The Automotive Lead Acid Battery Market in SAM is expected to grow from US$ 687.66 million in 2021 to US$ 951.45 million by 2028; it is estimated to grow at a CAGR of 4.7% from 2021 to 2028
SAM automotive industry is booming, due to increased credit supply, economic prosperity, and low interest rates. Estimates say that the Latin American automotive industry exported 5.72 million units in 2019, up 4.3 percent year over year. The revival of the Brazilian economy and the strong success of the SUV segment are largely responsible for the industry’s growth; the SUV segment is expected to account for 25.4 percent of the market following the launch of new models and restyling. As a result of the region’s rising vehicle production, demand for lead acid batteries will increase.
Since the past few years, the consumer behavior towards intercity and intracity transit has transformed to a newer level. With increasing disposable income of individuals and stable economic structure of countries, the production of vehicles has boosted exponentially. With rising demand for cars, the production has further got impacted positively which is creating demand for batteries including lead acid batteries. Furthermore, factors such as on-demand mobility, arrival of ultra-batteries in energy storage space, and development of advanced energy storage modules for the automobile sector is also driving the production of automotive, and so the demand for lead acid batteries.
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A few major primary and secondary sources referred to for preparing this report on the South America Automotive Lead Acid Battery market are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are Clarios, EnerSys, East Penn Manufacturing Company, Exide Industries Limited, Johnson Controls, Inc., Panasonic Corporation
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Brazil has recorded the highest number of COVID-19 cases in SAM, followed by Ecuador, Chile, Peru, and Argentina, among others. The governments of SAM countries have taken an array of actions to protect their citizens and contain the virus spread. The region is expected to experience lower export revenues, both from the drop in commodity prices and reduction in export volumes, especially to China, Europe, and the US, which are important trade partners of many of the SAM countries. The containment measures have adversely impacted the manufacturing sector, including automotive manufacturing industry. Major automotive manufacturers have also temporarily closed their production processes as a part of the cost-control measures. Thus, the abovementioned factors have resulted in the low demand for automotive lead acid batteries in SAM, thus affecting the market performance.
The SAM automotive lead acid battery market is segmented based on product, type, and end user. Based on product, the SAM automotive lead acid battery market is segmented into SLI, micro hybrid batteries. The SLI segment held the largest market share in 2020. Based on type, SAM automotive lead acid battery market is segmented into flooded, enhanced flooded, and VRLA. The flooded segment dominated the market. Based on end user, the market is segmented into passenger cars, LCV, M&HCV. The passenger cars segment dominated the end user segment in the market.
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