Car Batteries Sales Market was valued at USD 21.5 Billion in 2022 and is projected to reach USD 28.5 Billion by 2030, growing at a CAGR of 4.0% from 2024 to 2030.
The automotive industry is undergoing a significant transformation, with the car batteries sales market at the forefront of this evolution. As electric vehicles (EVs) and hybrid vehicles gain traction globally, understanding the intricacies of the car batteries market becomes essential. This comprehensive analysis delves into the current trends, challenges, and future projections of the car batteries sales market, providing valuable insights for stakeholders across the automotive sector.
The car batteries market has experienced substantial growth in recent years, driven by the escalating demand for electric and hybrid vehicles. In 2023, the market was valued at $23.19 billion, with projections indicating an increase to $24.48 billion in 2024, reflecting a compound annual growth rate (CAGR) of 5.6%. This upward trajectory is anticipated to continue, with the market expected to reach $30.90 billion by 2028, growing at a CAGR of 6.0%.
Several factors are propelling the growth of the car batteries sales market:
Electric Vehicle Adoption: The global shift towards electric vehicles is a primary driver. As consumers and manufacturers prioritize sustainability and cost-efficiency, the demand for high-capacity, durable batteries has surged.
Hybrid Vehicle Popularity: The increasing adoption of hybrid vehicles, which combine internal combustion engines with electric propulsion, has bolstered the demand for car batteries, particularly those used for starting, lighting, and ignition (SLI).
Advancements in Battery Technology: Innovations in battery technology, such as the development of lithium-ion batteries and superfast charging capabilities, have enhanced vehicle performance and consumer appeal.
Environmental Regulations: Stricter environmental regulations and government incentives are encouraging the adoption of electric and hybrid vehicles, thereby increasing the demand for car batteries.
The car batteries market can be segmented based on type, function, and sales channel:
By Type:
Valve Regulated Lead-Acid (VRLA) Batteries: Known for their reliability and cost-effectiveness, VRLA batteries are commonly used in traditional vehicles.
Flooded Batteries: These batteries require regular maintenance and are typically used in older vehicle models.
Other Types: This category includes advanced battery technologies such as lithium-ion and solid-state batteries, which are gaining popularity in electric and hybrid vehicles.
By Function:
Electric Propulsion: Batteries used to power electric motors in EVs.
Start, Lighting, Ignition (SLI): Batteries that provide power for starting the engine, lighting, and ignition systems in traditional vehicles.
By Sales Channel:
Original Equipment Manufacturer (OEM): Batteries supplied directly to vehicle manufacturers.
Automotive Channel: Batteries sold through automotive parts retailers and service centers.
E-commerce: Online sales platforms offering a wide range of battery options.
Wholesale Clubs: Bulk purchasing options available through membership-based retailers.
Other Sales Channels: Includes direct sales from manufacturers and other distribution methods.
The car batteries market exhibits regional variations influenced by factors such as consumer preferences, government policies, and economic conditions:
Asia-Pacific: Dominates the market, with China leading in both production and consumption of car batteries. The region's rapid adoption of electric vehicles and supportive government policies contribute to its market leadership.
Europe: Faces challenges due to slower growth in EV sales and competition from Chinese manufacturers. However, the region is investing heavily in battery technology and infrastructure to boost market growth.
North America: The U.S. market for electric vehicles is expanding, with electric and hybrid vehicles constituting one-fifth of cars sold last year. However, despite incentives, many middle- and low-income Americans aren't benefitting from this boom.
Despite the positive growth trajectory, the car batteries sales market faces several challenges:
Supply Chain Constraints: The automotive industry is experiencing significant challenges due to slower growth in electric vehicle (EV) sales and competition from Chinese manufacturers.
Cost Barriers: The higher cost of electric vehicles, driven by pricey batteries, deters lower-income buyers. While subsidies can boost lower-income sales, affordability remains an issue.
Technological Advancements: Rapid advancements in battery technology require continuous investment and adaptation from manufacturers to stay competitive.
Environmental Concerns: The environmental impact of battery production and disposal remains a concern, prompting increased focus on sustainable practices and recycling.
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Johnson Controls
GS Yuasa
Exide Technologies
Hitachi Chemical
Camel Group
Sebang
Atlas BX
CSIC Power
East Penn
Banner Batteries
Chuanxi Storage
Exide Industries
Ruiyu Battery
Amara Raja
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Global Car Batteries Sales Market
OEM
Automotive Channel
Ecommerce
Wholesale Clubs
Other
Based on Types the Market is categorized into Below types that held the largest Car Batteries Sales market share In 2023.
VRLA Battery
Flooded Battery
Other
Global (United States, Global and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Global Car Batteries Sales Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Global Car Batteries Sales Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Car Batteries Sales Market, By Type
6. Global Car Batteries Sales Market, By Application
7. Global Car Batteries Sales Market, By Geography
Global
Europe
Asia Pacific
Rest of the World
8. Global Car Batteries Sales Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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