The global automotive storage battery market is anticipated to grow at a CAGR of 5.3% during the forecast period (2022-2028). A rechargeable automotive storage battery, commonly known as an automotive battery, is used to start a car. Its major purpose is to provide an electric current to the electric-powered starting motor, which ultimately starts the vehicle’s chemically-fueled internal combustion engine. After the engine has started, the battery continues to deliver power to the car’s electrical systems, with the alternator charging the battery as demand rises or falls. Due to end customers’ growing demand for zero-emission hybrid and electric vehicles, as well as lowering battery prices, dwindling crude oil sources, and conventional autos’ negative environmental effects, the industry is predicted to increase gradually. Additionally, increased global battery production capacity has benefited the automotive battery sector in obtaining economies of scale, which is another major driver of the automotive storage battery market.
Lithium-ion batteries are developed for high-energy-density applications, such as hybrid and electric automobiles. Furthermore, manufacturers are constantly working to reduce the cost of the battery in order to improve vehicle economics and expand the market internationally. Lithium-ion batteries charge faster, last longer, and have a higher power density than standard batteries, allowing for more battery life in a smaller package. In comparison to lead-acid and nickel-metal hydride batteries, the vehicle lithium-ion battery has emerged as an environmentally benign, rechargeable power source.
Governments in nations including the United States, Japan, and China are providing incentives and tax credits to stimulate the adoption of electric vehicles, which is projected to increase demand for automotive storage batteries.
Some major players in the market include A123 Systems, LLC, Advanced Power Solutions n.v., Exide Industries Ltd., GS Yuasa Corporation, and LG Chem., among others. The market players are contributing significantly to the growth of the market by the adoption of various strategies including mergers and acquisitions, geographical expansion, partnerships, collaborations, and new product launches, to stay competitive in the market.
Exide Industries Ltd. launched a four-wheeler battery Excide CABBY, This battery can survive the harsh Indian climate and high temperatures under the hood. Robust design ensures dependability in demanding applications. Outstanding spill-resistance properties. Customer satisfaction is ensured by high dependability and longer service life.
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Market Coverage
The market number available for – 2021-2028
Base year- 2021
Forecast period- 2022-2028
Segment Covered-
By Type
By Application
Regions Covered-
North America
Europe
Asia-Pacific
Rest of the World
Competitive Landscape-
A123 Systems, LLC, Advanced Power Solutions n.v., Exide Industries Ltd., GS Yuasa Corporation, LG Chem., among others.
Key questions addressed by the report
What is the market growth rate?
Which segment and region dominate the market in the base year?
Which segment and region will project the fastest growth in the market?
How has COVID-19 impacted the market?
Deviation from the pre-COVID-19 forecast
Most affected region and segment
Who is the leader in the market?
How players are addressing challenges to sustain growth?
Where is the investment opportunity?
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Global Automotive Storage Battery Market Report by Segment
By Battery Type
Nickel Cadmium
Nimh
Lithium-Ion
Lithium Polymer
Lead-Acid
By Application
Electric Vehicles
Non-Electric Vehicles
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