New York, US, May 01, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Report by MRFR/Market Research Future (MRFR), "Lead Acid Battery Market Information by Product, Construction Method, End-User, and Region - Forecast till 2030", By 2030, the lead acid battery market can expect to surge from USD 54.21 billion in 2022 to USD 94.11 billion, while attaining a development rate of 8.20% from 2022 to 2030.
Lead Acid Battery Market Overview
For more than a century, automotive (starting, lighting, and ignition), UPS, submarine standby, and emergency power for electrical installations have been the main applications for the most well-established and frequently used batteries in the world. The demand for electric cars is increasing, and there is a rising need for a reliable power source for mission-critical applications. The negative plate of the lead acid battery is formed of sponge lead, while the positive plate is covered in a paste of lead oxide. Between the two plates is an insulating substance (separator). The plates are immersed in an electrolyte that contains sulfuric acid and water to store the charge.
Several consumer and industrial applications are apt for it because to its dependability and affordability. Compared to lithium ion batteries, lead-acid battery processing and recycling make up a larger share. Lead Acid Battery Market is primarily driven by the increased demand for energy storage systems brought on by the increased usage of electrical equipment such as mobile phones, power banks, electronic gadgets, enhanced marine propulsion technology, and increased elevator use.
Lead Acid Battery Market Competitive Landscape:
The affluent firms in the lead acid battery industry are
- East Penn Manufacturing Co.
- Exide Technologies
- Johnson Controls
- ATLASBX Co. Ltd.
- NorthStar
- C&D Technologies Inc.
- Narada Power Source Co. Ltd.
- Amara Raja Corporation GS Yuasa Corp
- Crown Battery Manufacturing
- Leoch International Technology Ltd.
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The market for lead acid battery will continue to soar as a result of high-profile companies spending a lot of money on R&D to diversify their product offerings. Significant market developments include new product releases, contractual agreements, mergers and acquisitions, higher investments, and cooperation with other organizations. Players in the market are also implementing a number of strategic efforts to enhance their worldwide presence. Competitors in the global market must offer items that are reasonably priced if they want to develop and prosper in a market that is becoming more competitive and expanding.
Lead Acid Battery Market COVID 19 Analysis
Due to lockdowns, travel restrictions, as well as company closures, the COVID-19 pandemic affected the economies along with businesses of various regions and countries. These disruptions include a breakdown in the supply chain, decreased output and employee numbers, the cessation of technology events, product distribution, and advertising, office closures because of curfews and lockdowns, and a decline in product sales.
The collapse of the global economy, supply chain difficulties, and industry closures brought on by the coronavirus outbreak are all having an effect on the growth of the worldwide market. These elements disrupted the worldwide trends and expansion rate of the lead acid battery industry.
Report Scope:
| Report Metrics | Details |
| Market Size 2030 | 2030: USD 94.11 billion |
| CAGR during 2022-2030 | 8.20% CAGR |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product, Construction Method, End-User and Region |
| Key Market Opportunities | Increasing demand for uninterrupted power supply |
| Key Market Dynamics | Burgeoning expansion in the automotive industry Rapid technological advancement in the telecom sector |
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Lead Acid Battery Market USP Covered:
Market Drivers:
The market will likely show stupendous growth in the years ahead, given the surging use of lead acid batteries in vehicles and Uninterruptible Power Sources (UPS), as well as certain advancements in production techniques. The market size is anticipated to increase due to the rising demand for lead acid batteries in the generation of off-grid electricity. Future industry demand is anticipated to be driven by the growth of the transportation sector and a rise in energy storage applications. The need for UPS is growing across a number of industries, including banking, oil & gas, healthcare, and chemicals.
The growth of the auto sector will bolster the size of the worldwide lead acid battery market in countries like India, Brazil, Mexico, South Korea, Indonesia, Thailand, and Vietnam. In the next years, product demand is expected to be driven by rising consumer desire for zero-emission electric cars along with technology advancements.
Also, as per the IEA, renewable energy sources are anticipated to expand the quickest in the electrical sector, meeting nearly 30% of the world's power consumption in 2023 (up from 24% in 2017). Almost 70% of the world's power is expected to be generated during this time period, according to estimates. Solar energy (including photovoltaics and ground-mounted modules) would drive this expansion, with wind, hydropower, and biofuels following.
Nonetheless, hydropower will continue to be the greatest renewable energy source, providing around 16% of the world's electricity consumption by 2023. Wind energy will account for another 6%, solar Photovoltaics (PV) will provide 4%, and biofuels will provide 3%. The renewable generating goal of 175 GW by 2022 in emerging nations like India has now been increased to 217 GW. The floating solar technology is anticipated to contribute to the additional 45 GW. As a result, the use of these lead acid batteries has increased the CAGR of the lead acid battery market globally in recent years along with the growth in generation.
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Market Restraints:
Lead batteries' harmful impacts on the environment continue to be major barriers to development. Lead-acid battery demand has also stagnated due to the dropping cost of lithium batteries, particularly because of the latter's technological improvement. Continuing cost reductions are probably going to increase demand for lithium-ion technology in different energy storage applications, which is also probably going to constrain the market.
Lead Acid Battery Market Segmentation
By Product
Motive, stationary, and SLI are the three product categories that make up the Lead Acid Battery market segmentation. The SLI category accounted for the lion's share of the Lead Acid Battery market's sales in 2021. This is mostly a result of increased demand for other product kinds, such as stationery and motivation. Nevertheless, due to rising demand in high power applications, such as automotive, motive will have the strongest growth throughout the projection period.
By Construction Method
Various construction methods are flooded and valve-regulated lead-acid, or VRLA. In 2021, the flooded sector led the market, and it is anticipated that over the projection period, 2022–2030, it would rise more quickly than any other section. This is due to expensive maintenance costs and intricate construction.
By End-User
The industrial, commercial, telecommunication, oil and gas, stationary, residential, and automotive are the key end users of lead acid batteries. The automotive category led the market in 2021 and is anticipated to expand at the fastest rate from 2022 to 2030.
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Lead Acid Battery Market Regional Insights
The market for lead acid batteries in the Asia Pacific touched USD 21.64 billion in 2021 and can develop at a substantial rate over the research period. This can be explained by the expanding construction sector in developing nations including China, India, Japan, Malaysia, South Korea, Vietnam, and Indonesia, which could bolster the use of lead acid batteries. In addition, the biggest market in the region is China, while the market in India can see the quickest growth in the next few years.
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