Light Vehicle Batteries Market Outlook
According to a new report by Expert Market Research titled, “Light Vehicle Batteries Market Size, Share, Analysis, Report and Forecast 2024-2032″, the global light vehicle batteries market is projected to grow at a CAGR of 9% between 2024 and 2032. Aided by the mounting demand for electric vehicles and the unrelenting quest for sustainable and efficient energy storage solutions, the market is expected to grow significantly by 2032.
Light vehicle batteries, often termed as automotive or starter batteries, serve the principal function of supplying power to ignite the engine and fuel the electrical systems within vehicles. With the evolution of the automotive landscape, especially in the electric vehicle (EV) domain, these batteries have transmuted from merely initiating the engine to becoming the primary power source for driving the vehicle.
One of key the light vehicle batteries market trends shaping the market is the worldwide push towards e-mobility. Governments, in tandem with environmental agencies, are fostering the transition to electric vehicles through tax incentives, subsidies, and infrastructure development. This, in turn, is ramping up the production and adoption of electric vehicles, simultaneously elevating the demand for high-performance, long-lasting vehicle batteries.
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Moreover, the rapid technological advancements in battery technologies have further invigorated the light vehicle batteries market growth. Innovations are steering towards lithium-ion batteries, known for their light-weight properties, high energy density, and longer cycle life. These attributes make them an ideal fit for electric vehicles, further amplifying their demand in the light vehicle battery sector.
Beyond the realm of personal vehicles, the surge in ridesharing platforms, autonomous vehicles, and connected car ecosystems further bolsters the demand for efficient and durable light vehicle batteries. These emerging transportation modalities are banking on sophisticated battery systems that can deliver extended range, quick charging, and a high degree of safety.
Additionally, collaborations and partnerships between battery manufacturers, automotive giants, and tech firms are fostering a climate of innovation and shared expertise, leading to a heightened light vehicle batteries market demand. Such synergies aim not only to enhance battery performance but also reduce production costs, making electric vehicles more accessible to the masses.
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Light Vehicle Batteries Market Segmentation
The market can be divided based on application and region.
Market Breakup by Application
- ICEV
- EV
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global light vehicle batteries market. Some of the major players explored in the report by Expert Market Research are as follows:
- A123 Systems, LLC
- East Penn Manufacturing Company
- GS Yuasa Corporation
- LG Energy Solution
- Samsung SDI Co. Ltd.
- Others
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