Global Automotive Lead Acid Battery market is majorly driven by increased sales of automobile vehicles across the globe and increasing use of electric powered vehicles according to our research report “Global Automotive Lead Acid Battery Market Outlook 2023”.
Regionally, the automobile lead acid battery market is segmented into North America, Europe, Asia-Pacific and Rest of World (ROW). Among these, Asia-Pacific is anticipated to witness a significant growth and occupy the largest share of the automobile lead acid battery market by 2023.
Global automotive lead battery market is anticipated to reach USD 18 billion by 2023 witnessing a compound annual growth rate of 4.2%, the rapid expansion over the forecast period is attributed towards the increasing use of electric powered automobiles across the globe.
Owing to the increased production of automobiles in developing countries such as India and China, the Asia-Pacific region is anticipated to project a significant growth over the forecast period. Asia-Pacific market for automotive lead acid batteries is estimated to reach 10 billion by 2023, the region accounted for 33% market share to the global market in 2015.
Increased Sales of Automobile Vehicles: Uplift
Lead acid batteries are widely used in automobiles for starting, lightning and ignition (SLI) purposes, owing to its low cost and long lifespan led battery is most popular product among other batteries, increasing sales of automotive vehicles across the globe is the major factor that drives the automotive lead acid battery market over the forecast period.
Increasing Use of Electric Powered Vehicles: Impetus
Inadequate oil prices coupled with increasing environmental concerns will force the governments across the globe to adopt alternative fuel vehicles to reduce the dependence on oil imports, this will further increase the demand of automotive lead acid batteries for electric powered vehicles.
The report titled “Global Automotive Lead Acid Battery Market Outlook 2023” delivers detailed overview of the automobile lead acid battery in terms of market segmentation by sales channel, by regions, by battery types, by vehicle type.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the automobile lead acid battery industry which includes company profiling of Exide Technologies, East Penn Manufacturing Company, CBS Battery Technologies, Panasonic Corporation, GS Yuasa Corporation etc. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview on the global automobile lead acid battery market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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