Vehicle Battery Market
Vehicle Battery Market (Battery Type: Lead Acid, Lithium Ion, and Others; Vehicle Type: ICE/Micro Hybrids/Start-Stop Vehicles, Mild Hybrid/Fully Hybrid Vehicle, and Plug-in Hybrid/ Battery Electric Vehicle; Sales Channel: OEM and Aftermarket; and Vehicle Class: Passenger Vehicle, Light Commercial Vehicle, and Heavy Commercial Vehicle) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020 - 2030
Press Release :
Lithium-based Battery Models in EVs Amplify Market Growth
Collaborations with researchers are emerging as a distinct trend for vehicle battery manufacturers. For instance, researchers and professor Bilal El-Zahab in the Engineering & Computing Department of the Florida International University have collaborated to innovate in the patent-pending, high-density lithium vehicle battery. Thus, manufacturers should direct their efforts in lithium-based models using platinum and related chemical elements to amplify energy storage. As such, multinational corporations are taking keen interest in innovations carried out by researchers and investing in electric vehicle battery models for further commercialization.
As more number of individuals adopt electric vehicles, companies in the vehicle battery market are increasing their production capabilities to develop high-performance batteries, whilst the trend gravitates toward emissions-free energy. As such, EV manufacturers are increasingly realizing eco-friendly policies set by governments worldwide. Thus, environmental policies are benefitting companies in the vehicle battery market, since batteries are one of the most crucial components in EVs.
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Eco-Friendly Policies Fuel Innovations in Efficient and Lightweight Alternatives to Conventional Li-Ion Batteries
Growing eco-friendly policies in the vehicle battery market are helping manufacturers to tap into incremental opportunities. For instance, the Faster Adoption and Manufacturing of Electric and Hybrid Vehicles in India initiative, also known as FAME, is playing an instrumental role in boosting electric mobility across cities. Hence, companies in the vehicle battery market are unlocking value-grab opportunities in India. As such, there is a need for tailor-made policies that meet India’ peculiar needs in the EV sector.
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India’s national policymaking body forecasts that the country is keen on creating a US$ 300 Bn domestic industry for electric vehicle batteries by the end of 2030. Hence, vehicle battery manufacturers are increasing efforts to search for alternatives to lithium-ion batteries. For instance, Mumbai-based energy startup Gegadyne Energy, has stepped in with its proprietary battery technology, which is capable of charging EVs in a matter of few minutes. Vehicle battery manufacturers are increasing their R&D activities in carbon and its derivatives as active materials that improve energy efficiencies. They are introducing cost- efficient and lightweight alternatives to conventional Li-ion batteries.
Growing Demand for Fast-charging Infrastructure Creates Incremental Opportunities for Manufacturers
Rapid-charging battery technologies are anticipated to become increasingly mainstream in the near future. Companies in the vehicle battery market are leveraging their capacity additions to manufacture rapid-charging batteries that are capable of powering batteries within minutes. As such, there is a growing demand for more fast-charging roadside stations that can help individuals embark on long distance journeys without worrying about battery run down.
Companies in the vehicle battery market are integrating lithium ion batteries in electric vehicles, since these batteries can store large amount of energy in compact-sized batteries. However, even Li-ion vehicle battery is subject to power run out issues during mid-journey, resulting in an undesirable worry for drivers. Hence, vehicle battery manufacturers should collaborate with scientists to address energy inefficiencies of batteries by increasing the availability of rapid-charging batteries. They should channelize their efforts toward developing ubiquitous fast-charging infrastructure to eliminate the worry associated with cruise range.
Coronavirus Crisis: China Plans to Establish Massive Battery Production Plants
The surging coronavirus (COVID-19) crisis has caused a downturn in China’s economic growth. This phenomenon is impacting the global vehicle battery market, since China is the prime manufacturing hub for batteries. As such, major factories have been temporarily shut down due to the shortage of staff and raw materials. Current trends have negatively impacted the global stock markets, thus slowing down world economic growth. The global energy sector bleeds as China faces challenges in vehicle battery manufacturing, battery energy storage, and in generation of renewable energy solutions. However, the Chinese Government is vying opportunities to stabilize operations in battery manufacturing.
