Market Size of Automotive Battery Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 93.27 Billion |
| Market Size (2029) | USD 237.28 Billion |
| CAGR (2024 - 2029) | 20.53 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Automotive Battery Market Analysis
The Automotive Battery Market size is estimated at USD 93.27 billion in 2024, and is expected to reach USD 237.28 billion by 2029, growing at a CAGR of 20.53% during the forecast period (2024-2029).
An automotive battery is an electrochemical device that can store and generate electrical energy. When starting the engine, the automotive battery provides electric current to power the starting motor and ignition system. When the alternator is not handling the load, it works as a voltage stabilizer by giving current to the lights, radio, and other electrical accessories.
Globally rising demand for sustainable transportation and cleaner energy has engaged the demand for battery electric vehicles. Consumer constraints such as vehicle range, greater upfront prices, limited model availability, and lack of knowledge are being solved by promotional activities and government legislation. These variables will have an impact on the demand for electric vehicles, which will drive the target market. In addition to this, an increase in the global battery production capacity has helped achieve economies of scale in the automotive battery industry, another major driver for market growth.
