Tuesday, 04 April 2023 11:00 AM
Company Update
NEWARK, DE / ACCESSWIRE / April 4, 2023 / The global automotive lead acid battery market is anticipated to project a steady growth rate by registering a CAGR of 3.3% throughout the forecast period from 2021 to 2031. According to Future Market Insights' historical analysis, the global automotive lead acid battery market witnessed a staggering CAGR of 1.0% from 2016 to 2020. The growth of the market in the current evaluation period is attributed to its continued use in the automotive sector. These batteries are preferred for starting, lighting, and ignition (SLI) in an automobile.
The increasing passenger car and light commercial vehicle production and vehicle parc (fleet on road) are projected to aid the market growth over the coming years. Lead acid batteries are primarily utilized as SLI batteries in automobiles. The augmenting automotive production and increasing vehicle parc are directly impacting the market. Lead acid batteries are economical as compared to other batteries and provide the optimal solution to end users.
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According to FMI analysis, the augmenting demand for automotive lead acid batteries in passenger and light commercial vehicles is likely to accelerate in the upcoming years. Of these, passenger vehicles account for the maximum share of automotive lead batteries sold in a given year. In addition, the demand for automotive lead acid batteries with new and advanced technology is expected to increase in the coming years.
Compelling Market Trends
Rapid advancements in battery technology are likely to bode well for the global automotive lead acid battery market. Customers have a plethora of options to choose from, including flooded, enhanced flooded, and AGM batteries to opt from. The demand for lead acid batteries is increasing and the trend will continue thanks to the growing fleet on road and the need for a change of battery at regular intervals.
Throughout the assessment period, the ICE technology batteries are likely to continue to account for approximately 97% of the global market share by technology. According to FMI, by the end of 2031, the segment is projected to hold almost 100% of the market. The technology offers a clean, reliable, and low-cost distributed storage solution and improves efficiency, and reduces the amount of scrap in the environment.
Growth Drivers
Flooded lead acid batteries are known as the most preferred automotive lead acid battery. This particular segment is predicted to surge at a CAGR of more than 3% from 2021 to 2031. More product variants and specifications in the range of flooded lead acid batteries give more flexibility for the customer to choose the appropriate engine for specific applications.
Key battery manufacturers are heavily investing in research and development (R&D) activities over the evaluation period. They are estimated to produce advanced, high-performance, and corrosion-free automotive lead acid batteries.
Competitive price offerings, increase in user satisfaction regarding performance, and use of advanced technologies are the end results of R&D activities. Increasing research & development through collaborations or partnerships have been helping companies to launch new and innovative products in the market.
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Restraints
The automotive lead acid battery market had faced various challenges from concerns pertaining to the gassing of the battery leading to safety problems and water loss from electrolytes. Manufacturers have either upgraded or are in process of upgrading their products to enhance the efficiency of lead-acid batteries. This will not only help mitigate key concerns among consumers but will also offer improved corrosion resistance, and extended battery life. Some of the leading manufacturers have already launched corrosion-free lead acid batteries and several others are likely to follow suit to keep pace with the dynamic market environment.
Competitive Landscape
Some of the major companies operating in the global automotive lead acid battery market 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.
Key players operating in the market plan to acquire and collaborate strategically with regional distributors to meet the needs of an expanding consumer base. Suppliers of crate engines adopt acquisition and regional expansion strategies to establish a foothold in new and fast-growing markets.
More Insights into the Automotive Lead Acid Battery Market
The North American market is anticipated to dominate the global automotive lead acid battery market over the projection period. The report has projected that the U.S. will remain one of the most lucrative markets owing to the increasing production of automobiles and increasing vehicle fleet.
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)
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Scope of Report
Attribute | Details |
Forecast Period | 2021-2031 |
Historical Data Available for | 2016-2020 |
Market Analysis | USD Million for Value and Tons for Volume |
Key Regions Covered | North America, Latin America, Europe, South Asia & Pacific, East Asia, and the Middle East & Africa, |
Key Countries Covered | US, Canada, Germany, U.K., France, Italy, Spain, Russia, BENELUX, China, Japan, South Korea, India, Thailand, Malaysia, Vietnam, Indonesia, Australia, New Zealand, Turkey, Iran, and South Africa |
Key Segments Covered | Battery Type, Technology, Vehicle, Sales Channel, Region |
Key Companies Profiled |
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Report Coverage | Market Forecasts, Brand Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Key Market Trends
4. Key Success Factors
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Explore FMI's Extensive Ongoing Coverage on Automotive Domain
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About Future Market Insights, Inc.
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