AUTOMOTIVE LEAD ACID BATTERY MARKET ANALYSIS

Automotive Lead Acid Battery MarketSize and Trends

The global digital automotive lead acid battery market size was valued at US$ 29.34 Billion in 2023, exhibiting a Compound Annual Growth Rate (CAGR) of 4.1% from 2023 to 2030.

Global Automotive Lead Acid Battery Market- Segmentation

The Global Automotive Lead Acid Battery market is classified into the following segments based on battery type, sales channel, vehicle type, and regions. Based on vehicle type, the passenger car segment in the global automotive lead acid battery market held the dominant position in 2022. The rising demand for passenger cars across the globe especially in the developing countries like, India, Bangladesh, China, etc. This is leading to the expansion of the global automotive lead acid battery market. Rapid urbanization has resulted in the expansion of cities and increased commuting distances. Passenger cars offer convenience and flexibility for urban residents to travel within and outside the city, making them a popular choice for daily transportation needs. Moreover, emerging economies have experienced significant growth in their middle-class population. As incomes rise, more individuals and families can afford passenger cars, leading to increased demand, particularly in developing countries. This is leading to the increase in sales of passenger cars in the region, subsequently leading to the expansion of the global automotive lead acid battery market during the forecast period.

Global Automotive Lead Acid Battery Market- Trends

Focus on Battery Recycling and Sustainability:

The focus on battery recycling and sustainability in the global automotive lead-acid battery market is driven by the increasing awareness of environmental concerns, the need for responsible waste management, and the growing emphasis on sustainable practices in the automotive industry. This trend encompasses various aspects related to the lifecycle of lead-acid batteries, including their production, use, and end-of-life disposal or recycling. Moreover, governments and regulatory bodies in many countries have implemented or strengthened regulations related to battery recycling to mitigate the environmental impact of lead-acid batteries. For instance, on June 19, 2023, GME recycling (Gianni Mori Engineering), an Italian recycler of batteries, installed a new axis rotary furnace which will allow the company to recycle lead acid batteries more efficiently.

Increasing demand for automotive start-stop systems:

The increasing demand for automotive start-stop systems is indeed a notable trend in the global automotive lead-acid battery market. Start-stop systems have gained popularity in recent years as an effective technology to improve fuel efficiency and reduce emissions in internal combustion engine (ICE) vehicles. Start-stop systems automatically turn off the engine when the vehicle comes to a stop, such as at traffic lights or during prolonged idling, and restart it when the driver releases the brake or engages the clutch. For instance, In September 2022, Hyundai Motors, a South Korea based automotive manufacturer announced the launch of its new car model named, ‘Venue N Line’ which comes with auto start-stop system. This system uses the conventional lead acid battery in the car to operate. This is expected to increase the demand for lead acid batteries in automotive industry.

Figure 2. Global Automotive Lead Acid Battery Market Share (%) Analysis and Forecast, By Region 2023