Car battery, or automotive battery, is a rechargeable battery that provides electric current to the motor which powers the internal combustion engine, in turn, propelling the vehicle forward. Electric vehicles are equipped with a high-voltage electric vehicle battery and an automotive battery, which are often referred to as auxiliary batteries. Modern cars are equipped with a lot of advanced electronic equipment that offer advanced safety features and enhanced driving controls. Recent advances in battery technology have led to the development of batteries that can deliver adequate and reliable power and years of dependable service.
Paradigm shift in preference for electric and hybrid vehicles to reduce carbon emissions, increasing investment to accelerate R&D activities to develop advanced batteries, and increasing production and sales of vehicles have significantly boosted the revenue growth of the car battery market. Increasing demand for cars with latest upgrades and advanced features owing to rising disposable incomes among individuals across the globe is also expected to fuel market growth going ahead.
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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.
Some Key Highlights From the Report
- In July 2021, Nissan announced plans to build its first car battery ‘gigafactory’, in the UK, where it will build a new electric vehicle. Envision AESC, Nissan’s Chinese battery supplier, is set to invest over USD 600 million to build the battery plant that will run on renewable energy and can power up to 100,000 Nissan electric vehicles every year. The facility will be built in Sunderland and is considered a significant step towards fossil fuel-free vehicles.
- Lithium-ion based battery segment revenue is expected to register a rapid growth rate during the forecast period. These battery types charge faster, have high power density, and last longer. Lithium-ion based battery has emerged as an eco-friendly rechargeable power source as compared to traditional or conventional batteries. Majority of electric vehicles run on lithium-ion batteries and ongoing R&D to reduce costs will further drive revenue growth of this segment.
- Electric vehicles segment accounted for a significantly large revenue share in 2020 as these vehicles have smaller carbon footprint, have less impact on the environment, and release fewer emissions that are accountable for smog and climate change as compared to conventional vehicles. Countries such as Norway, Germany, China, and the UK, among others, are rapidly switching to electric vehicles thus encouraging automotive manufacturers to make significant investments in the car battery market and expand business opportunities and revenues.
- Asia Pacific registered fastest revenue growth rate in 2020 due to high adoption of electric vehicles in countries, including Japan and China, attributed to the automotive electrification initiatives and government initiatives to set up more advanced infrastructure. Additionally, countries such as India and South Korea are taking initiatives to decrease greenhouse gas emissions by supporting demand for electric vehicles and government schemes that are favorable. This is driving growth of the car battery market in the region.
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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)
- Nickel-based Battery
- Lithium-ion Based Battery
- Sodium-ion Battery
- Lead-acid Based Battery
Vehicle Type Outlook (Revenue, USD Billion; 2018–2028)
- ICE Vehicles
- Electric Vehicles
Sales Channel Outlook (Revenue, USD Billion; 2018–2028)
Regional Analysis Covers:
North America (U.S.A., Canada, Mexico)
Europe (U.K., Italy, Germany, France, Rest of Europe)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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