Vehicle Battery Market Size, Share, Growth, Trends, Company Analysis, Regional Insights and Forecast 2020 - 2027

According to Vision Research Reports, the global vehicle battery market size is projected to surpass US$ 62 Bn by 2027, expanding at a CAGR of 3% during the forecast period 2020 to 2027, owing to a rise in the adoption of electric vehicles and hybrids; subsequently, boosting the use of multiple batteries.

Rise in trade and distance between manufacturing units and end users are likely to boost the market for vehicle batteries during forecast period. Increasing electrification of vehicles through incorporation of various technologies is anticipated to boost the global vehicle battery market.

• The plug-in hybrid/ battery electric vehicle segment is projected to expand at a high growth rate of 18.10%, in terms of volume, due to growing regulatory pressure on automakers
• In terms of battery type, the lithium ion segment is estimated to expand at a CAGR of 16.30% in terms of volume

Drivers

• Rise in global production of vehicles is a primary driver for the vehicle battery market. Developing regions such as Latin America, Middle East & Africa, and Asia Pacific are registering significant rise in annual vehicle production, thereby boosting the demand for vehicle battery.
• Increased production of electric vehicles has spurred the demand for batteries. Hybrid and electric vehicles utilize more than one battery per vehicle. Use of multiple batteries in vehicles is projected to boost the vehicle battery market. Increased emphasis on climate change and urgency to curb vehicular pollution is boosting the adoption of the electric vehicles globally, which is anticipated to drive the vehicle battery market.
• Advanced fuel saving technologies, such as start-stop and micro-hybrids, have necessitated the use of more powerful batteries to handle the frequent charge-discharge load required by the start-stop technology. Increasing number of cabin features, such as HMI, climate control, and ambient lightning, is exerting heavy load on the conventional vehicle battery. Thus, multiple batteries are used such as primary for engine cranking and auxiliary for other power requirements such as safety systems and entertainment.
• Vehicle batteries are consumable items and require periodic replacement. Increasing number of on road vehicles and rise in number of miles driven is boosting the aftermarket demand for vehicle battery and subsequently, fueling the expansion of the vehicle battery market.

• Based on battery type, the vehicle battery market has been classified into lead acid, lithium ion, and others. In terms of volume, the lead acid segment held a leading share of the vehicle battery market, owing to their use in internal combustion engine vehicles and as auxiliary batteries in electric vehicles. In terms of revenue, the lithium ion segment held a leading share due to its high price, as compared to that of lead acid battery.
• Based on vehicle class, the vehicle battery market has been segregated into passenger vehicle, light commercial vehicle, and heavy commercial vehicle. The passenger vehicle segment accounted for prominent share of the global vehicle battery market due to high production volume of passenger cars.
• Based on sales channel, the vehicle battery market has been bifurcated into OEM and aftermarket. The aftermarket segment holds a considerable share of the global vehicle battery market, owing to necessity of periodic replacement of batteries. The aftermarket segment is projected to expand during the forecast period due to the increase in the number of on road vehicles.
• Asia Pacific region held the dominating market share in 2019 with China being a prominent automotive producer worldwide. Asia Pacific is likely to hold a key share during the forecast period due to the expansion of the automotive sector in India and countries in ASEAN
• The market in Latin America is anticipated to expand at a rapid pace, owing to the entry of foreign manufacturers in Mexico and Brazil, thereby boosting vehicle production

Key Players

• BYD Company Limited
• Panasonic Corporation
• Johnson Controls International PLC
• SAMSUNG SDI Co., Ltd
• Contemporary Amperex Technology Co., Limited
• LG Chem Ltd.
• A123 Systems Inc.

Market Segmentation

• Vehicle Battery Market, by Battery Type
  • Lead Acid
  • Lithium Ion
  • Others
• Vehicle Battery Market, by Vehicle Type
  • ICE/Micro Hybrids/Start-Stop Vehicles
  • Mild Hybrid/Fully Hybrid Vehicle
  • Plug-in Hybrid Vehicle/Battery Electric Vehicle
• Vehicle Battery Market, by Vehicle Class
  • Passenger Vehicle
  • Light Commercial Vehicle
  • Heavy Commercial Vehicle
• Vehicle Battery Market, by Sales Channel
  • OEM
  • Aftermarket
• Vehicle Battery Market, by Region
  • North America
  • Europe
  • Asia Pacific
  • Middle East & Africa
  • Latin America

The Vehicle battery market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.

The report provides size (in terms of volume and value) of Vehicle battery market for the base year 2019 and the forecast between 2020 and 2027. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.

This report focuses on the global Vehicle battery market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Vehicle battery market development in United States, Europe and China.

It is pertinent to consider that in a volatile global economy, we haven’t just conducted Vehicle battery market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.

In terms of production side, this report researches the Vehicle battery capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.

In terms of consumption side, this report focuses on the consumption of Vehicle battery by regions (countries) and application.

Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Vehicle battery market. These figures have been provided in terms of both revenue and volume for the period 2016 to 2027. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.

With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Vehicle battery market companies.

Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Vehicle battery market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.

The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.

Overall, this is an in-depth research report specifically for the Vehicle battery industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.

Vehicle battery market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Vehicle battery market.

Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Vehicle battery market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.

Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Vehicle battery market. These factors have benefited the growth of the global market for Vehicle battery. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.

New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Vehicle battery. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).

In this study, the years considered to estimate the market size of Vehicle battery are as follows:

• History Year: 2016-2019
• Base Year: 2019
• Estimated Year: 2020
• Forecast Year 2020 to 2027

Reasons to Purchase this Report:

- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players

Research Methodology:

In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.

This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.

Market Size Estimation

Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).

The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.

Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.

All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.

Market Breakdown and Data Triangulation

After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.

Secondary Sources

Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.

Primary Sources

 In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.

The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.

The study objectives of this report are:

• To analyze and study the global market capacity, production, value, consumption, status (2016-2019) and forecast (2020-2027);
• Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
• Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
• To define, describe and forecast the market by type, application and region.
• To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
• To identify significant trends and factors driving or inhibiting the market growth.
• To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
• To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
• To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
• To strategically profile the key players and comprehensively analyze their growth strategies.