China’s battery manufacturers are an integral part of the government’s industrial expansion vision. However, the COVID-19 outbreak has disrupted several business continuity plans of companies. Governments are investing in capacity additions for establishing massive battery production plants post the lockdown period to restore the continuity of the vehicle battery market.
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Since manufacturing plants remain closed due to the shortage of resources amidst the coronavirus pandemic, Chinese companies aim to widen their production capacities in other countries to revive the global economic growth. Companies can tap into opportunities in energy grid storage solutions from renewable sources such as wind, water, and sun for peak production and demand hours.
Battery innovations in EVs is one of the prime focal points for manufacturers. However, mass adoption of EVs still remains a challenge, owing to changing consumer behavior, and unsure technological developments and government policies. As such, companies in the vehicle battery market should capitalize on the industry-wide trend of decline in EV battery costs and its performance innovations to reassure faith among the buyers.
Vehicle Battery Market: Overview
- The global vehicle battery market is anticipated to expand at a CAGR of ~3% during the forecast period, owing to a rise in the adoption of electric vehicles and hybrids; subsequently, boosting the use of multiple batteries
- The plug-in hybrid/ battery electric vehicle segment is projected to expand at a high growth rate of 18.24%, in terms of volume, due to growing regulatory pressure on automakers
- In terms of battery type, the lithium ion segment is estimated to expand at a CAGR of 16.42% in terms of volume
Drivers of Vehicle Battery Market
- Rise in global production of vehicles is a primary driver for the vehicle battery market. Developing regions such as Latin America, Middle East & Africa, and Asia Pacific are registering significant rise in annual vehicle production, thereby boosting the demand for vehicle battery.
- Increased production of electric vehicles has spurred the demand for batteries. Hybrid and electric vehicles utilize more than one battery per vehicle. Use of multiple batteries in vehicles is projected to boost the vehicle battery market. Increased emphasis on climate change and urgency to curb vehicular pollution is boosting the adoption of the electric vehicles globally, which is anticipated to drive the vehicle battery market.
- Advanced fuel saving technologies, such as start-stop and micro-hybrids, have necessitated the use of more powerful batteries to handle the frequent charge-discharge load required by the start-stop technology. Increasing number of cabin features, such as HMI, climate control, and ambient lightning, is exerting heavy load on the conventional vehicle battery. Thus, multiple batteries are used such as primary for engine cranking and auxiliary for other power requirements such as safety systems and entertainment.
- Vehicle batteries are consumable items and require periodic replacement. Increasing number of on road vehicles and rise in number of miles driven is boosting the aftermarket demand for vehicle battery and subsequently, fueling the expansion of the vehicle battery market.
Challenges for Vehicle Battery Market
- Stringent battery recycling norms and high price of lithium ion battery are hindering the mass adoption of lithium ion batteries. Lithium extraction is a complicated and expensive process and hence, lithium ion batteries are expensive.
- The COVID19 pandemic is expected to negatively impact the global automotive sector, and its ripple effect is likely to be observed in the global vehicle battery market
Segmentation of Vehicle Battery Market
- Based on battery type, the vehicle battery market has been classified into lead acid, lithium ion, and others. In terms of volume, the lead acid segment held a leading share of the vehicle battery market, owing to their use in internal combustion engine vehicles and as auxiliary batteries in electric vehicles. In terms of revenue, the lithium ion segment held a leading share due to its high price, as compared to that of lead acid battery.
- Based on vehicle class, the vehicle battery market has been segregated into passenger vehicle, light commercial vehicle, and heavy commercial vehicle. The passenger vehicle segment accounted for prominent share of the global vehicle battery market due to high production volume of passenger cars.
- Based on sales channel, the vehicle battery market has been bifurcated into OEM and aftermarket. The aftermarket segment holds a considerable share of the global vehicle battery market, owing to necessity of periodic replacement of batteries. The aftermarket segment is projected to expand during the forecast period due to the increase in the number of on road vehicles.
