stringent regulations on ghg emissions from automobiles is driving the Light Vehicle Batteries Market
Technavio analyzes that the Light Vehicle Batteries Market is expected to grow at a CAGR of 10.5% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 26.8 billion.There are various factors that contribute to the growth of the market. In accordance with stringent regulations aimed at reducing greenhouse gas (GHG) emissions from automobiles, the demand for light vehicle batteries is surging. These batteries, a crucial component in electric and hybrid vehicles, enable zero-emission transportation. Manufacturers are investing heavily in research and development to produce more efficient and cost-effective batteries, further fueling market growth. The market for light vehicle batteries is poised for significant expansion in the coming years.
The Light Vehicle Batteries Market, particularly the segment catering to Internal Combustion Engine Vehicles (ICEVs), is projected to expand at a moderate growth rate, driven by the rising global production of passenger cars and light commercial vehicles. Fuel economy regulations and the electrification trend are compelling automakers to manufacture more hybridized ICEVs, thereby boosting demand for automotive batteries. In 2023, the market experienced a surge due to increased consumer interest in purchasing new and used cars. Modern SLI (Starting, Lighting, and Ignition) batteries, predominantly lead-acid type, power ICEVs with six series-connected cells for a 12-volt system in most passenger vehicles and light trucks, or twelve cells for a 24-volt system in heavy trucks and industrial equipment. Market research reports provide valuable insights into emerging segments, sales channels, growth rates, and leading products, enabling businesses to make informed decisions in the dynamic light vehicle batteries market. Decentralized networks and energy consumption trends are also crucial factors shaping the market's future trajectory.
Know which region is leading the market growth by requesting a sample report
Light Vehicle Batteries Market Segmentation
As per our research findings, here are some of the key competitors that are leading the industry
Find out what is trending in the market by accessing the free PDF report
The Light Vehicle Batteries market encompasses statistics, research, and intellectual property. The future of batteries is explored, along with maintenance and market size, share, applications, and technology. Charging infrastructure, startups, management systems, and forecasting are also key elements. Supply chain, R&D, market penetration, CAGR, portfolio, production, and demand are industrial goods considerations. Sales monitoring, standards, sustainability, analytics, emerging segments, high-growth regions, sales channels, regulations, innovation, sub-segments, and EV battery market are additional aspects. Battery types, safety, data, environmental impact, recycling, and the lithium-ion battery market are significant insights. Companies play a crucial role in this sector, driving innovation and adhering to regulations.
In the realm of business and industry, the light vehicle batteries sector is a significant component of the broader renewable energy market. This market encompasses organizations involved in the production and distribution of raw materials and equipment essential to the manufacturing of smart storage solutions for light vehicles. Key drivers propelling market expansion include increasing market penetration in high-growth regions, rising disposable incomes, and the prospect of intelligent automation in the transportation sector. Government policies and ambitious targets supporting the deployment of renewable power sources further fuel market growth. The renewable electricity market, comprising independent power producers, gas and power marketing and trading specialists, integrated energy merchants, and renewable electricity manufacturers, plays a pivotal role in the value chain.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
Safe and Secure SSL Encrypted
One user only.
Quick & easy download option
Unlimited user access (Within your organization).
Complimentary Customization Included
*For Enterprise license, go to checkout page
Get the report (PDF) sent to your email within minutes.
