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Automotive Lead Acid Batteries Market Size & Forecast 2033
Automotive Lead Acid Batteries Market Size
As per the report, 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 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%.
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Rise Of Electric Vehicles Drives Growth Of Automotive Lead-Acid Batteries Market
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.
Technological Innovations Reshaping The Automotive Lead-Acid Battery Landscape
The technological advancements in the automotive lead-acid battery market are a key trend gaining popularity in the market. Major companies operating in the automotive lead-acid battery market are focused on providing advanced battery solutions to strengthen their market position. For instance, in June 2023, Schaeffler India, an India-based ball and roller bearing manufacturing company, launched TruPower 2W batteries designed for two-wheelers, including electric two-wheelers. These batteries, equipped with advanced features and backed by a 24-month warranty, provide a dependable and durable power solution, positioning them as an excellent option for owners of two-wheelers seeking superior performance and reliability.
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
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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
Contents of the report:
1. Executive Summary
2. Automotive Lead Acid Batteries Market Report Structure
3. Automotive Lead Acid Batteries Market Trends And Strategies
4. Automotive Lead Acid Batteries Market - Macro Economic Scenario
5. Automotive Lead Acid Batteries Market Size And Growth
…..
27. Automotive Lead Acid Batteries Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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