Press release
Automotive Lead Acid Batteries Market Report 2024 - Market Size, Growth Rate, Major Drivers And Key Trends | GS Yuasa International Limited, Johnson Controls Inc., Exide Industries Limited, EnerSys Inc.
Automotive Lead Acid Batteries Market Report
The Business Research Company presents an extensive market research report on the Automotive Lead Acid Batteries Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The automotive lead acid batteries market size has grown steadily in recent years. It will grow from $35.69 billion in 2023 to $37.47 billion in 2024 at a compound annual growth rate (CAGR) of 5.0%. The growth in the historic period can be attributed to automotive industry growth, conventional vehicle dominance, reliability and durability, aftermarket demand, cold cranking performance, support for start-stop systems..
The automotive lead acid batteries market size is expected to see strong growth in the next few years. It will grow to $45.73 billion in 2028 at a compound annual growth rate (CAGR) of 5.1%. The growth in the forecast period can be attributed to transition to mild hybrid systems, continued dominance in conventional vehicles, market penetration in developing regions, support for commercial vehicles, hybridization trends, government support for recycling.. Major trends in the forecast period include increased focus on start-stop technology, advancements in battery technologies, rise of micro-hybrid vehicles, integration of smart battery technologies, evolving consumer preferences and technologies..
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Key Market Players:
Major companies operating in the automotive lead acid batteries market report are GS Yuasa International Limited, Johnson Controls Inc., Exide Industries Limited, EnerSys Inc., Panasonic Corporation, CSB Battery Company Limited, East Penn Manufacturing Company, Leoch International Technology Limited, NorthStar Battery Company LLC, Clarios LLC, Koyo Battery Company Limited, FIAMM Energy Technology S.P.A, Reem Batteries & Power Appliances Co. SAOC, Trojan Battery Company LLC, C&D Technologies Inc., Robert Bosch GmbH, Thai Bellco Battery Co.Ltd., Crown Battery Manufacturing Company, Narada Power Source Co. Ltd., Shandong Sacred Sun Power Sources Co.Ltd., Amara Raja Batteries Limited, Banner Batterien GmbH, Camel Group Co.Ltd., Fengfan Co.Ltd., Guangdong Dynavolt Power Technology Co. Ltd., Haze Battery Co. Ltd., Hitachi Chemical Energy Technology Co. Ltd., Zibo Torch Energy Co.Ltd., Coslight Technology International Group Co.Ltd., PT Astra International Tbk
Market Drivers:
The rise in demand for electric vehicles is expected to propel the growth of the automotive lead-acid batteries market going forward. Climate warming and aspirations to achieve net-zero emissions are driving the global shift to emissions-free motoring. The development of EV charging stations, hydrogen fueling stations, and government intervention towards the adoption and implementation encourages the use of electric vehicles. These factors increases the demand for automobile lead-acid batteries, offering high power, inexpensive, safe, and reliable drive. For instance, in April 2023, according to the International Energy Agency (IEA), a France-based intergovernmental organization, electric car sales accounted for 14% of all new cars sold globally in 2022, a considerable rise from 9% in 2021. This trend is expected to continue in 2023, with over 2.3 million electric cars sold in the first quarter alone, representing a 25% increase from the same period last year. Furthermore, it is projected that 14 million electric cars will be sold by the end of 2023, marking a 35% year-on-year increase, with new purchases accelerating in the second half of the year. Therefore, the rising demand for electric vehicles will drive the automotive lead-acid batteries market.
Learn More About The Market Report -
https://www.thebusinessresearchcompany.com/report/automotive-lead-acid-batteries-global-market-report
The automotive lead acid batteries market covered in this report is segmented -
1) By Type: Flooded Batteries, Enhanced Flooded Batteries, VRLA Batteries
2) By Product: SLI Batteries, Micro Hybrid Batteries
3) By Sales Channel: Automotive Lead Acid Battery Sales via OEMs, Automotive Lead Acid Battery Sales via Aftermarket
4) By End User: Passenger Car, Light Commercial Vehicles, Heavy Commercial Vehicles, Two-Wheeler, Three-Wheeler
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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