Automotive Battery Market to Hit USD 23.99 Bn. and Emergent at Growth Rate of 4.2 percent by 2029 Industry Analysis and Forecast (2022-2029) Trends, Statistics, Dynamics, and Segmentation.
Pune, 13, Dec, 2022: The report published by Maximize Market Research on the Automotive Battery Market covers an extensive regional analysis and competitive landscape. Over the forecast period, Maximize Market Research expects the market to grow from 17.26 billion in 2021 to 23.99 billion in 2029, at a CAGR of 4.2%.
Automotive Battery Market Scope and Research Methodology
The study provides a comprehensive review of the global automotive batteries market. The foundation year for this report’s forecast of the USD market size for automotive batteries is 2022–2029. With projections for both the present and the future, the study offers a thorough analysis of the trends in the global market for automotive batteries. This analysis provides an impact study for the expected time period and covers the major market trends, growth opportunities, obstacles, and bottlenecks. In the article, the qualitative data places a focus on market dynamics, trends, and innovations. In order to develop a strategy, Porter’s five forces analysis helps analyse the market’s potential for suppliers and buyers as well as its competitive environment. Additionally, thorough research of the worldwide automotive battery market contains market growth promoters and deterrents. The study provides an automotive battery market outlook for 2021 and an automotive battery market forecast from 2022 to 2029 for each sector, region, and nation.
Using a bottom-up methodology, the market size and various segment estimates were verified. Primary and secondary sources were used to collect data. The main techniques included surveys, the distribution of questionnaires, and phone interviews with subject matter experts, industry leaders, business owners, and marketers. For optimal trustworthiness of the inferences, secondary data was painstakingly gathered from a well-chosen range of sources. This comprises paid databases as well as the official websites of numerous organisations and the government, trade publications, white papers, annual reports, and product releases from manufacturers and suppliers in the sector.
SWOT analysis was conducted to identify the strengths and weaknesses of the automotive battery market, while PESTLE was employed to understand the potential impact of the micro-economic factors affecting the automotive battery market.
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Automotive Battery Market Overview
The automotive industry not only faces accelerating pressure to reduce vehicles’ environmental impact but is also experiencing rapid technological change in the shape of electrification, connectivity, autonomy, and new business models. A motor vehicle’s starting battery is a rechargeable battery known as an automotive battery. Its primary function is to supply an electric current to the electric starting motor, which in turn ignites the chemically-fueled internal combustion engine that drives the car forward. In developing nations like the Asia Pacific and South America, where economies are growing quickly, there is a rising need for car batteries.
Automotive Battery Market Dynamics
The main drivers of the growth of the automotive battery market are the rising demand for the automotive sector and the strict emission regulations enforced by various governmental organizations. The demand for transportation and the introduction of new hybrid and electric automotive models are fueling the growth of the automotive battery market. New fuel-saving technology, such as micro-hybrid systems, is also leading to a rise in battery usage. Lithium-ion batteries are also proving to be quite helpful due to their light weight and higher efficiency.
The rigorous government pollution rules and growing consumer preference for electric and hybrid vehicles with low or zero emissions are propelling sales of these vehicles, which will represent a sizable percentage of the market by application. Additionally, the development of lithium batteries based on nanotechnology and an increase in R&D for fuel cell-powered vehicles are a couple of the aspects offering a tonne of growth potential for the major competitors in the automotive battery market.
However, producers face a number of difficulties, some of which are studied and assessed in the research, including battery safety concerns and a continuous fluctuation in the price of raw materials like nickel and lead. The value chain of the finished product, which varies depending on the region, and its pricing structure have also been discussed in the report.
Automotive Battery Market Regional Insights
The Asia Pacific region is the region with the fastest-growing market for automotive batteries, thanks to the need for automobiles in nations with quickly growing economies, such as Japan, India, and others. A huge population, rising car demand, and rapid economic growth as a result of the availability of inexpensive labour as well as simple access to raw materials and components make Japan the largest automotive battery market in Asia.
The automotive batteries market in the North American region is also expected to exhibit the highest CAGR throughout the forecast period thanks to the low prices of gasoline, the implementation of tax-cutting measures, and the stability of crude oil prices. Considering how little traffic there is, automobile batteries have a relatively long lifespan. People in the North American region travel farther in their cars, allowing the batteries to charge and discharge completely.
Automotive Battery Market Segmentation
By Battery Type:
Lead AcidNickel Metal HybridLithium-IonOthersBy Vehicle Type:
PassengerCommercialElectricOtherBy Battery Technology:
SLIAGMDeep CycleWet CellOthersAutomotive Battery Market Key Manufacturers:
Johnson Controls International plc.Haldex IncorporatedZF TRW Automotive Holdings CorporationHitachi Ltd.EnerSysFurukawa Electric Co. Ltd.Leoch International TechGS Yuasa CorporationCrown Battery Manufacturing CompanyExide Industries LimitedEast Penn Manufacturing Co., Inc.Camel Group Co., Ltd.FIAMM S.p.A.Fengfan Co., Ltd.Douglas BatteryZhejiang Narada Power Source Co. Ltd.Shandong Sacred Sun Power Sources Co., Ltd.Zhejiang Haijiu Battery Co., Ltd.Chaowei Power Holdings Ltd.Robert Bosch GmbHMK BatteryAmara Raja GroupSANYO Electric Co.,LtdHitachi, Ltd.
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Key questions answered in the Automotive Battery Market are:
What is Automotive Battery? What is the growth rate of Automotive Battery Market for the forecast period? What is the nature of competition in Automotive Battery industry in developed and developing economies? Who are the key players in the Automotive Battery Market?Who are the market leaders in Automotive Battery in EuropeWho are the market leaders in Automotive Battery in USA and CanadaWho are the market leaders in Automotive Battery in India, China, Japan and South Korea?What are the factors affecting growth in the Automotive Battery Market? Who held the largest market share in Automotive Battery Market? What are the factors for the growth of Asia-Pacific region in Automotive Battery Market?Key Offerings:
Market Share, Size & Forecast by Revenue | 2022−2029Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Key TrendsMarket Segmentation – A detailed analysis by Battery Type, Vehicle Type, Battery Technology and, and region.Competitive Landscape – Top Key Vendors and Other Prominent VendorsMaximize Market Research is leading research firm, has also published the following reports:
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Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
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