Increasing Vehicles Sales to Unlock Lucrative Opportunities for Automotive Lead Acid Battery Market
The sales of passenger cars and commercial vehicles in China, India, and other ASEAN countries are on the rise and is resulting in growing utilization of automotive lead acid batteries. The automotive lead acid batteries are installed in every vehicle as they are used for starting, lighting and ignition (SLI) processes in the vehicle. Moreover, owing to their cost-effective methods for storing sufficient energy by providing short term source of power to the vehicle especially when the engine is off has prompted automotive manufacturers to opt for lead acid batteries. Further, the steady shift from the internal combustion engine vehicles to electric vehicles in North America and Western Europe, coupled with increasing popularity of stop-start and plug-in technologies is anticipated to create a plethora of opportunities for the automotive lead acid battery manufacturers by 2029. The global automotive lead acid battery market is estimated to create an absolute $ opportunity worth US$ ~ 14.5 Bn during the end of the forecast period (2019-2029) and is foreseen to grow at a moderate CAGR of 4.6%.
Enhanced Flooded Battery (EFB) to See an Upward Trend in Sales
Owing to the increasing electrification and modification of cars, requirement for power is increasing rapidly especially for hybrid and electric cars. This has led to a growing preference for enhanced flooded batteries (EFB). The EFB is designed to offer enhanced cycling capability and improved charge acceptance as compared to the flooded batteries and is widely used in premium vehicles. Furthermore, the demand for enhanced flooded battery in Asia-Pacific region is rising due to its functional benefits thus creating opportunities for the players operating in the automotive lead acid battery market. Owing to the above-mentioned facts, the enhanced flooded battery is expected to cross US$ 1.4 Bn mark by the end of the forecast period. Enhanced flooded batteries are also foreseen to grow 1.2X faster than the Absorbent Glass Mat (AGM) batteries by 2029.
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Asia-Pacific Market Poised for Sharper Revenue Margins
Regionally, Asia-Pacific is projected to maintain its lead in the global automotive lead acid battery market with nearly 45% of the total revenue share in the market and is expected to continue its dominance over the forecast period. Furthermore, growing automotive sales in developing countries such as China and India is anticipated to drive demand for lead acid batteries. Additionally, flooded lead acid batteries are highly preferred in Asia and Middle East Region, owing to their cost-effective energy storage. Asia-Pacific is estimated to create an absolute dollar opportunity worth US$ ~9.7 Bn through the forecast duration. Furthermore, owing to the optimistic outlook of automotive lead acid battery market in Europe, the region is forecasted to account for nearly 20% in the overall value opportunity created in the automotive lead acid battery market.
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Partnerships Coupled with Increased Production Capacity to Augment Market Resiliency
Prominent players are continuously focusing on enhancing their production capacity to strengthen their market presence, increase business operations and to increase their share in the market.
- In June 2019, EnerSys Inc. announced its plans for the expansion of TPPL (Thin Plate Pure Lead) capacity over the period of three years to commercialize its Greenseal Bi-Polar Battery Technology
- In 2018, GS Yuasa Corporation opened its biggest production plant in China for the production of lead acid batteries
- In February 2017, Johnson Controls and Aqua Metals signed the battery recycling technology partnership.
Automotive Lead Acid Battery Market - Scope of the Report
Fact.MR recently published a market study on the global market for automotive lead acid battery. The study provides a detailed assessment on the key market dynamics, including drivers, trends, opportunities, restraints, and detailed information about the automotive lead acid battery market structure. The market study presents exclusive information about how the automotive lead acid battery market will grow during the forecast period of 2019-2029.
Key indicators of market growth, which include Year-on-Year (Y-o-Y) growth of the market, value chain, supply chain analysis, and Compounded Annual Growth Rate (CAGR) are explained in Fact. MR’s study in a comprehensive manner. This information can help readers understand the quantitative growth prospects of the automotive lead acid battery market in the forecast period.
The study is relevant for stakeholders in the automotive lead acid battery market, including manufacturers, suppliers, distributors, and investors, and can help them in developing appropriate strategies to grow in the market. Stakeholders in the automotive lead acid battery market, investors, industry experts, researchers, and journalists, as well as business researchers can leverage the information and data presented in the Fact.MR study.
The study also includes statistics as well as facts related to macro as well as microeconomic factors that are impacting developments in the automotive lead acid battery market. It also offers actionable insights based on future trends in the automotive lead acid battery market. Furthermore, small businesses and new entrants in the automotive lead acid battery market too can make use of the information presented in this study, based on which, they can make appropriate business decisions in order to gain momentum in the market.
Key Segments of the Automotive Lead Acid Battery Market
Fact.MR’s study on the automotive lead acid battery market offers information divided into four key segments— battery type, technology, vehicle type, and sales channel across five region. This report offers comprehensive data and information about important market dynamics and growth parameters associated with these categories.
Key Questions Answered in Fact.MR’s Automotive Lead Acid Battery Market Report
- Which regions will continue to remain the most profitable regional markets for automotive lead acid battery market players?
- Which factors will induce a change in the demand for automotive lead acid battery during the assessment period?
- How will changing trends impact the automotive lead acid battery market?
- How can market players capture the low-hanging opportunities in the automotive lead acid battery market in developed regions?
- Which companies are leading the automotive lead acid battery market?
- What are the winning strategies of stakeholders in the automotive lead acid battery market to upscale their position in this landscape?
Automotive Lead Acid Battery Market: Research Methodology
In Fact.MR’s study, a unique research methodology is utilized to conduct extensive research on the growth of the automotive lead acid battery market, and reach conclusions on future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of conclusions.
Secondary resources referred to analysts during the preparation of the automotive lead acid battery market study include statistics from governmental organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, who have contributed to the development of this report as a primary resource.
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