CHICAGO, July 11, 2023 /PRNewswire/ -- The report "Automotive Lead Acid Batteries Market by Product (SLI Batteries, Micro Hybrid Batteries), Type (Flooded, VRLA), Customer Segment (OEM, Aftermarket), End Use (Passenger Cars, Light & Heavy Commercial Vehicles), and Region - Global Forecast to 2028", is projected to grow from USD 27.8 billion in 2023 to USD 34.0 billion by 2028, at a CAGR of 4.2%. Lead-acid batteries have been the primary choice for automotive applications due to their affordability, reliability, and ability to deliver high currents required for starting vehicles. The demand for lead-acid batteries in the automotive industry is directly linked to the production and sales of vehicles. With the expansion of the global automotive market, the demand for lead-acid batteries is also increasing. Emerging regions with growing automotive industries contribute significantly to the demand for these batteries.
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By product, the micro hybrid batteries segment is estimated to be the fastest-growing segment of automotive lead acid batteries market during 2023 to 2028.
The micro hybrid batteries segment, by product, is projected to be the fastest-growing market during the forecast period. The demand for micro hybrid batteries is increasing due to the growing popularity of start-stop technology in vehicles. Start-stop systems offer fuel efficiency improvements by reducing idle time, resulting in lower emissions and improved overall vehicle efficiency. As automakers strive to meet stricter emission standards and improve fuel economy, the adoption of start-stop systems and corresponding micro hybrid batteries is expected to rise.
By type, the flooded batteries segment accounted for the second-largest share of automotive lead acid batteries market in 2022.
Flooded batteries continue to be widely used in the automotive sector, particularly in traditional internal combustion engine vehicles. Despite the increasing adoption of other battery technologies in electric vehicles, flooded batteries are still commonly used for engine starting, lighting, and ignition (SLI) applications. The automotive sector's steady demand for flooded batteries contributes to the overall market trend.
By end use, the passenger cars segment is projected to account for the largest share of the automotive lead acid batteries market during the forecast period.
In developing economies, where automotive markets are still evolving, lead acid batteries continue to be widely used in passenger cars. These batteries offer a cost-effective solution for automotive power needs in countries with price-sensitive markets. As these economies continue to grow and vehicle ownership expands, the demand for lead acid batteries in passenger cars is expected to persist.
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By customer segment, aftermarket is expected to be the fastest-growing segment of the automotive lead acid batteries market during the forecast period.
The aftermarket segment plays a significant role in the automotive lead acid batteries market. As lead acid batteries have a limited lifespan and require periodic replacement, the aftermarket sector provides consistent demand for new batteries. Many consumers opt for lead acid batteries as replacements for their existing vehicles, especially for older models and vehicles that do not require advanced electrical systems. Thus, the aftermarket segment is estimated to have substantial growth.
Asia Pacific is estimated to account for the largest share of automotive lead acid batteries market during 2023 to 2028.
The automotive industry in Asia is rapidly expanding, driven by increasing vehicle production and sales. Lead acid batteries are extensively used in automotive applications, particularly in conventional internal combustion engine vehicles. As the demand for vehicles continues to rise in Asia, the demand for lead acid batteries in the automotive sector is expected to grow accordingly.
The major players operating in the automotive lead acid batteries market include Camel Group Co., Ltd. (China), C&D Technologies, Inc. (US), Clarios (US), CSB Energy Technology Co., Ltd. (Taiwan), East Penn Manufacturing Company (US), EnerSys (US), Exide Industries Ltd. (India), Exide Technologies (France), GS Yuasa Corporation (Japan), Koyo Battery Co., Ltd. (Taiwan), Leoch International Technology Limited (China), Mebco (Saudi Arabia), PT. Century Batteries Indonesia (Indonesia), Reem Batteries (Oman), Ritar International Group (China), Robert Bosch GmbH (Germany), Stryten Energy (US), Tai Mao Battery Co., Ltd. (Taiwan), Tianneng (China), and others.
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