Grand View Research says the global automotive battery market is anticipated to reach $95.57 billion by 2025, registering a CAGR of 7.9% during the forecast period. Features of an automotive battery have evolved as modern engines are smaller in displacement. As a result, current batteries act as a capacitor to absorb voltage spikes, which are often created when the electric switch closes or opens.
- Lead acid batteries are the most commonly used type. On the other hand, the lithium-ion batteries segment is expected to post the highest CAGR during the forecast period
- Sodium-ion batteries are anticipated to gain tremendous popularity after their commercialization, owing to abundant availability of raw materials
- In terms of vehicle, passenger vehicles are estimated to command more than half of the market revenue throughout the forecast horizon
- Asia Pacific dominated the market in 2016, accounting for over 48.0% of the market revenue
- Manufacturers either outsource powertrain or batteries from specialist suppliers or carry out the entire manufacturing process. Key players in the market includeHitachi; Ltd.; NEC Corporation; Johnson Controls; LG Chem Ltd.; and Tesla, Inc. These companies have a firm foothold in the market with capabilities to cater to the local as well as the international market.
Auto batteries powering up your curiosity? Then browse the full Automotive Battery Market Size, Share & Trends Analysis Report.
Grand View Research, Inc.