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Global Automotive Lead-Acid Battery Market to 2024

Global Automotive Lead-Acid Battery Market to 2024

The global automotive lead-acid battery market was worth US$ 12.5 Billion in 2018.

These batteries have been in the industry for 100 years and are still a popular source of energy storage. They are generally used in power stations and substations as they have high cell voltage and lower cost. In spite of having a very low energy-to-weight ratio and a low energy-to-volume ratio, these batteries supply high surge currents which imply that their cells have a large power-to-weight ratio. This makes them highly compatible with motor vehicles in order to supply the high current required by automobile starter motors. Apart from this, lead-acid batteries also contribute to supplying voltage to various accessories in vehicles such as music systems, wipers, radio, air conditioners, charging plugs, etc.

The demand for automotive lead-acid batteries has a strong correlation with the global automobile industry. The global automobile market has exhibited strong performance across both developed and emerging markets after a period of sluggish growth as a result of the recent global economic crisis.

Moreover, a spontaneous rise in the use of electric vehicles and e-bikes has also catalyzed the demand for lead-acid batteries. Characteristics such as high current delivery, resistance to corrosion and abrasion, tolerance to overcharging, low internal impedance, etc. make them appropriate to be used in electric vehicles.

On a regional basis, the Asia Pacific region represented the biggest driver of automotive lead-acid batteries accounting for the bulk of the total sales. Asia Pacific was followed by North America and Europe.

Looking forward, the market for lead-acid batteries is projected to exceed US$ 15 Billion by 2024, exhibiting a CAGR of 3.1% during 2019-2024.