Burlingame, Feb. 15, 2024 (GLOBE NEWSWIRE) -- Coherent Market Insights published a report, titled, Global Automotive Lead Acid Battery Market, By Battery Type (Flooded, Enhanced Flooded, and AGM), By Sales Channel (OEM and Aftermarket), By Vehicle Type (Passenger car and Light commercial vehicle) and By Geography: Size, Share, Outlook, and Opportunity Analysis, 2023-2030. According to the report, the global automotive lead acid battery market was valued at US$ 29.34 Bn in 2023 and is expected to reach US$ 38.88 Bn by 2030, exhibiting a compound annual growth rate (CAGR) of 4.1% from 2023 to 2030.
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Market Dynamics:
The Automotive Lead Acid Battery Market is driven by various factors such as the increasing demand for electric vehicles and the rising need for energy storage solutions in the automotive industry. The shift towards electric vehicles is gaining traction due to their reduced carbon emissions and lower operating costs. As a result, the demand for lead acid batteries, which are widely used in electric vehicles, is expected to witness significant growth in the coming years. Additionally, the rising need for energy storage solutions in the automotive sector to support various applications such as start-stop systems, power backup, and lighting further contributes to the market growth.
Automotive Lead Acid Battery Market Report Coverage
| Report Coverage | Details |
| Market Revenue in 2023 | $29.34 billion |
| Estimated Value by 2030 | $38.88 billion |
| Growth Rate | Poised to grow at a CAGR of 4.1% |
| Historical Data | 2018–2021 |
| Forecast Period | 2023–2030 |
| Forecast Units | Value (USD Million/Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Battery Type, By Sales Channel, By Vehicle Type |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
| Restraints & Challenges | Increasing adoption of lithium-ion batteries |
| Growth Drivers | Advancements in lead acid battery technology Increasing demand for automotive |
Furthermore, the automotive lead acid battery market is driven by the increasing adoption of hybrid electric vehicles (HEVs) and plug-in hybrid electric vehicles (PHEVs). These vehicles utilize lead acid batteries as a primary source of energy storage, thus boosting the demand in the market. Moreover, technological advancements in lead acid batteries, such as the development of advanced valve-regulated lead acid (VRLA) batteries, are expected to further augment market growth.
Market Trends:
Growing demand for absorbent glass mat (AGM) batteries: AGM batteries are increasingly being adopted in automotive applications due to their high-performance characteristics and improved cycling capabilities. These batteries are maintenance-free and offer enhanced shock and vibration resistance, making them suitable for a wide range of automotive applications. The growing demand for AGM batteries is driven by the increasing preference for start-stop systems in vehicles and the need for reliable energy storage solutions.
Increasing focus on recycling lead acid batteries: With the rising adoption of electric vehicles and the growing demand for lead acid batteries, there is a need for effective recycling systems to manage the end-of-life batteries. The recycling of lead acid batteries helps in reducing environmental impact
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Market Opportunities:
The automotive lead acid battery market is expected to witness significant growth in the forecast period, driven by the increasing demand for electric vehicles (EVs). As governments across the globe are implementing stringent regulations to reduce carbon emissions, the adoption of EVs is on the rise. Lead acid batteries are widely used in EVs as they provide high power output, long service life, and cost-effectiveness.
On the basis of battery type, the flooded segment is expected to hold a dominant position in the market. Flooded lead acid batteries offer excellent performance and reliability, making them ideal for EV applications. Enhanced flooded and AGM batteries are also gaining traction, but flooded batteries remain the most popular choice due to their favorable characteristics.
In terms of sales channel, the OEM segment is anticipated to dominate the market. Original equipment manufacturers (OEMs) prefer lead acid batteries for their vehicles due to their reliability and cost-effectiveness. The aftermarket segment, although growing, is likely to have a smaller market share compared to OEMs.
The passenger car segment is expected to dominate the market based on vehicle type. With the increasing production and adoption of electric passenger cars, the demand for lead acid batteries is expected to rise. Light commercial vehicles also present a growth opportunity, but passenger cars will hold the largest market share.
Another market opportunity for the automotive lead acid battery market arises from the rising demand for energy storage systems (ESS). Lead acid batteries are widely used for residential and commercial energy storage applications due to their high energy density and long service life. As the demand for renewable energy sources such as solar and wind power increases, the need for efficient energy storage solutions also grows.
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Recent Developments
On June 21, 2023, Schaeffler, a German based manufacturer of automotive components, announced the launch of new automotive lead acid batteries called ‘TruPower 2W’ The battery used VRLA (Valve Regulated Lead Acid) technology to ensure efficient and safe functioning of the battery.
In September, 2021, Birla Carbon, an India based, manufacturer of carbon components for batteries, announced the launch of ‘Conductex i’ and ‘Conductex e’ range of carbon blacks for application in automotive lead acid batteries.
Key Market Takeaways:
The Automotive Lead Acid Battery Market is anticipated to witness a CAGR of 4.1% during the forecast period 2023-2030, owing to the increasing demand for electric vehicles and energy storage systems.
On the basis of battery type, the flooded segment is expected to hold a dominant position, owing to its excellent performance and reliability. The OEM segment is expected to dominate the market in terms of sales channel, while the passenger car segment is likely to have the largest market share based on vehicle type.
In terms of region, North America is expected to hold a dominant position over the forecast period, due to the growing demand for energy storage systems and government initiatives supporting the adoption of electric vehicles.
Key players operating in the automotive lead acid battery market include Exide Technologies, Enersys Inc., FIAMM S.p.A, Johnson Controls Inc., GS Yuasa Corporation, and CSB Battery Technologies. These players are focusing on strategic partnerships and product innovations to strengthen their market position. Overall, the market presents significant growth opportunities for key players in the automotive lead acid battery industry.
Read complete market research report, "Automotive Lead Acid Battery Market, By Battery Type, By Sales Channel, By Vehicle Type, By Geography, Market Size And Share Analysis - Growth Trends And Forecasts 2023-2030", Published by Coherent Market Insights.
Detailed Segmentation:
Global Automotive Lead Acid Battery Market, By Battery Type:
- Flooded
- Enhanced Flooded
- AGM
Global Automotive Lead Acid Battery Market, By Sales Channel:
- OEM
- Aftermarket
Global Automotive Lead Acid Battery Market, By Vehicle Type:
- Passenger car
- Light commercial vehicle
Global Automotive Lead Acid Battery Market, By Region:
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- GCC Countries
- Rest of Middle East & Africa
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