Car Battery Vehicle Type Insights
Based on vehicle type, the Automotive Battery Market segmentation includes passenger cars, heavy commercial vehicles (HCV), and light commercial vehicles (LCV). The passenger cars segment dominated the market because of the growing sales of mid-range and premium passenger vehicles with added features, including autonomy.
Moreover, Light Commercial Vehicle has numerous systems for virtual assistance, eye tracking, driver monitoring, speech recognition, gesture recognition, and natural language interfaces. These systems rely on regular OTA updates for safe operation, further contributing to the market's growth.
Automotive Battery type Insights
The Automotive Battery Market segmentation based on type includes lead acid, lithium-ion, and nickel metal hydride. The lead-acid segment dominated the market. Lead acid is one of the oldest energy storage devices, which is being used in numerous applications. Advanced lead-acid batteries provide the start-stop functionality to improve the fuel efficiency of micro-hybrid vehicles.
Lead-acid batteries are mainly used for SLI applications in conventional vehicles because of their higher cold-cranking performance, low cost, and increased reliability. Some key benefits of lead-acid batteries are that they are inexpensive and simple to manufacture, capable of high discharge rates, have minimal maintenance, and have superior starting capacity. The lithium-ion-based segment is estimated to witness the highest growth rate over the forecast period.
Lithium-ion batteries are used in applications that demand high-energy density solutions. They are mostly used in applications such as notebook computers, cellular phones, and hybrid automobiles. The use of lithium-ion batteries for onboard energy storage is increasing owing to the continuous efforts by automotive manufacturers to produce more vehicles with electric drive trains. Automakers focus on reducing the overall cost while increasing vehicle range and energy density.
With the maturing lithium-ion battery supply chains and improving manufacturing processes, battery manufacturers and automotive OEMs continually strive to reduce battery pack costs.
Car Battery Function Insights
Based on function, the Automotive Battery Market data includes ignition, lighting, electric propulsion, and start. The electric propulsion segment dominated the market. The electric category will witness faster growth, with a rate of 28%. This has much to do with government support, such as grants and initiatives, for the acceptance of EVs and the strict emission regulations. Furthermore, nearly all EVs are equipped with innovative connected systems for effective processes and high security and safety.
Automobile Battery Engine Type Insights
The Automotive Battery Market engine type industry includes electric vehicle internal combustion engines. The electric vehicle internal segment dominated the market. Due to their increasing adoption, they are completely electric and run on rechargeable batteries. In addition, technological advancement and declining battery prices are significant reasons to complement market growth. Moreover, BEVs are zero-emissions vehicles and do not emit toxic gases like conventional gasoline vehicles, expected to drive revenue growth over the forecast period.
Figure1: Automotive Battery Market, by Engine Type, 2022& 2030(USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
