February 14, 2022 06:05 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, Feb. 14, 2022 (GLOBE NEWSWIRE) -- The Global Automotive Battery Box Market size is expected to touch USD 871.6 million by 2028, exhibiting a CAGR of 8.4% during the forecast period. The market was valued at USD 464.9 million in 2020 and reached USD 497.2 million in 2021. Rising electric vehicle sales and increasing demand for pollution-free vehicles are expected to incite the market’s growth. Fortune Business Insights™ provides this information in its report titled “Automotive Battery Box Market, 2021-2028.”
Automotive battery box is a crucial piece of equipment responsible for protecting the battery from weather and other battery mishaps. Rising electric vehicle sales are expected to boost the product demand. The incorporation of the material improves battery shelf-life, thereby reducing pollution created by waste battery disposal. Furthermore, the rising awareness regarding pollution has led to the adoption of pollution-free vehicles such as electric or hydrogen vehicles. Moreover, the rising adoption of vehicles has led to the adoption of effective safety measures to improve driver and passenger safety. These factors are likely to boost the market progress in the upcoming years.
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Companies Operating in Automotive Battery Box Market
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Supply Chain Interruptions to Impede Market Progress
This market is expected to be affected negatively during the COVID-19 pandemic because of the disruptions in the supply chain. The sudden spike in COVID-19 cases halted production and transport, thereby affecting the adoption of the battery box. The lack of raw materials, halt on travel, and the lack of demand negatively affected the industry development. However, the adoption of reduced capacities, part-time shifts, automated production machinery, and social distancing enabled manufacturers to recover losses and meet consumer demand while maintaining a safe working environment. These factors are likely to boost the market during the COVID-19 pandemic.
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Material, Application, and Region are studied for the Market
By material, the market is segmented into non-metallic and metallic. Based on application, it is classified into commercial vehicle and passenger vehicle. Geographically, it is grouped into North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Incorporation of Electronics in Automobiles to Foster Market Development
The demand for automotive battery box is increasing due to the integration of electronics in automobiles. The rising demand for advanced technologies and safety measures in vehicles is expected to boost demand. Furthermore, the rising demand for electric vehicles and the incorporation of several advanced technologies have increased the demand for reliable and energy-efficient batteries. Moreover, the incorporation of research and development in batteries leads to the adoption of nanotechnology and other technologies to improve batteries’ efficiency and performance. For example, General Motors announced to build a new facility in October 2021. This development may help the company expand its batter technology and boost research and development. These factors are likely to drive the automotive battery box market growth.
However, strict government norms regarding pollution are expected to hinder the market’s progress.
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Robust Demand for Commercial and Passenger Vehicles to Boost Market Progress in Asia Pacific
Asia Pacific is expected to dominate the automotive battery box market share due to rising demand for commercial and passenger vehicles. The market in Asia Pacific stood at USD 225.1 million in 2020 and is expected to gain a huge portion of the global market share in the upcoming years. Furthermore, rising demand for electric vehicle batteries from India, Australia, Japan, and Southeast Asian nations is expected to boost market development.
In North America, major string lead-acid battery manufacturers are expected to boost the production and adoption of the automotive battery box. Further, stringent regulations for the mandatory adoption of eco-friendly materials may boost market development.
In Europe, several major battery manufacturers and automotive manufacturers are expected to generate lucrative market opportunities. Further, the rising technological advancements in automotive technologies are likely to drive the industry's progress.
Major Players set up Novel Production Facilities to Expand Market Reach
The prominent companies operating in the market set up novel production facilities to expand their market reach. For example, Ford accelerated its electric vehicle production and set up three new battery gigafactories in September 2021 to deliver electric pickup trucks in Tennessee. This project is titled ‘Blue Oval City’, and the plant is expected to be constructed with SK Innovation, a huge Korea-based cell manufacturer. This development may enable the company to expand its market reach globally. Further, the adoption of research and development may enable companies to improve their products and boost their efficiency. This strategy may also aid them in reducing costs and boosting their annual revenues.
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