PUBLISHER: Grand View Research | PRODUCT CODE: 1404763
PUBLISHER: Grand View Research | PRODUCT CODE: 1404763
U.S. Automotive Battery Aftermarket Size, Share & Trends Analysis Report By Battery Type (Lithium-ion, Lead Acid, Nickel-based, Sodium-ion, Others), By Vehicle Type, By Distribution Channel, And Segment Forecasts, 2023 - 2030
U.S. Automotive Battery Aftermarket Growth & Trends
The U.S. automotive battery aftermarket size is expected to reach USD 23.60 billion by 2030, registering a CAGR of 5.7% from 2023 to 2030, according to a new report by Grand View Research, Inc. Worldwide sales of electric vehicles are anticipated to increase significantly over the forecast period, which will emerge as one of the key factors boosting market growth.
A notable rise in availability of charging outlets and financial incentives for manufacturing Hybrid electric vehicles (HEVs) has emerged as a crucial factor for the growth of the electric vehicle market in the recent past. Lower running cost of electric vehicles compared to that of conventional Internal Combustion Engine (ICE)-operated vehicles is also expected to bolster market growth. Various government regulatory agencies have implemented policies that support increased usage of electric vehicles globally. In addition, environmental issues, such as increasing levels of pollution, energy depletion, global warming, and biological hazards, are leading to a substantial shift in consumer preferences from conventional vehicles to electric vehicles.
Leading manufacturers of electric vehicles are also increasingly incorporating eco-friendly materials in their production mechanisms. Ford, for instance, has started using bio-based and recycled materials to manufacture external structures of its electric vehicles. Nissan, on the other hand, is using a different approach to being environment-friendly when it comes to its electric vehicles. The company extensively uses old car parts, water bottles, and plastic bags to manufacture interior and exterior parts of these vehicles.
The automotive aftermarket is witnessing a dynamic phase change in customary automotive component sales and delivery paradigms with the convergence of digitalization and auto repair and maintenance service delivery techniques. Several start-ups have surfaced in the industry, delivering custom-made components at economical rates. For instance, CarParts.com and US Auto Parts Network, Inc. are leading global auto spare parts suppliers for maintaining vehicles. These start-ups also suggest an estimate for the right price to be paid for an auto component along with recommendations for customizations.
Similarly, 'Auto Parts Warehouse' allows users to compare and get components at economical rates with ease and delivers instant quotes for battery replacement and maintenance. This convergence enables component suppliers to provide pickup and drop services even from remote locations in cases of repair and replacements. Digitalization has, thereby, enabled transparency in auto repair and maintenance service delivery. Digitalization in automotive component suppliers has enabled OEMs to deliver directly to the customer's home or office from across the globe, at the click of a button.
However, fluctuating raw material prices are hampering the growth of the U.S. automotive battery aftermarket. Lead oxide, sulfuric acid, and polypropylene are key raw materials used to manufacture batteries. Polypropylene, which is used to make cases for batteries, is derived from carbon compound and petroleum. Crude oil and natural gas derivatives are the primary feedstock used to produce polypropylene. Therefore, fluctuation in prices of crude oil and natural gas plays a key role in structuring the cost dynamics of plastics used for battery manufacturing.
Crude oil witnessed tremendous fluctuation in prices over the past few years owing to the large supply-demand gap. As a result, several nations implemented policies in order to stock up on crude oil resources to maintain constant internal supply. Volatility in prices of crude oil also has a direct impact on the manufacturing cost of its downstream derivatives.
Key manufacturers and distributors are continuously expanding their service reach by resorting to geographical expansion and mergers and acquisition across U.S. states. In April 2017, for instance, A123 Systems, LLC announced plans to construct a new headquarter in Michigan. This strategy is likely to help the company in amplifying its presence in U.S. over the near future. In June 2014, the company acquired intellectual property-related assets of Leyden Energy, based in California, U.S., and China. This strategic acquisition is projected to benefit the company in gaining access to the latter's lithium-ion technology and battery materials, thus widening the former's technological expertise.
In U.S., most automotive aftermarket batteries are manufactured by three leading companies, namely East Penn Manufacturing Company, Exide Industries Ltd., and Johnson Controls. These companies offer batteries under various brand names, which manufactures batteries according to desired specification of retailers, so the specifications of their products may vary. Johnson Controls, which supplies batteries to more than half market, announced in November 2018 that it has agreed to sell its power solutions business, which involves automotive battery business, to Brookfield Business Partners L.P. The transaction was valued at nearly USD 13.2 billion.
U.S. Automotive Battery Aftermarket Report Highlights:
- Rising investments and initiatives aimed at developing Hybrid Electric Vehicles (HEV) are expected to propel market growth. For instance, the U.S. American Recovery and Reinvestment Act grants funds to private and government entities to develop HEVs
- The retail/brick segment accounted for the largest revenue share of 57.7% in 2022.
- The passenger vehicles segment captured the largest revenue share of over 56.5% in 2022. The growing number of passenger vehicles on the road is leading to a higher demand for automotive batteries, as these vehicles require periodic battery replacements due to wear and tear.
