Asia Pacific’s robust automotive sector will continue to create sustained demand for lead acid batteries. Globally, the automotive lead acid battery market is expected to increase at 4.2% CAGR during 2016 - 2026 and surpass US$ 33.14 Bn in revenues. These insights are featured in a new report “Automotive Lead Acid Battery Market: Global Industry Analysis and Opportunity Assessment, 2016 - 2026” by Future Market Insights (FMI).
Lead acid batteries are widely used for starting, lighting, and ignition purposes in automobiles. Stable growth in automotive production, promising vehicle sales outlook in developing economies, and expanding size of fleet on road are expected to fuel demand for lead acid batteries during the forecast period. Technological advancements in powertrains and carbon emission reduction; and growth in wireless charging infrastructure are other key factors expected to drive growth of the automotive lead acid battery market during the forecast period.
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Automotive Lead Acid Battery Market Segmentation
FMI’s report offers a 10-year market forecast on the lead acid battery market, segmenting the market on the basis of sales channel, vehicle type, battery type, and region. Region-wise, the report has analysed the automotive lead acid battery market in the five regions of Asia Pacific, North America, Latin America, Europe, and Middle East & Africa (MEA). Asia Pacific is the largest market for automotive lead acid batteries, accounting for nearly 33% revenue share in 2015. FMI expects the Asia Pacific automotive lead acid battery market to increase at the highest CAGR during the forecast period. Demand for lead acid batteries in the region is driven by steady growth in vehicle parc in China, India, Japan, South Korea, and Thailand.
Market Projections Based on Segmentation
Sales Channel (OEM, Aftermarket): The aftermarket segment accounted for higher revenue share in 2015; FMI estimates the aftermarket segment to witness higher CAGR than the OEM segment.
Vehicle Type (Passenger Vehicles, Light Commercial Vehicles): FMI estimates the passenger vehicle segment to increase at 4.4% CAGR through 2026.
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Battery Type (Flooded, Enhanced Flooded, AGM): Currently, flooded batteries are sought after by both OEMs and vehicle owners. However, during the forecast period, enhanced flooded and AGM batteries will steadily gain traction owing to their advanced features.
The key players profiled by FMI in this report include Enersys Inc., Johnson Control Inc., GS Yuasa Corporation, Panasonic Corporation, Leoch International Technology Ltd., Exide Technologies, East Penn Manufacturing Company, CBS Battery Technologies, Exide Industries, and FIAMM SpA.
Future Market Insights (FMI) is a premier provider of syndicated research reports, custom research reports, and consulting services. We deliver a complete packaged solution, which combines current market intelligence, statistical anecdotes, technology inputs, valuable growth insights, aerial view of the competitive framework, and future market trends.