Dublin, Oct. 06, 2022 (GLOBE NEWSWIRE) -- The "Automotive Lead Acid Batteries Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2022 To 2030" report has been added to ResearchAndMarkets.com's offering.
The market for lead acid batteries reached US $ 16.5 billion in 2020 and is expected to grow at a CAGR of 4.5% during the forecast period of 2022 to 2030. As a result of an increase in demand for SLI (start lighting and ignition) batteries from both the original equipment manufacturer (OEM) market, demand from the replacement market in the automotive sector and increasing demand for electric vehicles, the market is expected to expand during the forecast period.
Increasing Demand for Mild Hybrids
The number of people driving hybrid cars is increasing at an alarming rate all around the world. In response to the formulation of stringent emission standards by the government to protect the environment while simultaneously boosting fuel efficiency, automotive manufacturers and the government are making a strategic move toward promoting the use of hybrid vehicles.
This move is being driven by the formulation of stringent emission standards by the government. EVI Membership, the EV30@30 campaign, the EVI Global EV Pilot City Programme (EVI-PCP), the FAME-I and II programmes, the National Mission for Transformative Mobility and Battery Manufacturing, the National Electric Mobility Mission Plan, and the Phased Manufacturing Program are examples of government initiatives that promote the utilisation of the next generation of mobility. These activities are helping to stimulate the adoption of hybrid vehicles, which is a positive development.
Consumer and Government's Interest in Electric Vehicles to Meet Environmental Goals
The development of vehicles that run on alternative fuels has led to an increase in the demand for vehicles that run on batteries or hybrid powertrains. In addition, in order to lessen the amount of crude oil consumed, the emissions produced by automobiles, and the amount of pollution released into the atmosphere, government authorities all over the world have adopted and put into effect favourable policies that encourage the use of electric vehicles.
For example, in 2021, Mahindra & Mahindra made the announcement that they intended to make an investment of $402 million in electric vehicles over the course of the following three years. Additionally, the company has stated that they intend to put 500,000 electric vehicles on Indian roads by the year 2025. Therefore, all of these recent advancements in the field of electric cars present an opportunity for the expansion of the market for lead-acid batteries used in automobiles.
Increase In the Need for Lithium-Ion Batteries
Due to the increasing demand for the storage of electricity in electric vehicles, lithium-ion batteries are anticipated to experience a significant increase in the next years. This demand is projected to be the primary factor driving this rise. The fact that these batteries are both lightweight and compact contributes to the fact that they are the most formidable competitors in the market for battery energy storage. In addition, lithium-ion batteries make use of non-aqueous electrolytes, which allow for higher operating voltages as compared to lead-acid batteries and sodium-sulfur batteries, all of which make use of aqueous electrolytes. As a result, it is anticipated that it would slow the expansion of the lead-acid battery market for automobiles.
Increased Innovation in Battery Related Technologies
SLI batteries often consist of lead-acid batteries because of their widespread use in autos. The expanding production and sales of automobiles as well as the growing vehicle parc are directly impacting the market. When compared to other types of batteries, lead acid batteries are more cost-effective and offer the best possible option to end customers. The market should benefit from the advancements in battery technology that have been made.
Customers have a selection of options to choose from, including flooded, improved flooded, and AGM batteries. The expanding number of vehicles on the road, along with the requirement that they have their batteries replaced at regular intervals, is driving up demand for lead-acid batteries, and this upward trend is expected to continue.
Market Segmentation
Product
- SLI Batteries
- Micro Hybrid Batteries
Type
- Flooded Batteries
- Enhanced Flooded Batteries
- VRLA Batteries
Customer
- Original Equipment Manufacturers (OEMs)
- After Market
End-user
- Passenger Cars
- LCVs/HCVs
- Two Wheelers
- Three Wheelers
Technology
- ICE
- Hybrid
- Electric
Key Topics Covered:
1. Preface
2. Executive Summary
3. Automotive Lead Acid Batteries Market: Business Outlook & Market Dynamics
4. Automotive Lead Acid Batteries Market: By Product, 2020-2030, USD (Billion)
5. Automotive Lead Acid Batteries Market: By Type, 2020-2030, USD (Billion)
6. Automotive Lead Acid Batteries Market: By Customer, 2020-2030, USD (Billion)
7. Automotive Lead Acid Batteries Market: By End-user, 2020-2030, USD (Billion)
8. Automotive Lead Acid Batteries Market: By Technology, 2020-2030, USD (Billion)
9. North America Automotive Lead Acid Batteries Market, 2020-2030, USD (Billion)
10. UK and European Union Automotive Lead Acid Batteries Market, 2020-2030, USD (Billion)
11. Asia Pacific Automotive Lead Acid Batteries Market, 2020-2030, USD (Billion)
12. Latin America Automotive Lead Acid Batteries Market, 2020-2030, USD (Billion)
13. Middle East and Africa Automotive Lead Acid Batteries Market, 2020-2030, USD (Billion)
14. Company Profile
Companies Mentioned
- Clarios
- GS Yuasa Corporation
- The Panasonic Group of Companies
- LIT Limited
- Exide Industries Ltd.
- EnerSys Inc.
- East Penn Manufacturing Company
- Exide Technologies Inc.
- CSB Battery Company Limited
For more information about this report visit https://www.researchandmarkets.com/r/491eu5
