Automotive Lead-Acid Battery Industry is projected to reach USD 47 billion by 2033, driven by a CAGR of 5.2%

The global automotive lead-acid battery industry is projected to reach a valuation of USD 28.24 billion in 2023, with expectations to grow to USD 47 billion by 2033, reflecting a compound annual growth rate (CAGR) of 5.2% over the next decade.

Key drivers of this growth include the increasing popularity of electric vehicles and the rising demand for uninterrupted power supplies in critical applications. Lead-acid batteries are favored for their reliability and cost-effectiveness, making them suitable for a variety of consumer and industrial uses. Notably, lead-acid batteries have a higher recycling rate compared to lithium-ion batteries.

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The market is also influenced by the growing prevalence of electronic devices such as mobile phones and power banks, advancements in marine propulsion technologies, and the expanding need for elevators globally, all of which enhance the demand for effective energy storage solutions.

Furthermore, strict government regulations aimed at reducing carbon emissions and promoting sustainable energy solutions are expected to boost market demand. The increasing global population and rising per capita income further support this trend. However, while the adoption of electric vehicles presents significant growth opportunities, challenges such as the risk of battery explosions due to overcharging and the competitive pressure from lithium-ion batteries may pose obstacles to overall market expansion.

Key Takeaways

United States automotive lead acid battery market is expected to grow with a CAGR of 5.1% during the forecast period.
The market in China is expected to grow with a CAGR of 5.5% during the forecast period.
By vehicle type, passenger vehicle segment is projected to dominate the automotive lead acid battery market. It is expected to grow with a significant CAGR of 5.4% during the forecast period.
By technology, ICE battery segment is expected to grow with an impressive CAGR of 10% throughout the forecast period.

"The reliability and affordability of lead batteries an rising sales of electric vehicles are expected to drive market growth during the forecast period," - says FMI Analyst.

Competitive Landscape

The automotive lead acid battery market is extremely competitive, with various key industry players investing heavily in manufacturing these batteries.

The key industry players are Clarios, GS Yuasa Corporation, Panasonic Corporation, Leoch International Technology Limited, Exide Industries Ltd., EnerSys Inc., East Penn Manufacturing Company, Exide Technologies Inc., CSB Battery Company Limited.

Some recent developments in the market are:

Key market players are leveraging organic growth strategies like acquisition, mergers, tie-ups, and collaboration to bolster their product portfolio. This is expected to propel the global automotive lead acid battery market.

In January 2021, EnerSys announced a collaboration with TravelCenters of America (TA) to provide Odyssey Performance and NorthStar PRO Group 31 lead-acid batteries specifically designed for heavy-duty applications.
In December 2021, GS Yuasa Corporation announced its plans for expansion in the motorcycle lead-acid battery market.
On July 13, 2022, Panasonic Corporation, the largest manufacturer of lithium-ion batteries in the world, joined forces with Kansas for economic development with the aim of driving forward the electric vehicle (EV) industry in the United States.
On March 13, 2021, General Motors Company made significant progress in its development of the next-generation Ultium chemistry. This advancement was made in anticipation of a new joint development agreement with Solid Energy Systems, aimed at expediting the transition towards an electric future.

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Market Segmentation by Category

By Battery Type

Flooded
Enhanced Flooded
AGM

By Technology

ICE
Hybrid
Electric

By Vehicle Type

Passenger Car
LCV

By Sales Channel

OEM
Aftermarket

By Region

North America
Latin America
Europe
South Asia
East Asia
Middle East & Africa

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This release was published on openPR.