Effort to Improve Fuel Efficiency and Reduce Reduced Carbon Emissions Accelerate Global Vehicle Battery Market, Finds Fairfield Market Research
LONDON, Feb. 10, 2021 -- The global vehicle battery market is expected to flourish as the demand for transportation is rising. This has led to the rise of government initiatives and regulations for cleaner transportation alternatives. Manufacturers are focusing on integrating better electronics to boost performance. A recent report published by Fairfield Market Research studies the numerous strategies adopted by key players to cater to the global demand for the vehicle battery market.
According to Fairfield Market Research, the global vehicle battery market is expected to be worth US$43.48 Bn by 2030, registering a CAGR of 4.64% between 2021 and 2030.
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Lithium-ion Batteries for Hybrid and Electric Cars to Boost Market Growth
Evolution of lithium-ion batteries is expected to a key growth factor in the rise of the vehicle battery market. These will be extensively used for onboard energy storage as efforts to manufacture electric drivetrains remain in full swing. Subsidies and investments in manufacturing of electric vehicles to reduce carbon emissions are expected to have a positive impact on the global market. Additionally, the development of hybrid vehicles that partly run on conventional fuels and partly on electric charge are expected to key end users of lithium-ion batteries. Their high-energy density characteristic makes them ideal for this application. By the end of 2030, the lithium-ion battery segment is expected to be valued at US$8.3 Bn, surging at a CAGR of 15% during the forecast period.
Underdeveloped Infrastructure to Pose a Threat to Vehicle Battery Market
Safety risk and expensive nature of vehicle batteries are two sizeable hurdles for the global vehicle battery market. The market also faces the challenge of underdeveloped infrastructure for electric vehicles such as lack of charging points between long distances. The inability to drive electric vehicles over long distances due to poor charging infrastructure is expected to weigh down the market in the foreseeable future.
Asia Pacific Exerts Dominance with 45% Manufacturers Based in China
Asia Pacific is expected to dominate the global market in the coming years as the region has a growing number of manufacturers. With countries such as China, Japan and India, the regional market is expected to remain at the forefront during the forecast period. As of 2018, about 80% of the vehicle battery demand was seen in this region. Growing disposable income that is allowing consumers to spend on passenger vehicles is expected to bode well for the market. On the other hand, Europe is expected to see a slower growth rate.
The report states that 45% of vehicle battery manufactures are based in China. This staggering figure indicates that the world will continue to depend on China for vehicle batteries over the forecast period.
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Integrating Advanced Battery Management Systems will Keep Key Players Ahead in the Game
Key players in the global vehicle battery market are extensively investing in research and development activities to develop solid-state battery technology, high-density lithium-ion batteries and others that deliver longer range and lesser time to charge. Players are also investing in producing advanced battery management systems to stay ahead in the competition.
Many companies are focusing on mergers and acquisitions to add value to their technological prowess. For instance, Panasonic corporation launched Nymbus, a charging system that is equipped with artificial intelligence solutions, cloud analytics, telematics, swap stations and charging stations.
The key players operating in the global vehicle battery market are BYD Company Limited, Panasonic Corporation, Johnson Controls International PLC, SAMSUNG SDI Co., Ltd, Contemporary Amperex Technology Co., Limited, LG Chem Ltd., A123 Systems Inc.
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