Automotive Lead Acid Batteries Market and Its Key Opportunities And Challenges
Automotive Lead Acid Batteries Market by Product (SLI, and Micro Hybrid Batteries), Type (Flooded, Enhanced Flooded, and VRLA), Customer Segment (OEM, Aftermarket), End-User (Passenger Car, LCVs/HCVs, Two Wheeler, Three Wheeles)
Rapid industrialization in economies, such as China, India, Indonesia, South Africa, and Brazil and technological developments in the automotive sector has led to the increased need for highly efficient lead acid batteries. The global automotive lead acid batteries market is projected to reach USD 45.03 million by 2021, at a CAGR of 4.8% from 2016 to 2021.
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The passenger cars segment dominated the automotive lead acid batteries market in 2015 and is also expected to witness high growth during the forecast period. This growth can be attributed to the increased demand from India, China, South America, and Africa. The increasing demand from developing countries in Asia-Pacific and the Middle Eastern is also expected to boost the growth of the automotive lead acid batteries market. The growing global population is expected to fuel the demand for passenger cars, which is in turn expected to drive the automotive lead acid batteries market.
Based on type, the enhanced flooded batteries segment of the automotive lead acid batteries market is expected to witness highest growth during the forecast period, in terms of value. These batteries are designed to meet the demand from the automobile industry and offer a cost-effective solution for entry level vehicles. Rising safety concerns in the automotive industry is projected to drive the demand for enhanced flooded batteries.
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Asia-Pacific dominated the automotive lead acid batteries market in 2015, in terms of value. In the Asia-Pacific region, the automotive lead acid batteries market in Indonesia is projected to witness highest growth between 2016 and 2021. There is a major change in the lifestyles of consumers in several countries in Asia-Pacific. This change has led to increased usage of automobiles, which is projected to boost the demand for automotive lead acid batteries in the region.
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