Automotive Battery Market Size, Share and Growth Insights

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2022
Automotive Battery Market Opportunities, Growth,
Challenges, Business Trends and Forecast 2030
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With the growing number of people on earth,
automotive production and sales continue to
surge. Due to this, among their various
components, the demand for batteries is booming
too. Every vehicle, whether it runs on
electricity or diesel or petrol (gasoline),
requires a battery. Thus, the automotive battery
market will have a rather prosperous future, says
market research firm PS Intelligence. Presently,
since electric vehicles (EVs) are all the rage,
the integration rate of batteries in them will
shoot up. Compared to an internal combustion
engine (ICE)-based vehicle, an EV requires a
much-larger and -powerful battery because this
component is its main power plant (in case of
battery electric vehicles BEVs). Moreover,
apart from powering the motor, the battery
supplies electricity to all the auxiliary
components and systems, including lights,
heating, ventilation, and air conditioning (HVAC)
systems, advanced driver assistance systems
(ADAS), navigation and entertainment units, and
digital dashboards. Automotive batteries are
generally available in two broad chemistries
lithium-ion (Li-ion) and sealed leadacid (SLA).
Of these, SLA batteries have been more popular
till now because they have been available for
ages and are cheap. But, their energy density
isnt as high, which becomes a problem for EVs,
while their disposal also has environmental
issues. Thus, with the growing demand for
sustainable mobility, Li-ion batteries have begun
gaining preference.
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This is because they accumulate more charge than
an SLA battery of a similar size, which allows
the EV to travel longer on a full charge.
Currently, range anxiety is one of the biggest
issues plaguing EV sales, especially since the
charging infrastructure is vastly inadequate. In
addition, most of the charging stations that
exist are AC variants, which take up to 8 hours
to charge the battery completely, which makes EVs
a non-feasible option for fleet operators, such
as delivery service providers and shared mobility
companies. Moreover, Li-ion batteries can be
charged more times than SLA batteries, which
means they have a longer life. Thus, with people
keeping their vehicles longer than before, Li-ion
batteries help people save on operational costs,
by requiring less-frequent replacement. Another
advantage of Li-ion batteries is that their
disposal is not harmful to the environment and
that their contents can be salvaged and
recycled. Request to Get the Sample Report
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Moreover, with continuous advancements in
technology and augmentation in the production
output, Li-ion battery prices have come down
massively, and they continue to drop further.
From 500800 per kilowatt-hour (kWh) in 2012,
the International Renewable Energy Agency (IRENA)
has observed a decline in the cost of automotive
Li-ion batteries to 137 per kWh in 2020! With
the battery accounting for almost 40 purchase
cost of an EV, a reduction in their prices will
go a long way in boosting the demand for EVs and,
in turn, for the batteries themselves. With such
advancements taking place in the electric
mobility ecosystem, Asia-Pacific (APAC) has been
the largest automotive battery market till now,
and the situation will remain unchanged in the
coming years. Driven by strong environmental
concerns, strict emissions regulations, and
supportive regulations, China has been the
worlds largest EV and automotive battery
manufacturer for ages, and it is also the one
that buys them in the largest numbers. Similarly,
India is home to the largest electric rickshaw
fleet, which again creates a high demand for SLA
and Li-ion batteries. Hence, with the booming EV
sales, the demand for automotive batteries will
keep rising.
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• This study covers
• 1. Historical and the present size of the
  Automotive Battery Market
• 2. Historical and the present size of the market
  segments and understand their comparative future
  potential
• 3. Potential of on-demand logistics services, so
  the market players make informed decisions on the
  sales of their offerings
• 4. Competitive scenario of various market
  segments across key countries in several regions
  for uncovering market opportunities for the
  stakeholders
• Major players operating in the market and their
  service offerings
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