자동차용 배터리 시장 평가 : 배터리 유형별, 추진 유형별, 유통 채널별, 차량 유형별, 지역별 기회, 예측(2017-2031년)

Automotive battery market is projected to witness a CAGR of 5.24% during the forecast period 2024-2031, growing from USD 51.21 billion in 2023 to USD 77.06 billion in 2031. The higher adoption of electric vehicles (EVs), along with the expanded automotive sector in emerging economies, are expected to propel the growth prospects for the automotive battery market. The sector flourishes as the extended research and development (R&D) facilities work towards increasing the life cycle of batteries, upgrading lithium-ion battery technology, and producing flexible batteries to integrated technologies. While the battery's only functions are engine start and ancillary loads in internal combustion engine (ICE) vehicles, the EV and HEVs demand stronger batteries to provide primary power and energy to the system. Thus, the increasing demand for EVs is leading to higher automotive battery sales. The market functions for a long range of batteries such as lead acid, li-ion, and solid-state batteries. Solid-state batteries have emerged as a potentially disruptive technology, promising higher energy density, extended life span, and enhanced safety compared to lithium-ion batteries. However, the lithium-ion battery still leads the market space due to higher adoption and better compatibility with battery management systems.

Proliferated EV Sales and the Need for Sustainable Battery Solutions

The increasing sales of EVs can be attributed to the affordable rides and their lower impact on the environment. The increased sales of conventional (ICE) vehicles, especially in emerging economies, are acting as other growth-inducing factors. As the prevalence of EVs has grown, there has been a heightened emphasis on the recycling and sustainability of batteries. This has necessitated the development of more eco-friendly recycling methods and the reutilization of spent battery materials. With the shift to EV models, addressing the environmental implications of battery manufacturing, use, and disposal is imperative. Promoting sustainable batteries improves a company's brand image and attract environmentally conscious customers. Hence, the vendor companies are producing recyclable and sustainable battery solutions.

In May 2023, LOHUM and ACKO partnered to reuse and recycle batteries under the EV extended battery warranty insurance. The development is expected to help the companies optimise the battery insurance and financing price for consumers. Under the terms of the agreement, ACKO will maintain its performance warranty insurance coverage for EV batteries to various OEMs. It will also provide a convenient redress process for performance-related issues.

Improved EV Charging Infrastructure and Technological Advancements

The rapid expansion of EV charging stations in regions like North America and Asia-Pacific is helping EV owners and promoting growth for higher EV sales. The major agenda for battery manufacturers is increasing mileage and reducing the charging time. In line with this, advancements in battery chemistry, solid-state batteries, and energy-dense materials are making it up for increased range and efficiency. The demand for fast-changing technology is increasing with faster turnaround times. To meet these demands, batteries must withstand higher charging currents and provide rapid charging without losing on safety or longevity. Additionally, integration of battery management systems (BMS) has also became essential for optimized charging and disconnection processes. As a result, the demand for compatible battery technology is also increasing. Furthermore, the public transport is transforming with the introduction of high-range electric buses and shared taxis, thereby favoring the market growth.

In October 2023, Scania launched new battery-electric bus platform with 500 km range at Busworld. The new platform will initially be available in low entry 4x2 bus models - a 4-battery model with a capacity of up to 416 kWh and a range of 400km, and a 5-battery option with up to 520 kWh capacity and a range of up to 500km.

Government Aids, Public-Private Partnerships, and Loans to Flourish the Battery Production

As nations around the world have started adopting alternative fuel measures, the sales of EVs have spiked. Due to this, governments worldwide are focusing on incentivising and subsidizing battery manufacturing companies to make the battery technology more sustainable, efficient, and productive. They also alert the manufacturers about the emissions during battery production, thereby supporting a sustainable approach. Higher fuel prices, new tariffs, and the Russia-Ukraine war have pushed authorities to alternative fuel options. The race of becoming dominant in EV manufacturing and adopting green technology have enabled government authorities to invest in private-public partnerships (PPP) or aid companies with conditional loans.

In June 2023, Ford Motor Co. got a government loan of USD 9.2 billion to help United States compete China's EV dominance. The loan has been disbursed for constructing Ford's three battery factories. These factories are expected to supply Ford's extension of Evs fleet present in Kentucky and Tennessee. This production line is under a joint venture named Blue Oval SK, owned by Michigan automaker and South Korean Giant SK On Co.

Long-Life, High-Energy Efficiency, and Low Self-discharge Make Li-ion Battery Most Suitable for EVs

Based on battery type, lithium-ion battery performs significantly well due to its compatibility, operationality, and energy density. Apart from li-ion automotive batteries, the solid-state batteries also perform well in the market. These batteries are likely to revolutionize the battery market with faster charging and high-range performance. Higher compatibility with battery management systems, high energy density, and easy availability makes li-ion the industry leader in terms of battery type. Energy density is a measure of the amount of energy stored in a unit volume/weight. The greater the energy density of a battery, the less weight it requires for the same distance, thus reducing the vehicle's weight. Energy density determines the vehicle's range, while power density determines its performance, i.e., the speed at which the vehicle is moving. Lithium cobalt oxide battery is the most energy-dense of all batteries.

In April 2023, Log9 unveiled India's maiden commercial Li-ion cell production line in Bengaluru. The line is expected to have an initial capacity of 59 MWh. The new plant will produce batteries for EVs as well as energy storage. The initial capacity of the plant is estimated to be 50 MWh/h. The focus of the plant will be on the production of LTO and LFP cell batteries.

Higher EV Adoption and Innovative Battery Startups to Make Asia-Pacific a Prominent Market

Asia-Pacific holds a significant share in the automotive battery market due to emerging economies like China and India. New companies developing advanced battery technology with higher range and faster charging are also getting popular in the region. The rising gasoline prices due to inflation, Russia-Ukraine conflict, and other conditions are pushing end users to look for EVs with higher mileage. Governments of India, Thailand, and Malaysia are constantly partnering with private charging providers, furthering the positive landscape for market.

For instance, in October 2023, Reliance showcased swappable, multipurpose batteries for EVs. The batteries can be exchanged at Reliance's battery swap stations or recharged by homeowners using rooftop solar panels.

In August 2023, Autel Tech, a leading manufacturer of EV chargers held 2023 Autel APAC partner summit for its partners in Asia-Pacific. Autel APAC's growth has been multi-regional, covering key countries such as Australia, Singapore, Malaysia, and Indonesia. Furthermore, several startups and automotive giants of India are setting their battery plants and launching advanced battery systems to propel nation's lead in EV revolution.

Impact of COVID-19

The automotive industry, including battery production, has been affected by supply chain disruptions due to lockdowns, restrictions, and transportation and logistics issues. This has led to reduced production of components, raw materials, and finished products. Economic uncertainties, job losses, and changing consumer behavior have led to a decline in demand for new vehicles and batteries. The pandemic accelerated trends in electric and hybrid vehicles and advanced battery technologies. The disruptions underscored the need for resilient supply chains and government support for the automotive sector.

Impact of Russia-Ukraine War

The Russia-Ukraine war impacted the global battery production as raw materials shipped through Russia and Ukraine were one a halt. High tariffs and business sanctions on Russia also impacted the raw material availability. Though, the increased gas prices due to the Russia-Ukraine war helped in the higher sales of EVs around the world, the conflict disrupted the supply chains of materials necessary for battery production. For instance, Ukraine is a significant source of raw materials for battery components, such as lithium, cobalt, or nickel. Any disruption in the region could affect the availability and cost of these materials.

Key Players Landscape and Outlook

The automotive battery market holds potential for new entrants, while established key player focus on enhancing the supply chain and technological advancements. The competitors experiment with pricing, battery range, charging time, and longer shelf life to get an edge over each other. New research facilities, government partnerships, and collaboration with other key players are some of the strategies that key companies focus on. Solid-state battery technology is being researched and developed by industry players as it holds the potential to be more energy-efficient, longer-lasting, and safer than lithium-ion batteries.

In July 2023, Toyota revealed its new solid-state EV battery with a range of 745 miles, cutting emissions by 39%. The company plans on commercializing the solid-state battery technology by 2027. Toyota emphasized that this breakthrough would allow the company to reduce the size, cost, and weight of EV batteries by half. This achievement is expected to lead to substantial reductions in charging times to 10 minutes or less, coupled with an impressive increase in the driving range to 1,200 kilometers (745 miles).

In July 2023, SVOLT Energy Technology Co. Ltd. started the construction of battery factory. The annual production capacity is likely to be around 60,000 module packages. The planned plant will not be built from the scratch, but rather a leased facility that will be adopted to meet the production requirements. This accounts for the relatively short timeline between the current commencement of construction and the goal of competing within six months.

Table of Contents

1. Research Methodology

2. Project Scope & Definitions

3. Impact of COVID-19 on Automotive Battery Market

4. Impact of Russia-Ukraine War

5. Executive Summary

6. Voice of Customer

• 6.1. Product and Market Intelligence
• 6.2. Factors Considered in Purchase Decision
  • 6.2.1. Fast Charging
  • 6.2.2. Range
  • 6.2.3. Maintenance Requirements
  • 6.2.4. Reserve Capacity
  • 6.2.5. Battery Type
  • 6.2.6. Battery Optimization

7. Global Automotive Battery Market Outlook, 2017-2031F

• 7.1. Market Size & Forecast
  • 7.1.1. By Value
  • 7.1.2. By Volume
• 7.2. By Battery Type
  • 7.2.1. Lead Acid
  • 7.2.2. Lithium-ion
  • 7.2.3. Others
• 7.3. By Propulsion Type
  • 7.3.1. Internal Combustion Engine
  • 7.3.2. Electric Vehicle
  • 7.3.3. Others
• 7.4. By Distribution Channel
  • 7.4.1. OEM
  • 7.4.2. Aftermarket
• 7.5. By Vehicle Type
  • 7.5.1. Passenger Vehicle
  • 7.5.2. Commercial Vehicle
  • 7.5.3. Others
• 7.6. By Region
  • 7.6.1. North America
  • 7.6.2. Europe
  • 7.6.3. South America
  • 7.6.4. Asia-Pacific
  • 7.6.5. Middle East and Africa
• 7.7. By Company Market Share (%), 2023

