Automotive Lead-Acid Battery Market Overview, Trends, Opportunities, Growth and Forecast by 2024
The global automotive lead-acid battery market has witnessed steady growth over the past few years. This can be accredited to factors such as the cost-effectiveness of automotive lead-acid batteries and the escalating sales of automobiles including electric vehicles.
The latest study by IMARC Group, titled “Automotive Lead-Acid Battery Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, estimates that the global automotive lead-acid battery market reached a value of US$ 12.5 Billion in 2018. A lead-acid battery is made up of lead and lead oxide plates, immersed in a sulfuric acid solution. It converts chemical energy into electrical power during the discharge cycle. These batteries are widely employed for starting, lighting, and ignition (SLI) purpose in automobiles. They also supply voltage to vehicle accessories like air conditioners, radio, music players, wipers, and charging plugs. These batteries have a sizeable power-to-weight ratio and consequently, can provide surge currents required by automotive starter motors.
Escalating automobile sales is the key factor driving the market growth, particularly in emerging regions like Asia Pacific and the Middle East. Since these batteries are low in cost and easily rechargeable, they are preferred by automotive manufacturers for use in start-stop systems. Additionally, increasing demand for electric vehicles and e-bikes owing to improving living standards and inflating income levels is another major factor which is influencing the sales of lead-acid batteries. Moreover, manufacturers are continually engaging in research and development activities with the aim to improve the efficiency of these batteries. Owing to the aforementioned factors, the market is anticipated to exceed the value of US$ 15 Billion by 2024, expanding at a CAGR of 3.1% during 2019-2024.
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Insights on Market Segmentation:
Breakup by Vehicle Type
1. Passenger Cars
2. Commercial Vehicles
4. HEV Cars
On the basis of the vehicle type, the market has been categorized into passenger cars, commercial vehicles, two-wheelers, and HEV cars. Amongst these, automotive lead-acid batteries are mostly used in passenger cars.
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Breakup by Product
1. SLI Batteries
2. Micro Hybrid Batteries
Based on the product type, SLI batteries are the most popular product types, followed by micro hybrid batteries.
Breakup by Type
1. Flooded Batteries
2. Enhanced Flooded Batteries
3. VRLA Batteries
On the basis of types, flooded batteries account for the dominant market share. Other major segments include enhanced flooded batteries and VRLA batteries.
Breakup by Customer Segment
Based on the customer segment, the market has been bifurcated into OEM and replacement. Replacement currently represents the most popular customer segment.
Breakup by Region
1. Asia Pacific
2. North America
4. Middle East and Africa
5. Latin America
On the geographical front, the market has been segregated into Asia Pacific, North America, Europe, Middle East and Africa, and Latin America. Currently, Asia Pacific holds the leading share in the global market.
The competitive landscape of the market has also been analyzed with some of the key players operating in the market being Exide Technologies Inc., GS Yuasa Corporation, Reem Batteries & Power Appliances Co. Saoc, Enersys Inc., Saft Groupe S.A., Northstar Battery Company LLC., Johnson Controls Inc., Exide Industries Ltd., Robert Bosch GmbH, C&D Technologies, Inc., East Penn Manufacturing Company, Panasonic Corporation, Trojan Battery Company, Samsung Sdi Company Limited, Leoch International Technology Ltd, Koyo Battery Co., Ltd., Tai Mao Battery Co., Ltd., PT Century Batteries Indonesia, Thai Bellco Battery Co., Ltd., and CSB Battery Co., Ltd. (Hitachi Chemical Energy Technology Co. Ltd.).
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