The latest report by IMARC Group, titled “Asia Pacific Automotive Lead-Acid Battery Market: Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027,” finds that the Asia Pacific automotive lead-acid battery market is expected to exhibit a CAGR of 2.3% during the forecast period (2022-2027). Lead-acid batteries are rechargeable batteries that convert chemical energy into electrical power. They consist of lead dioxide cathode, sponge metallic lead anode, and electrolyzed sulfuric acid solution. They are widely used in starting, lighting, and ignition (SLI) applications of automobiles. Compared to lithium-ion batteries, they offer several benefits, such as cost-effectiveness, reliability, resistance to corrosion and abrasion, high current delivery, and low internal impedance. They also have a relatively large power-to-weight ratio and high cell voltage as they supply high surge currents, making them compatible with motor vehicles. In the Asia Pacific, automotive lead-acid batteries are rapidly gaining popularity across the automotive industry as they can withstand overcharging and heavy usage.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Asia Pacific Automotive Lead Acid Battery Market Trends:
Lead-acid batteries supply power to various automotive accessories, such as music systems, air conditioners (ACs), wipers, charging plugs, and radios. As a result, the surging sales of high-end and luxury vehicles due to inflating consumer purchasing power, rapid urbanization, and elevating living standards represent the primary factor driving the market growth. Additionally, governments of various countries in the Asia Pacific region are taking favorable initiatives to improve road networks and automotive infrastructure. In line with this, the growing awareness regarding the adverse effects of carbon emissions and the surging environmental concerns have accelerated the adoption of electric cars and e-bikes. This, in turn, is expanding the use of automotive lead-acid batteries as they are 100% recyclable, which assists in minimizing pollution and lowering overall manufacturing costs. Furthermore, the leading manufacturers are engaging in research and development (R&D) activities to introduce innovative, eco-friendly, and high-performance product variants. Along with this, the establishment of manufacturing facilities by numerous multinational players across the region has propelled market growth. Other factors, including the expanding automotive sector, rising production of electric-powered and hybrid cars, and advancements in vehicle technology, are also creating a favorable market outlook.
- The market has been segmented based on the vehicle type into passenger cars, commercial vehicles, two-wheelers, and HEV cars.
- On the basis of the product, the market has been bifurcated into SLI and micro-hybrid batteries.
- Based on the type, the market has been divided into flooded, enhanced flooded, and VRLA batteries.
- On the basis of the customer segment, the market has been classified as OEM and replacement.
- Country-wise, the market has been segregated into China, Japan, India, South Korea, Australia, Indonesia, and others.
- The competitive landscape of the market has also been examined, along with detailed profiles of the key players operating in the industry.
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