According to the latest research by Future Market Insights (FMI), The global Automotive Lead Acid Battery Market estimates the market to expand at a steady CAGR of over 3.3% by year 2031-end.
The auto lead acid battery are typically used as SLI batteries. The market is being directly impacted by rising car sales and production as well as an expanding vehicle parc. In comparison to other batteries, lead acid batteries are less expensive and offer end users the best option.
Battery technology advancements are encouraging for the industry. Customers can choose from options like flooded, improved flooded, and AGM batteries. Due to the growing number of vehicles on the road and the requirement to replace batteries on a frequent basis, demand for lead acid batteries is rising and is expected to keep rising.
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 is 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. These efforts are expected to improve performance of lead acid batteries, in turn creating lucrative opportunities for increasing sales.
Key Takeaways from Market Study
After a period of negative growth, sales will improve 2021 onwards, enabling the market register 2.8% y-o-y growth in 2021
The U.S. will account for over 86% of sales registered in North America. It is expected to remain the dominant market through the course of the forecast period
Increasing passenger vehicle production will enable sales in the U.K. to increase by 1.7% in U.K. in 2021
Germany and France will emerge as other key markets within Europe
Expansion of the automotive sector will support growth in China, followed by Japan and South Korea
“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.
For more information: https://www.futuremarketinsights.com/reports/automotive-lead-acid-battery-market
Competitive Landscape
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
Flooded
Enhanced Flooded
AGM
By Technology
ICE
Hybrid
Electric
By Vehicle Type
Passenger Car
LCV
By Sales Channel
OEM
Aftermarket