Automotive Lead Acid Battery Market Size, Revenue Growth Factors & Trends, Key Player Strategy Analysis, 2022–2030
The Automotive Lead Acid Battery market size is expected to reach USD 65.98 Billion in 2030 and register a revenue CAGR of 4.2% over the forecast period, according to the latest report by Reports and Data. Steady market revenue growth of Automotive Lead Acid Battery is due to various factors, such as cost-competitive energy storage solution and increase in renewable energy generation target. However, safety issues related to battery usage are certain restraints that are expected to affect the market revenue growth.
The lead-acid batteries are a type of rechargeable
battery which have relatively low energy density. Their ability to supply high
surge currents means that the cells have a relatively large power-to-weight
ratio. These features, along with their low cost, make them attractive for use
in motor vehicles to provide high current required by starter motors. Most of
the world’s lead-acid batteries are used in automobile starting, lighting, and
ignition batteries. Traction batteries are used in golf carts and other battery
electric vehicles. Large lead-acid batteries are also used to power electric
motors in diesel-electric submarines when submerged and are used as emergency
power on nuclear submarines as well. They are also used in back-up power
supplies for electric wheelchairs, electrified bicycles, marine applications,
battery electric vehicles, or micro hybrid vehicles, and motorcycles. Lead–acid
battery has several advantages such as easy handling, economical, long service
life, design flexibility, rugged construction, compact design, high discharge
rate, wide operating temperature, and deep discharge recovery which can be used
for various applications. However, low specific energy and poor
cold-temperature performance impede their use. Advanced high-power lead-acid
batteries are being developed but these batteries are only used in commercially
available electric drive vehicles for ancillary loads, which is expected to
drive market revenue growth.
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Competitive
Landscape:
The Global Automotive Lead Acid Battery Market is
extremely competitive and comprises various key players at global and regional
levels. Major players are focused on adopting various strategies such as
mergers and acquisitions, partnerships and joint ventures, R&D investments
to establish market footing and expand their product base. These are investing
in R&D to develop enhanced products and devices, modern farming systems and
other techniques to boost farm and livestock productivity
Competitive
Landscape:
· EnerSys
· Exide
Industries Ltd
· GS
Yuasa International Ltd
· Advanced
Power Solutions VN
· Chaowei
Power Holdings Ltd
· Narada
· HBL
Power Systems Ltd
· Crown
Battery
· NorthStar
· Hitachi
Ltd.
Further key findings from the report
suggest
- Among
type segment, motive segment accounted for largest market revenue share in
2020 and is expected to register a faster revenue CAGR during the forecast
period due to increasing demand for forklift applications. It has been
observed that lead-acid batteries power almost 70% of the total forklifts
manufactured. A motive type battery powers the motor that drives an
electric vehicle such as a forklift truck. They also provide power for a
specific purpose on an electric vehicle, such as the lift on a fork light
truck. Additionally, motive type batteries power accessories such as
headlights on an electric vehicle. Since lead-acid batteries aid in
bringing down the total cost of ownership, their augmented implementation
in forklifts is expected to fuel segment revenue growth over the forecast
period.
- Among
end use segment, transportation segment accounted for largest market
revenue share in 2020 due to rise in demand for electric vehicles.
Volatility of crude oil prices have affected countries that are dependent
solely on imports. Rise in crude oil prices have led to rise in inflation.
Hence, automobile sector is focusing on adopting electric vehicles as an
alternative means which help in carbon reduction. Automotive Lead Acid
Battery is used in different vehicles for different purposes, so as the
automobile industry is witnessing steady demand, it would also allow Automotive
Lead Acid Battery market revenue to grow due to its cost-effective
installation.
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- Automotive
Lead Acid Battery market in Asia Pacific accounted for largest revenue
share in 2020 and is expected to register fastest revenue CAGR during the
forecast period due to requirement of cost-effective energy storage
solutions in developing counties. The industrial and commercial &
residential sectors, along with the transportation sector, are major
consumers of these battery systems. China, Singapore, South Korea, Japan,
and India are considered the main industrial hubs and offer tremendous
growth opportunities for the lead-acid battery market. High demand in the
region is owing to rising investment in smart battery-operated
technologies. The rise in automobile production, increase in demand for
uninterrupted power supply, government support, and increase in the level
of Foreign Direct Investment (FDI) are expected to drive market revenue
growth.
For the purpose of this report, Reports and Data have
segmented global Automotive Lead Acid Battery market on the basis of product
type, construction method, application, end-users, sales channel, and region:
Type Outlook (Revenue, USD Million;
2019–2030)
- Stationary
- Motive
End-use Outlook (Revenue, USD
Million; 2019–2030)
- Utility
- Transportation
- Industrial
- Commercial & Residential
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Technology Outlook (Revenue, USD
Million; 2019–2030)
- Basic
- Advanced
Construction Outlook (Revenue, USD
Million; 2019–2030)
- Flooded
- Vrla (valve regulated lead–acid) Battery
Regional Outlook (Revenue, USD Million;
2019–2030)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Key Questions
Answered in the Report:
What is the growth
rate of the Automotive Lead Acid Battery market? What is the anticipated market
valuation of Automotive Lead Acid Battery industry by 2030?
What are the key
growth driving and restraining factors of the Automotive Lead Acid Battery market?
What are the key
opportunities and growth prospects of the Automotive Lead Acid Battery industry
over the forecast period?
Which region is
expected to show significant growth in the coming years?
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