Vehicle Auxiliary Battery Market Future Prospects
The vehicle auxiliary battery market will generate an estimated revenue of USD 5,054.7 million in 2024, and it is expected to witness a CAGR of 5.4% during 2024–2030, to reach USD 6,947.7 million by 2030. The market's growth can be attributed to the rising sale of hybrid electric vehicles (HEVs) and battery electric vehicles (BEVs) across the world.
Approximately 2.5 million electric vehicles (EVs) are already on U.S. roads as of May 2023. Moreover, nowadays, the automotive sector is rapidly advancing its technologies and integrating improved safety features, GPS, and infotainment systems. Because of this, the need for electricity in vehicles is rising, which demands more-efficient batteries that can hold more charge for a longer time.
In any vehicle, the auxiliary battery powers all systems other than propulsion. Compared to the primary battery, which helps to start the engine, the auxiliary battery is normally smaller and less powerful. It is primarily used to power lighting systems, air conditioning, and the radio or to supply extra power, especially when the engine is off.