Global Automotive Lead Acid Batteries market size 2024, Forecast To 2033
29 Feb, 2024
The automotive lead acid batteries market size has experienced steady growth in recent years, rising 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 is credited to automotive industry growth, conventional vehicle dominance, reliability and durability, aftermarket demand, cold cranking performance, and support for start-stop systems. Looking ahead, the market size is poised to witness strong growth, reaching $45.73 billion in 2028 at a compound annual growth rate (CAGR) of 5.1%. This growth in the forecast period is attributed to the transition to mild hybrid systems, continued dominance in conventional vehicles, market penetration in developing regions, support for commercial vehicles, hybridization trends, and government support for recycling. Major trends in the forecast period include increased focus on start-stop technology, advancements in battery technologies, the rise of micro-hybrid vehicles, integration of smart battery technologies, and evolving consumer preferences and technologies.
Global Automotive Lead Acid Batteries Market Key Driver
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. The 2023 market size for automotive lead-acid batteries reflects the surge in electric vehicle sales, with projections for 2024 and 2028 indicating continued growth driven by the global transition towards sustainable transportation and the increasing availability of electric vehicle infrastructure.
Get A Free Sample Of The Global Automotive Lead Acid Batteries Market ReportGlobal Automotive Lead Acid Batteries Market Segments
The global 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
By Geography: The regions covered in the automotive lead acid batteries market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa.
Asia-Pacific was the largest region in the automotive lead acid batteries market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive lead acid batteries market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Major Automotive Lead Acid Batteries Industry Players
GS Yuasa International Limited, Johnson Controls Inc., Exide Industries Limited, EnerSys Inc., Panasonic Corporation, CSB Battery Company Limited, East Penn Manufacturing Company, Leoch International Technology Limited, NorthStar Battery Company LLC, Clarios LLC, Koyo Battery Company Limited, FIAMM Energy Technology S.P.A, Reem Batteries & Power Appliances Co. SAOC, Trojan Battery Company LLC, C&D Technologies Inc., Robert Bosch GmbH, Thai Bellco Battery Co.Ltd., Crown Battery Manufacturing Company, Narada Power Source Co. Ltd., Shandong Sacred Sun Power Sources Co.Ltd., Amara Raja Batteries Limited, Banner Batterien GmbH, Camel Group Co.Ltd., Fengfan Co.Ltd., Guangdong Dynavolt Power Technology Co. Ltd., Haze Battery Co. Ltd., Hitachi Chemical Energy Technology Co. Ltd., Zibo Torch Energy Co.Ltd., Coslight Technology International Group Co.Ltd., PT Astra International Tbk
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Automotive Lead Acid Batteries Market Overview
The automotive lead-acid batteries refer to a rechargeable battery that supplies electric energy to an automobile. These lead-acid batteries have a high current and surge capability, making them ideal for starting internal combustion engines. It boosts vehicle performance by delivering increased longevity, dependability, efficiency, and tolerance. Due to their increased cell voltage levels and low cost of production, these batteries are commonly used in substations and power systems.
Automotive Lead Acid Batteries Global Market Report 2023 provides data on the global automotive lead acid batteries market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The automotive lead acid batteries market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.