8. Automotive Battery Market Outlook, By Region, 2017-2031F

• 8.1 North America*
  • 8.1.1. Market Size & Forecast
    • 8.1.1.1. By Value
    • 8.1.1.2. By Volume
  • 8.1.2. By Battery
    • 8.1.2.1. Lead Acid
    • 8.1.2.2. Lithium-ion
    • 8.1.2.3. Others
  • 8.1.3. By Propulsion
    • 8.1.3.1. Internal Combustion Engine
    • 8.1.3.2. Electric Vehicle
    • 8.1.3.3. Others
  • 8.1.4. By Distribution Channel
    • 8.1.4.1. OEM
    • 8.1.4.2. Aftermarket
  • 8.1.5. By Vehicle
    • 8.1.5.1. Passenger Vehicle
    • 8.1.5.2. Commercial Vehicle
    • 8.1.5.3. Others
  • 8.1.6 United States*
    • 8.1.6.1 Market Size & Forecast
    • 8.1.6.1.1 By Value
    • 8.1.6.1.2 By Volume
    • 8.1.6.2 By Battery
    • 8.1.6.2.1 Lead Acid
    • 8.1.6.2.2 Lithium-ion
    • 8.1.6.2.3 Others
    • 8.1.6.3 By Propulsion
    • 8.1.6.3.1 Internal Combustion Engine
    • 8.1.6.3.2 Electric Vehicle
    • 8.1.6.3.3 Others
    • 8.1.6.4 By Distribution Channel
    • 8.1.6.4.1 OEM
    • 8.1.6.4.2 Aftermarket
    • 8.1.6.5 By Vehicle
    • 8.1.6.5.1 Passenger Vehicle
    • 8.1.6.5.2 Commercial Vehicle
    • 8.1.6.5.3 Others
  • 8.1.7 Canada
  • 8.1.8 Mexico

All segments will be provided for all regions and countries covered:

• 8.2 Europe
  • 8.2.1 Germany
  • 8.2.2 France
  • 8.2.3 Italy
  • 8.2.4 United Kingdom
  • 8.2.5 Russia
  • 8.2.6 Netherlands
  • 8.2.7 Spain
• 8.3 South America
  • 8.3.1 Brazil
  • 8.3.2 Argentina
• 8.4 Asia-Pacific
  • 8.4.1 India
  • 8.4.2 China
  • 8.4.3 Japan
  • 8.4.4 Australia
  • 8.4.5 South Korea
• 8.5 Middle East & Africa
  • 8.5.1 Saudi Arabia
  • 8.5.2 UAE
  • 8.5.3 South Africa

9. Market Mapping, 2023

• 9.1 By Battery Type
• 9.2 By Propulsion Type
• 9.3 By Distribution Channel
• 9.4 By Vehicle Type
• 9.5 By Region

10. Macro Environment and Industry Structure

• 10.1. Supply Demand Analysis
• 10.2. Import Export Analysis - Volume and Value
• 10.3. Supply/Value Chain Analysis
• 10.4. PESTEL Analysis
  • 10.4.1. Political Factors
  • 10.4.2. Economic System
  • 10.4.3. Social Implications
  • 10.4.4. Technological Advancements
  • 10.4.5. Environmental Impacts
  • 10.4.6. Legal Compliances and Regulatory Policies (Statutory Bodies Included)
• 10.5. Porter's Five Forces Analysis
• 10.6. Supplier Power
• 10.7. Buyer Power
• 10.8. Substitution Threat
• 10.9. Threat from New Entrant
• 10.10. Competitive Rivalry

11. Market Dynamics

• 11.1. Growth Drivers
• 11.2. Growth Inhibitors (Challenges, Restraints)

12. Key Players Landscape

• 12.1. Competition Matrix of Top Five Market Leaders
• 12.2. Market Revenue Analysis of Top Five Market Leaders (in %, 2023)
• 12.3. Mergers and Acquisitions/Joint Ventures (If Applicable)
• 12.4. SWOT Analysis (For Five Market Players)
• 12.5. Patent Analysis (If Applicable)

13. Pricing Analysis

14. Case Studies

15. Key Players Outlook

• 15.1. Samsung SDI Co. Ltd,
  • 15.1.1. Company Details
  • 15.1.2. Key Management Personnel
  • 15.1.3. Products & Services
  • 15.1.4. Financials (As reported)
  • 15.1.5. Key Market Focus & Geographical Presence
  • 15.1.6. Recent Developments
• 15.2. LG Energy Solution Ltd
• 15.3. SK Innovation Co. Ltd
• 15.4. Svolt Energy Technology Co. Ltd.,
• 15.5. Sunwoda Electric Vehicle Battery
• 15.6. CALB Group Co. Ltd,
• 15.7. Gotion High-Tech Co. Ltd
• 15.8. Envision AESC
• 15.9. Farasis Energy Co.

Companies mentioned above DO NOT hold any order as per market share and can be changed as per information available during research work.

16. Strategic Recommendations

17. About Us & Disclaimer