Automotive Battery Market Size to Ascend USD 462.10 Bn by 2034, says Automotive Consultants
According to Towards Automotive, the global automotive battery market size is calculated at USD 98.63 billion in 2025 and is expected to reach around USD 462.10 billion by 2034, growing at a CAGR of 18.72% from 2024 to 2034.
Ottawa, April 28, 2025 (GLOBE NEWSWIRE) -- The global automotive battery market size was valued at USD 83.08 billion in 2024 and is predicted to hit around USD 462.10 billion by 2034, a study published by Towards Automotive a sister firm of Precedence Research.
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Market Overview:
The automotive battery industry is witnessing significant growth, driven by increasing vehicle production, higher demand for electric vehicles, and advancements in battery technology. Automotive batteries are vital components for starting, lighting, and operating vehicle electronics, and are crucial for the operation of both hybrid and fully electric vehicles. The global movement toward more sustainable mobility options have further fueled the need for lithium-ion and other advanced battery types. Original Equipment Manufacturers (OEMs) are making significant investments in battery advancements to enhance energy density, minimize charging duration, and prolong battery life.
Government incentives and environmental regulations promoting EV adoption are greatly influencing the market. The aftermarket segment also plays an essential role in addressing battery replacement needs for internal combustion engine (ICE) vehicles. As connected, autonomous, and electrified vehicles become more prevalent, the automotive battery is expected to remain a vital element of the automotive industry's transition to sustainable and intelligent transportation.
Major Trends in the Automotive Battery Market:
Transition to Electric Mobility: Global automotive manufacturers are making substantial investments in electric vehicle (EV) development, leading to increased demand for high-capacity, lightweight, and rapid-charging batteries that facilitate a shift toward cleaner, sustainable transportation systems.
Progress in Battery Technologies: Continuous innovations in solid-state batteries, lithium-sulfur, and fast-changing technologies are enhancing the energy density, safety, and longevity of batteries, improving performance, and addressing existing limitations of conventional lithium-ion batteries.
Second-life and Recycling Efforts: As concerns grow regarding battery waste, manufacturers are working on second-life battery applications and effective recycling methods to recover valuable materials, reduce costs, and advance circular economy objectives within the battery supply chain.
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Limitations & Challenges in the Automotive Battery Market:
High Expenses of Advanced Batteries: Although prices are decreasing, the cost of lithium-ion and next-generation batteries remains elevated, particularly for mass-market vehicles, making electric vehicles less affordable for budget-conscious consumers in developing countries.
Inadequate Charging Infrastructure: Insufficient public charging facilities, especially in rural and less developed areas, present an obstacle to EV adoption, limiting the growth potential of the market.
Raw Material Supply Issues: Reliance on essential raw materials such as lithium, cobalt, and nickel, which are often sourced from politically unstable areas, creates vulnerabilities in the supply chain and leads to price fluctuations for battery manufacturers around the globe.
Future Growth Prospects
There is significant potential in the automotive battery market due to the swift global transition toward electrification, especially in emerging markets where the penetration of EVs is still limited. As governments implement strict emission regulations and incentivize electric vehicle adoption, the demand for efficient, high-capacity batteries is anticipated to increase dramatically. Furthermore, advancements in solid-state and fast-charging battery technologies offer ample opportunities. The growth of EV infrastructure and rising investments from OEMs and technology firms into battery manufacturing facilities will further stimulate expansion. The emergence of autonomous and connected vehicles will also create new demands for dependable, high-performance batteries across diverse applications.
Regional Analysis:
Asia Pacific's Growing Automotive Industry Fuels Market Dominance
Asia Pacific dominated the automotive battery market with the largest share in 2024. This is mainly due to the presence of numerous major battery producers, a swift increase in electric vehicle adoption, and robust governmental backing for sustainable transportation. Nations such as China, Japan, and South Korea are at the forefront of battery manufacturing and research and development, playing a key role in the growth of the market. China, specifically, thrives because of its strong electric vehicle ecosystem and proactive industrial strategies that promote EV adoption and domestic battery production. Furthermore, increasing vehicle ownership and investments in electric vehicle infrastructure from both public and private sectors in India and Southeast Asia are driving the demand for automotive batteries in the region.
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Top Asian Countries for Automotive Battery Production
China: China tops the region as it has the largest electric vehicle industry, along with significant governmental support. It leads global battery production with major companies like CATL and BYD and a rapidly growing charging network.
Japan: Japan is recognized for its leading battery innovators, such as Panasonic, and its solid hybrid vehicle market. The country heavily invests in solid-state battery development and fosters EV adoption through various regulatory and financial incentives.
South Korea: South Korea is a leader in high-tech battery technologies with prominent companies like LG Energy Solution and Samsung SDI. Its contributions are crucial to global supply chains, and it exports significantly to major automotive markets.
North America's Growth Potential in the Market
North America is expected to be the fastest-growing region for the automotive battery market, driven by an increasing acceptance of electric vehicles, strict emission regulations, and substantial investments in local battery manufacturing. The United States and Canada are spearheading this growth with favorable governmental incentives, expanding infrastructure for electric vehicle charging, and rising public interest in environmentally friendly transportation options.
Major Factors for the Market's Expansion in North America:
Federal and state incentives, tax breaks, and regulatory guidelines promoting electric vehicle adoption and carbon neutrality stimulate investment in battery technologies and increase consumer interest in electric mobility solutions.
Large investments in battery gigafactories by companies such as Tesla, GM, and Ford enhance local manufacturing capabilities, decrease reliance on imports, and reinforce North America's role in the global battery supply chain.
The swift growth of charging networks for electric vehicles in urban and suburban areas, supported by collaborations between public and private entities, is improving convenience and boosting consumer confidence in adopting electric vehicles, elevating battery demand.
Prominent automakers are constructing gigafactories and forming strategic alliances to secure battery supplies and lessen dependence on imports. Moreover, enhancements in battery technology and increasing interest in renewable energy storage solutions further bolster market expansion. This transformative trend establishes North America as a significant global player in the automotive battery market.
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Segment Outlook
Battery Type Insights
The lead-acid battery segment dominated the automotive battery market with the largest share in 2024, owing to its low cost, dependability, and widespread use in traditional internal combustion engine vehicles for starting, lighting, and supporting functions. These batteries are commonly found in passenger vehicles, commercial transport, and two-wheelers. Despite advancements in battery technology, the automotive lead acid battery continues to be favored in developing markets where affordability and strong performance in diverse weather conditions are crucial.
The lithium-ion battery segment is expected to grow at the fastest rate during the forecast period. The growth of the segment is attributed to its high energy density, lightweight characteristics, and long lifespan, making it perfect for electric and hybrid vehicles. Lithium-ion batteries are becoming the standard in electric vehicle production as the global shift toward electric mobility intensifies. Continuous improvements in thermal management, safety, and fast-charging features are further driving growth in this segment, bolstered by significant investments in globally spread lithium-ion battery manufacturing facilities.
Vehicle Type Insights
The passenger vehicles segment dominated the automotive battery market in 2024. This is mainly due to a rise in global vehicle ownership and the increased need for efficient power storage solutions in both internal combustion engines (ICE) and electric vehicles. Automakers are integrating advanced battery technologies to enhance fuel efficiency, comfort features, and connectivity in contemporary automobiles. The leading position of this segment is also due to regular battery replacement cycles and increased consumer awareness regarding eco-friendly transportation alternatives.
The commercial vehicle segment is projected to grow rapidly during the projection period, primarily due to the electrification of fleets, particularly in logistics, delivery services, and public transit. Businesses are adopting electric vans, trucks, and buses to reduce operational expenses and comply with emission regulations. High-performance batteries are critical for these vehicles, allowing them to accommodate long routes and heavy loads. Enhanced government incentives and the demand for sustainable fleet solutions are significant factors propelling the swift growth of this segment.
Drive Type Insights
The electric vehicles segment led the market with the largest share in 2024. This is mainly due to the increased global demand for zero-emission mobility. Governments around the world are promoting EV adoption through subsidies, tax incentives, and strict emission regulations. Electric vehicles necessitate high-capacity, efficient batteries for propulsion, positioning them as a focal point of battery innovation. With automakers broadening their electric vehicle offerings and battery technology becoming more widely accessible, EVs represent the largest consumer segment for automotive batteries.
The internal combustion engine (ICE) segment is likely to expand at a significant rate during the forecast period due to the substantial number of ICE vehicles currently in use globally, particularly in developing nations. These vehicles utilize batteries for starting, lighting, and onboard electronic systems. While electric vehicles are gaining market share, the extensive fleet of ICE vehicles still in operation guarantees ongoing demand for replacement batteries, especially lead-acid types, ensuring steady growth for this segment.
