Technavio analyzes that the Automotive Batteries Market is expected to grow at a CAGR of 19.75% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 119.8 billion.There are various factors that contribute to the growth of the market. The automotive batteries market is experiencing significant growth, driven primarily by the increasing sales of passenger cars. This trend is attributed to the rising demand for vehicles in both developed and emerging economies, as well as the continuous advancements in battery technology that improve efficiency and performance. These factors are expected to continue fueling market expansion in the coming years.
The automotive batteries market is experiencing continuous evolution due to advancements in technology. Key drivers include stringent emission regulations, fuel efficiency standards, and safety requirements, which necessitate the adoption of more efficient battery systems. Automakers are exploring 48V electrical systems to accommodate the increasing use of interior electronics in passenger cars, such as lighting, heating, air conditioning, and audio systems. These batteries also serve as the power source for starting the vehicle and propelling electric vehicles. Market trends include the utilization of advanced battery chemistries, such as lithium-ion and lithium-sulfur, and battery materials like graphite and nickel manganese cobalt oxide. Mergers and acquisitions within the battery supply chain are also shaping the market landscape.
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Automotive Batteries Market Segmentation
As per our research findings, here are some of the key competitors that are leading the industry
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An Automotive Battery is a vital electrochemical device that stores and supplies electrical energy to power various systems in vehicles, including the starting motor, ignition system, alternator, voltage stabilizer, lights, radio, and electrical accessories. With the shift towards sustainable transportation, batteries play a pivotal role in electric vehicles (EVs) such as battery electric vehicles (BEVs) and hybrid vehicles. Consumer constraints, including cost, charging time, and performance, influence the adoption of EVs. Factors like population growth, urbanization, and durability impact the market demand. The SLI (Starting, Lighting, Ignition) batteries segment dominates the market in passenger vehicles, while lithium-ion batteries, with their high energy density and long charge-discharge cycles, are gaining popularity due to their suitability for EVs. Greenhouse gas emissions reduction is a significant driver for the market.
The automotive batteries market encompasses businesses specializing in the production and distribution of electrochemical devices for storing and supplying electrical energy to power engines, starting motors, ignition systems, voltage stabilizers, and lights in vehicles. This sector interfaces with the global renewable electricity market, which involves companies generating and distributing electrical energy from renewable sources. Key market drivers include supportive policies and targets for renewable power deployment, contributing to the significant growth of the renewable electricity market. This expansion encompasses independent power producers, gas and power marketing and trading specialists, integrated energy merchants, and renewable electricity manufacturers, as well as those supplying raw materials and equipment for the solar power industry.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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