As the automotive sector goes through a considerable shift, the market for vehicle batteries is anticipated to grow significantly. Vehicle batteries are in increasingly high demand as the number of vehicles that are electrified rises. The global market for vehicle batteries will grow at a CAGR of 4.64% between 2021 and 2030, predicts Fairfield Market Research. Analysts predict that the market for vehicle batteries would be worth US$43.48 billion by the end of 2030.
Focusing on achieving energy sustainability in order to address pollution challenges will probably present profitable commercial prospects. According to the study, the market's future may be shaped by the transition to environmentally friendly transportation.
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Infrastructure issues will limit market expansion during the forecast period.
Over the forecast period, the global vehicle battery market is anticipated to encounter a number of challenges that could impede its expansion. The market's expansion is anticipated to be hampered by a lack of charging facilities to enable the use of electric vehicles. Due to the general cyclical downturn that the automotive sector has been facing, which has resulted in declining sales, the market for vehicle batteries is also anticipated to suffer. Some automakers had enormous losses in 2020, which trickled down to related markets like the one for car batteries. Yet, the automobile sector is anticipated to grow as customers choose personal vehicles over crowded shared mobility alternatives.
Widespread Use of Electric Cars to Promote Vehicle Battery Market Growth
The performance and operating safety of a vehicle are greatly enhanced by the vehicle battery. As a result of numerous technological developments, including lithium-ion batteries, which enable large battery recharge capacities, electric vehicles are now more widely accepted for both personal and professional use. The market for these batteries will rise as manufacturers invest more in developing products that boost vehicle batteries while cutting production costs. For instance, Tesla's expenditures in the Asia Pacific market's vehicle battery development are anticipated to offer the sector a boost.
In order to reduce carbon emissions, the government and regulatory agencies are actively encouraging cleaner transportation options. Manufacturers have been compelled to create cutting-edge batteries with great energy density as a result. Due to these factors, the industry is anticipated to experience developments in the future.
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Contracts between Electric Vehicle Manufacturers and Battery Manufacturers to Provide Lucrative Opportunities in Asia Pacific
Asia Pacific is expected to lead the global market for vehicle battery during the forecast period as this region has a large manufacturing base in developing economies such as China and India. Availability of cheap raw material and labour in this region increases its sales. Numerous electric vehicle manufacturers are collaborating with battery manufacturers in Asia such as Volkswagen and BMW to purchase batteries from Samsung SDI, LG Chem, CATL and other Korean producers.
The strong presence of players in the region is expected to keep the regional market at the forefront. Furthermore, as China and India remain hubs of ancillary markets for the automobile industry, the vehicle batter market in this part of the world will have an edge over others.
Electric Car Segment to Flourish Owing to Shift Towards Cleaner Alternatives
The electric car segment is expected to rise in demand during the forecast period as consumers behaviour tilts towards sustainable transport systems. Numerous government incentives and stringent regulations to curb carbon emission and to find cleaner alternatives will boost the demand for this segment.
For instance, the Government of India’s Energy Efficiency Services Ltd (EESL) plans to deploy 20,000 EVs across the country for official use. With this move, it aims to achieve an EV sales penetration of 70% for commercial cars, 40% for buses, 30% for private cars, and 80% for two- and three-wheelers by 2030. Such initiatives are expected to create a high demand for new vehicle batteries that operate at excellent efficiency.
Key Players are Adopting Strategies such as Mergers and Acquisition to Stay Ahead in Competition
The global vehicle battery market is heavily dependent on raw material manufacturers and suppliers therefore, key players are adopting numerous strategies such as mergers and acquisitions and joint ventures to consolidate their market presence. For instance, NEDO, Sharp and Toyota have collaborated to manufacture an exclusive car that can run longer without needing to charge. Panasonic and Toyota have also announced a joint venture for producing batteries for electric vehicles.
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The key players operating in the global vehicle battery market are BYD Company Limited, Panasonic Corporation, Johnson Controls International PLC, SAMSUNG SDI Co., Ltd, Contemporary Amperex Technology Co., Limited, LG Chem Ltd., A123 Systems Inc.
Inside This Report You Will Find:
- Executive Summary
- Vehicle Battery Market Outlook
- Global Vehicle Battery Market Outlook, 2019 - 2030
- North America Vehicle Battery Market Outlook, 2019 - 2030
- Europe Vehicle Battery Market Outlook, 2019 - 2030
- Asia Pacific Vehicle Battery Market Outlook, 2019 - 2030
- Latin America Vehicle Battery Market Outlook, 2019 - 2030
- Middle East Africa Vehicle Battery Market Outlook, 2019 - 2030
- Competitive Landscape
- Appendix
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