Automotive Battery Market Size, Share & Trends Analysis growing at a CAGR of 6.4% from 2024 to 2030
The global automotive battery market size was estimated at USD 69,108.5 million in 2023 and is projected to reach USD 105,612.9 million by 2030, growing at a CAGR of 6.4% from 2024 to 2030. Rising inclination towards adoption of zero-emission electric vehicles and hybrid vehicles over traditional vehicles, advancements in technology, and ease of availability are some of the key primary factors contributing to the growing demand for automotive batteries.
Key Market Trends & Insights
- In terms of region, North America was the largest revenue generating market in 2023.
- In terms of segment, lithium-ion based accounted for a revenue of USD 69,108.5 million in 2023.
- Lithium-Ion Based is the most lucrative type segment registering the fastest growth during the forecast period.
Market Size & Forecast
- 2023 Market Size: USD 69,108.5 Million
- 2030 Projected Market Size: USD 105,612.9 Million
- CAGR (2024-2030): 6.4%
- North America: Largest market in 2023
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In recent years, major market participants have adopted strategies such as improved research & development efforts, innovation, and capacity enhancements in production plants. It is expected to develop further growth for this industry in the coming years.
The increasing global demand for cleaner energy and sustainable transportation has increased demand for electric vehicles run by batteries. For instance, the European Union has introduced a set of regulations to accomplish its aim to reduce net greenhouse gas emissions by at least 55% by 2030 and become the first climate-neutral continent by 2050. Growing awareness regarding the carbon footprint left by regular petrol/diesel vehicles has developed a large number of opportunities for this industry.
Promotional activities and government support through regulations and initiatives, such as offering subsidies in the total vehicle price, address consumer limitations such as higher initial costs, vehicle range, lack of awareness, and restricted model alternatives. These factors are expected to influence the demand for electric vehicles and, in turn, the automotive battery market. Long-term partnerships established between major manufacturing companies and other vendors have also contributed to the rapid growth of this industry.
