LONDON--(BUSINESS WIRE)--The automotive batteries market is poised to grow by 29.57 million units during the period 2020-2024, according to the latest market research report by Technavio. Request free sample pages
Read the 120-page report with TOC on "Automotive Batteries Market Analysis Report by Type (Passenger cars, M and HCV, and LCV), and Geography (North America, APAC, Europe, South America and MEA), and the Segment Forecasts, 2020-2024".
The market is driven by the decline in price of automotive batteries for electric vehicles. In addition, the rise in sales of passenger cars leading to growth in demand for automotive batteries is anticipated to boost the growth of the market.
The sales of electric vehicles have been increasing significantly in recent years, leading to high demand for powerful batteries that can cover a longer distance on a single charge. However, most of the electric vehicles available in the market are quite expensive. For instance, the price of Tesla is USD 89,000, whereas the price of Nissan Leaf is under USD 30,000. The battery capacity of Tesla Model S is 72KWH, whereas the battery capacity in Nissan Leaf is 24KWH. Therefore, automobile manufacturers have been focusing on reducing the price of the batteries, which will subsequently boost the sales of EVs. The cost of batteries have been declining considerably over the last few years. For instance, in 2010, the cost of batteries was about USD1,000 per kWh, which came down to approximately USD 150 per kWh in 2018. It is expected that the battery price will come further down to below USD 100/kWh by 2030. This declining price of batteries is expected to boost the demand for automotive batteries.
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Major Five Automotive Batteries Companies:
Amara Raja Batteries Ltd.
Amara Raja Batteries Ltd. is engaged in the manufacture and trading of lead acid batteries for a wide range of industries which includes solar, telecom, railway, automotive, and defence. The company offers a range of batteries under brand names Amaron and PowerZone for passenger vehicles, three wheelers, two wheelers, commercial vehicles, farm vehicles, and home UPS or inverters.
East Penn Manufacturing Co. Inc.
East Penn Manufacturing Co. Inc. has business operations under various segments, such as transportation; motive power; reserve power; and wire, cable & battery accessories. The company offers a range of batteries such as Intimidator AGM, Deka Ultimate, Deka EN Exact Fit, Deka Gold, and AUX AGM.
EnerSys operates its business through three geographical divisions, namely the Americas, EMEA, and Asia. The company offers products such as Genesis EP batteries, Genesis NP batteries, Genesis XE batteries, Fiamm Motive power batteries, and Hawker ArmaSafe plus batteries.
Exide Technologies has business operations under three segments, namely GNB motive, GNB network, and transportation. The company offers a wide range of automotive batteries such as Exide Epiq, Exide Matrix, Exide Mileage, Exide Eezy, Exide Gold, Exide Xpress, Exide Jai Kisan, and Exide Cabby.
GS Yuasa Corp.
GS Yuasa Corp. operates its business through various segments, such as automotive batteries (Japan), automotive batteries (Overseas), industrial batteries and power supplies, automotive lithium-ion batteries. The company offers YUASA automotive batteries and Lithium ion batteries for EV and HEV.
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Automotive Batteries Type Outlook (Revenue, Million Units, 2020-2024)
- Passenger cars
- M and HCV
Automotive Batteries Regional Outlook (Revenue, Million Units, 2020-2024)
- North America
- South America
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