The automotive lead acid batteries market is projected to grow from USD 27.8 billion in 2023 to USD 34.0 billion by 2028, at a CAGR of 4.2% from 2023 to 2028. Increasing production and sales of automotive vehicles and technological advancements in battery technology are expected to drive the growth of the market.
The automotive lead acid batteries market Based on product, the SLI batteries segment is projected to be the largest segment during 2023 to 2028. The automotive industry has a well-established infrastructure and supply chain for SLI batteries. SLI batteries are also relatively inexpensive compared to other battery technologies, making them a cost-effective choice for automotive applications. This deep-rooted infrastructure and affordability makes them widely accessible and affordable for vehicle owners and manufacturers, thus contributing to the continued preference for SLI batteries in the automotive sector.
Based on type, the VRLA batteries segment is projected to be the fastest-growing segment during 2023 to 2028. VRLA batteries are known for their maintenance-free operation. The sealed design eliminates the need for adding water or checking the electrolyte level, which makes them convenient and easy to use in various applications. This feature reduces the total cost of ownership and simplifies battery management, driving the need for VRLA batteries in automotive lead acid batteries market.
Based on end use, two wheelers segment is estimated to be the second-fastest growing segment during the forecast period. With increasing urbanization and traffic congestion in many regions, there is a growing demand for efficient urban mobility solutions. Two-wheelers, particularly scooters, offer advantages such as maneuverability, easy parking, and lower fuel consumption. Manufacturers are focusing on designing and developing two-wheelers that cater to urban commuting needs, such as lightweight and compact models with advanced features like connectivity and smart navigation systems.
Based on region, Asia Pacific is projected to be the largest region for automotive lead acid batteries market during 2023 to 2028. The region is known for its large and rapidly growing automotive industry. Several countries in the region are major automobile manufacturers and have a significant domestic market for vehicles. Growth driven by high demand for batteries in both original equipment manufacturing (OEM) and aftermarket segments is among the major factors expected to drive the Asia Pacific market during the forecast period.
Major players operating in the automotive lead acid batteries market include Clarios (US), EnerSys (US), East Penn Manufacturing Company (US), GS Yuasa Corporation (Japan), and Exide Industries Ltd. (India). The companies have wide-spread manufacturing facilities with an established portfolio of automotive lead acid batteries, a robust market presence, and strong business strategies. These factors are attributed to their progression in automotive lead acid batteries marke
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