The demand for automotive lead acid battery is rising steadily over the last few years. This growth is projected to continue over the coming years as well due to their 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) is projected to aid the market growth over the coming years.
The global automotive lead acid battery sales is projected to increasing, enabling the market’s valuation to reach US$ 36.2 Bn in 2031, according to the latest research by Future Market Insights (FMI). The report estimates the market to expand at a steady CAGR of over 3% through the course of 2021-2031.
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In its new study, Future Market Insights offers insights about key factors fueling the demand for automotive lead acid batteries. The report tracks global sales of automotive lead acid batteries in 20+ high growth market, where East Asia, Europe, and North America lead the way, along with analyzing the impact COVID-19 has had on the automotive industry in general, and demand for automotive lead acid batteries in particular.
Flooded batteries, followed by enhanced flooded batteries are most sought-after lead acid batteries. Flooded batteries are expected to account for over half of sales registered in the market. The use of lead batteries for starting, lighting and ignition (SLI) application is increasing around the world. Easy availability of lead acid batteries and their economical pricing as compared to other battery types will continue enabling growth in the market over the coming decade.
Despite advent of various advanced technologies, which threaten replacement, lead acid batteries sales will continue surging at a moderate pace. The rising production of passenger and commercial vehicles will continue supporting growth through the course of the forecast period.
Also, the advent of new technologies are aiding overall expansion. Some of the leading manufacturers are focusing on a wide range of automotive lead acid resistance, decreasing heat generation, modification of electrode plates, and improving charge acceptability.
“Market players are threatened by the availability of high-performing alternatives. The increasing demand for lithium-ion batteries and other alternatives has been compelling them to invest in research and development activities. This will enable the market to stay strong, registering steady growth through the course of the forecast period,” said a lead analyst at FMI.
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Key Takeaways from Market Study
The global automotive lead acid batteries market is highly competitive at regional as well as global level, and highly consolidated in nature. Some of the key players included in the report are Clarios, GS Yuasa Corporation, Panasonic Corporation, Leoch International Technology Limited, Exide Industries Ltd., EnerSys Inc., and others. Top companies operating in the market are occupying hefty shares in terms of revenue. With compliance to governmental standards and regulations, these companies have a global brand presence. Prime manufacturers are also updating their technologies to improve their market share.
Market Segmentation by Category
By Battery Type
By Vehicle Type
By Sales Channel
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