The global light-duty vehicle battery market will grow by $10.9 billion in 2019-23

According to a report by Technavio, a global research institution, the global light-duty vehicle battery market will grow by $10.
92 billion during 2019-2023, with a compound annual growth rate of more than 10%.

Declining price of lithium-ion batteries and advancements in battery technology are some of the factors
driving the growth of the market.
Light vehicle batteries are rechargeable batteries used in starting, lighting and ignition (SLI) applications in lightweight ICEVs (internal combustion engine vehicles) and power propulsion
in light EVs (electric vehicles).

In recent years, the battery market has invested a lot in research and development, which has promoted some progress
in battery technology.
For example, Innolith AG (Innolith) has developed a 1,000 Wh/kg rechargeable battery, which will increase the range and service life
of electric vehicles.
Similarly, the ElectriPlast plate used in a prototype 12V lead-acid bipolar battery developed by Integral Technologies Inc.
will help cut the battery weight in half
.
In addition, the development of UltraBattery using closed-loop technology will help create a low-carbon energy system that outperforms traditional lead-acid batteries and has the ability to
operate in a state of partial charge (PSoC).
This technological advancement in battery technology is considered to be a key light vehicle battery market trend, which will positively
impact the growth of the market.

Lithium-ion batteries are superior to nickel-cadmium batteries in light-duty vehicles because of their higher energy density and energy storage potential as well as lighter weight, maintenance and discharge capabilities
.
The improvement in the performance of lithium-ion batteries is further driving the demand
for light-duty vehicles.
Although lithium-ion batteries cost more than lead-acid batteries and nickel-metal hybrid batteries, the development of cost-effective production methods and the increasing application of these batteries in the automotive industry have led to a decline
in lithium-ion battery prices.
In addition, the increase in production capacity will further help reduce the price of
lithium-ion batteries.
Since lithium-ion batteries account for a large portion of the manufacturing cost of electric vehicles, the decline in the cost of lithium-ion batteries will help reduce the total cost of
ownership of these vehicles.
The declining cost of lithium-ion batteries will be an important factor influencing the growth of the light vehicle battery market, which is expected to grow at a CAGR of more than 10%
during the forecast period.

In 2018, the internal combustion engine vehicle segment accounted for the highest
market share of light vehicle batteries.
During the forecast period, the electric vehicle segment will grow
at a faster rate than the overall market.
The internal combustion engine vehicle segment will grow at a slower rate than the overall market
.

The increase in global production of passenger cars and light commercial vehicles will help increase the demand
for light vehicle batteries in ICEVs.
While the increasing adoption of electric vehicles to suppress emissions will hamper the growth of the light vehicle battery market in this segment, the ICEV segment will hold the largest market
share of light vehicle batteries throughout the forecast period.

In terms of regional markets, Asia Pacific was the largest regional market
in 2018.
Although the market growth rate in this region will be slower than the growth rate of the EMEA, and Americas markets, this region will hold the largest market share
throughout the forecast period.
China is an important market
for light vehicle batteries in the region.

The rising demand for electric vehicles will be one of
the important factors driving the growth of the light vehicle battery market in the Asia-Pacific region.
As a result, the demand for automotive and start-stop batteries in the region will increase
.
Government initiatives to improve road connectivity in rural India will also increase the demand for light-duty vehicles and create several growth opportunities
for light-duty vehicle battery companies.