Persistence Market Research estimates that the automotive battery market would generate US$ 860.8 million in sales by 2022. The battery is an essential component of how an automobile’s ignition works. Along with a rise in vehicle efficiency, demand for automotive batteries is also rising. The rising popularity of electric vehicles is another factor driving the demand for automotive batteries. The ANZ Automotive Battery Market is anticipated to develop at a CAGR of 7.4% from 2023 to 2033, reaching US$ 1.873 Billion.
The ANZ automotive battery market is expected to witness significant growth over the next few years due to the increasing demand for electric vehicles. Lithium-ion batteries are gaining momentum due to their higher energy density and longer life span when compared to conventional lead-acid batteries. With advancements in technology, manufacturers are introducing advanced battery technologies such as Nickel Metal Hydride (NiMH) and Sodium Nickel Chloride (NaCIO2) with superior features such as increased safety, faster charge acceptance rate and lower cost. These factors are contributing to the growth of the market and is expected to create new opportunities in the coming years.
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The automotive battery market refers to the market for batteries used in vehicles. The market is driven by factors such as increasing demand for electric vehicles, advancements in battery technology, and government support for the use of clean energy. Key players in the market include Tesla, Panasonic, LG Chem, and Johnson Controls, among others. The market is segmented into different types of batteries such as lead-acid, lithium-ion, and nickel-metal hydride, with lithium-ion batteries being the most popular due to their high energy density and long lifespan.
Key Takeaways of ANZ Automotive Battery Market Study
- Australia holds a leading market share in ANZ automotive battery market, due to overall huge vehicle fleet and increasing electrical vehicle sales in the country.
- For the ANZ automotive battery market, as most of installations take place in the aftermarket, where quality and pricing are deciding factors for a sale to materialize, it becomes extremely important for players to fight for the same piece of pie with a double-edged pricing strategy.
- By battery type, the lead acid batteries segment is anticipated to hold a significant market share, and is expected to continue its dominance over the forecast period.
- Market participants are increasing their online e-Commerce platforms and dealer networks across the region, which is a key emerging trend in the ANZ automotive battery market.
- The COVID-19 crisis is estimated to have significant impact on the ANZ automotive battery market, owing to the limited production capabilities of market participants in present times. Moreover, the crisis has also had a direct impact on the overall sales of automotive batteries.
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ANZ Automotive Battery Market: Competitive Landscape
The ANZ automotive battery has a fairly fragmented market structure, in which the top five players hold around 20% to 25% of the market share. Tier-I companies are expected to remain a dominant force over the forecast period, owing to their product expertise, brand name, and widespread market. Tier-II and other players are focusing on introducing cost-effective, customized, and value-for-money products to improve their market penetration.
- GS Yuasa Corporation
- Exide Technologies
- East Penn Manufacturing Company
- Clarios Delkor Corporation
- ENERSYS
- Panasonic Corp.
- Supercharge Batteries
- Hankook AtlasBX Co. Ltd.
- FIAMM Energy Technology S.p.A.
- Marshall Batteries
Key Segments Covered in Automotive Battery Market Industry Research
By Battery Type
- Lead Acid
- Flooded
- Absorbed Glass Mat
- Gel Cell Battery
- Lithium Ion
- Nickel Metal Hydride (NiMH)
- Others
By Vehicle Type
- Internal Combustion (IC) Engine
- Two Wheelers
- Passenger Cars
- Light Commercial Vehicle (LCV)
- Heavy Commercial Vehicle (HCV)
- Electric and Hybrid Vehicles
- Two Wheelers
- Passenger Cars
- Light Commercial Vehicle (LCV)
- Heavy Commercial Vehicle (HCV)
By Sales Channel
- Original Equipment Manufacturer (OEM)
- Aftermarket
By Country
- Australia
- New Zealand
Conclusion
Amidst the turmoil in the automotive industry, the shutdown of production plants in Australia and New Zealand since 2017 has halted the progress of automotive production in the region. However, extensive automotive fleet and emerging demand for electric vehicles provide lucrative opportunities, and is anticipated to reflect in market growth over the forecast years. Improvement in electric vehicle infrastructure as well as higher demand for light vehicles with IC engines are projected to boost the growth of the ANZ automotive battery market through 2030.
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