Research Nester published a report titled “Automotive Lead Acid Battery Market: Global Demand Analysis & Opportunity Outlook 2031”which delivers detailed overview of the global automotive lead acid battery market in terms of market segmentation by product, battery type, vehicle type, sales channel, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends associated with the market’s growth.
The global automotive lead acid battery market is anticipated to grow with a CAGR of 5% during the forecast period, i.e., 2022-2031. The market is segmented by vehicle type into passenger car, ICE, hybrid vehicle, electric vehicle, and light commercial vehicle. Out of these, the passenger car segment is anticipated to garner the largest revenue by the end of 2031, backed by the growing sales of passenger cars worldwide.
Global automotive lead acid battery market
The global automotive lead acid battery market is estimated to garner significant revenue by 2031, up from a modest gain in 2021. Rising EV sales worldwide, zero-emission automobile initiatives by governments, and increased investment and development in vehicle electrification are some of the major factors anticipated to drive the market growth during the forecast period.
Geographically, the global automotive lead acid battery market is segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. Out of these, the market in Asia Pacific is projected to garner the most significant revenue by the end of 2031. Increased sales and production of passenger cars and electric vehicles (EVs) in the region and a growing middle class and youth population are factors expected to fuel regional market growth over the forecast period.
Research is global and covers detailed
The research is global and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
Initiatives by the Government to Promote Zero-Emission Vehicles to Drive the Market Growth
It was observed that the US government has set a goal of selling 50 percent of zero-emission vehicles by 2030 after new federal legislation focuses on clean and efficient cars and trucks. Electric vehicles with zero emissions include battery, plug-in hybrid, and fuel cell electric vehicles.
Growing numbers of emission-free hybrid and all-electric vehicles are expected to drive market growth owing to the decreasing battery prices and rising fossil fuel prices. Furthermore, government initiatives to promote alternative fuel vehicles to reduce oil import dependence, as well as public interest in zero-emission vehicles, are expected to boost the automotive lead acid battery market over the forecast period.
However, explosion risk associated with overcharging batteries along with lead-acid batteries substitutes available at low prices are expected to operate as key restraints to the growth of the global automotive lead acid battery market over the forecast period.
This report also provides the existing competitive scenario of some of the key players in the global automotive lead acid battery market, which includes company profiling of General Motors Company, Clarion, Panasonic Corporation, GS Yuasa Corporation, Leoch International Technology Limited Inc., EnerSys, EXIDE INDUSTRIES LTD., CSB Energy Technology Co., Ltd., East Penn Manufacturing Company, FIAMM Energy Technology S.p.A. The profiling enfolds critical information of the companies, which encompasses business overview, products and services, key financials, and recent news and developments, On the whole, the report depicts a detailed overview of the global automotive lead acid battery market that will help the industry consultants, equipment manufacturers, existing players searching for expansion opportunities.