By application, passenger cars formulate the most profitable segment in the global automotive lead acid battery market. The segment is anticipated to increase at a CAGR of 3% through the aforementioned forecast period. The emerging market of electricity-based passenger buses and trucks is expected to attach humongous profits in the global automotive lead acid battery market.
Geographically, APAC is the key region in the global automotive lead-acid battery market, providing a massive 65% of the total demand in 2018. The APAC is accounted for the largest share owing to its incredible manufacturing capabilities in the automotive industry. Abundant factories are established in the region which produces vehicles of various types and segments. APAC is the developing hub for the automotive industry since most of the leading brands are exporting vehicles made in the region to different parts of the world.
Global Automotive Lead Acid Batteries Industry Analysis
Lead acid batteries are being used as a power source for a long time now. Other than the automotive sector, these batteries are used in power stations and substations owing to its high cell voltage and lower cost. The widespread usage of VLRA batteries and starting, lighting, and ignition (SLI) batteries in motor vehicles is driving the automotive lead acid battery market. Moreover, the lead-acid battery also supplies power to the air conditioners, radio, charging plugs, and music systems in a vehicle. According to the International Organization of Motor Vehicle Manufacturers (OICA), the production of a motorized vehicle surpassed 91 million units in 2018 and the demands and production are still on a rise. Application of lead acid battery in the automotive segment is augmented to contribute profits in the global automotive lead-acid battery industry. Also, the growing electric vehicle segment will strongly surge the opportunities in the automotive lead acid battery market. As per the evaluation from the International Energy Agency, the extent of electric vehicles running on the road will touch 125 million by 2030. With such an influx of demands from the automotive industry, the sales for the lead-acid battery are expected to grow exponentially.
Global Automotive Lead Acid Batteries Market Trends
· Innovations in the chemical industry have emerged with the concept of the high-speed chargeable lead acid battery. Incorporating such batteries will optimize the performance and efficiency of the automotive vehicle.
· Lightweight and powerful lead-acid batteries are being manufactured by the key players in the market. These lightweight batteries are being applied in the production of lightweight vehicles such as two-wheelers and other small pick-up trucks.
· Lead acid batteries remain the sole power source in golf karts. These flimsy vehicles demand a great amount of power from these lead-acid batteries.
Global Automotive Lead Acid Batteries Market: Competitive Landscape
Some of the key companies identified in the report that are currently holding majority shares in the automotive coatings market are A.C Delco Corporation, ATLASBX Co. Ltd., Banner Batteries, Crown Battery, Exide Technologies, Furukawa Battery Co. Ltd., East Penn Manufacturing Company Inc., ENERSYS, Trojan Battery Company, and GS Yuasa Corporation.
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