Global Automotive Lead Acid Battery Market to Surge at over 5% CAGR, backed by Rising HEV Popularity: Fact.MR
Published : 02 Sep 2021 Industry: Automotive
A recently published Fact.MR report establishes that the global automotive lead acid battery market will register a CAGR of 5.02% across the 2021-2031 forecast period, reaching US$ 41.8 Bn. According to the report, the market is expected to be valued at US$ 25.6 Bn by 2021-end.
Historical analysis demonstrates that the market experienced a steady expansion rate, clocking a growth rate of 4% from 2016 to 2020. While prospects declined in the conventional automotive sector during the COVID-19 pandemic, the ever widening popularity of hybrid and electric vehicles largely sustained demand across FY 2020-21.
As global emission standards regarding conventional automobiles tighten, manufacturers are incorporating energy efficient solutions in vehicle designs, including increased adoption of lead acid batteries. Lead acid batteries are 99% recyclable, which makes it the go-to choice for a majority of market players. As per a World Health Organization report, over 4/5th of lead consumption is for producing lead-acid batteries. Recently, in September 2020, Ahlstrom-Munksjo introduced FortiCell® lead-acid batteries, containing absorbed glass mat media and film separator reinforcements.
Key Takeaways from the Market Study
- Global automotive lead acid battery market to yield an absolute opportunity worth US$ 14.5 Bn
- By technology, electric lead acid batteries to surge at a CAGR of 5% through 2031
- Flooded batteries to account for 39% revenue share from 2021 to 2031
- By vehicle, passenger cars to remain key end users, accounting for 4 out of 5 sales
- U.S to register a growth rate of 6% in the automotive lead acid battery industry
- Europe likely to account for 17% of the market share through 2031
- Asia to emerge as the most opportunistic market, capturing over 2/5th of the revenue share
“Heightening concerns over rising carbon emissions is prompting a switch towards hybrid and electric vehicles which require robust battery systems in place, thereby spurring sales in the long-run,” says an analyst at Fact.MR
A strategic collaboration can increase the revenue and market share of autoclaved aerated concrete. Innovative products and technologies allow manufacturers to enter new markets.
- On 19, November 2020, GS Yuasa, a Japanese lead and lithium battery manufacturer partnered with Infinite Renewables, a UK renewable energy company, to provide South Wales with cleaner energy.
- A combination of renewable energy generation and battery storage technology allows the partnership to provide cheaper and greener energy through the establishment of local energy centers throughout industrial areas across West Wales and the Valleys.
More Insights Available
Fact.MR's, in its new offering, presents an unbiased analysis of the automotive lead acid battery market, presenting historical demand data (2016-2020) and forecast statistics from 2021 to 2031.
The study divulges essential insights on the market based on battery type(flooded, enhanced flooded, absorbent glass mat(AGM)), technology (internal combustion engine(ICE), hybrid, electric), vehicle type(passenger cars, light commercial vehicles) and sales channel (OEM, aftermarket), across seven major regions of the world (North America, Latin America, Europe, East Asia, South Asia, Oceania, and the Middle East & Africa).
About the Automotive Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned automobile team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analyzed the automotive industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
For more information, refer to our market research report or contact the PR author.
Consultant - Industrial Goods and Automotive