Vehicle Battery Market: Regional Analysis
- Based on region, the global vehicle battery market has been segregated into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
- Asia Pacific region held the dominating market share in 2019 with China being a prominent automotive producer worldwide. Asia Pacific is likely to hold a key share during the forecast period due to the expansion of the automotive sector in India and countries in ASEAN
- Asia Pacific is followed by Europe in terms of market share in the global vehicle battery market. Europe is a key market for the lithium-ion battery due to high volume production of electric vehicles in Germany, the U.K., France, Sweden, and the Netherlands.
- The market in Latin America is anticipated to expand at a rapid pace, owing to the entry of foreign manufacturers in Mexico and Brazil, thereby boosting vehicle production
Vehicle Battery Market: Competition Landscape
- 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.
Vehicle Battery Market – Scope of the Report
Transparency Market Research’s recent report on the vehicle battery market, with the help of a comprehensive outlook, provides readers with an assessment of the global market landscape. This study on the vehicle battery market analyzes the scenario for the period of 2019 to 2030, wherein, 2019 is the base year and 2018 and before is historical data. This report enables readers to make important decisions with regard to their business, with the help of a wealth of information enclosed in the study.
This TMR study on the vehicle battery market also provides data on the developments made by important players and stakeholders in the market, along with a competitive analysis. The report also provides an understanding of the strengths, weaknesses, threats, and opportunities, along with the trends and restraints in the landscape. Presented in a clear sanctioned manner, this report on the vehicle battery market gives readers an individual understanding of the market.
This study also discusses the underlying trends and impact of various factors that are driving the vehicle battery market, along with their influence on the evolution of the market.
This study also offers Porter’s Five Point Analysis, value chain analysis, regulatory scenario, and a SWOT analysis of the vehicle battery market, in order to elaborate the crucial growth tactics and opportunities for market players contributing to the market.
Key Questions Answered in This Report on Vehicle Battery Market
- How much value will the vehicle battery market generate by the end of the forecast period?
- Which segment of the market is likely to have the maximum market share by 2030?
- What are the impact factors and there effects on the market for vehicle battery?
- What regions currently contribute the maximum share to the overall vehicle battery market?
- What are the indicators expected to drive the vehicle battery market?
- What region is likely to be a lucrative market during the forecast period?
- What are the essential strategies by key stakeholders in the vehicle battery market to expand their geographic presence?
- What are the major advancements witnessed in the vehicle battery market?
- How regulatory norms affected the market for vehicle battery market?
This report answers these questions and more about the vehicle battery market, aiding major stakeholders and key players in making the right decisions and strategizing for the advancement of their business.
Vehicle Battery Market: Research Methodology
This TMR report on the vehicle battery market is based on a complete and comprehensive evaluation of the market, backed by secondary and primary sources. Market volume is determined by country-wise model mapping of vehicle through internal & external proprietary databases, and relevant patent and regulatory databases. The competitive scenario of the vehicle battery market is supported by an assessment of the different factors that influence the market on a minute and granular level. By thoroughly analyzing the historical data, current trends and announcement by the key players, researchers of the vehicle battery market arrive at predictions and estimations, and calculate the forecast for the market.
This report uses an analytical triangulation method to estimate the numbers and figures of the Vehicle battery market, with both a bottom-up and top-down approach.
This detailed assessment of the vehicle battery market, along with an overview of the landscape, is provided based on a careful examination of the avenues related to this industry. Analysts’ conclusions on how the vehicle battery market is estimated to expand are based on carefully vetted primary and secondary sources.
Vehicle Battery Market: Segmentation
This report on the global vehicle battery market provides information on the basis of battery type, vehicle type, sales channel, vehicle class, and region.
ICE/Micro Hybrids/ Start-Stop Vehicles
Mild Hybrid/ Fully Hybrid Vehicle
Plug-in Hybrid Vehicle/ Battery Electric Vehicle
Light Commercial Vehicle
Heavy Commercial Vehicle
Middle East & Africa