From Start-Stop Systems to Trucks: Lead Acid in Europe (2028 Outlook)
The automotive lead acid battery market in Europe is expected to grow from US$ 4,296.50 million in 2021 to US$ 5,732.39 million by 2028; it is estimated to grow at a CAGR of 4.2% from 2021 to 2028.
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https://www.businessmarketinsights.com/sample/TIPRE00023552?utm_source=Blog&utm_medium=10640
Technological Advancements and Market Outlook
The automotive sector is undergoing significant technological transformation, creating growth opportunities for various automotive components, including batteries. In India, for example, the government mandated that all two-wheeler and four-wheeler manufacturers produce, sell, and register only BS-VI-compliant vehicles starting from April 1, 2020. This regulation marked a major milestone in the evolution of the country’s automotive industry. Additionally, the implementation of stringent vehicle emission norms is expected to drive the transition toward micro-hybrid engine architectures, which in turn is anticipated to boost the demand for advanced and complex car batteries.
Get Full Report:
https://www.businessmarketinsights.com/reports/europe-automotive-lead-acid-battery-market
Market Introduction
The automobile industry is a cornerstone of Europe’s economic progress. The European Union is one of the leading global producers of vehicles, and the automotive sector is the largest private contributor to research and development (R&D), accounting for 29% of total R&D expenditure. The European Commission actively supports global technical harmonization and provides funding for R&D to enhance the competitiveness and innovation capacity of the EU automotive industry.
One of the key drivers of the European automotive lead-acid battery market is the robust automotive sector. As of October 2019, Europe had over 260 million passenger vehicles, 30 million buses, and 4 million trucks on its roads. Each year, the market sees the addition of around 15 million new cars and 200,000 to 220,000 new trucks, all of which rely on lead-acid batteries for starting, lighting, and ignition (SLI) functions.
European vehicles are globally known for their advanced designs and high electronic content, which necessitates larger and more capable batteries. Depending on the vehicle segment, battery capacity requirements can range from 40Ah in compact (A-segment) vehicles to 100Ah in premium C and D segment cars. This increasing demand for high-capacity batteries is contributing to the growth of the lead-acid battery market.
Furthermore, Europe’s electric vehicle (EV) market witnessed significant growth in 2019, outpacing other global markets due to supportive government policies and evolving consumer preferences. These developments are further fueling the demand for lead-acid batteries across the region.
From Start-Stop Systems to Trucks: Lead Acid in Europe (2028 Outlook)
The automotive lead acid battery market in Europe is expected to grow from US$ 4,296.50 million in 2021 to US$ 5,732.39 million by 2028; it is estimated to grow at a CAGR of 4.2% from 2021 to 2028.
Get a sample PDF of the report – https://www.businessmarketinsights.com/sample/TIPRE00023552?utm_source=Blog&utm_medium=10640
Technological Advancements and Market Outlook
The automotive sector is undergoing significant technological transformation, creating growth opportunities for various automotive components, including batteries. In India, for example, the government mandated that all two-wheeler and four-wheeler manufacturers produce, sell, and register only BS-VI-compliant vehicles starting from April 1, 2020. This regulation marked a major milestone in the evolution of the country’s automotive industry. Additionally, the implementation of stringent vehicle emission norms is expected to drive the transition toward micro-hybrid engine architectures, which in turn is anticipated to boost the demand for advanced and complex car batteries.
Get Full Report: https://www.businessmarketinsights.com/reports/europe-automotive-lead-acid-battery-market
Market Introduction
The automobile industry is a cornerstone of Europe’s economic progress. The European Union is one of the leading global producers of vehicles, and the automotive sector is the largest private contributor to research and development (R&D), accounting for 29% of total R&D expenditure. The European Commission actively supports global technical harmonization and provides funding for R&D to enhance the competitiveness and innovation capacity of the EU automotive industry.
One of the key drivers of the European automotive lead-acid battery market is the robust automotive sector. As of October 2019, Europe had over 260 million passenger vehicles, 30 million buses, and 4 million trucks on its roads. Each year, the market sees the addition of around 15 million new cars and 200,000 to 220,000 new trucks, all of which rely on lead-acid batteries for starting, lighting, and ignition (SLI) functions.
European vehicles are globally known for their advanced designs and high electronic content, which necessitates larger and more capable batteries. Depending on the vehicle segment, battery capacity requirements can range from 40Ah in compact (A-segment) vehicles to 100Ah in premium C and D segment cars. This increasing demand for high-capacity batteries is contributing to the growth of the lead-acid battery market.
Furthermore, Europe’s electric vehicle (EV) market witnessed significant growth in 2019, outpacing other global markets due to supportive government policies and evolving consumer preferences. These developments are further fueling the demand for lead-acid batteries across the region.
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