Rockville , Oct. 16, 2023 (GLOBE NEWSWIRE) -- As per Fact.MR, a provider of market research and competitive intelligence, the global automotive lead acid battery market is projected to rise at a CAGR of 5.1% to reach US $46.54 Bn by late 2033.
The automotive lead acid battery market focuses on making batteries for cars, trucks, and other vehicles. These batteries are important because they start the engine, power electrical systems, and stabilize voltage. Lead acid batteries have a few key advantages. They are affordable to produce, tried-and-true technology, and can handle tough conditions. Lead acid batteries are easy to find and replace, making them accessible to consumers.
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The growth of the automotive lead acid battery market is primarily driven by the increasing demand for vehicles equipped with start-stop systems, which automatically shut off and restart the engine to improve fuel efficiency and reduce emissions. Lead-acid batteries are older and less efficient than newer battery types like lithium-ion. They can't store as much energy for their size, which makes them less suitable for electric cars that need to go long distances. These batteries take longer to charge compared to newer types of batteries like lithium-ion. Making these batteries charge faster without losing efficiency is a tricky technical challenge.
| Report Attribute | Details |
| Value Projection (2033) | US$ 46.54 Billion |
| Growth Rate (2023-2033) | 5.1% CAGR |
| No. of pages | 170 Pages |
| No. of Tables | 84 Tables |
| No. of Figures | 124 Figures |
Key Takeaways:
- The market in China is expected to reach a value of US $10.14 Bn by the end of the forecast period (2023 – 2033) and should climb at a CAGR of 5.7%.
- The South Korean market is predicted to rise at a CAGR of 3% to hit a valuation of US $1.48 Bn by the end of 2033.
- Because of its robust industrial infrastructure and rapid implementation of energy storage projects using batteries, the US market will likely climb at a CAGR of 4.8% to reach US $9.91 Bn by 2033.
The increasing adoption of start-stop systems, the growing demand for micro-hybrid vehicles with regenerative braking systems, and the cost-effectiveness and proven technology of lead acid batteries are some factors driving the industry - Says FACTMR Expert
Key Companies Profiled in This Report
- EnerSys Inc.
- Johnson Controls Inc.
- GS Yuasa Corporation
- Panasonic Corporation
- Exide Industries Ltd.
- General Motors Company
- CBS Energy Technology Co. Ltd.
- East Penn Manufacturing Company
Market Competition
In the fiercely competitive automotive lead acid battery market, key industry players are providing a diverse array of products tailored for various applications, notably in automotive vehicles.
- In January 2021, EnerSys and TravelCenters of America (TA) joined forces to offer specialized Group 31 lead acid batteries, specifically designed for heavy-duty applications, namely Oddysey Performance and NorthStar PRO.
Winning strategies
- Creating custom-made lead-acid batteries for different types of vehicles, like cars, trucks, and industrial machines, is really important in the lead-acid battery market for cars. Each kind of vehicle has its own unique needs, like starting power or long-lasting energy.
- Major players in the market should focus on research and development in three key areas: grid alloys, pasting formulations, and electrolyte additives. Grid alloys, which provide structural support for the battery, can be improved for greater durability and corrosion resistance.
- Working closely with car manufacturers to smoothly incorporate lead-acid batteries into start-stop systems is a smart move in the market for cars. Start-stop tech helps cars use less fuel and emit fewer pollutants. Lead-acid batteries are crucial for quickly restarting the engine in this system.
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Country-wise Insights
What Makes the United States a Profitable Market for Lead Acid Battery Producers?
"Promising Renewable Energy Infrastructure and Favorable Regulatory Policies"
By 2033, the market for automotive lead-acid batteries in the US is expected to be worth US$9.91 billion, growing at a stable CAGR of 4.8%.
The United States is a key hotspot for industrial batteries because of its robust industrial infrastructure, prompt deployment of battery-based energy storage projects, and expansion of the infrastructure for renewable energy sources. Beneficial regulations governing the installation of renewable energy and home distributed power systems in the United States are predicted to propel the battery business in the ensuing years.
The army's predicted increased reliance on battery-operated communications and other electronic equipment throughout the anticipated period is expected to be supported by growing military spending, which will in turn boost demand for lead acid batteries.
The development of lead acid battery technology, which increases storage density, extends usable service life, and improves cold-weather performance at a lower cost than current battery technologies, is expected to have a large positive impact on market participants in the United States.
Explore More Related Studies Published by Fact.MR Research:
Battery Chemicals Market: Battery chemical consumption is anticipated to increase at a CAGR of 8.3% during the period of 2022-2032.
Electric Car Battery Charger Market: The global electric car battery charger market is estimated to surge at a CAGR of 16% and increase rapidly from its current valuation of US$ 2.5 billion to US$ 11 billion by the end of 2032.
Lithium-Ion Battery Pack Market: The lithium-ion battery pack market size is estimated at US$ 63.32 Billion in 2023, and is projected to reach US$ 88.46 Billion by 2033
About Fact.MR:
Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.
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