The global automotive battery market will grow at a compound annual growth rate of nearly 5% from 2020 to 2024

According to the latest report released by Technavio, an international market research institution, from 2020 to 2024, the compound annual growth rate of the global automotive battery market is close to 5%, of which 60% of the growth scale comes from the Asia-Pacific region
.

Asia Pacific is the largest automotive battery market in 2019, and increasing disposable revenue from OEMs and launch of new models will greatly influence the growth of
the automotive battery market in the region during the forecast period.

More than 60% of the market growth will come from Asia Pacific
during the forecast period.
China and India are the major markets
for automotive batteries in the Asia-Pacific region.
The market growth in this region will be faster than that in other regions
.

The growth of electronic components in passenger cars will be one of
the major growth factors for the market.
Due to technological advancements, electronic solutions
will become more common in the passenger car segment.
The growing demand for better navigation, safety, comfort, and electronic content has led to the adoption of power distribution systems
in passenger cars.
This will stimulate increased
demand for high-efficiency batteries that can power electronic components.
However, the market growth momentum will decelerate
during the forecast period due to the decline in year-on-year growth.

At the same time, the increasing focus on R&D activities is one of the major trends in the
automotive battery market.
There is a growing focus on developing powerful batteries
.
For example, the development of gold nanowire batteries has led to longer charging cycles, which will allow the development of batteries not to run out
earlier than conventional batteries.
Nanowires are thinner than a human hair and require less
space.
These batteries do not show any form of degradation
even if they are charged multiple times.
In addition, the increasing research on graphene batteries as future EV batteries will also lead to the growth
of the market during the forecast period.
Graphene batteries have a range of up to 500 miles
.

The report also notes that while the increasing number of electronic components in passenger cars will provide huge growth opportunities, the multiple limitations and short life cycles of lead-acid batteries will challenge the growth
of market players.
To take full advantage of the opportunity, market vendors should focus more on the market outlook in fast-growing areas while maintaining their position in
slow-growing areas.