The latest report by IMARC Group, titled “GCC Automotive Lead-Acid Battery Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025,” finds that the GCC automotive lead-acid battery market size reached US$ 204.4 Million in 2019. Lead-acid batteries are a type of rechargeable batteries that use sponge lead and lead peroxide for the conversion of chemical energy into electrical power. They comprise a lead-dioxide cathode, a metallic lead anode and a sulfuric acid electrolyte. These batteries form a key component of automotive vehicles such as motorbikes, passenger cars and commercial vehicles. In the GCC countries, the consistently growing vehicle fleet has increased the demand for lead-acid batteries as they are cost-effective, relatively tolerant of overcharging and have low self-discharge rates, high resistance to vibrations and safe handling capabilities.
GCC Automotive Lead-Acid Battery Market Trends:
Lead-acid batteries are 99% recyclable, and therefore, help in minimizing their environmental impact when disposed of. They are also widely utilized in the Starting, Lighting and Ignition (SLI) systems in automobiles as they are reliable, robust, cost-effective and can withstand heavy usage. Apart from this, they also supply electric power to various accessories in vehicles such as music systems, wipers, radio, air conditioners and charging plugs. Additionally, governments across the GCC countries are focusing on promoting the utilization of electric vehicles, which will further increase the demand for lead-acid batteries. Moreover, several leading companies are engaged in research and development (R&D) activities to design advanced and eco-friendly variants that are more durable, reliable and sustainable than other conventional batteries. Looking forward, the market is projected to reach a value of US$ 270.1 Million by 2025, expanding at a CAGR of 4.7% during the forecast period (2020-2025).
- Based on the vehicle type, the market has been segmented as passenger cars, commercial vehicles, two-wheelers and hybrid electric vehicles (HEV).
- The market has been bifurcated on the basis of the product into SLI and micro-hybrid batteries.
- On the basis of the type, the market has been classified into flooded, enhanced flooded and valve-regulated lead-acid (VRLA) batteries.
- Based on the customer segment, the market has been divided into original equipment manufacturers (OEM) and replacement.
- Country-wise, the market has been categorized into Saudi Arabia, the United Arab Emirates, Qatar, Bahrain, Oman and Kuwait.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Follow us on twitter : @imarcglobal