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The light vehicle batteries market share is expected to increase by USD 34.06 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 12.72%. This light vehicle batteries market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. The light vehicle batteries market report also offers information on several market vendors, including 3M Co., A123 Systems LLC, Altairnano, Banner GmbH, Clarios, EcoBat Battery Technologies, Exide Industries Ltd., FIAMM Energy Technology Spa, Furukawa Electric Co. Ltd., General Motors Co., GS Yuasa Corp., Johnson Matthey Plc, LG Chem Ltd., Nissan Motor Co. Ltd., Panasonic Corp., Primearth EV Energy Co. Ltd., Robert Bosch Stiftung GmbH, Samsung SDI Co. Ltd., Suzuki Motor Corp., The BYD Motors Inc., and Toshiba Corp. among others. Furthermore, this report extensively covers light vehicle batteries market segmentation by application (ICEV and EV) and geography (APAC, Europe, North America, South America, and Middle East and Africa).
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The stringent regulations on GHG emissions from automobiles is notably driving the light vehicle batteries market growth, although factors such as widening disparity between lithium demand and supply may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the light vehicle batteries industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Light Vehicle Batteries Market Driver
The stringent regulations on GHG emissions from automobiles is one of the key drivers supporting the light vehicle batteries market growth. In the US, more than half of the carbon pollution stems from the power and transportation industries. Hence, with the objective of ensuring increased fuel savings, a cleaner environment, and reduced oil imports, the EPA and the NHTSA have together developed regulations to contain GHG emissions and improve the fuel economy of passenger cars and trucks. For instance, the government has reduced the emissions of carbon monoxide from 2.3 gm/km under Bharat Stage-III to 1.0 gm/km under Bharat Stage IV for passenger cars. Similarly, the emissions of hydrocarbons and nitrogen oxides have been limited to 0.18 gm/km under the Bharat Stage IV standards. Thus, the growing stringency of regulations pertaining to GHG emissions from transport vehicles has led to an increase in the demand for EVs across the world, which, in turn, is expected to foster the growth of the global light vehicle batteries market during the forecast period.
Key Light Vehicle Batteries Market Trend
The rising number of collaborations between market vendors is another factor supporting the light vehicle batteries market growth. Many vendors are forging partnerships to provide innovative products and increase their profitability. Such partnerships also help them to differentiate their products and remain competitive in the market. For instance, in November 2021, Nexcharge, a joint venture, was formed between India's leading battery maker Exide and Switzerland's Leclanche. Thus, the increased number of vendor collaborations in the market will significantly intensify the competition in the market, leading to more R&D activities by vendors seeking to gain a competitive advantage. Due to these alliances, the manpower and technical expertise of the collaborating companies can be utilized for innovating new technologies, which will spur the sales of light vehicle batteries, thereby driving the growth of the global light vehicle batteries market during the forecast period.
Key Light Vehicle Batteries Market Challenge
The widening disparity between lithium demand and supply is one of the factors hindering the light vehicle batteries market growth. The demand for Li-ion batteries has increased in the transportation sector due to the increase in the adoption of EVs, in which Li-ion batteries are primarily used. These batteries have become the preferred battery systems for EVs due to the various improvements in energy, battery cycle life, power density, cost, and safety. This has resulted in an increase in the consumption of lithium for EVs, in addition to consumer electronic devices, such as smartphones and laptops. For instance, the IEA, India has set a target to make EVs account for 30% of total vehicle sales by 2030. Therefore, the disparity in the demand for and the supply of lithium could hinder the growth of the global light vehicle batteries market during the forecast period.
This light vehicle batteries market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global light vehicle batteries market as a part of the global renewable electricity market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the light vehicle batteries market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the light vehicle batteries market encompasses successful business strategies deployed by the key vendors. The light vehicle batteries market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
3M Co.
A123 Systems LLC
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The light vehicle batteries market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the light vehicle batteries market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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53% of the market's growth will originate from APAC during the forecast period. China, Japan, and India are the key markets for light vehicle batteries market in APAC. Market growth in this region will be faster than the growth of the market in other regions.
The increasing economic standards will facilitate the light vehicle batteries market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The COVID-19 pandemic drastically impacted the regional light vehicle batteries market during the first half of 2020 in APAC. However, with the introduction of COVID-19 vaccines and the resumption of production facilities in the automotive industry, the market has been recovering since 2021. Thus, such factors are expected to increase the demand for light vehicles, which, in turn, will drive the growth of the regional light vehicle batteries market during the forecast period.
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The light vehicle batteries market share growth by the ICEV segment will be significant during the forecast period. The ICEV segment of the global light vehicle batteries market is likely to grow at a moderate rate during the forecast period, mainly because of the increase in the global production of passenger cars and light commercial vehicles. The increase in fuel economy requirements and the trend toward electrification prompt automakers to develop more hybridized ICEVs. The demand for passenger cars increased in 2021, as people intended to purchase new and used cars. Thus, an increase in demand will drive market growth during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the light vehicle batteries market size and actionable market insights on post COVID-19 impact on each segment.
Motorcycle Batteries market - The market share is expected to increase by 8.21 million units from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 4.16%.
Light Commercial Vehicle market - The market share is expected to increase by 1436.98 thousand units from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 1.5%.
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Light Vehicle Batteries Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 12.72% |
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Market growth 2022-2026 |
$ 34.06 billion |
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Market structure |
Fragmented |
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YoY growth (%) |
10.47 |
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Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 53% |
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Key consumer countries |
US, China, Japan, India, and Germany |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
3M Co., A123 Systems LLC, Altairnano, Banner GmbH, Clarios, EcoBat Battery Technologies, Exide Industries Ltd., FIAMM Energy Technology Spa, Furukawa Electric Co. Ltd., General Motors Co., GS Yuasa Corp., Johnson Matthey Plc, LG Chem Ltd., Nissan Motor Co. Ltd., Panasonic Corp., Primearth EV Energy Co. Ltd., Robert Bosch Stiftung GmbH, Samsung SDI Co. Ltd., Suzuki Motor Corp., The BYD Motors Inc., and Toshiba Corp. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Application
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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