ICE Battery Technology Account for Over 97% Automotive Lead Acid Battery Sales: Future Market Insights
Increasing production of passenger cars within automotive industry across China, Japan and South Korea are accelerating the automotive lead acid battery sales.
Future Market Insights, Dubai: ESOMAR-certified consulting firm Future Market Insights’ latest report presents a moderate outlook for global automotive lead acid battery market in 2021, owing to the growing demand for lead acid batteries within automotive industry in passenger cars and light commercial vehicles. Preference for ICE technology batteries due to surging demand for sustainable solution among battery manufacturers will aid the market growth. According to FMI, the demand for automotive lead acid batteries grew at around 1% till 2020, the market is expected to grow at over 3% CAGR through 2031.
Increasing production of passenger cars and light commercial vehicles is projected to improve the demand of automotive lead acid batteries. These batteries are preferred for their advantages such as starting, lighting, and ignition (SLI) in automobiles. Furthermore, manufacturers are investing heavily in the R&D activities to produce sustainable, high performance and advanced technology type batteries. Hence, battery manufacturers prefer ICE technology batteries as they offer clean technology and improves efficiency. By 2031-end, the segment is expected to account for majority of the market revenue which will boost the demand for automotive lead acid batteries.
FMI evaluates, the global automotive lead acid battery market is expected to reach a valuation of US$ 36.2 Bn in 2031.
“Technological developments and rising demand for ICE technology batteries are expected to create wide growth opportunities for automotive lead acid battery manufacturers,” remarks the FMI analyst.
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Key Takeaways
- United States to account for over 86% automotive lead acid battery sales leading North America market through 2021
- Rising demand for high-performance batteries to drive the automotive lead acid battery across Germany
- India is expected to emerge as a lucrative market due to the increased passenger vehicle sales within the country
- China’s automotive lead acid battery market poised to grow around 5% CAGR
- Burgeoning demand for passenger vehicles across United Kingdom to boost automotive lead acid battery sales
- Flooded acid batteries to account for over 50% sales of market
- ICE battery technology is expected to account for almost 100% total market share
- Demand for passenger and light commercial vehicle continue to increase automotive lead acid battery sales
Prominent Drivers
- Soaring demand for automotive lead acid batteries from rapidly growing automotive industry to boost the demand
- Rising production of electric powered vehicles is expected to provide lucrative opportunities for market players
- Advancement in technologies and heavy demand for flooded batteries expected to drive the automotive lead acid battery demand
Key Restraints
- Easy availability of low cost battery substitutes is expected to limit the growth of automotive lead acid battery market
- Surging demand for lithium-ion batteries among the manufacturers is the major restraint for the market
- Rising incidents for lead-acid battery explosion is expected to hamper the demand of automotive acid batteries
Discover more about the automotive lead acid battery market with figures and data tables, along with the table of contents. Ask an Analyst@ https://www.futuremarketinsights.com/ask-question/rep-gb-1482
Competitive Landscape
Clarios, GS Yuasa Corporation, Panasonic Corporation, Leoch International Technology Limited, Exide Industries Ltd., EnerSys Inc., East Penn Manufacturing Company, Exide Technologies Inc., and CSB Battery Company Limited among others are some prominent automotive lead acid battery manufacturers profiled by Future Market Insights. Key expansion strategies such as forging long-term collaborations with market players, launching new technologically advanced products and acquisitions.
For instance, on February 18th 2021, Batteries Plus announced partnership with RELiON Battery. The company announced the new agreement with global lithium Battery Company to cater the demand from consumers for lithium batteries. The company aims to provide customers with an alternative to conventional lead-acid batteries.
Also, in October 2020, Okinawa announced the discontinuation of lead acid batteries in its two wheelers and will switch to lithium-ion batteries for electric vehicles.
Additionally, Hitachi Chemical Company announced the production of a range of hybrid and VRLA batteries for a sustainable energy production. The company has also started the innovation centers to discuss potential strategies to expand its customer base.
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More Insights on FMI’s Automotive Lead Acid Battery Market
Future Market Insights, in its new report, gives a detailed segmentation of the global automotive lead acid battery market, analyzing historical demand from 2016-2020 and forecast statistics for 2021-2031. The study reveals growth projections on the automotive lead acid battery market on the basis of battery type (flooded, enhanced flooded and AGM), technology (ICE, hybrid, and electric), vehicle type (passenger car and light commercial vehicle), sales channel (original equipment manufacturers and aftermarket), and across regions (North America, Latin America, Europe, East Asia, South Asia, and Middle East & Africa).
Press Media: https://www.futuremarketinsights.com/press-release/automotive-lead-acid-battery-market
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