Global Lead Acid Battery Market Size To Grow At A CAGR Of 4.50% In The Forecast Period Of 2023-2028
The ‘Global Lead Acid Battery Market Share, Size, Trends, Growth, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global lead acid battery market, assessing the market based on its segments like technologies, products, end uses, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the basis of SWOT and Porter’s Five Forces Models.
Lead Acid Battery Market Share, Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2022): USD 37.85 Billion
- Forecast CAGR (2023-2028): 4.50%
Lead acid batteries are one of the oldest forms of rechargeable batteries. In spite of having a small ratio of energy to volume and energy to weight, their capability to source a high flow of contents depicts that they have a high power-to-weight ratio. These batteries are categorised as secondary batteries and their chemical reactions are changeable.
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As the world is highly dependent on the automotive sector, the requirement for lead acid batteries in automobiles is substantially increasing. Some of the factors that are supporting the lead acid battery market demand are the rising usage of SLI (starting, lighting, and ignition) batteries in vehicles, a hike in renewable energy generation, and extensive demand for energy storage tools.
The expenditure on energy storage has become a critical factor for various sectors, like utility and industrial; hence organistaions in such sectors are increasingly investing in battery storage solutions. This is bolstering the adoption of lead acid batteries due to their dependability and low capital costs. Besides, the rising popularity of flooded lead acid batteries or cells owing to their low maintenance and cost-effectiveness is also resulting in the progress of the market.
Lead Acid Battery Industry Definition and Major Segments
A lead acid battery is a rechargeable battery that has a high ratio of power to weight. It is cost-effective, easy to manufacture, and capable of high discharge rates. It is one of the most commonly used batteries in rechargeable battery applications in diverse end-use sectors, including automotive, industrial, and utility, among others.
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Based on technology, the global lead acid battery market can be segmented into:
- Flooded
- VRLA (Valve Regulated Lead-acid)
The market, on the basis of products, is classified into:
- SLI Batteries
- Stationary Batteries
- Portable Batteries
By end use, the market is divided into:
- Automotive
- Utility
- Industrial
- Commercial and Residential
Based on regions, the market has been categorised into:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Lead Acid Battery Market Trends
Rising investments in enterprise cloud computing systems and increasing number of data centres are anticipated to support the lead acid battery market demand. This is primarily owing to the requirement for large-scale and constant power for data centres.
The development of lead acid batteries with enhanced safety, lesser cost, excellent reprocessing abilities, and high performance is likely to propel the market. In addition, there is an increase in the usage of lead acid batteries in the telecom sector as they have low-maintenance costs and provide sufficient power to aid huge telecom load.
Valve regulated lead acid (VRLA) batteries are anticipated to hold a significant share in the lead acid battery market owing their durability and high-performance. Besides, these batteries cost less, due to which they are preferred over nickel cadmium and lithium-ion batteries.
Region-wise, the Asia Pacific is driving the market growth due to the rising sales of electric vehicles (EVs) in the region. Owing to their cost-effectiveness, efficient energy storage ability, and reliability, lead acid batteries are preferred for EV applications. On the other hand, the market in North America is progressing due to the robustly growing manufacturing sector and the existence of major automobile manufacturers like Ford and Toyota in the region.
Key Market Players
The major players in the global lead acid battery market are :
- Panasonic Corporation
- Exide Industries Ltd
- GS Yuasa International Ltd.
- Hankook & Company Co., Ltd.
- HOPPECKE Batteries, Inc
- Clarios
- others
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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