Reports And Data

The global car battery market size is expected to reach USD 92.60 Billion in 2028 and register a CAGR of 5.2% during the forecast period

NEW YORK, NY, UNITED STATES, November 24, 2021 /EINPresswire.com/ -- The global car battery market size is expected to reach USD 92.60 Billion in 2028 and register a revenue CAGR of 5.2% over the forecast period, according to the latest report by Reports and Data. Increasing demand for pollution-free hybrid and electric vehicles is driving market revenue growth. Reduction in crude oil reserves, fall in battery prices, and increasing concerns regarding the environment is another factor driving revenue growth of the global car battery market.

COVID-19 has affected market growth negatively due to continuous lockdown in most parts of the world and halt in production of car batteries. The pandemic also highlighted dependence of manufacturing battery cells on China and the risks associated with it. Market players are beginning to move their manufacturing plants more lucrative regions and countries, thereby paving way for new opportunities for other countries.

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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.

Increase in production and sale of vehicles, rising demand for advanced technologies, and changing lifestyle are some other factors fueling market revenue growth. Electric vehicle manufacturers are focusing on installing batteries with adequate power and reserve capacity to drive sales and attract more customers. Moreover, increasing investment in research and development of electric vehicles is expected to provide ample growth opportunities for players operating in the global car battery market in the coming years.

Rechargeable batteries play a significant role in lowering carbon footprint and mitigating greenhouse gas emissions, which is also propelling market growth. Another driving factor of car batteries market is increasing demand for electric vehicles.

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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Key Questions Answered in This Market Report
1. How much revenue will the car battery Market generate by the end of the forecast period?
2. Which market segment is expected to have the maximum market share by 2028?
3. What are the influencing factors and their impact on the car battery market?
4. Which regions are currently contributing the maximum share of the overall car battery market?
5. What indicators are likely to stimulate the car battery market?
6. What are the main strategies of the major players in the car battery market to expand their geographic presence?
7. What are the main advances of the car battery market?
8. How do regulatory standards affect the car battery market?

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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
Others

Vehicle Type Outlook (Revenue, USD Billion; 2018–2028)
ICE Vehicles
Electric Vehicles
BEV
PHEV
Others

Sales Channel Outlook (Revenue, USD Billion; 2018–2028)
OEM
Aftermarket

Regional Outlook (Revenue, USD Billion; 2018–2028)
North America
U.S.
Canada
Mexico
Europe
Germany
U.K.
France
Italy
Spain
Sweden
BENELUX
Rest of Europe
Asia Pacific
China
India
Japan
South Korea
Rest of APAC
Latin America
Brazil
Rest of LATAM
Middle East & Africa
Saudi Arabia
UAE
South Africa
Israel
Rest Of MEA

About us:

Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target and analyze consumer behavior shifts across demographics, across industries and help client’s make a smarter business decision. We offer market intelligence studies ensuring relevant and fact-based research across a multiple industries including Healthcare, Technology, Chemicals, Power and Energy. We consistently update our research offerings to ensure our clients are aware about the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise.

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