The global automotive battery market is poised for significant growth, driven by the increasing demand for electric vehicles (EVs) and hybrid technology. According to a new report by Fact.MR, a leading market research and competitive intelligence provider, the market is expected to reach US$ 52.71 billion in 2024 and is forecasted to rise at a CAGR of 6.1% between 2024 and 2034.
The shift towards electrification in the automotive industry is a major factor driving market growth. As countries around the world seek more environmentally friendly solutions to combat climate change, the demand for high-performance batteries is escalating. Advanced batteries are not only powering EVs but are also being integrated into traditional car start-stop systems, improving fuel efficiency and reducing emissions.
The rise of connected car features and autonomous driving technology is further boosting the need for reliable power sources, making automotive batteries a crucial component. The convergence of renewable energy systems and vehicle-to-grid (V2G) technology is creating new opportunities for automotive batteries in energy storage applications.
The automotive battery industry is experiencing remarkable growth, fueled by factors such as falling battery prices, enhancing performance, and increasing adaptability. This makes automotive batteries an indispensable part of the future of energy and transportation systems.
Key Takeaways from the Market Study:
* The global automotive battery market is projected to reach a valuation of US$ 95.29 billion by the end of 2034.
* North America is expected to hold a 2% share of the global market by 2034.
* The East Asian market for automotive batteries is anticipated to expand at a CAGR of 6% from 2024 to 2034.
* Sales of automotive batteries in Mexico are forecasted to rise at a CAGR of 4% through 2034.
* Japan is projected to account for a market share of 9% in East Asia by 2034.
* Sales of lead-acid batteries are calculated to increase at a CAGR of 7% from 2024 to 2034.
Leading Players Driving Innovation:
Key players in the automotive battery market include Autonomous Tractor Corporation, Trimble Inc., Bear Flag Robotics, AGCO Corporation, Raven Industries (Applied Technology), CNH Industrial N.V., AG Leader Technology, Inc., Yanmar Holdings Co., Ltd., Agjunction, Inc., Kubota Corporation, NovAtel Inc. (Hexagon), Iseki & Co., Ltd., Zimeno Inc. (Monarch Tractor), Deere & Company, Mahindra & Mahindra, Autonomous Solutions, Inc., Escorts Limited.
New Advancements in Solid-State Batteries:
Solid-state batteries are gaining significant traction from manufacturers and consumers alike due to their potential for increased safety, faster charging times, and enhanced energy density. These advancements address key concerns associated with electric vehicles, such as range anxiety and long charging times.
Advancements in Battery Management Systems and Rapid Charging Technologies:
Improvements in battery management systems are contributing to long-term enhancements in battery life and overall performance, making electric vehicles more reliable and affordable. Advancements in rapid charging technologies are increasing the practicality of electric vehicles for daily use. Battery-switching stations are becoming popular in certain regions, offering a swift option for “refueling.”
These advancements are driving the global adoption of electric vehicles and battery sales, while simultaneously reducing production costs and raising consumer awareness of environmental issues.
Automotive Battery Industry News:
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March 2024:
Morocco announced the establishment of its first industrial zone dedicated to the production of batteries for electric vehicles, with an initial investment of USD 2.3 billion. The 283-hectare industrial zone is expected to attract investments from companies such as the Chinese firm CNGR and the Moroccan-based African private investment fund Al Mada.*
February 2024:
JSW Group announced plans to establish facilities for the production of batteries and electric vehicles in Odisha, India, with an investment of USD 4.82 billion. In November 2023, the company formed a joint venture with SAIC Motor of China to compete in India’s burgeoning electric vehicle market.*
May 2022:
Exide Industries announced a USD 773.43 million investment to build a gigawatt-scale SVOLT lithium-ion facility. The facility commenced operations within three to four years, with an initial production capacity of six gigawatt-hours (GWh) and plans for expansion to twelve GWh within the next eight to ten years.These developments highlight the growing momentum and investment in the automotive battery market, solidifying its position as a crucial component in the transition towards a more sustainable and technologically advanced transportation sector.
