The global automotive lead acid battery market is forecasted to exhibit a steady CAGR of 5% during the forecast period (2020-2029), according to a market study by Fact.MR. Factor predominantly fueling the growth is the increasing vehicle production across the world. Lead acid batteries, which are known for providing an additional source of power, are gaining significant traction from the automotive industry. Furthermore, an increasing number of passenger cars is expected to accelerate the growth of the automotive lead acid battery market. However, the outbreak of COVID-19 has posed a challenge to the growth of the market in the immediate future. Asia Pacific, the leading regional market for automotive lead acid batteries, is tremendously impacted by the outbreak and has halted all automobile production activities.
"With the automotive industry standing still, the lead acid battery market, which is heavily reliant on the automotive, is going through an arduous phase. On a positive note, the resumed production in China could mitigate the long-term impact," says the study
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Enhanced flooded batteries segment is anticipated to register a remarkable growth during the forecast period, and will account for more than 1/3rd of market value. The growth is predominantly attributed to the increasing electrification and modification of cars, which is spiking the demand for power is increasing rapidly especially for hybrid and electric cars.
Internal Combustion Engine (ICE) technology segment will bestow substantial revenue opportunities during the forecast period on the back of the continual adoption of conventional vehicles over electric vehicles due to a lack of charging infrastructure in developing economies.
Asia-Pacific is projected to persist dominance as the leading regional market for the automotive lead acid battery market. This demand for the market in the region is attributed to the growing automotive sales in developing countries such as China and India. Furthermore, the cost-effectiveness of the batteries in storing sufficient energy is prompting automotive manufacturers in the region to opt for lead acid batteries.
North America is projected to provide lucrative opportunities to the players, backed by a gradual shift from the internal combustion engine vehicles to electric vehicles in the region
Europe is forecasted to account for nearly 1/5th of the global market value in the automotive lead acid battery market by the end of the forecast period.
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Battery: flooded, enhanced flooded, and AGM
Technology: ICE, hybrid, electric
Vehicle type: passenger car, LCV
Sales channel: OEM and Aftermarket
Regions: North America, Europe, Asia-pacific, Latin America, and Middle East & Africa
Expert analysis, actionable insights, and strategic recommendations of the veteran research team at Fact.MR helps clients from across the globe with their unique business intelligence requirements. With a repository of over thousand reports and 1 million+ data points, the team has scrutinized the automotive sector across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Fact.MR's latest automotive market research reports and industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition.