PUBLISHER: The Business Research Company | PRODUCT CODE: 1425256
PUBLISHER: The Business Research Company | PRODUCT CODE: 1425256
Automotive Lead Acid Batteries Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on automotive lead acid batteries market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for automotive lead acid batteries? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The automotive lead acid batteries market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Automotive lead-acid batteries are rechargeable batteries that supply electric energy to vehicles, particularly for starting internal combustion engines. These batteries are known for their high current and surge capability, making them well-suited for the demanding task of starting engines. They contribute to enhanced vehicle performance by providing increased longevity, dependability, efficiency, and tolerance. Additionally, due to their relatively high cell voltage levels and cost-effective production, lead-acid batteries are commonly used in substations and power systems.
The main types of automotive lead-acid batteries include flooded batteries, enhanced flooded batteries, and Valve Regulated Lead Acid (VRLA) batteries. Flooded batteries, widely used in cars, large uninterrupted power supplies, and standalone energy systems, contain liquid electrolytes. Enhanced flooded batteries are an improved version of flooded batteries, offering enhanced performance and durability. VRLA batteries are designed to be maintenance-free and are commonly used in automotive applications. The various products associated with automotive lead-acid batteries include Starting, Lighting, and Ignition (SLI) batteries and micro-hybrid batteries. These products are distributed through Original Equipment Manufacturers (OEMs) and the aftermarket. End-users of automotive lead-acid batteries span various vehicle categories, including passenger cars, light commercial vehicles, heavy commercial vehicles, two-wheelers, and three-wheelers.
The automotive lead acid batteries market research report is one of a series of new reports from The Business Research Company that provides automotive lead acid batteries market statistics, including automotive lead acid batteries industry global market size, regional shares, competitors with an automotive lead acid batteries market share, detailed automotive lead acid batteries market segments, market trends and opportunities, and any further data you may need to thrive in the automotive lead acid batteries industry. This automotive lead acid batteries market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The automotive lead acid batteries market size has grown steadily in recent years. It will grow from $35.69 billion in 2023 to $37.47 billion in 2024 at a compound annual growth rate (CAGR) of 5.0%. The growth observed in the historical period can be attributed to the expansion of the automotive industry, the prevailing dominance of conventional vehicles, the reputation for reliability and durability of lead-acid batteries, increased demand in the aftermarket, the notable cold cranking performance, and the support provided for start-stop systems.
The automotive lead acid batteries market size is expected to see strong growth in the next few years. It will grow to $45.73 billion in 2028 at a compound annual growth rate (CAGR) of 5.1%. The anticipated growth in the forecast period can be attributed to the transition towards mild hybrid systems, the sustained dominance of lead-acid batteries in conventional vehicles, increased market penetration in developing regions, ongoing support for commercial vehicles, the growing trend of hybridization, and government initiatives supporting recycling efforts. Major trends expected in the forecast period include a heightened focus on start-stop technology, continuous advancements in battery technologies, the rise of micro-hybrid vehicles, the integration of smart battery technologies, and the evolution of consumer preferences and technologies in the automotive industry. These trends signify the industry's adaptability and responsiveness to emerging technologies and evolving market demands.
The burgeoning demand for electric vehicles (EVs) stands as a significant driver poised to propel the automotive lead-acid batteries market. Global initiatives toward climate preservation and achieving net-zero emissions are steering the paradigm shift toward emission-free transportation. The rise in infrastructure development, including EV charging stations, hydrogen fueling stations, and government interventions promoting EV adoption, stimulates the adoption of electric vehicles. This surge in EV adoption contributes to heightened demand for automotive lead-acid batteries, recognized for their affordability, safety, reliability, and robust power delivery. Notably, data from the International Energy Agency (IEA) in April 2023 revealed a substantial upsurge in electric car sales, accounting for 14% of all new car sales globally in 2022, a notable increase from 9% in 2021. This trend persisted into 2023, with over 2.3 million electric cars sold in the first quarter alone, marking a 25% surge from the corresponding period last year. Projections indicate an estimated sale of 14 million electric cars by the year-end, indicating a 35% year-on-year escalation, particularly accelerated in the latter half of the year. Thus, the burgeoning demand for electric vehicles is set to drive the automotive lead-acid batteries market.
