Automotive Lead Acid Battery Market Revenue to Surpass USD 23,668.0 Million by 2028 at 3.1% CAGR: Impact of COVID-19 Pandemic and Global Analysis by The Insight Partners

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The automotive lead-acid battery market is segmented based on product, type, end-user, and geography. Based on the product, the market is segmented into SLI and micro-hybrid batteries. The SLI segment represented the largest share of the overall market in 2020. In terms of type, the market is segmented into flooded, enhanced flooded, and VRLA. In 2020, the flooded segment accounted for a substantial share of the market. Geographically, Asia Pacific held the largest share of the automotive lead-acid battery market in 2020, followed by Europe and North America. Further, the market in Middle East & Africa is projected to witness the highest growth rate during the forecast period.

The Automotive Lead Acid Battery Market Was Valued At US$ 16,860.5 Million In 2020 And Is Projected To Reach US$ 23,668.0 Million By 2028; It Is Expected To Grow At A CAGR Of 3.1% From 2021 To 2028.

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Since the past few years, the consumer behavior toward intercity and intracity transit has transformed to a newer level. With the increase in disposable income of individuals and the stable economic structure of countries, the production of vehicles has boosted exponentially. With the rising demand for cars globally, production has further been impacted positively, which is creating the demand for batteries including lead-acid batteries.

In 2020, China, India, the US, Germany, the UK, and South Korea produced a massive number of cars and commercial vehicles within their boundaries. Such massive production of automobiles would continue to impact the demand for car batteries including lead-acid batteries. Furthermore, factors such as on-demand mobility, the arrival of ultra-batteries in energy storage space, and the development of advanced energy storage modules for the automobile sector is also driving the production of automobiles, thereby boosting the demand for lead-acid batteries.

The automotive lead acid battery market is segmented based on product, type, end user, and geography. Based on product, the market is segmented into SLI and micro hybrid batteries. The SLI segment represented the largest share of the overall market in 2020. In terms of type, the market is segmented into flooded, enhanced flooded, and VRLA. In 2020, the flooded segment accounted for the substantial share of the market. Geographically, Asia Pacific held the largest share of the automotive lead acid battery market in 2020, followed by Europe and North America. Further, the market in Middle East & Africa is projected to witness the highest growth rate during the forecast period.

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Market Insights

Rising Adoption of Mild Hybrid Vehicles

The world is witnessing a proliferation in the adoption of hybrid vehicles. Due to the formulation of stringent emission standards by government to protect environment, while boosting fuel efficiency, both automotive manufacturers and government are making a strategic move toward promoting the use of hybrid vehicles. EVI Membership, [email protected] campaign, EVI Global EV Pilot City Programme (EVI-PCP), FAME-I and II, National Mission for Transformative Mobility and Battery Manufacturing, National Electric Mobility Mission Plan, and Phased Manufacturing Program are among the government initiatives promoting the use of next generation of mobility. These initiatives are contributing toward fostering the adoption of hybrid vehicles.

In addition, there are numerous automotive manufacturers making significant investments in developing mild hybrid vehicles. The auto manufacturers have initiated the introduction of 48V mild hybrid among a standard feature in new vehicle models. Volkswagen, which is one of the key players in mild hybrid vehicles, unveiled 48V mild hybrid version of 8th generation Golf in 2019. In the same year, Ford revealed Focus EcoBoost Hybrid & Fiesta EcoBoost Hybrid vehicle models to cater to the European market. Introduction of such mild hybrid vehicles into the market is driving the adoption of lead acid batteries for automotive applications.

The List of Companies – Automotive Lead Acid Battery Market

Clarios; Exide Industries Limited; GS Yuasa International Ltd; Johnson Controls, Inc.; and Panasonic Corporation are among the major companies operating in the automotive lead-acid battery market.

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