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.
Its ongoing use in the automotive industry is responsible for the market's expansion during the present evaluation period. For starting, lighting, and ignition (SLI) in an automobile, these batteries are preferred.
In the upcoming years, it is anticipated that rising vehicle parc (road fleet) and passenger car and light commercial vehicle production will support market expansion. In cars, lead acid batteries are primarily used as SLI batteries. The market is being strongly impacted by rising auto output and rising vehicle parc. Compared to other batteries, lead acid batteries are more affordable and offer end consumers the best solution.
The growing need for automotive lead acid batteries in passenger and light commercial vehicles is predicted to increase in the next years, according to an analysis by FMI. The majority of automotive lead batteries sold in a given year are for passenger vehicles. Additionally, in the upcoming years, a rise in demand for vehicle lead acid batteries featuring cutting-edge technologies is anticipated.
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Compelling Market Trends
The worldwide automotive lead acid battery market is projected to benefit from the quick improvements in battery technology. There are many options available to customers, including flooded, improved flooded, and AGM batteries. Due to the growing number of vehicles on the road and the requirement to replace batteries on a regular basis, demand for lead acid batteries is rising and is expected to keep rising.
The ICE technology batteries are probably going to continue to hold around 97% of the global market share by technology throughout the assessment period. By the end of 2031, the segment is anticipated to control nearly all of the market, according to FMI. The technology enhances efficiency, lowers the quantity of scrap in the environment, and provides a clean, dependable, and affordable distributed storage solution.
Growth Drivers
The most popular type of automobile lead acid battery is known as a flooded lead acid battery. From 2021 to 2031, it is expected that this specific market will grow at a CAGR of more than 3%. More product options and details in the range of flooded lead acid batteries allow the customer more freedom to select the ideal engine for certain applications.
During the assessment period, major battery manufacturers are heavily investing on research and development (R&D) activities. A modern, high-performing, and corrosion-free automobile lead acid battery is what they are predicted to produce.
R&D operations lead to competitive price offerings, an improvement in consumer satisfaction with performance, and the utilisation of cutting-edge technologies. Collaborations and partnerships that boost research and development have assisted businesses in introducing cutting-edge items to the market.
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.
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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.