Report : Automotive Lead Acid Battery Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product (SLI and Micro Hybrid Batteries), Type (Flooded, Enhanced Flooded, and VRLA), and End-user (Passenger Car, LCV, and MCV and HCV)
Booming Production of Cars and Commercial Vehicles to Provide Growth Opportunities for Automotive Lead Acid Battery Market During 2021–2028
According to our latest market study on “Automotive Lead Acid Battery Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product, Type, and End User,” the market was valued at US$ 16,860.5 million in 2020 and it is projected to reach US$ 23,668.0 million by 2028; it is expected to grow at a CAGR of 3.1% from 2021 to 2028.
Since the past few years, the consumer behavior toward intercity and intracity transit has transformed to a newer level. With increase in disposable income of individuals and stable economic structure of countries, the production of vehicles has boosted exponentially. With the rising demand for cars globally, the production has further been impacted positively, which is creating the demand for batteries including lead acid batteries.
In 2020, China, India, the US, Germany, the UK, and South Korea produced massive number of cars and commercial vehicles within their boundaries. Such massive production of automobile would continue to impact the demand for car batteries including lead acid batteries. Furthermore, factors such as on-demand mobility, arrival of ultra-batteries in energy storage space, and development of advanced energy storage modules for the automobile sector is also driving the production of automotive, thereby boosting the demand for lead acid batteries.
The automotive lead acid battery market is segmented based on product, type, end user, and geography. Based on product, the market is segmented into SLI and micro hybrid batteries. The SLI segment represented the largest share of the overall market in 2020. In terms of type, the market is segmented into flooded, enhanced flooded, and VRLA. In 2020, the flooded segment accounted for the substantial share of the market. Geographically, Asia Pacific held the largest share of the automotive lead acid battery market in 2020, followed by Europe and North America. Further, the market in Middle East & Africa is projected to witness the highest growth rate during the forecast period.
Impact of COVID-19 Pandemic on Automotive Lead acid battery Market
The COVID-19 outbreak has severely disrupted the supply chain and manufacturing of electronics equipment, including the hardware component of automotive lead acid batteries. The emergence of COVID-19 virus across the globe, followed by lockdown scenarios, has led the automotive industry experts to analyze that the industry would face at least a quarter of lag in automotive equipment supply chain. This disruption is expected to create tremors through till mid-2021. The electronics equipment and automotive industry is likely to pick up pace soon after the governments across the globe lift the various containment measures steadily in order to revive the economy. The production of the electronics equipment and automotive is anticipated to gain pace from 2022, which is further foreseen to positively influence the electronics equipment and automotive manufacturing, including hardware components of automotive lead acid batteries.
Clarios; Exide Industries Limited; GS Yuasa International Ltd; Johnson Controls, Inc.; and Panasonic Corporation are among the major companies operating in the automotive lead acid battery market.
The report segments the global automotive lead acid battery market as follows: