Automotive Lead Acid Battery Market - SWOT Analysis and Growth Projections

 The global automotive lead acid battery market size was estimated at USD 21.32 billion in 2023 and is expected to expand at a CAGR of 8.4% from 2024 to 2030. The market is witnessing steady growth, driven by the sustained demand for reliable and cost-effective energy storage solutions in conventional vehicles, particularly in the passenger car and commercial vehicle segments. Lead-acid batteries, widely used for starting, lighting, and ignition (SLI) functions, remain critical in internal combustion engine (ICE) vehicles, even as the market transitions toward electric vehicles (EVs). Their durability, affordability, and recyclability continue to make lead-acid batteries a preferred choice for automotive applications.

Recent Developments

•            July’22 - Panasonic Corporation, the world's largest maker of lithium-ion batteries, has partnered with Kansas for economic growth with the goal of propelling the development of the EV sector in the United States.

•            June’22 - Sunlight Group gained approximately EUR 275 million in finance to expand its lead-acid & lithium-ion battery manufacturing and research and development. The company intends to meet the growing global need for green technologies for storing energy. As a result, the company's present manufacturing and assembling lines are planned to be upgraded and expanded. The corporation is anticipated to invest in infrastructure in Greece, Italy, & the United States in order to enhance its manufacturing of lithium-ion & lead-acid batteries, as well as energy storage systems.

•            May’22 - ACE Green Recycling will construct and operate the largest zero-emission and ecologically friendly battery recycling complex in North America in Texas, USA. The park is expected to recycle additionally lead-acid & lithium-ion batteries once fully operational. By 2025, the park expects to process and recycle up to 100,000 metric tonnes of discarded lead-acid batteries plus 20,000 metric tonnes of recycled lithium-ion batteries each year.

•            Mar’21 - The advancement of the future-oriented Ultium chemistry by General Motors Company has made substantial progress. This progress was made in preparation of a new cooperative research contract with the Solid Energy Systems, which aims to accelerate the transition to an electric future.

 

Read More - https://medium.com/@nikitastalwartresearchinsights/automotive-lead-acid-battery-market-swot-analysis-and-growth-projections-2e2c23ec3d63

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