Jersey City, New Jersey, Sept. 22, 2022 (GLOBE NEWSWIRE) -- Verified Market Research recently published a report, “Automotive Battery Market” By Battery (Lead Acid, Lithium-Ion, and Other), By Vehicle (Passenger Cars and Commercial Vehicles), and By Geography.
Automotive Battery Market size was valued at USD 48.19 Billion in 2020 and is projected to reach USD 71.74 Billion by 2028, growing at a CAGR of 5.5% from 2021 to 2028, according to the most recent study from Verified Market Research.
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Browse in-depth TOC on “Automotive Battery Market”
202 - Pages
126 – Tables
37 – Figures
Global Automotive Battery Market Overview
An automotive battery is defined as a rechargeable battery that is used for supplying electrical current to a motor vehicle. The batteries are mainly used for powering starting, lighting and ignition system of a vehicle. Apart from this, it is also used to provide power to automobile accessories such as radio, wipers, music players, air conditioners, and charging plugs. Moreover, the automotive battery also serves as a voltage stabilizer by absorbing abnormal transient voltages in the vehicle’s electrical system.
A lithium-ion battery market is expected to grow at the highest CAGR owing to factors such as growing production of hybrid & electric vehicles and strict emission norms which are influencing the demand to develop products like electric vehicles that meet future needs of transportation.
Moreover, the rising adoption of infotainment systems in vehicles has increased the demand for energy-efficient batteries. There are certain restraints and challenges faced which can hinder the market growth. The availability of underdeveloped support infrastructure for electric vehicles and the failure of batteries due to excess heating are some of the factors that may affect the growth of the market.
Key Players
The “Global Automotive Battery Market” study report will provide a valuable insight with an emphasis on the global market. The major players in the market are
- ARTA
- Exide
- Clarios
- Panasonic Corporation
- A123 Systems
- GS Yuasa Corporation
- Hitachi Group Ltd.
- Contemporary Amperex Technology Co. Limited
- China Aviation Lithium Battery Co. Ltd
- Robert Bosch GmbH
Based on the research, Verified Market Research has segmented the global Automotive Battery Market into Battery, Vehicle, and Geography.
- Automotive Battery Market, by Battery
- Lead Acid
- Lithium Ion
- Other
- Automotive Battery Market, by Vehicle
- Passenger Cars
- Commercial Vehicles
- Automotive Battery Market, by Geography
- North America
- U.S
- Canada
- Mexico
- Europe
- Germany
- France
- U.K
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Rest of Asia Pacific
- ROW
- Middle East & Africa
- Latin America
- North America
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