Press release
Automotive Lead Acid Battery Market is expected to garner USD 18.0 Billion by the end of 2023, CAGR of 4.2% over the forecast period
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter's five force model.
The global automotive lead acid battery market is segmented into vehicle types such as passenger car, ICE, hybrid, electric and light commercial vehicle. Among these segments, passenger car is expected to grow at highest CAGR in overall global automotive lead acid battery market during the forecast period. Increasing vehicle production coupled with rising adoption of vehicle electrification is anticipated to be the major factor in the growth of global automotive lead acid battery market.
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Global automotive lead acid battery market is expected to flourish at a CAGR of 4.2% over the forecast period. Moreover, the global automotive lead acid battery market is expected to garner USD 18.0 Billion by the end of 2023. Further, riding on the back of growing automotive industry, the automotive lead acid battery market is anticipated to show a tremendous growth over the forecast period.
Moreover, rising use of lead-acid batteries by various end-user segments and other automotive applications is envisioned to strengthen the overall market of automotive lead acid battery over the forecast period i.e. 2015-2023.
In the regional market, Asia Pacific dominated the overall automotive lead acid battery market and is expected to continue its control over the forecast period. Further, increasing automotive sales in developing nations such as India and China is expected to accelerate the growth of the market in the upcoming years. Apart from this, Europe automotive lead acid battery market is anticipated to witness robust growth during the forecast period.
Further, increasing research and development in automotive lead acid battery along with government initiatives for electric vehicles in this region are the factors propelling the growth of automotive lead acid battery in Europe. Moreover, Germany and U.K are anticipated to capture the largest share in the automotive lead acid battery market in this region over the forecast period.
Growing Demand for Lead Acid Batteries in Industrial Sector
Rising demand of automotive lead acid battery due to increasing usage of passengers vehicles is anticipated to positively impact the growth of the global Automotive Lead Acid Battery market over the forecast period. Moreover, increasing demand for lead acid batteries in the industrial sector for UPS applications is projected to drive the overall market of automotive lead acid battery over the forecast period.
Technological Advancements & Developments
Rising sale of automotive across the globe is expected to increase the growth of global automotive lead acid battery market. Further, technological advancement in automotive lead acid batteries such as carbon emission reduction and effective wireless charging technology is anticipated to strengthen the growth of global automotive lead acid battery market.
However, increasing demand for alternative such as Li-ion batteries in the automobile sector is likely to limit the growth of global automotive lead acid battery market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global automotive lead acid battery market which includes company profiling of Enersys Inc., Johnson Control Inc., GS Yuasa Corporation, Panasonic Corporation, Leoch International Technology Ltd., Exide Technologies, East Penn Manufacturing Company, CBS Battery Technologies, Exide Industries and Fiamm SPA.
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The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global automotive lead acid battery market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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