Growing demand for lead acid batteries in telecom, manufacturing, automotive, mining, oil, and chemical industries is driven by cost-effectiveness and high current capacity.
North America is anticipated to be the largest market for lead acid due to the matured and developed automobile sector in the region. The presence of leading automobile companies, such as Toyota, Ford Motor Company, General Motors, and Fiat Chrysler Automobiles has augmented the demand for lead acid batteries in the region.
NEWARK, DE / ACCESSWIRE / July 15, 2024 / The global lead acid battery market value is expected to rise from US$ 62,723.74 million in 2024 to US$ 104.13 billion by 2034. This estimated growth is expected to be driven by a consistent CAGR of 5.20% in the lead acid battery industry over the next decade.
Surging demand for lead acid batteries in multiple industries like the telecom sector, manufacturing, automotive sector, mining, oil and gas, and chemical is expected to support the market growth. End users usually opt for lead acid batteries due to their cost-effectiveness, tolerance to overcharging, availability in different sizes and specifications, and capacity to carry large current volumes.
Manufacturers are further highlighting the recyclability of lead-acid batteries to increase its adoption rate. The recyclability rate of lead acid batteries is beyond 90% in certain countries. This helps in decreasing battery price, conserving resources, and limiting contribution to pollution, thus adding to its attractiveness among end users. In the years ahead, the surging bent toward purchasing electric vehicles (EVs) is anticipated to boost the sales of lead-acid batteries.
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Key Takeaways from the Lead Acid Battery Market Report
The lead acid battery market attained US$ 54,636.50 million in 2019. By 2023, the market generated a revenue worth US$ 59,658.30 million. From 2019 to 2023, the market registered a CAGR of 4%.
By product type, the flooded battery is expected to procure a market share of 48.30% in 2024.
Based on application, transportation is projected to capture a value share of 58.10% in 2024.
The market in the United States is projected to expand at a 5% CAGR over the forecast period.
In Europe, France and the United Kingdom are anticipated to observe significant growth of 5.90% and 5.80% CAGR, separately, through 2034.
The India lead acid battery market is estimated to expand at a CAGR of 6.10% over the forecast period.
The motorcycle Lead Acid Battery Market is expected to hit US$ 9.1 Billion at CAGR of 5.2% from forecast period 2023 to 2033
Automotive Lead Acid Battery Market is expected to hit US$ 47 Billion at a CAGR of 5.2% from forecast period 2023 to 2033
Advanced Lead Acid Battery Market set to hit worth US$ 62 billion at CAGR 6.9% during forecast period 2024 to 2034
"Key players are expected to integrate advanced technologies in their production process to ensure efficiencies in their offering of lead acid batteries," opines Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.).
The factors driving the Global Lead Acid Battery Market
Growing Application in Automotive to Boost the Lead Acid Battery Market Growth
Key factors fueling the demand for lead-acid batteries include initiatives undertaken to introduce green energy solutions in the automotive industry. Leading lead acid battery manufacturing companies are focusing on expanding their production and distribution capacities in various countries. To improve their industrial research activities, some companies are collaborating directly with regional manufacturers.
Also, the technological advancements in vehicle technology, such as the hybrid vehicle, battery-operated vehicle, or electric vehicle, will be some more strong factors bolstering the market growth.
The lead acid battery has applications in various end-use industries such as automotive, uninterruptible power supply (UPS), and telecommunication. The demand for lead acid batteries in the transportation industry is growing at a rapid pace, as emerging economies' governments support clean energy and environmentally friendly modes of transport.
The transportation segment is among the leading end users of lead-acid batteries. Regionally, China has emerged as a highly lucrative market for the production and export of lead-acid batteries. This can be attributed to increasing demand from the country's automotive industry, coupled with the adoption of advanced technology and higher production capacity.
The higher adoption of EVs and expansion of the Transportation Sector
The rising demand for electric bikes in the transportation industry in both established and developing nations is anticipated to offer numerous growth opportunities for the players in the lead acid battery market.
The increasing consumption of lead acid batteries by manufacturers of two-wheelers, passenger cars, heavy vehicles, and commercial carriers is anticipated to sustain the demand for lead acid batteries globally.
The increasing demand for e-bikes for lower maintenance and replacement costs, and reducing reliance on conventional fuel technologies are the main driver of the lead acid battery market
Competitive Landscape
Manufacturers of lead acid batteries are constantly innovating and releasing new products in the market to capture customers. Additionally, they are expanding their market reach by entering into underpenetrated markets. Companies are also coming into strategic partnerships and collaborations with other players to increase their manufacturing capacity. Another go-to strategy of players in the lead acid battery industry includes mergers and acquisitions.
Leading players are further seen integrating the latest technologies like advanced grid designs, separators, etc. to enhance battery characteristics and reliability. Industry participants are also focusing on cost optimization and efficiency. This is achieved by economies of scale, process optimization, and focus on recyclability.
Market contenders are concentrating on building strong distribution networks and investments in marketing the product to build brand recognition and customer loyalty. Players are also offering excellent after-sales support.
Top 10 Key Players in the Lead Acid Battery Market
Furukawa Electric Co., Ltd.
Hitachi Chemical Company, Ltd.
Narada Power Source Co. Ltd.
SiteTel Sweden AB (NorthStar)
Clarios
Leoch International Technology Ltd.
Yokohama Batteries Sdn. Bhd.
Enersys
Exide Industries Ltd.
GS Yuasa Corporation
Recent Developments Taking Place in the Lead Acid Battery Market
In January 2024, Tesla Power India reportedly released ReStore, the first and foremost refurbished battery brand in India. The firm is planning to introduce 5000 refurbishing stores in India by 2025.
In May 2023, France opened its first electric car battery factory in its endeavor to take a big step in its race to compete with China.
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Lead Acid Battery Industry by Category
By Product Type:
Flooded Battery
AGM Battery
Gel Battery
By Based Application:
-
Transportation
Passenger Cars
LCV
HCV
Two-wheelers
Others
Motive Industrial
Stationary Industrial
Commercial
Residential
Grid Storage
Others
By Sales Channel:
OEM
Aftermarket
By Region:
North America
Europe
Asia Pacific
Middle East and Africa
Latin America
Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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