Automotive Battery Market by Battery Type (Lead Acid, Lithium-Ion, Others), by Vehicle Type (Passenger Cars, Commercial Vehicles), by Engine Type (IC Engine, Electric Vehicle), by By Battery Type (Lead Acid, Lithium-Ion, Others), by Europe (U.K., Germany, France, Rest of Europe), by Asia-Pacific (China, India, Japan, South Korea, Rest of Asia Pacific) Forecast 2024-2032
The Automotive Battery Market size was valued at USD 43.32 USD Billion in 2023 and is projected to reach USD 55.12 USD Billion by 2032, exhibiting a CAGR of 3.5 % during the forecast period. An automotive battery is a secondary battery designed to power the vehicle, especially the engine and any other device that requires electrical power in the vehicle once the engine is off. It is also important to note that automotive batteries are not strictly limited to starting capabilities alone but also serve other functions like powering navigation, lighting, and infotainment systems. There are different types of automotive batteries, lead-acid batteries, generally used in conventional vehicles, and lithium-ion batteries used in electric and hybrid vehicles. Some of the vital constituents of an automotive battery are anode, cathode, electrolyte, separators and casing. Advantages of automotive batteries include starting and operation of the vehicle engine, powering of various electronics in the vehicle, and long battery durability in case proper maintenance is observed. The subsequent trends are clearly the emphasis on lithium-ion advanced technology, sustainable resources and absolute energy density improvements as well as charging for the new generation electric hybrid vehicles.
Battery Type:
Vehicle Type:
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The Asia-Pacific region maintains its dominance in the automotive battery market. The region's rapidly growing automotive industry, particularly in China and India, is fueling the demand for electric vehicles and, consequently, their batteries. Additionally, government policies aimed at promoting sustainable transportation and reducing emissions are driving market growth in the region.
Europe and North America are projected to continue their significant growth in the market. In Europe, the increasing popularity of hybrid and electric vehicles, coupled with stringent emission regulations, is driving demand for automotive batteries. Similarly, in North America, rising consumer awareness of environmental sustainability and government incentives for electric vehicles are fueling market growth.
Aspects | Details |
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Study Period | 2018-2032 |
Base Year | 2023 |
Estimated Year | 2024 |
Forecast Period | 2024-2032 |
Historical Period | 2018-2023 |
Growth Rate | CAGR of 3.5% from 2018-2032 |
Segmentation |
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Aspects | Details |
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Study Period | 2018-2032 |
Base Year | 2023 |
Estimated Year | 2024 |
Forecast Period | 2024-2032 |
Historical Period | 2018-2023 |
Growth Rate | CAGR of 3.5% from 2018-2032 |
Segmentation |
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Note* : In applicable scenarios
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