Automotive Lead Acid Battery Market is expected to reach US$ 23,668.0 Mn by 2028

According to the new research report titled "Automotive Lead Acid Battery Market Forecast to 2028 - COVID-19 Impact and Global Analysis," published by The Insight Partners, the market is expected to reach US$ 23,668.0 million by 2028, registering a CAGR of 3.1% from 2021 to 2028.

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 becoming leading market 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 both OEMs and aftermarket needs related to light-duty vehicle applications globally. Regions such as Europe experiences demand for more than 60 million batteries yearly.

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Based on product, the SLI segment is expected to grow at a higher CAGR during the forecast period. SLI battery is designed for cars. Hence, it is always installed with the charging system of the vehicle. Hence, whenever the vehicle is in use, there is a continuous cycle of charge and discharge in the battery. SLI automotive batteries are designed to be fully charged at the time of starting the vehicle; and after the ignition, the lost charge, typically around 2% to 5% of the charge, is replaced by the alternator. Such batteries are not manufactured to be discharged below 50% depth of discharge (DOD) and when discharged below these levels, plates can get damaged and battery life may get reduced. Based on type, the market is segmented into flooded, enhanced flooded, and VRLA. Similarly, based on end user, the market is segmented into passenger car, light commercial vehicle (LCV), and medium commercial vehicle (MCV) and heavy commercial vehicle (HCV). In terms of geography, in 2020, APAC was the fastest growing region. Increasing disposable income of individuals, coupled with rising economy, has led to the surge in the sales of passenger cars and commercial vehicles in the past few years. The region has become a global manufacturing hub due to the presence of a robust automotive industry. Rise in awareness about vehicle emissions, maintenance costs, and lower operating, and increase in government initiatives across the region are propelling the adoption of electric vehicles, thereby driving the automotive lead acid battery market.

The global Automotive Lead Acid Battery market has been segmented into five major regions: North America, Europe, APAC, MEA, and SAM. APAC holds the dominant share in the Automotive Lead Acid Battery market, whereas North America is expected to be the fastest-growing region in the global market. The world is witnessing a proliferation in the adoption of hybrid vehicles.

Due to formulation of stringent emission standards by government to protect environment while boosting fuel efficiency, both automotive manufacturers and government are making a strategic towards promoting use of hybrid vehicles from old and conventional vehicles. EVI Membership, EV30@30 campaign, EVI Global EV Pilot City Programme (EVI-PCP), FAME-I and II, National Mission for Transformative Mobility and Battery Manufacturing, National Electric Mobility Mission Plan, and Phased Manufacturing Program are some of the government initiatives promoting use of next generation of mobility. These initiatives are contributing towards fostering the adoption of vehicles including hybrid vehicles.

Key Findings of Study:
The automotive lead acid battery market is segmented based on product, type, end user, and geography. By geography, the market is segmented into five major regions-North America, Asia Pacific (APAC), Europe, the Middle East & Africa (MEA), and South & Central America. Asia Pacific held the largest share of the 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. Based on type, the automotive lead acid battery market is segmented into flooded, enhanced flooded, and VRLA. The flooded segment represented the largest share of the overall market in 2020. In terms of product, the automotive lead acid battery market is segmented into SLI and micro hybrid batteries. In 2020, the SLI segment accounted for a substantial market share.

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The overall automotive lead acid battery market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the automotive lead acid battery market with respect to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the automotive lead acid battery market. Clarios; Exide Industries Limited; GS Yuasa International Ltd; Johnson Controls, Inc.; and Panasonic Corporation are among the key players operating in the market.

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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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