According to Custom Market Insights (CMI), The Global Lead Acid Battery Market size was estimated at USD 54 billion in 2021 and is anticipated to reach around USD 90 billion by 2030, growing at a CAGR of roughly 5% between 2022 and 2030.
Our research report offers a 360-degree view of the Lead Acid Battery market’s drivers and restraints, coupled with their impact on demand during the projection period. Also, the report examines global opportunities and competitive analysis for the Lead Acid Battery market.
Lead Acid Battery Market: Overview
COVID-19 has an impact on the majority of nations. Globally, it severely impacted trade, business, and public health. There were travel restrictions enforced inside states and across borders due to lockdowns. In addition, stock market volatility and a slowdown in supply chain operations affected business and hampered economic growth. During the pandemic, the global lead acid battery market suffered significant financial losses and poor growth.
Browse the full “Lead Acid Battery Market Size, Trends and Insights By Product (SSL Lead Acid Battery, Stationary Lead Acid Battery, Motive Lead Acid Battery), By Application (Automotive, UPS, Electric Bikes, Transport Vehicles, Telecom, Others), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2022–2030 “ report at https://www.custommarketinsights.com/report/lead-acid-battery-market/
Growth Factors
The market is anticipated to increase due to the increasing use of lead-acid batteries in automobiles and Uninterruptible Power Sources (UPS), as well as some advancements in production techniques. In addition, the market size is anticipated to increase due to rising demand for the product in off-grid power generation.
Future industry demand is expected to be driven by growth in the transportation sector and an increase in applications for energy storage. The market for the product is also anticipated to increase quickly due to the expansion of the passenger car, motorcycle, and commercial vehicle manufacturing sectors. In addition, positive demand drivers include expanding UPS demand in finance, oil and gas, healthcare, and chemicals.
Including lead content in batteries, which has negative environmental implications, is one of the problems limiting the market. Additionally, despite lithium batteries’ dropping price, demand has slowed down due to the technological breakthroughs they provide. Different energy storage markets are predicted to rely more on lithium-ion due to ongoing cost reductions, which is also anticipated to constrain the industry.
However, the automotive industries in India, Brazil, South Korea, Mexico, Indonesia, Thailand, and Vietnam are expected to progress, presenting the potential for the market to expand. In addition, the demand for lead-acid batteries will likely increase over the years due to rising demand for zero-emission electric cars and technical developments.
Segmental Overview
The market for Lead Acid Batteries is segmented into product and application. In terms of sales share, the automotive application segment was the largest in 2021. As a result of the expanding automobile industry, the widespread use of lead-acid batteries is anticipated to increase. Due to their robust distribution networks and easy access to their products at competitive rates, major automotive players, including Maruti Suzuki, TATA, Infinium Toyota, Mitsubishi, Hyundai, Honda, Mahindra, and Nissan, have fueled the rise of the automotive sector in the Asia Pacific.
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Regional Overview
In 2021, Asia Pacific dominated the global lead acid battery market, and it is anticipated that it will continue to do so during the forecast period. This region’s lead acid battery market is expanding due to a rising consumer preference for electric vehicles. Lead acid batteries are commonly used in electric cars because they are affordable, dependable, and offer cheap energy storage. Furthermore, lead-acid batteries are anticipated to have significant market expansion in the coming years due to the widespread use of energy storage applications in industrial sectors.
The world’s second-largest market was North America. The region’s well-developed industrial sector is likely to be the primary driver of market expansion. The need for lead-acid batteries has increased due to top automakers, including Toyota, General Motors, Ford, and Fiat Chrysler Automobiles. Additionally, the region’s need for lead-acid batteries has increased due to the region’s expanded telecom sector and rising oil and gas-related activities following the shale gas boom.
Key Players Insights
The industry leaders are concentrating on strategic alliances to expand their product line and maintain their market share.
- April 2022: To distribute and market motive power products throughout Denmark, Greenland, Iceland, the Faroe Islands, EnerSys, and Orogenic ApS entered a strategic cooperation agreement. The goal of this agreement was to increase the company’s market presence on a global scale.
- May 2021: Amara Raja Batteries, the second-largest producer of lead-acid batteries in India, has resumed lead-acid battery production.
Prominent Players
- Furukawa Electric Co. Ltd.
- Narada Power Source Co. Ltd.
- Hitachi Chemical Company Ltd.
- SiteTel Sweden AB (NorthStar)
- Clarios
- Yokohama Batteries Sdn. Bhd.
- Leoch International Technology Ltd.
- Enersys
- Exide Industries Ltd.
- Hoppecke Batterien GmbH Co. KG.
- GS Yuasa Corporation
- Crown Battery Corporation
- CD Technologies Inc.
- East Penn Manufacturing Co.
- Coslight Technology International Group Co. Ltd.
- Chaowei Power Holdings Limited.
- Zhangzhou Huawei Power Supply Technology Co. Ltd.
- Camel Group Co. Ltd.
- B. Battery
- Shandong Sacred Sun Power Sources Co. Ltd.
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