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.
Key Takeaways
- 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, passenger vehicle segment is projected to dominate the automotive lead acid battery It is expected to grow with a significant CAGR of 5.4% during the forecast period.
- By technology, ICE battery segment is expected to grow with an impressive CAGR of 10% throughout the forecast period.
“The reliability and affordability of lead batteries an rising sales of electric vehicles are expected to drive market growth during the forecast period,” comments an FMI Analyst
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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.
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 the 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.
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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., 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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Market Segmentation by Category
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
- South Asia
- East Asia
- Middle East & Africa
About the Automotive Division at Future Market Insights
The automotive team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations with the objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 million+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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