According to the report, the global light vehicle batteries market is projected to grow at a CAGR of 6.1% between 2023 and 2028. Aided by the mounting demand for electric vehicles and the unrelenting quest for sustainable and efficient energy storage solutions, the market is expected to grow significantly by 2028.
Light vehicle batteries, often termed as automotive or starter batteries, serve the principal function of supplying power to ignite the engine and fuel the electrical systems within vehicles. With the evolution of the automotive landscape, especially in the electric vehicle (EV) domain, these batteries have transmuted from merely initiating the engine to becoming the primary power source for driving the vehicle.
One of key the light vehicle batteries market trends shaping the market is the worldwide push towards e-mobility. Governments, in tandem with environmental agencies, are fostering the transition to electric vehicles through tax incentives, subsidies, and infrastructure development. This, in turn, is ramping up the production and adoption of electric vehicles, simultaneously elevating the demand for high-performance, long-lasting vehicle batteries.
Moreover, the rapid technological advancements in battery technologies have further invigorated the light vehicle batteries market growth. Innovations are steering towards lithium-ion batteries, known for their light-weight properties, high energy density, and longer cycle life. These attributes make them an ideal fit for electric vehicles, further amplifying their demand in the light vehicle battery sector.
Beyond the realm of personal vehicles, the surge in ridesharing platforms, autonomous vehicles, and connected car ecosystems further bolsters the demand for efficient and durable light vehicle batteries. These emerging transportation modalities are banking on sophisticated battery systems that can deliver extended range, quick charging, and a high degree of safety.
Additionally, collaborations and partnerships between battery manufacturers, automotive giants, and tech firms are fostering a climate of innovation and shared expertise, leading to a heightened light vehicle batteries market demand. Such synergies aim not only to enhance battery performance but also reduce production costs, making electric vehicles more accessible to the masses.
Our high-quality, data-driven analyses provide the essential framework for organisations seeking to make informed and strategic decisions in an increasingly complex and rapidly evolving business environment. By investing in our market research reports, you can ensure your organisation remains agile, proactive, and poised for success in today's competitive market.
Don't miss the opportunity to elevate your business intelligence and fortify your strategic planning. Secure your organisation's future success by acquiring one of these reports today.
*The publisher always strives to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.
Light vehicle batteries, often termed as automotive or starter batteries, serve the principal function of supplying power to ignite the engine and fuel the electrical systems within vehicles. With the evolution of the automotive landscape, especially in the electric vehicle (EV) domain, these batteries have transmuted from merely initiating the engine to becoming the primary power source for driving the vehicle.
One of key the light vehicle batteries market trends shaping the market is the worldwide push towards e-mobility. Governments, in tandem with environmental agencies, are fostering the transition to electric vehicles through tax incentives, subsidies, and infrastructure development. This, in turn, is ramping up the production and adoption of electric vehicles, simultaneously elevating the demand for high-performance, long-lasting vehicle batteries.
Moreover, the rapid technological advancements in battery technologies have further invigorated the light vehicle batteries market growth. Innovations are steering towards lithium-ion batteries, known for their light-weight properties, high energy density, and longer cycle life. These attributes make them an ideal fit for electric vehicles, further amplifying their demand in the light vehicle battery sector.
Beyond the realm of personal vehicles, the surge in ridesharing platforms, autonomous vehicles, and connected car ecosystems further bolsters the demand for efficient and durable light vehicle batteries. These emerging transportation modalities are banking on sophisticated battery systems that can deliver extended range, quick charging, and a high degree of safety.
Additionally, collaborations and partnerships between battery manufacturers, automotive giants, and tech firms are fostering a climate of innovation and shared expertise, leading to a heightened light vehicle batteries market demand. Such synergies aim not only to enhance battery performance but also reduce production costs, making electric vehicles more accessible to the masses.
Market Segmentation
The market can be divided based on application and region.Market Breakup by Application
- ICEV
- EV
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global light vehicle batteries market. Some of the major players explored in the report are as follows:- A123 Systems, LLC
- East Penn Manufacturing Company
- GS Yuasa Corporation
- LG Energy Solution
- Samsung SDI Co. Ltd.
- Others
About the Publisher
Acquire unparalleled access to critical industry insights with our comprehensive market research reports, meticulously prepared by a team of seasoned experts. These reports are designed to equip decision-makers with an in-depth understanding of prevailing market trends, competitive landscapes, and growth opportunities.Our high-quality, data-driven analyses provide the essential framework for organisations seeking to make informed and strategic decisions in an increasingly complex and rapidly evolving business environment. By investing in our market research reports, you can ensure your organisation remains agile, proactive, and poised for success in today's competitive market.
Don't miss the opportunity to elevate your business intelligence and fortify your strategic planning. Secure your organisation's future success by acquiring one of these reports today.
*The publisher always strives to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.
Table of Contents
1 Preface2 Report Coverage - Key Segmentation and Scope4 Key Assumptions7 Opportunities and Challenges in the Market15 Value Chain Analysis18 Key Trends and Developments in the Market
3 Report Description
5 Executive Summary
6 Snapshot
8 Global Light Vehicle Batteries Market Analysis
9 North America Light Vehicle Batteries Market Analysis
10 Europe Light Vehicle Batteries Market Analysis
11 Asia Pacific Light Vehicle Batteries Market Analysis
12 Latin America Light Vehicle Batteries Market Analysis
13 Middle East and Africa Light Vehicle Batteries Market Analysis
14 Market Dynamics
16 Price Analysis
17 Competitive Landscape
Companies Mentioned
- A123 Systems LLC
- East Penn Manufacturing Co. Inc.
- GS Yuasa Corp.
- LG Chem Ltd. (OTCMKTS: LGCLF)
- Samsung SDI Co. Ltd.
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 175 |
| Published | September 2023 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value ( USD | $ 18.22 Billion |
| Forecasted Market Value ( USD | $ 24.5 Billion |
| Compound Annual Growth Rate | 6.1% |
| Regions Covered | Global |
| No. of Companies Mentioned | 5 |
