Automotive Lead Acid Batteries Market: Expected Growth to USD 34 Billion by 2030
The Automotive Lead Acid Batteries Market is on a steady rise, growing from USD 26.3 billion in 2023 to an expected USD 34.0 billion by 2030. With a compound annual growth rate (CAGR) of 3.7%, this industry continues to be a pivotal part of the automotive sector. But why is this growth happening? What are the driving forces behind it? Let’s dive deep into the factors influencing this expansion, the technology behind lead-acid batteries, and what the future holds for this essential market. What Are Automotive Lead Acid Batteries? Automotive lead acid batteries are the energy powerhouses behind the internal combustion engines (ICE) of most vehicles today. These batteries provide the necessary electrical power to start the engine and run various electronic systems within the vehicle, including lights, infotainment systems, and much more. Why Are Lead Acid Batteries Still Relevant? While newer technologies like lithium-ion batteries are gaining traction in the electric vehicle (EV) seg