The new report by Expert Market Research titled, ‘Global Light Vehicle Batteries Market Size, Share, Scope, Trends, Analysis, Report and Forecast 2023-2028’, gives an in-depth analysis of the Global Light Vehicle Batteries Market, assessing the market based on its segment like application, and major regions like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 9%
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The Global Light Vehicle Batteries market witnessed modest growth in the historical period, due to increased demand for electric vehicles coupled with constant demand for spares and replacements from the automotive industry.
Light Vehicle Batteries Industry Definition and Major Segments
Light vehicle batteries are rechargeable batteries used in light internal combustion electric vehicles (ICEVs) for starting, lighting, and ignition (SLI) purposes. They are also used by light electric vehicles (EVs) for propulsion of energy.
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By application, the market is segmented into:
The regional market for Light Vehicle Batteries includes:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Light Vehicle Batteries Market Trends
Geographically, the Asia Pacific holds the largest market share and would continue to dominate in the forecast period, however the growth of the APAC market would be a bit slower as compared to the North American and European regions. The markets of countries like China and India are of key importance for this region.
For light vehicle batteries, Lithium-Ion (Li-ion) batteries are preferred over other types like Nickel-Cadmium and Lead-Acid ones, due to increased storage potential, high energy density, along with features like low weight, maintenance costs and discharging. With increased investments in improving production methods and expanded production capacities, the costs of manufacturing Li-ion batteries have dropped significantly.
Because Li-ion batteries account for a substantial portion of the cost of EV production, the reducing cost of Li-ion batteries will aid in lowering the total ownership cost of these vehicles.
The decreasing cost of Li-ion batteries will have a substantial impact on the growth of the light vehicle battery market. Increasing urbanisation, government initiatives to improve road connectivity in rural areas have increased the market growth. These factors are expected to propel the market in the forecast period.
Key Market Players
The major players in the global market involve A123 Systems LLC, East Penn Manufacturing Co. Inc., GS Yuasa Corp., LG Chem Ltd. (OTCMKTS: LGCLF), Samsung SDI Co. Ltd., among others.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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