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.
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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
What Future Developments are anticipated for Automotive Lead Acid Batteries?
Researchers at chemical industries are working ceaselessly to design lead acid batteries with reduced weights, thereby accelerating vehicle speeds. As a result of its capability to discharge electricity even at low weight, lead acid batteries have emerged as the top choice for automotive batteries.
Researchers are exploring various aspects of the batteries, such as their impact on the environment during production and usage, their improved efficiency with less weight, and their reusability in nature. Additionally, the materials used in lead acid batteries and the cycling time were investigated globally. Researchers are researching how features such as automatic water refills and centrally located plugs can decrease their maintenance needs, which will lead to fewer battery checks.
Country-wise-Analysis
What Growth Prospects abound across the U.S Market?
According to Fact.MR, automotive lead acid battery sales are expected to surge at a CAGR of 6% from 2021 to 2031. Increasing vehicle sales in spite of the recessionary effects of the pandemic is expected to sustain market demand in forthcoming years.
As of 2020, overall automotive sales across the U.S reached 32 million units, including passenger, commercial and light duty vehicles. Furthermore, increasing sales of battery electric and plug-in hybrid electric vehicles is also spurring demand, with cumulative sales reaching 1.6 million units as of August 2020.
Category-wise Insights
Why are Electric Lead Acid Batteries Gaining Traction?
Automobile manufacturers have continued to develop various alternative fuel vehicles amid growing environmental concerns and increasingly limited oil resources. One of the most prevalent and popular alternatives to petroleum is battery electric vehicles (BEVs).
Because of their zero emissions, they have been widely adopted throughout various regions. There was an increase in the production of electric cars and bikes in the automotive industry as the trend for using electric vehicles expanded. Due to their cost-effective nature and wide use in commercial applications, electric vehicles are increasingly being used in different regions. A CAGR of 5% is anticipated for this segment.
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Competitive Landscape
A strategic collaboration can increase the revenue and market share of autoclaved aerated concrete. Innovative products and technologies allow manufacturers to enter new markets.
Strategic collaborations enable manufacturers to increase production and meet consumer demand which will increase revenue and market share. Despite its highly competitive nature, the market for hybrid electric vehicles is growing rapidly. As the global hybrid electric vehicle market finds itself in a state of increasing competition, companies are working to strengthen their market position and gain traction.
- 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.
- 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.
Key Segments Covered
· Battery Type
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- Flooded Automotive Lead Acid Battery
- Enhanced Flooded Automotive Lead Acid Battery
- Absorbent Glass Mat (AGM) Automotive Lead Acid Battery
· Technology
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- Internal Combustion Engine (ICE) Lead Acid Battery
- Hybrid Lead Acid Battery
- Electric Lead Acid Battery
· Vehicle Type
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- Automotive Lead Acid Battery for Passenger Cars
- Automotive Lead Acid Battery for Light Commercial Vehicles
· Sales Channel
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- Automotive Lead Acid Battery Sales via OEMs
- Automotive Lead Acid Battery Sales via Aftermarket
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