Automotive Lead Acid Battery Market Forecast (2024-2031)
The automotive lead acid battery market is projected to grow from US$ 26.50 billion in 2023 to US$ 40.49 billion by 2031; it is expected to expand at a CAGR of 5.4% from 2023 to 2031. Technological development to improve durability is anticipated to be a key trend in the market.
Automotive Lead Acid Battery Market Analysis
Compared to other types of rechargeable batteries, lead-acid batteries are less expensive. This battery's self-discharge rate is around 40% per year. A lead-acid battery performs effectively at both hot and low temperatures. The technology employed in these batteries is mature. A lead-acid battery, when properly used, can endure a long time and provide reliable service. Lead-acid batteries may provide large surge currents, making them ideal for applications requiring a fast burst of power, such as automotive starting batteries. Thus, the demand for automotive lead acid batteries is expected to grow during the forecast period.
Automotive Lead Acid Battery Market Industry Overview
An automotive lead-acid battery is a rechargeable device that stores electrical energy as chemical energy. It is made up of many series-connected cells, each of which contains a series of lead dioxide and sponge lead plates immersed in a sulfuric acid solution. Lead-acid batteries work effectively in a variety of climate situations. They have a high cranking power, giving adequate starting current even in harsh temperatures. This feature makes lead-acid batteries an excellent choice for automobiles in both cold and hot climates. Thus, the demand for lead-acid batteries is expected to grow during the forecast period.
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Automotive Lead Acid Battery Market: Strategic Insights
Market Size Value in US$ 16,860.5 Million in 2020 Market Size Value by US$ 23,668.0 Million by 2028 Growth rate CAGR of 3.1% from 2021-2028 Forecast Period 2021-2028 Base Year 2021
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Automotive Lead Acid Battery Market: Strategic Insights
| Market Size Value in | US$ 16,860.5 Million in 2020 |
| Market Size Value by | US$ 23,668.0 Million by 2028 |
| Growth rate | CAGR of 3.1% from 2021-2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
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Automotive Lead Acid Battery Market Driver and Opportunities
Lead acid Batteries are Easily Recyclable Compared to Lithium Ion Battery to Favor Market Growth.
Battery recycling entails carefully removing and neutralizing sulfuric acid from used batteries. This procedure limits the discharge of hazardous sulfuric acid into the environment, lowering the danger of soil and water contamination. Lithium-ion batteries contain no toxic chemicals, while lead-acid batteries do. Both of these battery types are recyclable. However, lead-acid batteries are more easily recycled in most places of the world than lithium-ion batteries. Approximately 95% of the materials in lead-acid batteries are recyclable, making them an environmentally responsible choice. Thus, the demand for lead-acid batteries is expected to grow during the forecast period.
Increasing Passenger Car and Light Commercial Vehicle Sales
According to the article published in the Economic Times, passenger car wholesales in India achieved a new high of 42,18,746 units in the fiscal year 2023-24. Further, according to the China Association of Automobile Manufacturers, China's commercial vehicle exports reached 74,000 units in January 2024. Lead acid batteries are preferred for starting, lighting, and ignition (SLI) in an automobile. Thus, increasing sales of passenger and light commercial vehicles is expected to boost the demand for lead-acid batteries during the forecast period.
Automotive Lead Acid Battery Market Report Segmentation Analysis
The key segments that contributed to the derivation of the automotive lead acid battery market analysis are product and end-user.
- Based on the product, the market is divided into SLI and micro-hybrid batteries.
- based on type, the market is segmented into flooded, enhanced flooded, and VRLA)
- Based on end-users, the market is segmented into passenger cars, LCVs, MCVs, and HCVs.
- In 2023, the SLI segment accounted for a prominent market share. SLI battery is a rechargeable lead acid battery, and it is extensively used in different automobiles.
Automotive Lead Acid Battery Market Share Analysis By Geography
Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America.
Europe's strong foothold in automotive innovation and environmental measures has a considerable impact on the automotive lead-acid battery industry. Germany, the United Kingdom, and France are expected to be the key countries in the European automotive lead-acid battery market. On the other hand, Asia-Pacific is expected to be the most profitable market over the projection period due to the growth of the automotive sector in the region.
Automotive Lead Acid Battery Market Report Scope
Automotive Lead Acid Battery Market News and Recent Developments
The automotive lead acid battery market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the automotive lead acid battery are listed below:
- GS Yuasa Corporation announced that India-based Tata AutoComp GY Batteries Private Ltd. (“TGY”), an equity-method affiliate of subsidiary GS Yuasa International Ltd. (“GS Yuasa”), aims to double its annual production capacity for motorcycle lead-acid batteries to 8.4 million units. In addition, TGY will strengthen its production of automotive lead-acid batteries, with a focus on high-performance lead-acid batteries for environment-friendly vehicles, such as start & stop vehicles, demand for which is expected to continue growing in the years ahead. (Source: GS Yuasa Corporation, Press Release, December 2021)
Automotive Lead Acid Battery Market Report Coverage & Deliverables
The automotive lead acid battery market forecast is estimated based on various secondary and primary research findings, such as key company publications, association data, and databases. The market report "Automotive Lead Acid Battery Market Size and Forecast (2021–2031)" provides a detailed analysis of the market covering below areas-
- Automotive lead acid battery market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Automotive Lead Acid Battery Market trends, as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Automotive lead acid battery market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments in the Automotive Lead Acid Battery Market
- Detailed company profiles.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product , Type , and End-user
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Frequently Asked Questions
The automotive lead acid battery market size is projected to reach US$ 40.49 billion by 2031.
North America is expected to dominate the automotive lead acid battery market with the highest market share in 2023.
Technological developments to improve durability to play a significant role in the global automotive lead acid battery market in the coming years.
The leading players operating in the automotive lead acid battery market are Clarios, CSB Energy Technology Co., Ltd., EnerSys, East Penn Manufacturing Company, Exide Industries Limited, GS Yuasa International Ltd., Johnson Controls, Inc., leach International Technology Limited Inc., and Panasonic Corporation.
Easily recyclable compared to lithium-ion batteries and the growing automotive industry are the major factors driving the Automotive Lead Acid Battery market.
The global automotive lead acid battery market is expected to grow at a CAGR of 5.4 % during the forecast period 2024 - 2031.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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