{"product_id":"global-automotive-battery-market-2023-2030","title":"Global Automotive Battery Market - 2023-2030","description":"\u003cp\u003eGlobal Automotive Battery Market - 2023-2030\u003cbr\u003e\nGlobal Automotive Battery Market reached US$ 65.2 billion in 2022 and is expected to reach US$ 100.0 billion by 2030, growing with a CAGR of 5.5% during the forecast period 2023-2030.\u003c\/p\u003e\n\n\u003cp\u003eIncreasing government support such as new subsidies, tax credit and research grants are likely to drive global automotive battery market growth during the forecast period. To reduce battery prices and encourage wider adoption of electric vehicle and other sustainable mobility solutions, governments in developing and developed regions are rolling out various industry support initiatives.\u003c\/p\u003e\n\n\u003cp\u003eScientists are also expanding research efforts to improve the safety and stability of automotive batteries. For instance, in April 2023, a team of scientists from the Guangdong Institute for Advanced Materials and Technology in Foshan, China published a research paper detailing the development of a non-dispersive infrared spectroscopy (NDIR) system for early warning of runaway thermal reactions in automotive batteries.\u003c\/p\u003e\n\n\u003cp\u003eMarket Dynamics\u003c\/p\u003e\n\n\u003cp\u003eRising Global Automotive Production\u003c\/p\u003e\n\n\u003cp\u003eThe post-pandemic period has witnessed significant recovery in global automotive production. Nearly 85 million new commercial and passenger vehicles were produced in 2022, representing an increase of 6% over 2021, according to data from the International Organization of Motor Vehicle Manufacturers (OICA). The rising global automotive production augments demand for automotive batteries from OEMs and the aftermarket.\u003c\/p\u003e\n\n\u003cp\u003eDue to their critical role in providing power to various automotive subsytems, batteries are a key component of modern automobiles. Furthermore, it is highly critical for electric vehicles (EVs), which use battery packs to power electric motors for propulsion. Leading automakers are gradually increasing electric vehicle production, which is likely to greatly increase demand for automotive batteries over the medium and long term.\u003c\/p\u003e\n\n\u003cp\u003eIncreasing Adoption of Battery Material Recycling\u003c\/p\u003e\n\n\u003cp\u003eAlthough global demand for automotive batteries is rising, supply has been lagging behind. Some studies estimate that a six-fold increase in battery material supply is needed to keep with rising demand by 2030. Since new capacity addition takes time to come online, companies are stepping up battery material recycling initiatives to augment supply.\u003c\/p\u003e\n\n\u003cp\u003eBattery material recycling allows companies to extract critical materials such as nickel, copper, cobalt and lithium, reducing costs and demand for mined resources. Many countries are gradually expanding battery recycling plants. For instance, in July 2023, Singapore announced that it would construct its third battery material plant that would commence operations in early 2024. The increasing adoption of battery recycling will lower material costs and will increase adoption of battery material products.\u003c\/p\u003e\n\n\u003cp\u003eGrowing Concerns About Environmental Impact of Battery Disposal\u003c\/p\u003e\n\n\u003cp\u003eAutomotive batteries, particularly lithium-ion and lead-acid batteries, contain various hazardous materials. In the absence of proper waste processing methods, these toxic materials can leach into the environment, leading to long-term damage of natural ecosystems. Many countries do not have adequately developed infrastructure to process disposed batteries.\u003c\/p\u003e\n\n\u003cp\u003eThe growth of electric vehicles has led to an increase in electronic waste (e-waste) from end-of-life batteries. E-waste presents significant challenges since it requires specialized handling and recycling processes to recover valuable materials while minimizing environmental damage. Environmental concerns about battery disposal can influence consumer perceptions of electric vehicles and impact their willingness to adopt EVs.\u003c\/p\u003e\n\n\u003cp\u003eCOVID-19 Impact Analysis\u003c\/p\u003e\n\n\u003cp\u003eDuring the initial phase of the COVID-19 pandemic, many automotive battery manufacturing facilities had to temporarily shut down or scale back production due to government imposed restrictions such as lockdowns. It led to a significant decrease in battery production and limited availability for automakers.\u003c\/p\u003e\n\n\u003cp\u003eThe pandemic also caused automotive sales to plummet, including electric vehicles (EV) sales. Reduced consumer spending and rising economic uncertainties over much of the pandemic period negatively impacted the demand for automotive batteries. However, the accelerated shift towards electric vehicle adoption in the post-pandemic period will open up new opportunities for market growth.