Automotive Battery Market: Introduction
According to the report, the global automotive battery market is projected to surpass US$ 82.80 Bn by 2031, expanding at a CAGR of 5.70% during the forecast period. Rise in demand for electric or plug-in hybrid vehicles, owing to increase in fuel prices coupled with growing awareness about the environment. These factors are propelling research activities for improvement of battery support, which is propelling the global automotive battery market. Increase in consumer preference toward electric vehicles is prompting OEMs of automotive to introduce new & hybrid and electric car models.
The rising vehicle electrification is likely to increase the demand for automotive battery. Increasing integration of advanced electronics components in vehicles is prompting vehicle manufacturers to invest in research & development of the battery. Major vehicle manufacturers are investing to enhance the electric vehicle range, which is likely to fuel the market.
The COVID-19 pandemic hampered production and sales of vehicles, and major vehicle manufacturers shut down their plants. Lockdowns prompted the public to avoid traveling, which further restrained the automotive battery market. Supply chain and transportation channels where disrupted, which, in turn, decreased the supply of raw material needed for vehicle production.
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Expansion of Automotive Battery Market
Growing mergers and acquisitions between vehicle manufacturers across the globe is likely to propel the automotive battery market. Rise in demand for electric vehicles owing to enactment of stringent emission norms across the globe is estimated to fuel the demand for batteries. In March 2021, LG Energy Solution, the U.S. unit of LG Chem, invested US$ 4.5 Bn for the expansion of its U.S. electric vehicle battery manufacturing footprint with an additional 70 GWh of capacity from 2025 onward.
As part of its Project Green Field, LG expanded capacity at its existing facility in Holland, Michigan, and build two more plants in the next four years. In February 2021, Samsung SDI Co. invested US$ 901.4 Mn to ramp up capacity of its battery plant in Hungary with hopes to expand its presence in Europe where demand for electric vehicles is increasing at a rapid pace.
Based on vehicle type, the passenger vehicle segment dominated the global automotive battery market, in terms of revenue, in 2020. Rise in sale of passenger vehicles across the globe is projected to boost the market. The growth in demand for electric vehicles across the globe is fueling the automotive battery market.
In terms of type, the lithium ion segment dominated the global automotive battery market, in terms of revenue, in 2020. Lithium-ion batteries are widely used in electric vehicles, and increase in sale of electric vehicles is driving the market share held by the lithium ion segment of the automotive battery market.
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Regional Analysis of Automotive Battery Market
In terms of region, the global automotive battery market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific and Europe held major share of the global automotive battery market, in terms of revenue, in 2020. Europe has presence of major original equipment manufacturers as well as tier-1 suppliers, who have major facilities that undertake research & development on the battery system, which, in turn, is likely to boost the automotive battery market in the region.
The presence of major automotive parts manufacturing industries in China, India, and Japan is also anticipated to propel the automotive battery market in Asia Pacific
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Automotive Battery Market Players
Prominent players operating in the global automotive battery market include, Leoch International Tech, Furukawa Electric Co. Ltd., Hitachi Ltd., Haldex Incorporated, Exide Industries Limited, Panasonic Corporation, CATL, GS Yuasa, LG Chem, Samsung SDI, and SK Innovation.
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