Dublin, Jan. 30, 2024 (GLOBE NEWSWIRE) -- The "Advanced Lead Acid Battery Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The Advanced Lead Acid Battery Market Report offers an extensive examination of the significant development within this industry, anticipating substantial growth by 2028. In-depth insights reveal the current market trends, technological advancements, and strategic partnerships shaping the future of energy storage systems.
The global market for advanced lead-acid batteries, characterized by its robust contributions to various sectors including automotive, industrial, and telecommunication, has witnessed a notable acceleration. The market, which stood at $24.16 billion in 2023, is projected to achieve an impressive compound annual growth rate (CAGR) of 9.0% by 2028, reaching $37.47 billion.
Inherently allied with the rise of electric vehicles (EVs), the advanced lead-acid battery sector is gaining momentum, driven by consumer demands for sustainable and reliable energy sources. The burgeoning EV market has been pivotal, with electric cars' global sales numbers doubling to 6.6 million by the end of 2021—showing a clear trajectory favoring electric mobility and, consequently, the deployment of advanced lead-acid batteries.
The Asia-Pacific region, a dominant force in the sector, held the largest market share in 2023. Technologies such as Valve-Regulated Lead Acid (VRLA) and innovations in battery composition and recycling processes demonstrate the region's stride in the market.
Key Market Trends:
- Increased focus on vehicle fuel efficiency is propelling the use of advanced lead-acid batteries, as they are critical in optimizing a car's electrical system and energy conservation.
- The expansion of telecommunication infrastructure, heightened necessity for Uninterruptible Power Supply (UPS) systems, and integration of grid energy storage projects are notable factors driving market growth.
- Strategic partnerships among major players aim to boost technological advancements and deliver cost-effective and high-performance energy solutions.
- Sustainability trends are fostering the foundation of environmentally-friendly lead-acid battery recycling plants, thus tightening the industry’s adherence to green initiatives.
Customers and stakeholders engaged in utility, transportation, industrial, commercial, and residential sectors stand to benefit significantly from the technological innovations and strategic initiatives documented in the market research.
The advanced lead acid battery market composition includes a spectrum of stationary and motive types, designed to meet specific needs across various end-user sectors.
This detailed and pioneering study underpins the forward momentum of the advanced lead-acid battery market, outlining its integral role in our move towards a more sustainable and energy-efficient future.
A selection of companies mentioned in this report includes
- Exide Industries Ltd.
- GS Yuasa International Ltd.
- Clarios
- Amara Raja Group
- Chaowei Power Holdings Ltd.
- Coslight Technology International Group Co. Ltd.
- Crown Battery
- East Penn Manufacturing Company
- The Furukawa Battery Co. Ltd.
- Zhejiang Narada Power Source Co. Ltd.
- Trojan Battery Company
- Tianneng Battery Group Co. Ltd.
- CSB Energy Technology Co. Ltd.
- Fiamm Energy Technology S.P.A.
- Banner Batterien Ltd.
- First National Battery
- Camel Group Co. Ltd.
- Enersys
- Leoch International Technology Limited Inc.
- C&D Technologies Inc.
- KOYO BATTERY CO. Ltd.
- PT. Astra Otoparts Tbk
- Robert Bosch GmbH
- Thai Bellco Battery Co. Ltd.
- HOPPECKE Batterien
- Hitachi Chemical Energy Technology
- Blackridge Research & Consulting
- Panasonic Holdings Corporation
- Teledyne Technologies Incorporated
- Midac Batteries SpA
For more information about this report visit https://www.researchandmarkets.com/r/gcnn1a
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