Automotive Battery Market: What are the Key Growth Factors?

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With the growing number of people on earth, automotive production and sales continue to surge. Due to this, among their various components, the demand for batteries is booming too. Every vehicle, whether it runs on electricity or diesel or petrol (gasoline), requires a battery. Thus, the automotive battery market will have a rather prosperous future, says market research firm P&S Intelligence. Presently, since electric vehicles (EVs) are all the rage, the integration rate of batteries in them will shoot up.

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Compared to an internal combustion engine (ICE)-based vehicle, an EV requires a much-larger and -powerful battery because this component is its main power plant (in case of battery electric vehicles [BEVs]). Moreover, apart from powering the motor, the battery supplies electricity to all the auxiliary components and systems, including lights, heating, ventilation, and air conditioning (HVAC) systems, advanced driver assistance systems (ADAS), navigation and entertainment units, and digital dashboards.

Automotive Battery Market - P&S Intelligence


Automotive batteries are generally available in two broad chemistries: lithium-ion (Li-ion) and sealed lead–acid (SLA). Of these, SLA batteries have been more popular till now because they have been available for ages and are cheap. But, their energy density isn’t as high, which becomes a problem for EVs, while their disposal also has environmental issues. Thus, with the growing demand for sustainable mobility, Li-ion batteries have begun gaining preference.

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With such advancements taking place in the electric mobility ecosystem, Asia-Pacific (APAC) has been the largest automotive battery market till now, and the situation will remain unchanged in the coming years. Driven by strong environmental concerns, strict emissions regulations, and supportive regulations, China has been the world’s largest EV and automotive battery manufacturer for ages, and it is also the one that buys them in the largest numbers. Similarly, India is home to the largest electric rickshaw fleet, which again creates a high demand for SLA and Li-ion batteries.

Hence, with the booming EV sales, the demand for automotive batteries will keep rising.

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