\u003c\/p\u003e\n\n\u003cp\u003eRussia-Ukraine War Impact Analysis\u003c\/p\u003e\n\n\u003cp\u003eThe ongoing war between Russia and Ukraine has negatively impacted the automotive battery market in both countries. With widespread destruction of infrastructure and a major refugee exodus, the Ukrainian market has been highly affected and is unlikely to recover in the short and medium term. A small increase in automotive battery demand from military vehicles has been observed during the conflict.\u003c\/p\u003e\n\n\u003cp\u003eThe imposition of stringent economic sanctions against Russia by U.S. and western European countries have caused multinational battery manufacturers to cease operations within the country. After the exodus of many western companies, the Russian automotive industry is relying upon Chinese manufacturers to fill in the supply gap.\u003c\/p\u003e\n\n\u003cp\u003eSegment Analysis\u003c\/p\u003e\n\n\u003cp\u003eThe global automotive battery market is segmented based on battery, engine, ampere rating, vehicle and region.\u003c\/p\u003e\n\n\u003cp\u003eIC Engine Still Account for Majority of the Global Demand\u003c\/p\u003e\n\n\u003cp\u003eInternal combustion (IC) engines account for more than three-fourths of the global market. Automotive batteries are mainly used in IC engine vehicles to power various automotive subsystems. Although modern automotive batteries are long-lasting, they tend to require replacement over the operational life of the vehicles, which accounts for a significant demand in the aftermarket.\u003c\/p\u003e\n\n\u003cp\u003eElectric vehicles (EVs) are witnessing rapid growth in production, with annual production surpassing 10 million units for the first time in 2022. Despite the impressive growth, EVs accounted for only about 14% of global automotive sales in 2022, according to data from the International Energy Agency (IEA). Over the long term, battery demand from electric vehicles is expected to overtake conventional IC engine vehicles.\u003c\/p\u003e\n\n\u003cp\u003eGeographical Analysis\u003c\/p\u003e\n\n\u003cp\u003ePivot Towards Electric Vehicle Production to Propel Market Growth in North America\u003c\/p\u003e\n\n\u003cp\u003eNorth America accounts for roughly a third of the global market. The region is highly developed and industrialized and has a mature automotive industry, with U.S. being home to various multionational automotive manufacturers. The current ongoing pivot towards electric vehicles support by various government initiatives will propel market growth in the region over the forecast period.\u003c\/p\u003e\n\n\u003cp\u003eThe inflation reduction act (IRA) passed in August 2022, by the U.S. government has unveiled a range of incentives to battery manufacturers. Under section 45-X of the act, battery manufacturers are eligible for tax credits of upto US$ 35 per kWh of battery capacity produced entirely in U.S. It is forecasted that total value of tax credits and other subsidies is expected to exceed US$ 196 billion over the next decade.\u003c\/p\u003e\n\n\u003cp\u003eBattery manufacturers are expanding their production operations in U.S., as the U.S. industry strives to decouple strategic supply chains from China due to ongoing geopolitical tensions. For instance, in May 2023, Electrovaya, a Canadian battery manufacturer, announced plans to set up a new battery manufacturing facility in New York state U.S., with an annual capacity of 1 gWh.\u003c\/p\u003e\n\n\u003cp\u003eCompetitive Landscape\u003c\/p\u003e\n\n\u003cp\u003eThe major global players include Panasonic Corporation, LG Chem, GS Yuasa International Ltd., Robert Bosch GmBH, Hitachi, Ltd., Exide Industries Ltd., Contemporary Amperex Technology Co., Limited, A123 Systems LLC, Samsung SDI Co., Ltd and BYD Motors Inc..\u003c\/p\u003e\n\n\u003cp\u003eWhy Purchase the Report?\u003cbr\u003e\n• To visualize the global automotive battery market segmentation based on battery, engine, ampere rating, vehicle and region, as well as understand key commercial assets and players.\u003cbr\u003e\n• Identify commercial opportunities by analyzing trends and co-development.\u003cbr\u003e\n• Excel data sheet with numerous data points of automotive battery market-level with all segments.\u003cbr\u003e\n• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.\u003cbr\u003e\n• Product mapping available as Excel consisting of key products of all the major players.\u003c\/p\u003e\n\n\u003cp\u003eThe global automotive battery market report would provide approximately 64 tables, 65 figures and 195 Pages.\u003c\/p\u003e\n\n\u003cp\u003eTarget Audience 2023\u003cbr\u003e\n• Automotive Manufacturers\u003cbr\u003e\n• Battery Manufacturers\u003cbr\u003e\n• Industry Investors\/Investment Bankers\u003cbr\u003e\n• Research Professionals\u003cbr\u003e\n• Emerging Companies\u003c\/p\u003e","brand":"Heavy Industry","offers":[{"title":"August, 2023 \/ 195 Pages \/ MCW16208895","offer_id":47612723626290,"sku":null,"price":5220.0,"currency_code":"USD","in_stock":true}],"url":"https:\/\/www.hardmanwell.com\/products\/global-automotive-battery-market-2023-2030","provider":"HARDMAN AND WELL MANAGEMENT CONSULTANCIES L.L.C","version":"1.0","type":"link"}