![Global Automotive Battery Market](https://res.cloudinary.com/devmoveo/image/upload/v1714040758/skyquest/gallery/Global-Automotive-Battery-Market.jpg)
Report ID: SQMIG25A2253
Report ID:
SQMIG25A2253 |
Region:
Global |
Published Date: April, 2024
Pages:
220
|
Tables:
100 |
Figures:
71
Global Automotive Battery Market size was valued at USD 48.22 Billion in 2022 and is poised to grow from USD 50.87 Billion in 2023 to USD 78.07 Billion by 2031, growing at a CAGR of 9.7% in the forecast period (2024-2031).
Ongoing research and development efforts were focused on improving batteries, increasing efficiency, and reducing costs. This improvement was aimed at addressing both battery range, charging time and durability concerns.
The global automotive battery market has faced raw material availability challenges, especially for lithium and cobalt. Furthermore, geopolitical conflicts and trade policies have affected the availability and prices of these vital resources. Entrants in the automotive battery industry faced increased competition from new entrants, including technology companies and start-ups focused on battery technology This fierce competition led to new factors encouraged partnership and collaboration throughout the project. Government subsidies, tax incentives, and regulations aimed at reducing greenhouse gas emissions and promoting clean energy solutions continued to shape the automotive battery market and so these systems influenced customer purchasing decisions and OEM strategies.
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Report ID: SQMIG25A2253