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Vehicle Battery Market Size to Exceed US$43.3 Bn by 2030 End; China to Remain Global Hub: Fairfield Market Research

·3-min read
Fairfield Consultancy Services OPC Pvt Ltd
Fairfield Consultancy Services OPC Pvt Ltd

LONDON, May 16, 2022 (GLOBE NEWSWIRE) -- Exhibiting an estimated CAGR of 4.6% between 2021 and 2030, the global vehicle battery market is likely to surpass the valuation of US$43.4 Bn toward the end of forecast period. With e-mobility firming up worldwide, vehicle battery sales will remain upbeat, says a newly released report of Fairfield Market Research. Climbing electric vehicle (EV) sales, coupled with rapid development of supportive regulatory structure, are expected to offer a phenomenal push to market growth.

Key Highlights

  • Global vehicle battery market set for a moderate growth outlook at around 4.6% CAGR over 2021 – 2030

  • Increasing vehicle electrification to provide a major impetus to vehicle battery sales

  • The global leader, China, houses over 45% of the world’s total number of vehicle battery manufacturing plants

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Stubbornly Expensive Battery Packs Remain a Hurdle

While the market for vehicle battery will most likely receive a thrust from attractive subsidies, and incentives availed to battery makers, automakers, as well as consumers, whether or not the growth will be sustained will heavily depend on battery technologies that are yet to be proven. The advent of battery technology however holds the promise to deliver an enduring life span, superior performance, and improved safety, which favours market growth. Meanwhile, the expensive price point of vehicle battery packs remains a stubborn challenge facing industry participants.

Asian Markets Present an Influx of Opportunities

Despite a major revenue plunge witnessed amid the COVID-19 pandemic, the key Asian markets, i.e., China, Japan, and South Korea will maintain the lion’s share in vehicle battery sales. China remains the global leader with over 45% of the world’s battery manufacturing bases. Attributing to steadily thriving EV sales, Europe will also be an important market for vehicle battery throughout the forecast period, says the report.

Key Market Players

Panasonic Corporation, LG Chem Ltd., BYD Company Limited, Johnson Controls International PLC, SAMSUNG SDI Co., Ltd., and Contemporary Amperex Technology Co., Limited are some of the most prominent companies driving competition in vehicle battery space. The constant quest for technological innovations is pushing R&D collaborations between battery makers, automakers, research facilities, tech start-ups, and tech giants.

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Battery Coverage

  • Lead Acid

  • Lithium-ion

  • Others

Vehicle Coverage

  • Passenger Vehicles (PV)

  • Light Commercial Vehicles (LCV)

  • Medium & heavy Commercial Vehicles (MHCV)

Electrification Coverage

  • ICE/Micro Hybrid/ Start-Stop

  • Mild Hybrid/ Full Hybrid

  • Plug-in Hybrid/ Battery Electric Vehicle

Sales Channel

  • OEM

  • Aftermarket

Geographical Coverage

  • North America

  • Europe

  • Asia Pacific

  • Rest of the World (RoW)

Leading Companies

  • Contemporary Amperex Technology Co., Limited.

  • Clarios (Johnson Controls International PLC)

  • LG Chem

  • GS Yuasa Corporation

  • EnerSys

  • C & D Technologies, Inc.

  • BYD Company Ltd.

Report Highlights

Market Estimates and Forecast, Market Dynamics, Industry Trends, Competition Landscape, Battery, Vehicle, Electrification, Sales Channel, Region, Country-wise Trends & Analysis, COVID-19 Impact Analysis, Technological Roadmap, Electrification Trend, Economic Factor Analysis, Regional Pest Analysis, Regulatory Analysis, Parent Industry Key Trends

About Us
Fairfield Market Research is a UK-based market research provider. Fairfield offers a wide spectrum of services, ranging from customized reports to consulting solutions. With a strong European footprint, Fairfield operates globally and helps businesses navigate through business cycles, with quick responses and multi-pronged approaches. The company values an eye for insightful take on global matters, ably backed by a team of exceptionally experienced researchers. With a strong repository of syndicated market research reports that are continuously published & updated to ensure the ever-changing needs of customers are met with absolute promptness.

Fairfield Market Research
London, UK
UK +44 (0)20 30025888
USA (Toll-free) +1 (844) 3829746

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