The global automotive battery market is anticipated to grow at a considerable CAGR of 5.4% during the forecast period (2021-2027). The rising need to address future energy requirements is one of the major factors expanding the electrical vehicles industry. The rising adoption of electrical vehicles is driving market growth. In 2019, the global sales of electric vehicles crossed 2.1 million. As technological progress in electrification advances and the market for them grows, electric vehicles are expanding significantly.
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With the growing electric vehicle industry, the market for automotive battery and more specifically electric vehicle battery will grow significantly. For instance, in December 2020, LG Chem Ltd announced its plans to more than double the production capacity of battery cells it makes in China for Tesla Inc. electric vehicles (EV) in 2021 to keep up with its US client’s growth in the biggest car market. The firm, a supplier for Tesla’s Shanghai-built Model 3, would also ship its increased output from China and Korea to Tesla’s factories in Germany and the United States.
Market Coverage
- The market number available for – 2020-2027
- Base year- 2020
- Forecast period- 2021-2027
Segment Covered-
- By Types
- By Fuel Type
- By Vehicle Type
Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape- A123 Systems, LLC, BYD Co., Ltd., East Penn Manufacturing Company, EnerSys, Exide Technologies, and GS Yuasa Corp
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Global Automotive Battery Market Report Segment
By Types
- Lead Acid Battery
- Lithium-Ion Battery
- Others
By Fuel Type
- Internal Combustion (IC) Engine Vehicle
- Electric Vehicle
By Vehicle Type
- Passenger Cars
- Commercial Vehicles
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
