The Automotive Lead Acid Batteries Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033)
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According to The Business Research Company’s Automotive Lead Acid Batteries Global Market Report 2024, The automotive lead acid batteries market size has grown steadily in recent years. It will grow from $35.69 billion in 2023 to $37.47 billion in 2024 at a compound annual growth rate (CAGR) of 5.0%. The growth in the historic period can be attributed to automotive industry growth, conventional vehicle dominance, reliability and durability, aftermarket demand, cold cranking performance, support for start-stop systems..
The automotive lead acid batteries market size is expected to see strong growth in the next few years. It will grow to $45.73 billion in 2028 at a compound annual growth rate (CAGR) of 5.1%. The growth in the forecast period can be attributed to transition to mild hybrid systems, continued dominance in conventional vehicles, market penetration in developing regions, support for commercial vehicles, hybridization trends, government support for recycling.. Major trends in the forecast period include increased focus on start-stop technology, advancements in battery technologies, rise of micro-hybrid vehicles, integration of smart battery technologies, evolving consumer preferences and technologies..
The rise in demand for electric vehicles is expected to propel the growth of the automotive lead-acid batteries market going forward. Climate warming and aspirations to achieve net-zero emissions are driving the global shift to emissions-free motoring. The development of EV charging stations, hydrogen fueling stations, and government intervention towards the adoption and implementation encourages the use of electric vehicles. These factors increases the demand for automobile lead-acid batteries, offering high power, inexpensive, safe, and reliable drive. For instance, in April 2023, according to the International Energy Agency (IEA), a France-based intergovernmental organization, electric car sales accounted for 14% of all new cars sold globally in 2022, a considerable rise from 9% in 2021. This trend is expected to continue in 2023, with over 2.3 million electric cars sold in the first quarter alone, representing a 25% increase from the same period last year. Furthermore, it is projected that 14 million electric cars will be sold by the end of 2023, marking a 35% year-on-year increase, with new purchases accelerating in the second half of the year. Therefore, the rising demand for electric vehicles will drive the automotive lead-acid batteries market.
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The automotive lead acid batteries market covered in this report is segmented –
1) By Type: Flooded Batteries, Enhanced Flooded Batteries, VRLA Batteries
2) By Product: SLI Batteries, Micro Hybrid Batteries
3) By Sales Channel: Automotive Lead Acid Battery Sales via OEMs, Automotive Lead Acid Battery Sales via Aftermarket
4) By End User: Passenger Car, Light Commercial Vehicles, Heavy Commercial Vehicles, Two-Wheeler, Three-Wheeler
The technological advancements in the automotive lead-acid battery market are a key trend gaining popularity in the market. Major companies operating in the automotive lead-acid battery market are focused on providing advanced battery solutions to strengthen their market position. For instance, in June 2023, Schaeffler India, an India-based ball and roller bearing manufacturing company, launched TruPower 2W batteries designed for two-wheelers, including electric two-wheelers. These batteries, equipped with advanced features and backed by a 24-month warranty, provide a dependable and durable power solution, positioning them as an excellent option for owners of two-wheelers seeking superior performance and reliability.
The automotive lead acid batteries market report table of contents includes:
1. Executive Summary
2. Automotive Lead Acid Batteries Market Characteristics
3. Automotive Lead Acid Batteries Market Trends And Strategies
4. Automotive Lead Acid Batteries Market – Macro Economic Scenario
5. Global Automotive Lead Acid Batteries Market Size and Growth
……………
31. Global Automotive Lead Acid Batteries Market Competitive Benchmarking
32. Global Automotive Lead Acid Batteries Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Automotive Lead Acid Batteries Market
34. Automotive Lead Acid Batteries Market Future Outlook and Potential Analysis
35. Appendix:
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