Table of Contents
Chapter 1. Methodology and Scope
- 1.1. Market Segmentation & Scope
- 1.1.1. Battery type
- 1.1.2. Vehicle type
- 1.1.3. Distribution channel
- 1.1.4. Estimates and forecast timeline
- 1.2. Research Methodology
- 1.3. Information Procurement
- 1.3.1. Purchased database
- 1.3.2. GVR's internal database
- 1.3.3. Secondary sources
- 1.3.4. Primary research
- 1.3.5. Details of primary research
- 1.4. Information or Data Analysis
- 1.5. Market Formulation & Validation
- 1.6. Model Details
- 1.7. List of Secondary Sources
- 1.8. List of Primary Sources
- 1.9. Objectives
Chapter 2. Executive Summary
- 2.1. Market Outlook
- 2.2. Segment Outlook
- 2.2.1. Battery type outlook
- 2.2.2. Vehicle type outlook
- 2.2.3. Distribution channel outlook
- 2.3. Competitive Insights
Chapter 3. U.S. Automotive Battery Aftermarket Variables, Trends & Scope
- 3.1. Market Lineage Outlook
- 3.2. Industry Value Chain Analysis
- 3.3. Market Dynamics
- 3.3.1. Market driver analysis
- 3.3.2. Market restraint analysis
- 3.3.3. Market opportunity analysis
- 3.4. U.S. Automotive Battery Aftermarket Analysis Tools
- 3.4.1. Industry analysis - Porter's
- 3.4.1.1. Supplier power
- 3.4.1.2. Buyer power
- 3.4.1.3. Substitution threat
- 3.4.1.4. Threat of new entrant
- 3.4.1.5. Competitive rivalry
- 3.4.2. PESTEL analysis
- 3.4.2.1. Political landscape
- 3.4.2.2. Technological landscape
- 3.4.2.3. Economic landscape
- 3.4.1. Industry analysis - Porter's
Chapter 4. U.S. Automotive Battery Aftermarket : Battery Type Estimates & Trend Analysis
- 4.1. U.S. Automotive Battery Aftermarket: Key Takeaways
- 4.2. U.S. Automotive Battery Aftermarket: Movement & Market Share Analysis, 2022 & 2030
- 4.3. Lithium-ion
- 4.3.1. Lithium-ion market estimates and forecasts, 2017 to 2030 (USD Billion and Million Units)
- 4.4. Lead Acid
- 4.4.1. Lead Acid market estimates and forecasts, 2017 to 2030 (USD Billion and Million Units)
- 4.5. Nickel-based
- 4.5.1. Nickel-based market estimates and forecasts, 2017 to 2030 (USD Billion and Million Units)
- 4.6. Sodium-ion
- 4.6.1. Sodium-ion market estimates and forecasts, 2017 to 2030 (USD Billion and Million Units)
- 4.7. Others
- 4.7.1. Others market estimates and forecasts, 2017 to 2030 (USD Billion and Million Units)
Chapter 5. U.S. Automotive Battery Aftermarket : Vehicle Type Estimates & Trend Analysis
- 5.1. U.S. Automotive Battery Aftermarket: Key Takeaways
- 5.2. U.S. Automotive Battery Aftermarket: Movement & Market Share Analysis, 2022 & 2030
- 5.3. Passenger vehicle
- 5.3.1. Passenger vehicle market estimates and forecasts, 2017 to 2030 (USD Billion and Million Units)
- 5.4. Electric Vehicle
- 5.4.1. Electric vehicle market estimates and forecasts, 2017 to 2030 (USD Billion and Million Units)
- 5.5. Commercial Vehicle
- 5.5.1. Commercial vehicle market estimates and forecasts, 2017 to 2030 (USD Billion and Million Units)
- 5.6. Others
- 5.6.1. Others market estimates and forecasts, 2017 to 2030 (USD Billion and Million Units)
Chapter 6. U.S. Automotive Battery Aftermarket : Distribution Channel Estimates & Trend Analysis
- 6.1. U.S. Automotive Battery Aftermarket: Key Takeaways
- 6.2. U.S. Automotive Battery Aftermarket: Movement & Market Share Analysis, 2022 & 2030
- 6.3. Retail/Brick
- 6.3.1. Retail/brick market estimates and forecasts, 2017 to 2030 (USD Billion and Million Units)
- 6.4. E-commerce
- 6.4.1. E-commerce market estimates and forecasts, 2017 to 2030 (USD Billion and Million Units)
- 6.5. Others
- 6.5.1. Others market estimates and forecasts, 2017 to 2030 (USD Billion and Million Units)
Chapter 7. Competitive Landscape
- 7.1. Recent Developments & Impact Analysis, By Key Market Participants
- 7.2. Market Participant Categorization
- 7.2.1. A123 Systems, LLC
- 7.2.1.1. Company overview
- 7.2.1.2. Financial performance
- 7.2.1.3. Product benchmarking
- 7.2.1.4. Strategic initiatives
- 7.2.2. East Penn Manufacturing Company
- 7.2.2.1. Company overview
- 7.2.2.2. Product benchmarking
- 7.2.2.3. Strategic initiatives
