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(MoneyNewsWire.Net, May 09, 2018 ) The global automotive lead acid batteries market is projected to reach USD 45.03 Billion by 2021, at a CAGR of 4.8% between 2016 and 2021. The growth of this market can be attributed to the growing demand from the automotive industry and the used vehicles in the developed economies, including China and the U.S.
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The passenger cars segment dominated the global automotive lead acid batteries market in 2015, followed by the LCVs & HCV’s. The passenger cars segment is projected to witness highest growth from 2016 to 2021, due to the increasing demand for the batteries in starting, lighting, and ignition.
Flooded battery was the largest segment of the automotive lead acid batteries market in 2015. It is the most common type of battery, and is used in a wide range of automotive applications. Enhanced flooded batteries is projected to be the fastest-growing segment between 2016 and 2021. This growth can be attributed to long life, and cost and environmental benefits associated with lead acid batteries.
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Asia-Pacific is projected to be the fastest-growing market, as it is a major consumer of the automotive lead acid batteries. There is an increasing demand for automotive lead acid batteries from countries such as Japan, China, India, Australia, and others. The increasing sale of vehicles in China and India is expected to drive the growth of the automotive lead acid batteries.
Growing population, rapid urbanization, and investments in end-use industries are projected to drive the growth of the automotive lead acid batteries market in Asia-Pacific. Even though new technologies such as lithium ion batteries have been introduced in the market, lead acid batteries is a key technology in the automotive market, owing to its low cost and excellent performance in cold and hot temperatures.
Key players operational in the automotive lead acid batteries market include Johnson Controls Inc. (U.S.), G.S.Yuasa Corporation (Japan), Exide Technologies Inc. (U.S.), and EnerSys Inc. (U.S.). These companies adopted various strategies to increase their shares in the market. New product launches, acquisitions, and expansions are some of the key strategies adopted by market players to achieve growth in the automotive lead acid batteries market.
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