What is Global Automotive Battery Aftermarket Market?
The Global Automotive Battery Aftermarket Market is a vast and dynamic sector that plays a crucial role in the automotive industry. This market revolves around the sale of batteries that are used in vehicles after the original battery has run its course. In 2023, the market was valued at a whopping US$ 3181 million and it's projected to reach US$ 3529.5 million by 2030. This indicates a Compound Annual Growth Rate (CAGR) of 2.6% during the forecast period from 2024 to 2030. The market is primarily concentrated in Asia, Europe, and North America, with Asia leading the pack by accounting for 56% of the global automobile production. Europe and North America follow suit with 20% and 16% respectively.
Lithium-ion, Lead Acid, Nickel-based, Sodium-ion, Others in the Global Automotive Battery Aftermarket Market:
The Global Automotive Battery Aftermarket Market is segmented into various types based on the kind of battery used. These include Lithium-ion, Lead Acid, Nickel-based, Sodium-ion, among others. Each type of battery has its own set of advantages and disadvantages, and their usage depends on the specific requirements of the vehicle. Lithium-ion batteries, for instance, are known for their high energy density and long lifespan, making them ideal for electric vehicles. Lead Acid batteries, on the other hand, are cost-effective and reliable, and are commonly used in conventional vehicles. Nickel-based batteries are known for their high discharge rate and are typically used in hybrid vehicles. Sodium-ion batteries are a newer entrant in the market and are gaining popularity due to their safety and sustainability features.
LCV, M&HCV, Passenger Cars in the Global Automotive Battery Aftermarket Market:
The Global Automotive Battery Aftermarket Market finds its application in various types of vehicles including Light Commercial Vehicles (LCV), Medium and Heavy Commercial Vehicles (M&HCV), and Passenger Cars. Each of these vehicle types has different power requirements and hence, requires different types of batteries. For instance, LCVs and M&HCVs, which are primarily used for transportation and logistics, require batteries that can provide high power output and have a long lifespan. On the other hand, passenger cars, which are used for personal transportation, require batteries that are compact, lightweight, and have a high energy density.
Global Automotive Battery Aftermarket Market Outlook:
Rephrasing the market outlook, the Global Automotive Battery Aftermarket Market is on a steady growth trajectory. In 2023, the market's worth stood at US$ 3181 million. It is projected to grow at a CAGR of 2.6% from 2024 to 2030, reaching a value of US$ 3529.5 million. The majority of the world's automobiles are produced in Asia, Europe, and North America. Asia leads the way, contributing 56% to global automobile production. Europe and North America follow with contributions of 20% and 16% respectively.
| Report Metric | Details |
| Report Name | Automotive Battery Aftermarket Market |
| Accounted market size in 2023 | US$ 3181 million |
| Forecasted market size in 2030 | US$ 3529.5 million |
| CAGR | 2.6% |
| Base Year | 2023 |
| Forecasted years | 2024 - 2030 |
| Segment by Type |
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| Segment by Application |
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| By Region |
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| By Company | Panasonic, Robert Bosch, A123 Systems, LLC, East Penn Manufacturing Company, EnerSys, Exide Technologies; Johnson Controls, NEC Corporation, Samsung SDI Co., Ltd., Tesla, Inc., Interstate Battery System of America, Inc., Delphi Technologies |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
