Automotive lead acid battery market is set to surpass a valuation of US$ 41.8 Bn and is poised to grow at a value CAGR of 5% during the forecast period (2019-2029). The surge in production of automobiles globally has supplemented the growth of lead acid battery market. Lead acid batteries are soaring on popularity as they provide an additional source of power to the vehicle. However, in the current scenario, the global automobile market has been stagnant in terms of profitable growth.
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This is anticipated to change in the coming years as the automotive sector is set to capture growth opportunities owing to the increasing vehicle production, thus aiding the demand for automotive lead acid batteries. Moreover, the heightened uptake of passenger cars globally, is expected to accelerate the growth of automotive lead acid battery market. Further, a steady rise in the use of pure electric and hybrid vehicles is fueling demand for enhanced flooded batteries which function as auxiliary batteries for starting, lighting, and ignition (SLI). The newest report by Fact.MR estimates that the enhanced flooded batteries will account for ~34% of the total global value share by the end of forecast period.
Key Takeaways of Automotive Lead Acid Battery Market
- Flooded batteries are estimated to create an absolute $ opportunity of US$ ~4.9 Bn accounting for nearly 39% of the total share during the forecast period. Owing to the extensive use of cost-effective energy storage batteries in emerging countries, flooded battery segment is projected to expand 1.4X as compared to 2019
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- Asia-Pacific will remain the prominent region across the forecast period, accounting for more than 45% share in the automotive lead acid battery market.
- The Internal Combustion Engine (ICE) technology segment is expected to create an absolute $ opportunity of US$ ~15.1 Bn during the forecast period owing to the continuous adoption of conventional vehicles over electric vehicles due to lack of charging infrastructure in developing economies.
- In terms of value, the enhanced flooded battery type segment is expected to grow 2.2X over the forecast period
“Research and development initiatives for sustainable technologies and high performance at low costs is expected to provide new growth prospects in the automotive lead acid battery market” says the Fact.MR analyst
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Partnerships to Remain Key Forte of Competitors
The report reveals some of the key players, including EnerSys Inc., Johnson Controls Inc., GS Yuasa Corporation, Panasonic Corporation, Leoch International Technology Limited, Exide Industries Ltd., East Penn Manufacturing Company, Exide Technologies Inc., CSB Battery Company Limited, NorthStar, FIAMM S.p.A., and others. Prominent manufacturers are focusing on building partnerships to strengthen their global presence. For instance,
- In 2019, Exide Industry partnered with JCB’s Electric Teletrucks. With this partnership Exide will provide nuanced battery solutions to JCB
- In 2018, NorthStar teamed up with Daimler to create the world’s first ultra-high performance pure lead AGM battery
Read More Trending and Similar Reports from Fact.MR – https://www.globenewswire.com/en/news-release/2020/03/25/2006286/0/en/Electric-Vehicle-Sound-Generator-Sales-Majorly-Buoyed-by-Pedestrian-Safety-Concerns-Adoption-in-LCVs-Pegged-at-14-CAGR-by-2029-Says-a-New-Fact-MR-Study.html
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