Light Vehicle Batteries Market by Application, and Geography - Forecast and Analysis 2022-2026

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).

What will the Light Vehicle Batteries Market Size be During the Forecast Period?

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Light Vehicle Batteries Market: Key Drivers, Trends, and Challenges

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.

Parent Market Analysis

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.

Who are the Major Light Vehicle Batteries Market Vendors?

The report analyzes the market's competitive landscape and 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.
• Toshiba Corp.

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.

Product Insights and News

3M Co.

• The company offers light vehicle batteries that include thermal management solutions for XEV battery that provide efficient, effective thermal management solutions including streamlined processes, faster assembly, and XEV battery systems designed for extended life, range and recharge time.
• In 2020, December, the company partnered with eMurmur.

A123 Systems LLC

• The company offers light vehicle batteries that includes lithium-ion 12v starter battery, lithium-ion 48v battery, lithium iron phosphate solutions, nickel manganese cobalt solutions which are used to support development and validation of advanced cell designs, software, electronics and thermal management systems that power electrified vehicles.

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.

Light Vehicle Batteries Market Value Chain Analysis

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.

Which are the Key Regions for Light Vehicle Batteries Market?

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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.

What are the Revenue-generating Application Segments in the Light Vehicle Batteries Market?

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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.

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What are the Key Data Covered in this Light Vehicle Batteries Market Report?

• CAGR of the market during the forecast period 2022-2026
• Detailed information on factors that will drive light vehicle batteries market growth during the next five years
• Precise estimation of the light vehicle batteries market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the light vehicle batteries industry across APAC, Europe, North America, South America, and Middle East and Africa
• A thorough analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of light vehicle batteries market vendors

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