The global Automotive Lead Acid Battery Market is anticipated to attain a valuation of US$ 28.24 billion in 2023 and is expected to reach US$ 47 billion by 2033, expanding at a CAGR of 5.2% from 2023 to 2033.
The market is expected to expand as a result of the rising demand for uninterrupted power supplies for essential power applications and the increasing popularity of electric vehicles. Lead-acid batteries are a cost-effective and dependable energy source that may be used in many consumer and commercial applications. Compared to lithium-ion batteries, lead-acid batteries have a higher ratio of processing and recycling.
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The market is expected to develop due to the growing need for energy storage systems due to the rising use of electrical devices such as power banks, mobile phones, and electronic gadgets, as well as advancements in marine propulsion technology and the increasing demand for lifts globally.
Strict government regulations centred on energy solutions and carbon emissions are expected to drive increased demand for lead acid batteries in the industry. In addition, this demand is further fueled by the world’s population growth and rising per capita income.The increasing use of electric vehicles is creating development prospects for the sector, but there are also concerns associated with overcharging, such as the possibility of a battery explosion, and rising lithium-ion battery costs that could limit total growth.
Key Takeaways
- United States automotive lead acid battery market is expected to grow with a CAGR of 5.1% during the forecast period.
- The market in China is expected to grow with a CAGR of 5.5% during the forecast period.
- By vehicle type, passenger vehicle segment is projected to dominate the automotive lead acid battery market. It is expected to grow with a significant CAGR of 5.4% during the forecast period.
- By technology, ICE battery segment is expected to grow with an impressive CAGR of 10% throughout the forecast period.
“The reliability and affordability of lead batteries an rising sales of electric vehicles are expected to drive market growth during the forecast period,” comments an FMI Analyst
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Competitive Landscape
The automotive lead acid battery market is extremely competitive, with various key industry players investing heavily in manufacturing these batteries.
The key industry players are Clarios, GS Yuasa Corporation, Panasonic Corporation, Leoch International Technology Limited, Exide Industries Ltd., EnerSys Inc., East Penn Manufacturing Company, Exide Technologies Inc., CSB Battery Company Limited.
Some recent developments in the market are:
Key market players are leveraging organic growth strategies like acquisition, mergers, tie-ups, and collaboration to bolster their product portfolio. This is expected to propel the global automotive lead acid battery market.
- In January 2021, EnerSys announced a collaboration with TravelCenters of America (TA) to provide Odyssey Performance and NorthStar PRO Group 31 lead-acid batteries specifically designed for heavy-duty applications.
- In December 2021, GS Yuasa Corporation announced its plans for expansion in the motorcycle lead-acid battery market.
- On July 13, 2022, Panasonic Corporation, the largest manufacturer of lithium-ion batteries in the world, joined forces with Kansas for economic development with the aim of driving forward the electric vehicle (EV) industry in the United States.
- On March 13, 2021, General Motors Company made significant progress in its development of the next-generation Ultium chemistry. This advancement was made in anticipation of a new joint development agreement with Solid Energy Systems, aimed at expediting the transition towards an electric future.
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Market Segmentation by Category
By Battery Type
- Flooded
- Enhanced Flooded
- AGM
By Technology
- ICE
- Hybrid
- Electric
By Vehicle Type
- Passenger Car
- LCV
By Sales Channel
- OEM
- Aftermarket
By Region
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Middle East & Africa
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
About Future Market Insights (FMI)
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