Lead acid batteries are rechargeable batteries widely used for starting, lightning and ignition (SLI) purpose in automobiles. Lead acid batteries have been a popular energy storage technology for the past 100 years. These batteries also provide voltage supply to vehicle accessories such as radio, music players, air conditioners, wipers and charging plugs. Increasing vehicle production coupled with rising adoption of vehicle electrification are anticipated to be the major factors that will create vast opportunities for key players in automobile lead acid battery market.
Global automotive lead battery market is anticipated to reach USD 18.0 billion by 2023 witnessing a CAGR of 4.2% over the forecast period i.e. 2015-2023 owing to the increasing sales of automobile vehicles across the globe. On the basis of regional platform, global automotive lead acid battery market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. In the regional market, Asia Pacific is projected to dominate the overall market of automotive lead acid battery during the forecast period. Increasing use of lead-acid batteries by various end-user segments and other automotive applications is anticipated to fuel the growth of the Asia Pacific automotive lead acid battery market.
Moreover, rising automotive sales in developing nations such as India and China is expected to accelerate the growth of the market in the upcoming years. Europe is poised to record fastest growth rate during the forecast period. Increasing research and development in automotive lead acid battery along with government initiatives for electric vehicles in this region is predicted to trigger the growth of the global automotive lead acid battery market over the forecast period. North America automotive lead acid battery market is expected to witness substantial growth over the forecast period. Rising sale of automotive across the region is envisioned to strengthen the growth of automotive lead acid battery market over the upcoming years. Based on vehicle types, automotive lead acid battery market is segmented into passenger car, ICE, hybrid, electric and light commercial vehicle, out of which, passenger car segment is expected to dominate the overall automotive lead acid battery market during the forecast period. CLICK TO DOWNLOAD FREE SAMPLE REPORT
Our in-depth analysis has segmented global automotive lead acid battery market into the following segments:
Global automotive lead acid battery market is further classified on the basis of region as follows:
Increasing sales of automotive vehicles across the globe is the major factor that drives the automotive lead acid battery market. Rising personal disposable income of developing countries such as India and China has increased the sales of two wheelers in these highly populated countries owing to high preference of such vehicles as a mode of transportation. This factor is anticipated to drive the growth of automotive lead acid battery market in the upcoming years.
Rising environmental concerns coupled with inadequate oil prices has forced the consumers across the globe to use electric powered vehicles. Governments are also promoting the adoption of alternative fuel vehicles to reduce the dependence on oil imports. Apart from this, automotive lead acid batteries are widely used in electric powered vehicles which are expected to increase the demand for automotive lead acid battery over the forecast period. Further, growing use of lead-acid batteries by various end-user segments and other automotive applications are projected to positively impact the growth of automotive lead acid battery market growth during the forecast period. Moreover, technological advancement in automotive lead acid batteries such as carbon emission reduction, effective wireless charging technology for electric powered vehicles is anticipated to strengthen the growth of global automotive lead acid battery market. However, increasing demand for alternative such as Li-ion batteries in the automobile sector is likely to limit the growth of global automotive lead acid battery market over the forecast period.
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