According to the latest report by IMARC Group, titled "Europe Automotive Lead-Acid Battery Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the Europe automotive lead-acid battery market size reached US$ 4,486 Million in 2022. An automotive lead-acid battery is an electrochemical rechargeable battery that uses lead electrodes and acid electrolytes to store and release electrical energy. It has a large power-to-weight ratio, which assists the supply of high surge current. It offers high durability, reliability, and cost-effectiveness and facilitates enhanced performance at low and high temperatures. It is more resistant to wear and tear and can tolerate overcharging as compared to lithium-ion batteries. As a result, lead acid battery is used in a wide range of vehicles, such as cars, trucks, and motorcycles, across Europe.
Europe Automotive Lead-Acid Battery Market Trends:
At present, the escalating demand for electric vehicles (EVs) on account of rising environmental concerns from traditional internal combustion engines represents one of the key factors positively influencing the market in Europe. In addition, a significant reduction in the price of lead acid batteries and favorable initiatives by governing agencies on the purchase of EVs in the form of subsidies is fueling the market growth. Moreover, increasing sales of automobiles due to the growing global population are creating a favorable market outlook. Apart from this, manufacturers are focusing on equipping their automobiles with deep-discharge lead-acid batteries for photovoltaic applications in vehicles. They are also focusing on introducing lead-acid batteries with reduced weight and volume and increased performance in terms of power, energy, and durability, which is bolstering the market growth. Furthermore, rising standards of living, increasing affordability and easy availability of EVs are stimulating the growth of the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 5,841 Million by 2028, exhibiting a CAGR of 4.4% during 2023-2028.
- On the basis of the vehicle type, the market has been segmented into passenger cars, commercial vehicles, two-wheelers, and HEV cars. At present, passenger cars represent the largest market segment.
- Based on the product, the market has been bifurcated into SLI batteries and micro-hybrid batteries. Currently, SLI batteries hold the biggest market share.
- On the basis of the type, the market has been segregated into flooded batteries, enhanced flooded batteries, and VRLA batteries. Flooded batteries dominates the market.
- Based on the customer segment, the market has been divided into OEM and replacement. At present, OEM exhibits a clear dominance in the market.
- Region-wise, the market has been classified into Germany, France, the United Kingdom, Italy, Spain and others. Amongst these, Germany enjoys the leading position in the market.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
|Base Year of the Analysis
||Vehicle Type, Product, Type, Customer Segment, Country
||Germany, France, United Kingdom, Italy, Spain, Others
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