NEWARK, Del, May 24, 2023 (GLOBE NEWSWIRE) -- The global automotive lead acid battery market is anticipated to attain a valuation of US$ 28.24 billion in 2023 and is expected to reach US$ 47 billion by 2033, expanding at a CAGR of 5.2% from 2023 to 2033.
The surging popularity of electric vehicles and the growing utilization of uninterrupted power supply for critical power applications are anticipated to drive market growth. The reliability and affordability of lead-acid batteries make them well-suited for a wide range of consumer and industrial applications. In terms of processing and recycling, lead-acid batteries hold a larger percentage compared to lithium-ion batteries.
Drivers and challenges have an impact on market dynamics, which can impact businesses. Find more insights in a sample report: https://www.futuremarketinsights.com/reports/sample/rep-gb-1482
The increasing use of electrical devices like mobile phones, power banks, and electronic gadgets, coupled with advancements in marine propulsion technology and the growing demand for elevators worldwide, necessitates energy storage systems, thereby driving market growth.
The market is projected to witness an upsurge in demand for lead-acid batteries due to strict government regulations focused on carbon emissions and energy solutions. Additionally, the growing global population, accompanied by an increase in per capita income, further contributes to this demand. The industry presents growth opportunities driven by the rising adoption of electric vehicles, whereas challenges such as the risks of battery explosion resulting from overcharging and the growing demand for lithium-ion batteries may hinder its overall growth.
Key Takeaways
- The 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, the 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, the ICE battery segment is expected to grow with an impressive CAGR of 10% throughout the forecast period.
“The reliability and affordability of lead batteries a rising sales of electric vehicles are expected to drive market growth during the forecast period,” comments an FMI Analyst
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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., and 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.
More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global automotive lead acid battery market, providing historical data for 2017 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the automotive lead acid battery market, the market is segmented on the basis of battery, technology, vehicle type, sales channel and region.
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Key Segments Profiled in the Automotive Lead Acid Battery Market Industry Survey
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
- Asia Pacific
- Middle East & Africa
Table of Content (ToC):
1. Executive Summary | Automotive Lead Acid Battery Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Product Life Cycle Analysis
3.5. Supply Chain Analysis
3.5.1. Supply Side Participants and Their Roles
3.5.1.1. Producers
3.5.1.2. Mid-Level Participants (Traders/ Agents/ Brokers)
3.5.1.3. Wholesalers and Distributors
3.5.2. Value Added and Value Created at Node in the Supply Chain
3.5.3. List of Raw Material Suppliers
3.5.4. List of Existing and Potential Buyers
3.6. Investment Feasibility Matrix
3.7. Value Chain Analysis
3.7.1. Profit Margin Analysis
3.7.2. Wholesalers and Distributors
3.7.3. Retailers
3.8. PESTLE and Porter’s Analysis
3.9. Regulatory Landscape
3.9.1. By Key Regions
3.9.2. By Key Countries
3.10. Regional Parent Market Outlook
3.11. Production and Consumption Statistics
3.12. Import and Export Statistics
4. Global Market Analysis 2017 to 2022 and Forecast, 2023 to 2033
4.1. Historical Market Size Value (US$ Million) & Volume (Units) Analysis, 2017 to 2022
4.2. Current and Future Market Size Value (US$ Million) & Volume (Units) Projections, 2023 to 2033
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
Complete TOC: https://www.futuremarketinsights.com/toc/rep-gb-1482
Explore Wide-ranging Coverage of FMI’s Automotive Landscape:
Electric Vehicle Battery Market Size: Is set to strengthen its market hold in the global market at a promising CAGR of 8.5%, while it is forecasted to hold a revenue of USD 18.09 Billion in 2032.
Automotive Battery Management System Market Share: Is expected to record a CAGR of 25.6% during the forecast period. The automotive battery management system market size is anticipated to rise from US$ 3.8 billion in 2023 to US$ 37.4 billion in 2033.
Electric Vehicle Battery Housing Market Demand: Is estimated to develop at a fast pace CAGR of 31.8% during the forecast period. By 2033, the electric vehicle battery housing market is estimated to reach US$ 24,219.1 Million.
Battery Swapping Charging Infrastructure Market Growth: Is expected to reach a valuation of US$ 202.07 million in 2023 and is projected to exhibit a compound annual growth rate (CAGR) of 21% from 2023 to 2033.
Train Battery Market Outlook: Is projected to have an average-paced CAGR of 5.0% during the forecast period. The current valuation of the market is US$ 599.1 million in 2023. The train battery market value is anticipated to surpass US$ 975.9 million by 2033.
EV Battery Heating System Market Trends: Is projected to register at a moderate-paced CAGR of 18.7% over the forecast period. The EV battery heating system market is currently valued at US$ 3113.6 Million in 2023.
EV Powertrain Market Size: Is likely to rise at a rate of over 24%. The net worth of the market is projected to reach US$ 112,036 million in 2033 from US$ 13,035.9 million in 2023.
Used EV Market Share: Is valued to be around US$ 17,890.5 million this year and is anticipated to register a CAGR of 8.4% over the forecast years.
Electric Vehicle Motor Market Growth: Is set to strengthen its market hold in the global market at a promising CAGR of 8.5%, while it is forecasted to hold a revenue of USD 18.09 Billion in 2032.
Automotive Electronics Market Outlook: Is anticipated to be valued at US$ 300,332.43 Million in 2022, forecast to grow at a CAGR of 7.30% to be valued at US$ 607,574.4 Million from 2022 to 2032.
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