- 7.2.3. EnerSys
- 7.2.3.1. Company overview
- 7.2.3.2. Financial performance
- 7.2.3.3. Product benchmarking
- 7.2.3.4. Strategic initiatives
- 7.2.4. Aptiv
- 7.2.4.1. Company overview
- 7.2.4.2. Financial performance
- 7.2.4.3. Product benchmarking
- 7.2.4.4. Strategic initiatives
- 7.2.5. Exide Technologies
- 7.2.5.1. Company overview
- 7.2.5.2. Financial performance
- 7.2.5.3. Product benchmarking
- 7.2.5.4. Strategic initiatives
- 7.2.6. Johnson Controls
- 7.2.6.1. Company overview
- 7.2.6.2. Financial performance
- 7.2.6.3. Product benchmarking
- 7.2.6.4. Strategic initiatives
- 7.2.7. NEC Corporation
- 7.2.7.1. Company overview
- 7.2.7.2. Financial performance
- 7.2.7.3. Product benchmarking
- 7.2.7.4. Strategic initiatives
- 7.2.8. Samsung SDI Co., Ltd
- 7.2.8.1. Company overview
- 7.2.8.2. Financial performance
- 7.2.8.3. Product benchmarking
- 7.2.8.4. Strategic initiatives
- 7.2.9. Tesla
- 7.2.9.1. Company overview
- 7.2.9.2. Financial performance
- 7.2.9.3. Product benchmarking
- 7.2.9.4. Strategic initiatives
- 7.2.10. Interstate Batteries
- 7.2.10.1. Company overview
- 7.2.10.2. Financial performance
- 7.2.10.3. Product benchmarking
- 7.2.10.4. Strategic initiatives
- 7.2.1. A123 Systems, LLC
List of Tables
- Table 1 List of abbreviation
- Table 2 U.S. automotive battery aftermarket, by battery type, 2017 - 2030 (USD Billion)
- Table 3 U.S. automotive battery aftermarket, by battery type, 2017 - 2030 (Million Units)
- Table 4 U.S. automotive battery aftermarket, by vehicle type, 2017 - 2030 (USD Billion)
- Table 5 U.S. automotive battery aftermarket, by vehicle type, 2017 - 2030 (Million Units)
- Table 6 U.S. automotive battery aftermarket, by distribution channel, 2017 - 2030 (USD Billion)
- Table 7 U.S. automotive battery aftermarket, by distribution channel, 2017 - 2030 (Million Units)
List of Figures
- Fig. 1 Market research process
- Fig. 2 Data triangulation techniques
- Fig. 3 Primary research pattern
- Fig. 4 Market research approaches
- Fig. 5 Value-chain-based sizing & forecasting
- Fig. 6 QFD modeling for market share assessment
- Fig. 7 Market formulation & validation
- Fig. 8 U.S. automotive battery aftermarket: Market outlook
- Fig. 9 U.S. automotive battery aftermarket: Competitive insights
- Fig. 10 Parent market outlook
- Fig. 11 Related/ancillary market outlook
- Fig. 12 Penetration and growth prospect mapping
- Fig. 13 Vehicle type value chain analysis
- Fig. 14 U.S. automotive battery aftermarket driver impact
- Fig. 15 U.S. automotive battery aftermarket restraint impact
- Fig. 16 U.S. automotive battery aftermarket strategic initiatives analysis
- Fig. 17 U.S. automotive battery aftermarket: Battery type movement analysis
- Fig. 18 U.S. automotive battery aftermarket: Battery type outlook and key takeaways
- Fig. 19 Lithium-ion market estimates and forecasts, 2017 - 2030
- Fig. 20 Lead acid market estimates and forecasts, 2017 - 2030
- Fig. 21 Nickel-based market estimates and forecasts, 2017 - 2030
- Fig. 22 Sodium-ion market estimates and forecasts, 2017 - 2030
- Fig. 23 Others market estimates and forecasts, 2017 - 2030
- Fig. 24 U.S. automotive battery aftermarket: Vehicle type movement analysis
- Fig. 25 U.S. automotive battery aftermarket: Vehicle type outlook and key takeaways
- Fig. 26 Passenger vehicle market estimates and forecasts, 2017 - 2030
- Fig. 27 Electric vehicle market estimates and forecasts, 2017 - 2030
- Fig. 28 Commercial vehicle market estimates and forecasts, 2017 - 2030
- Fig. 29 Others market estimates and forecasts, 2017 - 2030
- Fig. 30 U.S. automotive battery aftermarket: Distribution channel movement analysis
- Fig. 31 U.S. automotive battery aftermarket: Distribution channel outlook and key takeaways
- Fig. 32 Passenger vehicle market estimates and forecasts, 2017 - 2030
- Fig. 33 Electric vehicle market estimates and forecasts, 2017 - 2030
- Fig. 34 Commercial vehicle market estimates and forecasts, 2017 - 2030
- Fig. 35 Others market estimates and forecasts, 2017 - 2030