The upswing in disposable income levels is anticipated to drive the growth of the automotive lead-acid batteries market. Disposable income, indicative of income available after deductions for taxes and social security, significantly influences consumer spending patterns, notably impacting the demand for automotive lead-acid batteries. Regions witnessing a surge in disposable income levels often witness a concurrent rise in consumer spending on electric vehicles, where lead-acid batteries serve as a cost-effective and reliable power source. For instance, in July 2022, the U.S. Bureau of Economic Analysis (BEA) reported a 0.4% increase in the monthly personal disposable income of American citizens, paired with a 0.9% increase in spending. This financial growth potentially impacts consumer preferences, contributing to the growth of the automotive lead-acid batteries market.
Technological advancements represent a key trend gaining traction in the automotive lead-acid battery market. Noteworthy companies in this sector prioritize offering advanced battery solutions to fortify their market standing. For example, in June 2023, Schaeffler India, an India-based ball and roller bearing manufacturing company, unveiled the TruPower 2W batteries engineered explicitly for two-wheelers, including electric variants. These batteries, backed by a 24-month warranty and integrated with advanced features, deliver dependable and enduring power solutions, appealing to two-wheeler owners seeking superior performance and reliability, thereby amplifying the technological advancements in the automotive lead-acid battery market.
Prominent companies in the automotive lead acid battery market are intensifying their efforts to introduce innovative and tailored formulations to attain a competitive advantage. Customized formulations involve modifying a substance's composition to meet specific requirements or unique specifications. In a noteworthy development in September 2023, Birla Carbon, an India-based carbon black manufacturer, unveiled a new line of conductive carbons meticulously crafted for the lithium-ion and lead-acid battery markets. These offerings empower customization in formulation and performance across diverse segments such as automotive, telecommunications, motive power, energy storage systems, and e-bikes. Leveraging Birla Carbon's distinctive Ultra process, these products ensure exceptional levels of purity and conductivity. This specialized formulation enhances charge acceptance, particularly beneficial during partial state-of-charge operation, addressing distinct needs within the automotive battery sector.
A significant corporate move unfolded in March 2022 when Clarios, a leading US-based manufacturer specializing in cutting-edge battery technologies for various vehicle types, acquired Metalurgica de Medina SA for an undisclosed sum. This strategic acquisition provides Clarios with access to premium input materials and tolling facilities strategically situated in vital operational locations. The acquisition further streamlines and integrates operations vertically, aiming to reduce costs and mitigate supplier-related risks. Metalurgica de Medina SA, a Spain-based automotive battery manufacturer focused on lead acid batteries, represents a key addition to Clarios' operational ecosystem, consolidating their position within the automotive lead acid battery market.
Major companies operating in the automotive lead acid batteries market report are GS Yuasa International Limited, Johnson Controls Inc., Exide Industries Limited, EnerSys Inc., Panasonic Corporation, CSB Battery Company Limited, East Penn Manufacturing Company, Leoch International Technology Limited, NorthStar Battery Company LLC, Clarios LLC, Koyo Battery Company Limited, FIAMM Energy Technology S.P.A, Reem Batteries & Power Appliances Co. SAOC, Trojan Battery Company LLC, C&D Technologies Inc., Robert Bosch GmbH, Thai Bellco Battery Co.Ltd., Crown Battery Manufacturing Company, Narada Power Source Co. Ltd., Shandong Sacred Sun Power Sources Co.Ltd., Amara Raja Batteries Limited, Banner Batterien GmbH, Camel Group Co.Ltd., Fengfan Co.Ltd., Guangdong Dynavolt Power Technology Co. Ltd., Haze Battery Co. Ltd., Hitachi Chemical Energy Technology Co. Ltd., Zibo Torch Energy Co.Ltd., Coslight Technology International Group Co.Ltd., PT Astra International Tbk
Asia-Pacific was the largest region in the automotive lead acid batteries market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive lead acid batteries market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the automotive lead acid batteries market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The automotive lead-acid batteries market consists of sales of internal combustion engine (ICE) lead-acid batteries, hybrid lead-acid batteries, and electric lead-acid batteries. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.