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Automotive Battery Aftermarket Market To Reach USD 4.4 Billion By 2032, Says DataHorizzon Research
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The automotive battery aftermarket market size was valued at USD 2.9 Billion in 2022 and is expected to be valued USD 4.4 Billion by 2032 at a CAGR of 4.3%.
Fort Collins, Colorado, April 26, 2024 (GLOBE NEWSWIRE) --
Growing Demand for Electric Vehicles and Hybrid Vehicles
The automotive battery aftermarket market offers replacement batteries for automobiles after the original battery has reached the end of its life or failed. It includes a variety of automotive batteries, such as lead-acid batteries and lithium-ion batteries, which are used in passenger cars, commercial vehicles, and electric vehicles (EVs).
The increased demand for electric and hybrid vehicles creates a major opportunity for the automotive battery aftermarket market. As EV and hybrid adoption grows due to government incentives, stricter environmental rules, and increased consumer awareness, so will the demand for aftermarket batteries designed expressly for these cars. According to an International Energy Agency (IEA) assessment, the worldwide stock of electric vehicles reached 10.2 million in 2020, with a forecast increase to more than 145 million by 2030. While EVs and hybrids currently use OEM-specific battery packs, the development of aftermarket solutions for these cars, such as battery refurbishing, recycling, and second-life uses, represents a huge potential opportunity for the automotive battery aftermarket.
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Segmentation Overview:
The automotive battery aftermarket market has been segmented into battery type, vehicle type, distribution channel and region.
Lead acid battery dominate the segment growth in 2023.
- Based on battery type, the market is further segmented into lithium-ion, lead acid, nickel-based, sodium-ion, and others. The lead acid battery segment held a dominant share of the market in 2023. The various advantages of lead-acid batteries, such as high power output, recyclability, and cost-effectiveness are contributing to the segment growth. These batteries have high power output which can be beneficial to for starting automobiles in severe conditions such as cold weather or other conditions.
Passenger vehicle segment dominates the vehicle type in 2023.
- Based on the vehicle type, the market is further sub-segmented into passenger vehicle, electric vehicle, commercial vehicle, and others. The passenger vehicle segment held a significant market share in 2023, which can be attributed to the high production of passenger vehicle in 2022. According to the International Organization of Motor Vehicle Manufacturers (OICA), in 2022, the total production of cars amounted to around 61.6 million.
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Automotive Battery Aftermarket Market Report Highlights:
- The automotive battery aftermarket market growth is anticipated at a CAGR of 4.3% by 2032.
- Advancements in battery technology and the increasing adoption of start-stop systems in vehicles are another significant driver for the Automotive Battery Aftermarket Market. The development of advanced battery technologies, such as Absorbent Glass Mat (AGM) and Enhanced Flooded Battery (EFB), has improved the performance, durability, and reliability of automotive batteries Asia Pacific dominated the automotive battery aftermarket in 2023. This can be attributable to the region's high EV adoption rates. China, India, Japan, and South Korea are leading the way in the adoption of electric vehicles.
- Some prominent players in the automotive battery aftermarket market report include A123 Systems LLC, Delphi Technologies (BorgWarner Inc.), East Penn Manufacturing Company, Enersys, Exide Technologies, Samsung SDI Co. Ltd., Interstate Batteries, Johnson Controls, Tesla, and NEC Corporation.
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About DataHorizzon Research:
DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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Mail: sales@datahorizzonresearch.com
Ph: +1-970-672-0390
Website: https://datahorizzonresearch.com/
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First published on Fri, Apr 26, 2024
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