Automotive Lead-Acid Battery Market Outlook
According to the report by Expert Market Research (EMR), the global automotive lead-acid battery market is projected to grow at a CAGR of 3.90% between 2024 and 2032. Aided by the growing sales of automobiles and rising demand for -bikes and electric vehicles, the market is expected to grow significantly by 2032.
Automotive lead-acid batteries, traditionally serving as the powerhouse for vehicles, primarily fulfil the requirements of starting, lighting, and ignition (SLI) in automobiles. These batteries have retained their prominence in the industry due to their high-power density, reliability, and affordability. In addition to SLI applications, these batteries also support increasingly sophisticated vehicle electronics, including telematics, infotainment systems, and other auxiliary functions.
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The rapidly growing automotive lead-acid battery market demand can be attributed to the rising vehicle production globally. With rapid urbanisation and increasing purchasing power, there’s been an upswing in the demand for both passenger and commercial vehicles. Additionally, as infrastructure development projects become more widespread, particularly in developing regions, the need for vehicles equipped with reliable batteries intensifies.
One cannot overlook the prevailing automotive lead-acid battery market trends when analysing this sector’s trajectory. There’s been a significant surge in the demand for electric vehicles (EVs) and hybrid electric vehicles (HEVs), which has concurrently driven the need for efficient and durable batteries. While lithium-ion batteries are making strides in the EV sector, automotive lead-acid batteries are still preferred for their low cost, especially in regions where affordability remains a pivotal concern.
Further boosting the automotive lead-acid battery market growth is the strict emission regulations imposed by governments worldwide. With a clear focus on curbing pollution levels, these regulations are pushing automakers to opt for advanced batteries to meet the stringent emission standards. Moreover, initiatives to recycle lead-acid batteries and reduce the environmental footprint are positively influencing market dynamics.
The automotive industry has also been undergoing a significant technological transformation. Advanced features such as start-stop systems, which automatically shut off the engine when stationary and restart it when needed, are becoming standard in many vehicles. Such systems are driving the demand for advanced lead-acid batteries with enhanced cycle life and faster recharge capabilities.
An in-depth automotive lead-acid battery market analysis reveals that the Asia Pacific region dominates this market, driven by the robust automotive industry in countries like China, India, and Japan. The growth in these nations can be attributed to the expanding middle class, increased urbanisation, and favourable governmental policies promoting the automotive sector.
Furthermore, the burgeoning trend of vehicle electrification and the quest for cleaner transportation solutions is also steering the European market. Renowned automotive manufacturers in countries such as Germany, France, and the UK are investing heavily in research and development to incorporate efficient batteries in their offerings, further fostering the automotive lead-acid battery market demand in the region.
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Automotive Lead-Acid Battery Market Segmentation
The market can be divided based on vehicle type, product, type, customer segment, and region.
Market Breakup by Vehicle Type
- Passenger Cars
- Commercial Vehicles
- Two-Wheelers
- HEV Cars
Market Breakup by Product
- SLI Batteries
- Micro Hybrid Batteries
Market Breakup by Type
- Flooded Batteries
- Enhanced Flooded Batteries
- VRLA Batteries
Market Breakup by Customer Segment
- OEM
- Replacement
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Automotive Lead-Acid Battery Market Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global automotive lead-acid battery market. Some of the major players explored in the report by Expert Market Research are as follows:
- Exide Technologies Inc.
- GS Yuasa International Ltd
- Panasonic Corporation
- Leoch International Technology Limited Inc
- Others
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