The “Global Automotive Lead Acid Battery Market, By Battery Type (Flooded, Enhanced Flooded, AGM), By Sales Channel (OEM and Aftermarket), By Vehicle Type (Passenger car and Light commercial vehicle)and by Geography (North America, Europe, Asia Pacific, and Latin America, Middle East & Africa) - Global Forecast to 2027”, is expected to be valued at US$ 34,535.01million by 2027, witnessing a CAGR of 4.6% % during the forecast period (2019-2027), as highlighted in a report published by Coherent Market Insights.
An automotive lead acid battery is a rechargeable battery that supplies the electric current to an automotive vehicle. The primary goal of the automotive lead acid battery is to provide the starter, which starts the engine. When the engine starts running, the power for the car’s electric systems is provided by the battery with the alternator charging. The lead acid battery is comprised of two different types of lead in an acid mixture that perform an electrochemical reaction, converting chemical energy into electric current and leading to the production of voltage in an automobile. Along with supplying power to run the vehicle, lead acid batteries provide voltage to vehicle accessories such as music player, air conditioner charging plugs, radio, and wipers.
The global automotive lead acid battery market accounted US$ 24,121.0Mn in terms of value and 259,845.0 Thousand Units in terms of volume in 2019
Rising electrification of vehicle components is expected to boost the global automotive lead acid battery market growth during the forecast period
Rising emphasis of automobile manufacturers on the safety and comfort of driver and passenger has brought significant changes in automobile design. These changes include electric power steering, adaptive cruise control, road condition monitoring, etc. This, in turn, has increased the demand for efficient lead acid batteries application in different vehicle segments namely passenger and light commercial vehicles to support additional functions. Thus, these factors are expected to propel the global automotive lead acid battery market growth over the forecast period.
Partnerships and collaborations among market players can provide significant growth opportunities
Partnership and collaboration actives among regional and international market players can provide major growth opportunities. For instance, Exide Industries entered into a technical collaboration and assistance agreement with East Penn Manufacturing Company Inc., USA. International players can benefit from partnerships with local players while entering into the new region due to low investment for new facilities. Whereas regional players can benefit from enhancing the resources of international players.
Development of substitute battery chemistries is expected to restrain growth of the global automotive lead acid battery market during the forecast period
Lead acid battery technology is facing intense competition from alternative chemistry such as lithium-ion (Li-ion), nickel-metal hydride (Ni-MH), and Zinc-air. Moreover, Li-ion batteries are competing with lead acid batteries for application in pure electric and hybrid vehicles. Lead acid batteries face technological hurdles such as lower energy density, larger battery size, and limited application in motive-powered vehicles.
In passenger vehicle segment, consumers are more inclined towards hybrid and pure electric vehicles instead of conventional vehicles. Manufacturers such as Nissan, Toyota, General Motors and Tesla are major leaders in the market in a pure electric vehicle segment. There is an increase in demand for automotive lead acid batteries from the hybrid car segment. Furthermore, there is a high demand for flooded and AGM batteries in the region with a limited presence of enhanced flooded batteries (EFB). This demand is expected to increase in both OEMs and aftermarkets, owing to enhanced performance of AGM batteries. As a result of this, the demand for EFB is expected to increase over the forecast period.
Asia Pacific holds a dominant position in the global automotive lead acid battery market in terms of revenue. Manufacturers in the region are focused on expanding production capabilities, in order to leverage the rising demand in the region. Furthermore, growing adoption of hybrid and electric vehicles in the passenger vehicle segment is boosting the adoption of EFB and AGM battery types. However, demand for flooded batteries for both passenger and light commercial vehicles is high. Lead acid batteries are witnessing high demand from the aftermarket in Asia Pacific region and are supported by various domestic players namely Exide Industries, Leoch International, others.
Key companies operating in the global automotive lead acid battery market are Exide Technologies, Enersys Inc., FIAMM S.p.A, Johnson Controls Inc., Exide Industries, GS Yuasa Corporation, CSB Battery Technologies, Panasonic Corporation, East Penn Manufacturing Company, and Leoch International Technology Limited.
Joining thousands of companies around the world committed to making the Excellent Business Solutions.