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

Booming Production of Cars and Commercial Vehicles to Provide Growth Opportunities for Automotive Lead Acid Battery Market During 2021-2028

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 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.

The List of Companies - Automotive Lead Acid Battery Market

Clarios
CSB Energy Technology Co., Ltd.
EnerSys
East Penn Manufacturing Company
Exide Industries Limited
GS Yuasa International Ltd.
Johnson Controls, Inc.
leoch International Technology Limited Inc
Panasonic Corporation
Koyo Battery Co., Ltd

In 2020, China, India, the US, Germany, the UK, and South Korea produced massive number of cars and commercial vehicles within their boundaries. Such massive production of automobile would continue to impact the demand for car batteries including lead acid batteries. Furthermore, factors such as on-demand mobility, arrival of ultra-batteries in energy storage space, and development of advanced energy storage modules for the automobile sector is also driving the production of automotive, thereby boosting the demand for lead acid batteries.

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.

Automotive Lead Acid Battery Market Segmentation:

By Product:
SLI
Micro Hybrid Batteries

By Type:
Flooded
Enhanced Flooded
VRLA

By End-user:
Passenger Car
LCV
MCV and HCV

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APAC dominated the automotive lead acid battery market in 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.

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This release was published on openPR.