Australasian battery market to exceed $3b by 2033

The Australia and New Zealand automotive battery market should surpass NZ$3 billion (US$1.87b) by 2033, fuelled by EV adoption.

So says Persistence Market Research (PMR), adding the automotive battery market was NZ$1.4 billion (US$860.8 million) in 2022 and will grow at a compound annual growth rate (CAGR) of 7.4% for the 10 years from 2023.

The growth of the market is driven by the increasing adoption of EVs, PMR adds.

“The automotive battery market in Australia and New Zealand has experienced steady growth in recent years, driven by factors such as the increasing sales of EVs and hybrid vehicles, government initiatives promoting green transportation, and the rising demand for reliable energy storage solutions,” it says.

“The automotive battery industry in this region is witnessing significant investments in research and development to improve battery efficiency, reduce costs, and enhance overall performance.”

The report includes key players in the battery industry and notes some, like Panasonic, LG Energy Solution, Tesla and Toyota are investing in new battery factories or expanded production in Australia.

Click here for a free sample of the report which provides a comprehensive analysis focusing on key trends, drivers, challenges, and opportunities shaping the industry.