steady CAGR by the Year 2031-end: TMR Report

Growing demand for electric vehicles is propelling the automotive battery market, with lithium-ion batteries leading the charge, Advancements in battery technology, such as solid-state batteries, are driving innovation in the automotive battery sector

Wilmington, Delaware, United States, Sept. 26, 2023 (GLOBE NEWSWIRE) — The Automotive Battery market was estimated to have acquired US$ 45 billion in 2020. It is anticipated to register a 5.70% CAGR from 2021 to 2031 and by 2031; the market is likely to gain US$ 82.80 billion.

The automotive battery market is experiencing a dynamic transformation driven by several key factors. The foremost driver is the increasing demand for electric vehicles (EVs), fueled by environmental concerns and stringent emission regulations worldwide. Lithium-ion batteries have emerged as the dominant technology, offering higher energy density and longer ranges.

Innovations are shaping the market, with a notable focus on solid-state batteries, promising improved safety and energy efficiency. As EVs become more accessible and affordable, consumer awareness is growing, amplifying market opportunities.

Sustainability and circular economy initiatives are gaining traction, with a growing emphasis on battery recycling and second-life applications. The industry is witnessing significant investments in research and development to enhance battery performance and cost-effectiveness.

Collaborations between automakers and battery manufacturers are becoming more prevalent, accelerating technological advancements. The automotive battery market is on an exciting trajectory, with sustainability, innovation, and electrification as its guiding trends.

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Market Snapshot:

Key Findings of the Market Report

• R&D investments focus on battery performance and cost reduction.

• EV affordability drives consumer awareness and adoption.

• Battery range and efficiency improvements are ongoing priorities.

• Battery safety enhancements remain a key research area.

• Asia-Pacific leads in EV production and battery manufacturing.

• Government incentives and regulations impact market growth.

Market Trends for Automotive Batteries

• Emerging from cutting-edge quantum physics research, quantum batteries hold potential to revolutionize the automotive industry. These batteries leverage quantum mechanical principles to store energy more efficiently and charge rapidly. While still in the experimental phase, their ability to offer higher energy densities and faster charging times may redefine the EV landscape.

• With sustainability at the forefront, researchers are exploring biodegradable battery materials. These batteries are designed to naturally degrade over time, reducing electronic waste and environmental impact. This trend aligns with growing eco-conscious consumer preferences and stringent environmental regulations.

• Silicon has garnered attention as a promising alternative to traditional graphite anodes. Silicon anode batteries can offer significantly higher energy capacities, extending EV ranges. Ongoing advancements in silicon anode technology could lead to more powerful and efficient electric vehicles, addressing one of the key limitations of current battery tech.

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Market for Automotive Batteries: Regional Outlook

The global market for automotive batteries is not only characterized by its rapid growth but also by distinct regional variations that shape its trajectory. Here’s a snapshot of the regional outlook in this dynamic market:

• Asia-Pacific reigns as the epicentre of automotive battery production and consumption. With major automakers and battery manufacturers based in countries like China, Japan, and South Korea, this region dominates the market. Government incentives, strong demand for electric vehicles and the presence of key players make Asia-Pacific a driving force in the industry.

• North America is witnessing a surge in electric vehicle adoption, driven by consumer demand, environmental awareness, and regulatory support. The United States and Canada are experiencing a growing infrastructure for EVs and battery manufacturing facilities, positioning the region as a key player in the automotive battery market.

• Europe is undergoing a rapid transition toward green mobility. Stringent emissions standards and ambitious sustainability goals are boosting the demand for electric vehicles. European countries are fostering innovation in battery technology and investing in charging infrastructure, positioning themselves as leaders in the market.

Global Automotive Battery Market: Key Players
The competitive landscape in the automotive battery market is fierce, with major players like Panasonic, LG Chem, and CATL dominating, while newcomers and startups focus on niche innovations and regional markets. The following companies are well-known participants in the global Automotive Battery market:

• Leoch International Tech
• Furukawa Electric Co. Ltd.
• Hitachi Ltd.
• Haldex Incorporated
• Exide Industries Limited
• Panasonic Corporation
• CATL
• GS Yuasa
• LG Chem
• Samsung SDI
• SK Innovation

Key developments in the global Automotive Battery market are:

• In May 2023, Hitachi India collaborates with NASH INDUSTRIES, known for precision metal solutions, to provide Brushless DC motor controllers using integrated single-chip ICs from Hitachi Power Semiconductor Device, Japan.
• In June 2023, Samsung SDI achieved a significant milestone, becoming the inaugural lithium battery manufacturer to attain carbon footprint labels, awarded by Carbon Trust.

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Global Automotive Battery Market Segmentation
Type

• Lithium Ion
• Sealed Lead Acid
• Nickel-Metal Hydride
• Nickel-Cadmium

Propulsion

• Internal Combustion Engine
  • Gasoline
  • Diesel
• Electric
  • Battery Electric
  • Hybrid Electric

Vehicle Type

• Passenger Vehicle
• Light Commercial Vehicle
• Heavy Duty Trucks
• Bus & Coaches
• Two Wheeler Vehicle

Sales Channel

• OEM
• Aftermarket

Region

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• Latin America

About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.

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