The global Passenger Vehicle Batteries Market size is expected to be valued at USD 3.5 billion in 2022 and is growing at a CAGR of 13.8% during the forecast period 2023 to 2030.
Market Overview
The research firm Contrive Datum Insights has just recently added to its database a report with the heading global Passenger Vehicle Batteries Market .Both primary and secondary research methodologies have been utilised in order to conduct an analysis of the worldwide Passenger Vehicle Batteries Market . In order to provide a comprehensive comprehension of the topic at hand, it has been summed up using appropriate and accurate market insights. According to Contrive Datum Insights, this worldwide comprehensive report is broken up into several categories in order to present the data in a way that is understandable, succinct, and presented in a professional manner. Over the next ten years, the demand for lithium-ion based batteries, followed by nickel based batteries, is expected to be driven by the growing popularity of electric vehicles and the constant development of battery technology. Passenger vehicle batteries are rechargeable battery packs used in hybrid or plug-in electric vehicles to power the electrical system, provide backup power in case of an emergency, and keep the current going. Most modern cars have one or more large or medium-sized lead-acid batteries under the hood to start the internal combustion engine (ICE) at high cranking amps in cold weather and harsh winter climate conditions. Most cars, buses, trucks, and other types of vehicles use these batteries. Estimates and forecasts of the size of the Passenger Vehicle Batteries market are given in terms of sales volume (K units) and revenue (million USD), with data from 2017 to 2030, with 2022 as the base year. This report describes in detail the different parts of the global Passenger Vehicle Batteries market. Regional market sizes are also given for products by type, by use, and by player. When figuring out how big the market was, we thought about how COVID-19 and other global crises would affect it.
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Segment Analysis
It encompasses the most important key players in the world’s various regions and contains them. In this research report, several different techniques that high-level industries have utilised to achieve their goals are discussed. In order to obtain a more in-depth analysis of a number of different businesses, player profiles of the most important top players have been developed. It is beneficial to have an understanding of the worldwide competition on both the domestic and international platforms.
It provides a detailed description of the drivers and opportunities in the Passenger Vehicle Batteries Market , which assists current customers and potential customers in gaining a clear vision and making decisions that are most effective for them. In order to discover the desired facts regarding the target market, various types of analysis models, such as Passenger Vehicle Batteries Market , are utilised. In addition to this, it includes a variety of different techniques for strategic planning, which encourages the way to define and develop the framework of the various industries. The market share is split between lead-acid, lithium-ion, and other types of batteries (nickel-metal hydride and others). In 2020, 51.79% of the market was made up of the lead-acid segment. Lead-acid batteries are highly adopted in conventional automobiles. So, the growth of the segment is being driven by the fact that there are a lot of conventional vehicles around the world. For instance, according to the International Energy Agency (IEA), in 2019, conventional vehicles accounted for 97.4% of global car sales. The growth of the segment is being affected by the rising demand for lead-acid batteries in the aftermarket sales channel. Commercial vehicles and passenger cars are the two main types of vehicles on the market. In 2020, passenger cars made up most of the market, and from 2021 to 2028, they will still have a big share of the market. The growth of the segment is being driven by more people buying cars. As per the International Organization of Motor Vehicle Manufacturers, roughly 54 million units of passenger cars were sold worldwide in 2020, and the sales of commercial vehicles were nearly 24 million units. Based on engine type, the market is segmented into IC engine and electric vehicle. In 2020, the IC engine segment had the largest share of the market. This was because there were so many sales of conventional vehicles around the world. IC engine vehicles will likely become more popular around the world because they are easier to find and cost less than electric vehicles. Also, IC engine vehicles are more popular in countries like India that don’t have many EVs, and the demand for IC engines for heavy-duty vehicles like heavy-duty trucks and trailers is expected to grow in the future.
Based on types, the Passenger Vehicle Batteries Market is segmented into:
- Lithium-ion Based
- Nickel-Based
- Lead-acid Based
- Sodium-ion Based
Based on application, the Passenger Vehicle Batteries Market is segmented into:
- Internal Combustion Engine Vehicles
- Start Stop Vehicles
- Advanced Start-Stop Vehicles
- Micro-Hybrid Vehicles
- Hybrid Electric Vehicles
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Recent Development
In May 2021, Daimler Truck AG, a high-end automaker, and CATL, a leading lithium-ion battery maker, announced that they were expanding their global strategic partnership to develop next-generation batteries for trucks.
In March 2021, General Motors and SolidEnergy Systems, a company that makes lithium metal batteries, joined forces to form a joint venture for developing EV batteries.
Regional Analysis
In 2020, Asia and the Pacific had the largest share of the market for car batteries, worth USD 22.92 billion. The region is expected to register the fastest growth rate in the near future. The market is growing because more passenger cars are being sold in China. For example, the International Organization of Motor Vehicle Manufacturers says that China sold about 25 million cars in 2020, which was a lot more than any other country. In the near future, the growth of the market will be sped up even more by the fact that China is selling and making more EVs. From 2021 to 2028, the market is expected to grow because more and more people are buying EVs in developing countries in Asia and the Pacific, such as India, Taiwan, and others, and because raw materials are easy to get there. North America is expected to witness a significant CAGR over the forecast period. Lithium-ion batteries are in high demand because more and more people are buying electric cars. Also, more commercial vehicles will be sold and made in the U.S., which will boost the demand for lead-acid batteries over the next few years. Moreover, technological advancement in the region and the presence of major electric automakers, such as Tesla, General Motors, and others, will further influence the market growth over the forecast period. In the years to come, Europe is expected to have a high CAGR. France, Germany, Italy, the UK, and other developed economies in Europe, such as the U.K., France, and Germany, all have well-established auto industries that are expected to help the market grow. In Europe, strict rules and regulations put in place by the government have already pushed more people to buy electric cars. For example, the International Council on Clean Transportation says that more than 560,000 EVs were registered in Europe in 2019, and that number is expected to grow in the coming years.
Regional Passenger Vehicle Batteries Market coverage (Regional Status, Demand Forecast, Country Trends, etc.):
- North America, Europe, China, Japan, Southeast Asia, India.
- North America (USA, Canada, and Mexico).
- Europe (Germany, France, UK, Russia and, Italy).
- Asia-Pacific (China, Japan, Korea, India and, Southeast Asia).
Key segments covered in the Passenger Vehicle Batteries Market include:
- Passenger Vehicle Batteries Market Growth Drivers and Barriers.
- Market Trends, Market Opportunities, Porter’s Five Forces Analysis.
- Market Overview, Industry Development, Market Maturity, Value Chain Analysis.
- Regional and Country Level Analysis.
- Trends and Forecasts for Market Segments.
- Market Analysis and Various Recommendations.
- Key market forces.
Report Customization:
This report will be customized to your needs for additional data up to 5 companies or 5 countries or nearly 40 analyst hours.
https://www.contrivedatuminsights.com/product-report/passenger-vehicle-batteries-market-22661Key Market Participants in the Passenger Vehicle Batteries Market :
BYD, East Penn Manufacturing, Enersys, Exide Technologies, GS Yuasa, Toshiba, Samsung SDI, Panasonic, NEC, LG Chem, Johnson Controls, Hitachi, and others.
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