New York, US, Sept. 06, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Lead Acid Battery Market Analysis by Product, Construction Method, By End-User – Forecast till 2030” valuation is poised to reach USD 94.5 Billion by 2030, registering an 8.2% CAGR throughout the forecast period (2022–2030).
Lead Acid Battery Market Overview
Lead-acid batteries have evolved exponentially over recent years. Recent technological advances in vehicles will typically place greater demands on batteries with start-stop capabilities. Hence, the start-stop batteries will become the new baseline for lead acid.
Lead Acid Battery Market Report Scope:
| Report Metric | Details |
| Market Size by 2030 | USD 94.5 Billion |
| CAGR | 8.2% |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
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The global lead acid battery market is witnessing significant traction. The huge uptake of lead acid batteries in the automotive industry is a key force. Besides, the extensive use of lead-acid batteries in energy storage applications drives the market. Augmenting demand for UPS in industrial sectors such as manufacturing, chemical, healthcare, and oil & gas boosts the market size.
Lead acid is a far better, more economical, and trusted option for applications where space, weight, and recharge are not a constraint. With everything becoming electrified and unplugged, single battery chemistry will not be enough to meet all the energy storage system needs.
The lead acid battery remains entrenched in the high-volume automotive industry, where reliability, cost-effectiveness, and a well-established supply chain are crucial. Due to their cost-competitiveness, lead-acid batteries are used in commercial vehicles, passenger cars, and motorcycles.
While lithium-ion battery promises higher energy density and performance, the lead acid battery offers a high recycling rate, i.e., over 90 %, which is far greater than lithium. Owing to their higher cell voltage and lower cost, lead acid batteries are widely used in power stations and substations, which define the market landscape.
Additional factors such as ongoing smart grid projects, the increase in the adoption of renewable energy systems, and quadrupling telecom towers are fostering the market growth. The market is expected to continue to attract vast investments in increasing the production capacities of lead-acid batteries. Market players are looking at Greenfield or acquisitions.
On the other hand, the high lead content in these batteries, which can harm the environment, acts as a headwind for the market growth, restricting its uptake. Also, other features of lead-acid batteries, such as the low energy density, are expected to pose challenges to market growth.
Also, there is not enough lithium to meet the increasing demand for advanced storage devices. This, as a result, will foster the market demand for lead-acid batteries. People are increasingly looking at different technologies for different requirements, not necessarily the best technology powering everything under the sun.
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Lead Acid Battery Market Segments
The lead-acid battery market is segmented into products, construction methods, end-users, and regions. The product segment is sub-segmented into stationary, motive, and SLI. The construction method segment is sub-segmented into valve-regulated lead-acid (VRLA) and flooded.
The end-user segment is sub-segmented into stationary industrial, commercial, residential, stationary, automotive, telecommunication, transportation, oil & gas, electronics, and others. The region segment is sub-segmented into North America, Europe, APAC, and the Rest-of-the-World.
Lead Acid Battery Market Regional Analysis
The Asia Pacific region dominates the lead acid battery market globally, followed by the North American region, holding the largest share. The regional market growth is majorly attributed to favorable government regulations that encourage investments from public-private partnerships and foreign direct investments. Also, growing markets in developing countries such as China, South Korea, and India are expected to fuel the lead acid battery market.
North America is the second-largest lead acid batteries market. Rising technological enhancements and increasing government focus on reducing greenhouse gas emissions and the number of power outages. Also, the well-established infrastructure the region has supports the market growth, allowing faster implementation of advanced technologies. Additionally, the growing number of manufacturers providing lead-acid batteries at comparatively lower prices is another major factor driving the growth of the lead acid battery market in the region.
The European region is emerging as another lucrative market, showing considerable growth. Countries such as the U.K., Germany, Sweden, and Italy, backed by their respective increasing number of offshore and onshore renewable energy industries, are contributing to the market growth in the region. The resurging economy is undoubtedly supporting the market growth boosting the demand for passenger cars in this region.
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Lead Acid Battery Market Competitive Analysis
Characterized by the presence of some well-established and small players, the global lead acid battery market appears to be highly competitive and fragmented. Well-established players incorporate collaboration, acquisition, partnership, product launch, and expansion to maintain their market position and garner a competitive advantage in this market.
The manufacturers are customer focused and have made the online market available for customers to ease the selection & ordering process along with the assured fast and reliable shipping. The market is likely to witness the entry of several new players who are technologically advanced and will capture a major portion of fast-moving markets in the coming years.
For instance, on July 07, 2022, Amara Raja Batteries Ltd. (India), a leading automotive and industrial battery manufacturer, announced that it is looking at overseas acquisitions to expand its lead acid battery business. The firm is looking at geographical expansion in Africa, the Middle East, and South East Asia.
The worsening power situation worldwide augurs well for the battery companies to sell batteries for uninterrupted power systems (UPS)/inverter, telecom, and other sectors. Amara Raja also has a research and development (R&D) center in Tirupati for making battery cells to validate the product, not the process.
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Dominant Key Players on Lead Acid Battery Market Covered are:
- ATLASBX Co. Ltd. (South Korea)
- Johnson Controls (U.S)
- Exide Technologies (U.S.)
- NorthStar (Sweden)
- East Penn Manufacturing Co. (U.S.)
- Crown Battery Manufacturing (U.S.)
- GS Yuasa Corp (Japan)
- C&D Technologies Inc. (U.S.)
- Leoch International Technology Ltd. (China)
- Narada Power Source Co. Ltd. (China)
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