Global Automotive Lead Acid Battery Market Expected to Reach $18.5 Billion by 2030, MarkWide Research Reports

According to a new report published by MarkWide Research, titled, “Global Automotive Lead Acid Battery Market,” the worldwide market for automotive lead acid batteries is expected to reach $18.5 billion by 2030, displaying a robust CAGR of 4.2% during the forecast period from 2023 to 2030.

Lead acid batteries have long been a staple in the automotive industry, providing reliable and cost-effective power solutions for vehicles. The market’s growth is driven by the continued demand for vehicles, including conventional internal combustion engine vehicles and hybrid electric vehicles.

Key findings from the report:

1. Automotive Electrification: The rise of electric vehicles (EVs) and hybrid electric vehicles (HEVs) is contributing to the demand for lead acid batteries in start-stop and auxiliary power applications.
2. Replacement Market: The replacement of automotive lead acid batteries remains a significant driver, as existing vehicles require periodic battery replacements.
3. Versatility: Lead acid batteries are versatile and serve a wide range of automotive applications, including passenger cars, commercial vehicles, and two-wheelers.
4. Technological Advancements: Ongoing advancements in battery technology, including enhanced durability and efficiency, are supporting market growth.
5. Global Automotive Production: The global automotive production continues to expand, with Asia-Pacific leading the way, driving the demand for automotive lead acid batteries.
6. Market Competitors: Leading players in the automotive lead acid battery market include Johnson Controls International plc, Exide Technologies, and East Penn Manufacturing Company, who continually innovate to meet industry demands.

The report predicts substantial growth in the global automotive lead acid battery market as the automotive industry evolves with increased electrification. MarkWide Research’s comprehensive analysis provides insights into the market’s current landscape and future trends, empowering industry stakeholders to make informed decisions and capitalize on opportunities in the automotive lead acid battery market.

MarkWide Research is a leading market research and consulting firm, providing in-depth analysis and strategic insights across various industries. With a team of experienced analysts, MarkWide Research is committed to delivering actionable intelligence, assisting clients in making informed business decisions and achieving sustainable growth.