Press release
Automotive Lead Acid Batteries Growth Projections: Trends, Market Leaders, and CAGR Figures
What Is The Projected Market Size Of The Global Automotive Lead Acid Batteries Market And Its Growth Rate?
The automotive lead acid batteries market has demonstrated consistent growth in recent years, with promising projections for the future. Key figures include:
• The market size is set to grow from $36.93 billion in 2024 to $38.54 billion in 2025 (CAGR of 4.4%). This growth is driven by factors such as automotive industry growth, conventional vehicle dominance, reliability and durability of lead acid batteries, aftermarket demand, cold cranking performance, and support for start-stop systems.
• The high growth trend is expected to continue, with projections estimating a market size of $47.97 billion in 2029 (CAGR of 5.6%). Factors contributing to this growth include transition to mild hybrid systems, continued dominance in conventional vehicles, market penetration in developing regions, support for commercial vehicles, hybridization trends, and government support for recycling.
What Is Driving The Growth In The Automotive Lead Acid Batteries Market?
The surge in demand for electric vehicles is a key driver of the automotive lead-acid batteries market. As global warming concerns rise and goals for net-zero emissions become more urgent, there is an ongoing shift towards emissions-free motoring. Developments like EV charging stations, hydrogen fueling stations, and government policies promoting the adoption of electric vehicles are further fuelling the demand for automotive lead-acid batteries. The International Energy Agency reported that in April 2023, electric car sales accounted for 14% of all new cars sold worldwide in 2022 - a significant increase from the previous year. These statistics hint at a sustained trend of increased electric vehicle demand, which will, in turn, drive the automotive lead-acid batteries market.
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Who Are the Key Players Driving Automotive Lead Acid Batteries Market Growth?
Some of the major companies operating in the automotive lead acid batteries market include:
• 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
What Are The Key Trends In The Automotive Lead Acid Batteries Market?
Technological innovations in the automotive lead-acid battery market have led to several emerging trends:
• 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
What Are The Segments Of The Global Automotive Lead Acid Batteries Market?
The automotive lead acid batteries market is segmented by:
• Type: Flooded Batteries, Enhanced Flooded Batteries, VRLA Batteries
• Product: SLI Batteries, Micro Hybrid Batteries
• Sales Channel: Automotive Lead Acid Battery Sales via OEMs, Automotive Lead Acid Battery Sales Via Aftermarket
• End User: Passenger Car, Light Commercial Vehicles, Heavy Commercial Vehicles, Two-Wheeler, Three-Wheeler
Which Region Leads The Automotive Lead Acid Batteries Market?
Asia-Pacific was the largest and the fastest-growing region in the automotive lead acid batteries market in 2024. The market report covers regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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What Is Covered In The Automotive Lead Acid Batteries Market Global Market Report?
- Market Size Analysis: Analyze the Automotive Lead Acid Batteries Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Automotive Lead Acid Batteries Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Automotive Lead Acid Batteries Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Automotive Lead Acid Batteries Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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