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Car Batteries Global market Report 2024 : Market Size, Trends, And Global Forecast 2024-2033
The Business Research Company's Car Batteries Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
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LONDON, GREATER LONDON, UNITED KINGDOM, September 5, 2024 /EINPresswire / -- The car batteries market has experienced robust growth in recent years, expanding from $23.19 billion in 2023 to $24.48 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The growth in the historic period can be attributed to the growth of hybrid vehicles, demand for automotive batteries, demand for lead-acid batteries, the rise of deep cycle and gel batteries, and increasing emphasis on battery recycling.
What Is The Estimated Market Size Of The Global Car Batteries Market And Its Annual Growth Rate?
The car batteries market is projected to continue its strong growth, reaching $30.90 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%. The growth in the forecast period can be attributed to increasing global demand for electric vehicles, growing demand for stationary energy storage systems, rising consumer awareness, and increased energy density and range.
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Growth Driver of The Car Batteries Market
The increasing demand for electric vehicles is expected to propel the growth of the car battery market going forward. Electric vehicles (EVs) refer to automobiles powered partially or entirely by electricity stored in batteries. The demand for electric vehicles is driven by their environmental benefits and lower operating costs, making them a compelling choice for consumers and businesses alike. Car batteries are used in electric vehicles to provide the primary propulsion energy, support auxiliary systems, enable regenerative braking, and ensure overall vehicle functionality and safety.
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Which Market Players Are Driving The Car Batteries Market Growth?
Key players in the car batteries market include Volkswagen Group, Stellantis NV, Mercedes-Benz Group AG, Hyundai Motor Company, Tesla Inc, Nissan Motor Co. Ltd., BYD Company Limited.
What Are The Key Trends That Influence Car Batteries Market Share Analysis?
Major companies operating in the car battery market are focusing on developing innovative products such as superfast charging lithium iron phosphate (LFP) batteries to enhance performance and meet consumer demands. A superfast charging LFP car battery is a rechargeable battery that charges much faster than standard batteries, utilizing lithium iron phosphate for enhanced safety, longevity, and thermal stability, making it well-suited for electric vehicles.
How Is The Global Car Batteries Market Segmented?
1) By Type: Valve Regulated Lead-Acid (VRLA) Battery, Flooded Battery, Other Types
2) By Functions: Electric Propulsion, Start, Lighting, Ignition
3) By Sales channel: Original Equipment Manufacturer (OEM), Automotive Channel, E-commerce, Wholesale Clubs, Other Sales Channels
Geographical Insights: Asia-Pacific Leading The Car Batteries Market
Asia-Pacific was the largest region in the car batteries market in 2023. The regions covered in the car batteries market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Car Batteries Market Definition
Car batteries, also known as automotive batteries, are rechargeable batteries that provide electrical energy to power a vehicle's starter motor, lights, and other electrical systems. These batteries are essential for the reliable operation of vehicles, providing the necessary power to start engines and run electrical systems.
Car Batteries Global Market Report 2024 from TBRC covers the following information:
.Market size data for the forecast period: Historical and Future
.Macroeconomic factors affecting the market in the short and long run
.Analysis of the macro and micro economic factors that have affected the market in the past five years
.Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
.Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
An overview of the global car batteries market report covering trends, opportunities, strategies, and more
The Car Batteries Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on car batteries market size , car batteries market drivers and trends, car batteries market major players, car batteries competitors' revenues, car batteries market positioning, and car batteries market growth across geographies. The car batteries market report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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The Business Research Company
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