“Automotive Lead Acid Battery Market: Global Demand, Growth Analysis & Opportunity Outlook 2023”
The global automotive lead acid battery market is segmented into battery type such as flooded battery, enhanced flooded battery (EFB) and absorbent glass mat (AGM) battery. Flooded battery segment is envisioned to grow at significant pace during the forecast period. Flooded batteries are highly used in solar electric applications and other stand-alone alternative energy system. Furthermore, longer life, and least cost amp per hour are some of the major benefits of flooded battery which are likely to foster the growth of this segment during the forecast period.
Global automotive lead acid battery market is expected to flourish at 4.2% CAGR over the forecast period. Moreover, the global automotive lead acid battery market is expected to reach USD 18.0 Billion by the end of 2023. Rising sales of vehicles and increasing environmental concerns are fuelling the growth of global automotive lead acid battery market. Moreover, inadequate oil prices coupled with rising demand for renewable energy are likely to escalate the growth of market over the forecast period.
The Asia Pacific automotive lead acid battery market accounted for more than 30% share of overall automotive lead acid battery market in 2015. Increasing disposable income of the consumers in countries such as India and China has increased the sales of two wheelers in these countries. Furthermore, rising sales of bikes is a key factor which is likely to fuel the demand for automotive lead acid batteries in near future.
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Consumer’s Inclination towards Electric Vehicles
The demand for automotive lead acid battery is expected to rise in near future due to rising sales of electric vehicles all across the globe. Further, low cost of automotive lead acid battery and reliable performance are two factors which are favoring the global automotive lead acid battery market to grow in near future. For instance, electric vehicle sales in Europe reached 214,600 units in the first three quarter of 2017.
The demand for lead acid battery is expected to increase due to advancements in lead acid battery technology such as reduced toxicity, low carbon emission and effective wireless charging technology for electric powered vehicles. Although, heavy weight of lead acid batteries and led acid batteries are responsible for heavy pollution are some of the factors that are likely to inhibit the growth of the Automotive Lead Acid Battery market in the near future.
The report titled “Automotive Lead Acid Battery Market : Global Demand, Growth Analysis & Opportunity Outlook 2023” delivers detailed overview of the global automotive lead acid battery market in terms of market segmentation by sales channel, by vehicle type, by battery type and by region. 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.
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This report also provides the existing competitive scenario of some of the key players of the global automotive lead acid battery market which includes company profiling of Enersys Inc., Johnson Control Inc., GS Yuasa Corporation, Panasonic Corporation, Leoch International Technology Ltd., Exide Technologies, East Penn Manufacturing Company, CBS Battery Technologies, Exide Industries and FIAMM SpA. 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 of the global automotive 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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