Automotive Battery Market Size,
Segmentation, Key Players And Forecast
With the growing number of people on earth, automotive production and sales continue to
surge. Due to this, among their various components, the demand for batteries is booming too.
Every vehicle, whether it runs on electricity or diesel or petrol (gasoline), requires a battery.
Thus, the automotive battery market will have a rather prosperous future, says market research
firm P&S Intelligence. Presently, since electric vehicles (EVs) are all the rage, the integration
rate of batteries in them will shoot up.
Compared to an internal combustion engine (ICE)-based vehicle, an EV requires a much-
larger and -powerful battery because this component is its main power plant (in case of battery
electric vehicles [BEVs]). Moreover, apart from powering the motor, the battery supplies
electricity to all the auxiliary components and systems, including lights, heating, ventilation,
and air conditioning (HVAC) systems, advanced driver assistance systems (ADAS),
navigation and entertainment units, and digital dashboards.
Automotive batteries are generally available in two broad chemistries: lithium-ion (Li-ion)
and sealed lead–acid (SLA). Of these, SLA batteries have been more popular till now because
they have been available for ages and are cheap. But, their energy density isn’t as high, which
becomes a problem for EVs, while their disposal also has environmental issues. Thus, with the
growing demand for sustainable mobility, Li-ion batteries have begun gaining preference.
With such advancements taking place in the electric mobility ecosystem, Asia-Pacific (APAC)
has been the largest automotive battery market till now, and the situation will remain
unchanged in the coming years. Driven by strong environmental concerns, strict emissions
regulations, and supportive regulations, China has been the world’s largest EV and automotive
battery manufacturer for ages, and it is also the one t