PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1633534
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1633534
The global automotive lead acid battery market is projected to grow from USD 28.88 billion in 2024 to USD 36.72 billion by 2032, at a CAGR of 3.0% during the forecast period. The automotive industry continues to grow, especially in emerging economies like India, China, and Southeast Asia, the need for reliable and cost-effective battery solutions intensifies. Lead-acid batteries are the preferred choice for most vehicles due to their affordability, proven performance, and compatibility with conventional internal combustion engine (ICE) vehicles.
Scope of the Report | |
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Years Considered for the Study | 2021-2022 |
Base Year | 2023 |
Forecast Period | 2024-2032 |
Units Considered | Value (USD Million) |
Segments | By Product, Type, End-Use, Customer Segment, and Region. |
Regions covered | Asia Pacific, North America, Europe, Middle East & Africa, and South America |
"Micro Hybrid Batteries segment, by product, is estimated to account for the second largest share during the forecast period."
Micro-hybrid batteries hold the second-largest share in the automotive lead-acid battery market, driven by their compatibility with start-stop systems and increasing demand for fuel-efficient vehicles. These batteries are cost-effective compared to full-hybrid or electric alternatives and are specifically designed to handle the frequent charge and discharge cycles required by modern vehicle technologies. Stricter emission regulations and advancements in Enhanced Flooded Batteries (EFB) and Absorbent Glass Mat (AGM) technologies have further boosted their adoption. While traditional flooded lead-acid batteries dominate the market, micro-hybrid batteries are rapidly gaining traction, fueled by the automotive industry's shift toward more eco-friendly and efficient solutions.
"By type, flooded batteries segment accounted for the second largest share during the forecast period."
Flooded batteries hold the second-largest share in the automotive lead-acid battery market by type, following Absorbent Glass Mat (AGM) batteries. Despite their traditional design, flooded batteries remain widely used due to their cost-effectiveness and reliable performance in standard vehicles. However, their market share has slightly declined as advancements in AGM and Enhanced Flooded Batteries (EFB) better meet the demands of modern automotive technologies, such as start-stop systems. Nevertheless, flooded batteries continue to be a preferred choice for many conventional vehicles, particularly in regions with a strong market for cost-sensitive consumers.
"By End-Use, light & heavy commercial vehicles segment accounted for the second largest share during the forecast period."
Light and heavy commercial vehicles hold the second-largest share in the end-use segment of the automotive lead-acid battery market. This significant share is driven by the consistent demand for lead-acid batteries in commercial vehicles, which require reliable and durable power sources for starting, lighting, and ignition (SLI) functions. These vehicles often operate in challenging conditions and rely on lead-acid batteries for their affordability, widespread availability, and ability to provide dependable performance. While passenger vehicles dominate the market, the growth of logistics, construction, and transportation industries has bolstered the adoption of lead-acid batteries in commercial vehicles, sustaining their prominent position in the market.
"By Customer Segment, OEM segment accounted for the second largest share during the forecast period."
The OEM (Original Equipment Manufacturer) segment holds the second-largest share in the customer segment of the automotive lead-acid battery market. This position is attributed to the steady demand for lead-acid batteries in new vehicle production, where manufacturers prioritize cost-effective and reliable battery solutions for starting, lighting, and ignition (SLI) applications. Although the aftermarket segment leads due to the frequent replacement cycles of batteries, the OEM segment benefits from the continuous production of conventional vehicles and the incorporation of advanced lead-acid battery technologies, such as AGM and EFB, in modern vehicles equipped with start-stop systems. This ensures the OEM segment remains a key contributor to the market's overall growth.
"North America region is estimated to account for the second largest share during the forecast period."
North America holds the second-largest share in the regional segment of the automotive lead-acid battery market. This is driven by the robust automotive industry in the region, which includes both the production of traditional vehicles and the increasing adoption of technologies like start-stop systems in newer models. The demand for lead-acid batteries in North America is bolstered by their widespread use in light vehicles, commercial vehicles, and replacement markets. Additionally, the region benefits from a well-established automotive manufacturing base and strong aftermarket demand, ensuring that lead-acid batteries continue to be a preferred power source due to their affordability and reliability.
EnerSys (US), Clarios (US), East Penn Manufacturing Company (US), GS Yuasa International Ltd. (Japan), and Exide Industries Ltd. (India) are some of the major players in the automotive lead acid battery market. These players have adopted acquisitions, expansions, product launches, and partnerships to increase their market share and business revenue.
The report defines, segments, and projects the automotive lead acid battery market based on product, type, end use, customer segment, and region. It provides detailed information regarding the major factors influencing the market's growth, such as drivers, restraints, opportunities, and challenges. It strategically profiles automotive lead acid battery manufacturers. It comprehensively analyzes their market shares and core competencies and tracks and analyzes competitive developments, such as expansions, agreements, product launches, and acquisitions, undertaken by them in the market.
The report is expected to help the market leaders/new entrants by providing the closest approximations of revenue numbers for the automotive lead acid battery market and its segments. This report is also expected to help stakeholders obtain an improved understanding of the market's competitive landscape, gain insights to improve the position of their businesses and make suitable go-to-market strategies. It also enables stakeholders to understand the market's pulse and provides them with information on key market drivers, restraints, challenges, and opportunities.