Car Batteries Market Size, Share, Growth and Industry Analysis by Type (OEM, Automotive Channel, Ecommerce, Wholesale Clubs, And, Others.) By Sales Channel (OEM, Automotive Channel, Ecommerce, Wholesale Clubs, And, Others), Regional Insights, and Forecast To 2031

Updated On: 08 April 2024

Car Batteries Market REPORT OVERVIEW

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The global car batteries market size was USD 23870 million in 2022 and market is projected to touch USD 35786.8 million by 2031 with a compound annual growth rate (CAGR) of 4.6% during the forecast period.

An automobile or car battery is a type of wet-cell battery that consists of six cells. These cells consist of an alternate plate, which is made up of a lead alloy grid that is filled with sponge lead, or cathode plates. It could also be plated with lead dioxide called the anode. These cells are filled with sulfuric solution. The sulfuric solution acts as the electrolyte.

The global car batteries market has seen a lot of developments, and advancements. Electrification of vehicles has now become the new development in the market. Usage of lithium-ion batteries has increased the scope for the product. This is now considered as the latest trend in the market. 

A market can be affected by a lot of factors. These factors can either have a positive or a negative impact on the growth of the market. The above factors have contributed in the increase of the growth of the industry.

COVID-19 impact:  Restrictions Imposed by The Government During the pandemic Reduced the Market Growth

The pandemic of COVID-19 drastically deteriorated the growth and development of all the markets through out the world. A sudden halt in the operations of the market resulted in the downfall of the economy. The demand for automobiles and car batteries saw a sudden decline due to the government-imposed restrictions.

Along with lockdowns and social distancing rules the disruption in transportation services also hampered the market growth during the period of pandemic. The limitations for travelling from one place to another also became a hinderance. The disruption in supply chain, and unavailability of raw materials was yet another factor that decreased the product demand.  The production facilities were not readily available. All of these factors together created a negative impact on the industry.

LATEST TRENDS

"A Rapid Rise In The E-Mobility Adoption In The Market To Increase The Market Growth"

One of the new trends that is being seen in the market lately is the trend of electromobility. People have started adopting themselves to e-mobility. Developing countries are contributing more to the car batteries market owing to the rapid changes taking place in the market in those regions. Another factor that has propelled the adoption of e-mobility is the increase in the standard of living of people. New generation EVs are being launched by the key industry players. The electrification of vehicles has propelled the demand for car batteries. Usage of lithium-ion batteries in vehicles is also a on going popular trend in the market.

Car Batteries Market Segmentation

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• By Type:

The market can be divided on the basis of type into the following segments.

VRLA  Battery, Flooded Battery, and, Other. VRLA battery is the segment that is expected to lead the market during the forecast period.

• By Sales channel:

Classification based on application is as follows:

OEM, Automotive Channel,   Ecommerce, Wholesale Clubs, and, Others. The OEM segment is expected to lead the market during the forecast period.

DRIVING FACTORS

"Advanced Features of Car Batteries and New Technological Developments to Increase Market Growth"

The automobile and car batteries market has witnessed a lot of advancements ad developments in the past few decades. The car batteries have many specialized features that can help in the increased sales of the product. The storage capacities of these car batteries have increased which acts as an added advantage.

With an increase in the storage capacities these batteries the travelling range of cars and automobiles will also increase. Lithium-ion batteries are high-energy density batteries that have high storage capacities. Along with all of this, special products like fast automotive battery chargers are now being introduced in the market. All these factors together have increased the global car batteries market growth.  

"Introduction of Environmental-friendly Zero emission vehicles To Amplify Market Growth"

Normal vehicles that run on petrol or diesel are one of the major sources of pollution. The emissions given out by these vehicles can release a lot of pollutants that are harmful to the environment. Government has imposed certain restrictions on the level of pollutants that can be emitted into the atmosphere.

Therefore, people are now preferring to go for zero-emission vehicles that have zero-emissions. The growing preference for emission free hybrid vehicles has become an important factor for the increase in the global car batteries market share. The price of fossil fuels has sky-rocketed in the past few months. The emissions can also have a lot of harmful effect on human health. The increasing preference for zero-emission vehicles is a factor propelling the market growth.

RESTRAINING FACTOR

"Low Adaptability To E-Mobility in Backward Regions to Decrease the Market Growth"

E-mobility or electrification of vehicles is a new concept and has emerged in the recent times. Even though people are preferring to buy these electric vehicles many people are not aware of their existence especially in under-developed countries and backward regions. 

Also, the price for electric vehicles is high compared to the normal ones. Therefore, may people opt to buy normal vehicles rather the electric ones. The adoption to e-mobility is very slow and this can become a factor restraining the market growth.

Car Batteries Market Regional Insights

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"Asia Pacific to Dominate the Market During the Forecast Period"

Asia Pacific is the leading manufacturer of automobiles and car batteries. As a result, they secure the highest market position along with majority of the share. Japan and China are the top producers of automobiles and have contributed to the high market share of Asia Pacific.

The presence of many key industry players in Asia Pacific has favored the high production of automobiles in this region. This region is also adapting itself to e-mobility at a rapid pace. New generation EVs are being introduced in Asia Pacific. All these reasons have contributed in the growth of the market in Asia Pacific.

Key Industry Players

"Leading Players adopt Acquisition Strategies to Stay Competitive "

Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market.

List of Market Players Profiled

• Johnson Controls (Ireland)
• GS Yuasa (Japan)
• Exide Technologies (U.S.)
• Hitachi Chemical (India)
• Camel Group (China)

Report Coverage

The report provides an insight into the global industry from both the demand and supply sides. Further, it also gives information on the impact of COVID-19 on the market, the driving and the restraining factors along with the regional insights. Market dynamic forces during the forecast period have also been discussed for the better understanding of the market situations. FAQs have also been given to outline the report.

Car Batteries Market Report Coverage

REPORT COVERAGE	DETAILS
Market Size Value In	US$ 23870 Million in 2022
Market Size Value By	US$ 35786.8 Million by 2031
Growth Rate	CAGR of 4.6% from 2022 to 2031
Forecast Period	2024-2031
Base Year	2023
Historical Data Available	Yes
Regional Scope	Global
Segments Covered	Type and Application