Automotive lead-acid battery market size to increase by USD 4,077.41 million: Market research insights highlight the increasing number of electronic applications in passenger cars as a key driver - Technavio
NEW YORK, Jan. 24, 2023 /PRNewswire/ -- According to Technavio, the automotive lead-acid battery market will witness a YOY growth of 2.41% between 2022 and 2023. The market is segmented by application (aftermarket and OEM), vehicle type (passenger and commercial), and geography (APAC, North America, Europe, South America, and Middle East and Africa). The automotive lead-acid battery market size is estimated to increase by USD 4,077.41 million at a CAGR of 2.84% from 2022 to 2027 - Request a sample report
Automotive lead-acid battery market - Vendor insights
The global automotive lead-acid battery market is fragmented, and the vendors are deploying various strategies to compete in the market. Prominent vendors are working on developing efficient automotive lead-acid batteries for customers. The rising electronic content in automobiles and the growing adoption of EVs are increasing the need for batteries, which is driving the demand for automotive lead-acid batteries. Such factors are expected to intensify the competition in the market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
Automotive lead-acid battery market - Geographical analysis
APAC will provide maximum growth opportunities in the automotive lead-acid battery market during the forecast period. According to our research report, the region will account for 61% of the global market growth.
China, India, and Japan are the major markets for automotive lead-acid batteries in APAC. The increasing disposable income and the launch of new car models by OEMs are driving the market growth. APAC has the largest number of potential first-time buyers of passenger cars, which is leading to growth in the sales of such cars. These factors will drive the automotive lead-acid batteries market in the region during the forecast period.
Know more about this market's geographical distribution along with a detailed analysis of the top regions: https://www.technavio.com/report/automotive-lead-acid-battery-market-industry-analysis?v1
Automotive lead-acid battery market - Key segment analysis
The aftermarket segment will grow at a significant rate during the forecast period. Lead-acid batteries provide a quick power boost in a short time. Hence, they dominate the automotive aftermarket. In the automotive industry, lead-acid battery is the only available battery technology for scalable link interface (SLI) applications due to its high cold-cranking performance. The low cost of lead-acid batteries will drive the growth of this segment dominance during the forecast period.
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Automotive lead-acid battery market - Key market drivers & challenges
The increasing number of electronic applications in passenger cars is driving the global automotive lead-acid battery market growth. Some of the technologies used in passenger cars include global positioning systems (GPS), music systems, Bluetooth, and wireless charging. The adoption of electronic applications in passenger cars is increasing owing to the increasing demand for improved navigation systems, safety, and comfort. Hence, there is a high demand for efficient batteries, such as automotive lead-acid batteries, which can power electronic components. Such factors are expected to propel the growth of the global automotive lead-acid battery market during the forecast period.
Stringent laws to prevent lead pollution are challenging the global automotive lead-acid battery market growth. The increase in the production of lead-acid batteries can result in lead pollution. These batteries require high quantities of lead, which is often mixed with exhaust gases. To curb lead poisoning, governments of many countries have implemented stringent laws. For instance, the Government of China has shut down most lead-acid battery manufacturing plants and has also enforced stringent regulations and standards for battery disposal and production. Such regulations will hinder the growth of the market during the forecast period.
What are the key data covered in this automotive lead-acid battery market report?
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Table of contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Vehicle Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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