LONDON, May 16, 2022 (GLOBE NEWSWIRE) -- Exhibiting an estimated CAGR of 4.6% between 2021 and 2030, the global vehicle battery market is likely to surpass the valuation of US$43.4 Bn toward the end of forecast period. With e-mobility firming up worldwide, vehicle battery sales will remain upbeat, says a newly released report of Fairfield Market Research. Climbing electric vehicle (EV) sales, coupled with rapid development of supportive regulatory structure, are expected to offer a phenomenal push to market growth.

Key Highlights

• Global vehicle battery market set for a moderate growth outlook at around 4.6% CAGR over 2021 – 2030
• Increasing vehicle electrification to provide a major impetus to vehicle battery sales
• The global leader, China, houses over 45% of the world’s total number of vehicle battery manufacturing plants
  

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Stubbornly Expensive Battery Packs Remain a Hurdle

While the market for vehicle battery will most likely receive a thrust from attractive subsidies, and incentives availed to battery makers, automakers, as well as consumers, whether or not the growth will be sustained will heavily depend on battery technologies that are yet to be proven. The advent of battery technology however holds the promise to deliver an enduring life span, superior performance, and improved safety, which favours market growth. Meanwhile, the expensive price point of vehicle battery packs remains a stubborn challenge facing industry participants.

Asian Markets Present an Influx of Opportunities

Despite a major revenue plunge witnessed amid the COVID-19 pandemic, the key Asian markets, i.e., China, Japan, and South Korea will maintain the lion’s share in vehicle battery sales. China remains the global leader with over 45% of the world’s battery manufacturing bases. Attributing to steadily thriving EV sales, Europe will also be an important market for vehicle battery throughout the forecast period, says the report.

Key Market Players

Panasonic Corporation, LG Chem Ltd., BYD Company Limited, Johnson Controls International PLC, SAMSUNG SDI Co., Ltd., and Contemporary Amperex Technology Co., Limited are some of the most prominent companies driving competition in vehicle battery space. The constant quest for technological innovations is pushing R&D collaborations between battery makers, automakers, research facilities, tech start-ups, and tech giants.

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