Automotive Lead Acid Battery Market is anticipated to record a valuation of US$ 23,668.0 Mn by 2028, a recent study by The Insight Partners

According to our latest market study on "Automotive Lead Acid Battery Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Product, Type, and End User," the market was valued at US$ 16,860.5 million in 2020 and it is projected to reach US$ 23,668.0 million by 2028; it is expected to grow at a CAGR of 3.1% from 2021 to 2028

Since the past few years, the consumer behavior toward intercity and intracity transit has transformed to a newer level. With increase in disposable income of individuals and stable economic structure of countries, the production of vehicles has boosted exponentially. With the rising demand for cars globally, the production has further been impacted positively, which is creating the demand for batteries including lead acid batteries.

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The success of the automotive lead-acid battery market is closely tied to the performance of the automotive industry. Thus, if the automotive industry is growing, the automotive lead-acid battery market will increase as well, and vice versa. This trend of lead acid batteries is projected to continue in the coming years due to their continued use in the vehicle sector. These batteries are used in automobiles for starting, lighting, and ignition (SLI). Rise in passenger car and light commercial vehicle production, as well as the vehicle parc (on-the-road fleet), are predicted to aid the industry's development during the next several years. In addition, the rising penetration of sophisticated cars integrated with advanced safety and navigation systems is creating a positive consequence on sharing concepts. Economies like the US and China are the leading markets when it comes to evolving automotive sector. At present, commercial 12V battery technology depends on lead-based chemistries. More than 400 million 12V lead-based batteries are manufactured annually to cater to the needs of both OEMs and aftermarket related to light-duty vehicle applications globally. Europe is experiencing demand for more than 60 million batteries yearly. As a result, the automotive lead acid battery market is likely to grow throughout the forecast period.

APAC dominated the automotive lead acid battery marketin 2020. Factors such as extensive adoption of premium cars, sedans, and SUVs among the APAC population contribute significantly to the region's major market share. Further, General Motors Holden, Toyota Motor Corporation Australia Limited, Ford Motor Company of Australia Limited, Mitsubishi Motors Australia Ltd. (MMAL), Isuzu Australia Limited, Hyundai Commercial Vehicles Australia, and Volkswagen Group Australia Pty Ltd. are among the well-known manufacturers of commercial vehicles in the country. All these manufacturers are demanding the integration of automotive lead acid batteries in the cars to meet the emerging requirements from the customers. Moreover, escalating automotive manufacturing operations, rising demand for electric vehicles, and growing focus of the automotive lead acid battery manufacturers toward offering low-cost and high-efficiency products is expected to drive the automotive lead acid battery's market in the Rest of APAC countries during the forecast period.

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Impact of COVID-19 Pandemic on Automotive Lead Acid Battery Market

The COVID-19 outbreak has severely disrupted the supply chain and manufacturing of electronics equipment, including the hardware component of automotive lead acid batteries. The emergence of COVID-19 virus across the globe, followed by lockdown scenarios, has led the automotive industry experts to analyze that the industry would face at least a quarter of lag in automotive equipment supply chain. This disruption is expected to create tremors through till mid-2021. The electronics equipment and automotive industry is likely to pick up pace soon after the governments across the globe lift the various containment measures steadily in order to revive the economy. The production of the electronics equipment and automotive is anticipated to gain pace from 2022, which is further foreseen to positively influence the electronics equipment and automotive manufacturing, including hardware components of automotive lead acid batteries.

The automotive lead acid battery market is segmented based on product, type, end user, and geography. Based on product, the market is segmented into SLI and micro hybrid batteries. The SLI segment represented the largest share of the overall market in 2020. In terms of type, the market is segmented into flooded, enhanced flooded, and VRLA. In 2020, the flooded segment accounted for the substantial share of the market.

Geographically, Asia Pacific held the largest share of the automotive lead acid battery market in 2020, followed by Europe and North America. Further, the market in Middle East & Africa is projected to witness the highest growth rate during the forecast period.

Clarios; Exide Industries Limited; GS Yuasa International Ltd; Johnson Controls, Inc.; and Panasonic Corporation are among the major companies operating in the automotive lead acid battery market.

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