Browse More Insights Towards Automotive:
Electric Vehicle Battery Thermal Management System Market: https://www.towardsautomotive.com/insights/electric-vehicle-battery-thermal-management-system-market-sizing
EV Battery Cell and Pack Materials Market: https://www.towardsautomotive.com/insights/ev-battery-cell-and-pack-materials-market-sizing
Electric Vehicle Battery Coolant Market: https://www.towardsautomotive.com/insights/electric-vehicle-battery-coolant-market-sizing
Automotive Battery Recycling Market: https://www.towardsautomotive.com/insights/automotive-battery-recycling-market-sizing
Automotive Lead Acid Battery Market: https://www.towardsautomotive.com/insights/automotive-lead-acid-battery-market-sizing
Automotive Battery Box Market: https://www.towardsautomotive.com/insights/automotive-battery-box-market-sizing
Battery Swapping Charging Infrastructure Market: https://www.towardsautomotive.com/insights/battery-swapping-charging-infrastructure-market-sizing
Electric Vehicle Battery Recycling Market: https://www.towardsautomotive.com/insights/electric-vehicle-battery-recycling-market-sizing
Lithium-ion Battery Market: https://www.towardsautomotive.com/insights/lithium-ion-battery-market-sizing
E-scooter Battery Swapping Market: https://www.towardsautomotive.com/insights/e-scooter-battery-swapping-market-sizing
Key Players
A123 Systems
Panasonic Corporation
Exide Technologies
VARTA
Clarios
GS Yuasa Corporation
Hitachi Group Ltd.
Robert Bosch GmbH
China Aviation Lithium Battery Co. Ltd.
Contemporary Amperex Technology Co. Limited
SAMSUNG SDI CO. LTD.
East Penn Manufacturing Co.
LG Chem Ltd.
Recent Breakthroughs in the Global Automotive Battery Market:
In March 2024, Exide Technologies acquired BE-Power GmbH. This strategic collaboration marks a significant milestone, as both companies can combine their strengths to foster innovation through increased investments in the advanced lithium-ion sector.
In March 2024, Morocco revealed the creation of its inaugural industrial zone focused on electric vehicle battery manufacturing, with initial investments reaching USD 2.3 billion. The 283-hectare industrial area is anticipated to draw investment from firms such as the Chinese company CNGR and the Moroccan-based African private investment fund Al Mada.
Segments Covered in the Report
By Battery Type
Lead-Acid
Lithium-Ion
Other Battery Types
By Vehicle Type
Passenger Cars
Commercial Vehicles
By Drive Type
Internal Combustion Engine
Electric Vehicles
By Region
North America
Europe
Asia Pacific
Latin America
Middle East and Africa
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Towards Automotive is a premier research firm specializing in the automotive industry. Our experienced team provides comprehensive reports on market trends, technology, and consumer behaviour. We offer tailored research services for global corporations and start-ups, helping them navigate the complex automotive landscape. With a focus on accuracy and integrity, we empower clients with data-driven insights to make informed decisions and stay competitive. Join us on this revolutionary journey as we work together as a strategic partner to reinvent your success in this ever-changing automotive world.
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As the EV market continues to grow, the demand for efficient, powerful, and innovative electric motors will remain strong.. Request Sample Pages: Asia Pacific region to be the largest electric motors market Asia Pacific is expected to dominate the global electric motor market size between 2024–2029, followed by Europe and North America. The urban population growth drives demand for infrastructure, including commercial buildings, residential complexes, and public utilities, all of which rely heavily on electric motors for HVAC systems, elevators, water treatment, etc are the reasons for the region's significant market size. Countries such as China and India are driving demand, supported by government initiatives promoting industrial automation and renewable energy adoption. The region's large water treatment plants and increasing electric vehicle manufacturing add to the demand for high-power motors. Moreover, improving motor efficiency and compact high-density designs also increase the market further. This is driving the electric motor market size in the Asia Pacific region. Related Reports: Brushless DC Motor Market - Global Forecast to 2028 Energy Efficient Motor Market - Global Forecast to 2028 CONTACT: About MarketsandMarkets™ MarketsandMarkets™ has been recognized as one of America's Best Management Consulting Firms by Forbes, as per their recent report. MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. With the widest lens on emerging technologies, we are proficient in co-creating supernormal growth for clients across the globe. Today, 80% of Fortune 2000 companies rely on MarketsandMarkets, and 90 of the top 100 companies in each sector trust us to accelerate their revenue growth. 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