Hyderabad, July 25, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled “Lead Acid Battery Market Report (2023-2028),” the market is estimated at USD 45.30 billion in 2023. It is expected to register a CAGR of 4.40% during the forecast period.
The increasing automobile sales are expected to stimulate the growth of the lead-acid battery market. The lead-acid battery market has observed several progresses in technologies such as AGM (Absorbed Glass Mat) batteries and EFB (Enhanced Flooded Battery) technology, which are expected to deliver countless opportunities for the market. The Asia-Pacific region is expected to dominate the lead-acid battery market, with large demands coming from China, Japan, and India.
Report Summary:
| Report Attribute | Details |
| Market Size (2023) | USD 45.30 billion |
| Market Size (2028) | USD 56.18 billion |
| CAGR (2023-2028) | 4.40% |
| Study Period | 2018-2028 |
| Forecast Units | Value (USD billion) |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Report Scope | Market Dynamics, Revenue Forecast and Segmentation, Competitive Landscape, and Recent Developments, Market Growth, Future Opportunities, and Trends |
| Key Market Drivers | The increasing automobile sales. |
| The increasing number of solar power projects and the continuous expansion of telecommunication infrastructure. |
Who are the Top Companies in the Lead Acid Battery Market?
The global lead acid battery market is fragmented.
The noteworthy players holding the global lead acid battery market are:
- Johnson Controls International PLC
- Exide Technologies Inc.
- GS Yuasa Corporation
- EnerSys
- East Penn Manufacturing Co.
- C&D Technologies Inc.
- Amara Raja Batteries Ltd
- Leoch International Technology Limited
- Panasonic Corporation
Other Reports That Might Be of Your Interest:
- Next-generation Advanced Battery Market Report - The next-generation advanced battery Market size is expected to grow from USD 1.73 billion in 2023 to USD 2.46 billion by 2028 at a CAGR of 7.24% during the forecast period (2023-2028).
- Flow Battery Market Report - The flow battery market size is estimated at USD 755.49 million in 2023 and is expected to reach USD 1.54 billion by 2028 at a CAGR of 15.41% during the forecast period (2023-2028).
Key Highlights from the Lead Acid Battery Market Report:
Growing Usage in the SLI Battery Segment
- SLI batteries are devised for automobiles and are always installed with the vehicle’s charging system. Hence, there is a continuous cycle of charge and discharge in the battery whenever the vehicle is running. The 12-volt batteries have been the most used for over 50 years. Nonetheless, their average voltage is close to 14 volts.
- In 2021, the SLI battery segment held a 75.32% market share. It is expected to boost during the forecast period due to the worldwide growth in the automotive sector. The expanding demand from OEMs and aftermarkets has furthered the automotive sector.
APAC Region Anticipated to Dominate the Market
- The Asia-Pacific region is estimated to dominate the lead-acid battery market, with most orders coming from China, Japan, and India.
- The expanding adoption of electric vehicles aligns with its clean energy policy. The Chinese administration plans to ease constraints on automakers importing cars into the country to reduce the demand-supply gap.
What are the Latest Developments in the Lead Acid Battery Market?
- In October 2022, BAE USA’s stationary lead-acid battery energy storage system was certified for the 3rd edition of ANSI/CAN/UL 1973.
- In July 2022, Amara Raja Batteries (ARBL) declared plans to enlarge its lead-acid business with various options to expand geographically outside India.
Mordor Intelligence has Segmented the Lead Acid Battery Market Based on Application, Technology, and Geography:
- By Application
- SLI (Starting, Lighting, Ignition) Batteries
- Stationary Batteries (Telecom, UPS, Energy Storage Systems (ESS), etc.)
- Portable Batteries (Consumer Electronics, etc.)
- Other Applications
- By Technology
- Flooded
- VRLA (Valve Regulated Lead-acid)
- By Geography
- North America
- United States
- Canada
- Mexico
- Europe
- United Kingdom
- Germany
- France
- Italy
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- ASEAN Countries
- Rest of Asia-Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- North America
In a nutshell, the Mordor Intelligence market research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the Lead Acid Battery Market Report (2023-2029).
Mordor Intelligence constantly tracks industry trends. Some relevant market reports from the analysts that might be of interest to you:
- Europe Battery Energy Storage System Market Report - The European battery energy storage system market size is expected to grow from USD 11.09 billion in 2023 to USD 12.05 billion by 2028 at a CAGR of 1.67% during the forecast period (2023-2028).
- Australia Battery Market Report – The Australian battery market size is expected to grow from USD 1.19 billion in 2023 to USD 1.79 billion by 2028 at a CAGR of 8.41% during the forecast period (2023-2028).
- Lithium-ion Battery Recycling Market Report - The lithium-ion battery recycling market size is estimated at USD 2.65 billion in 2023 and is expected to reach USD 7.32 billion by 2028 at a CAGR of 22.49% during the forecast period (2023-2028).
About Mordor Intelligence:
Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence, we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics.
Our market research reports are comprehensive and provide exclusive data, facts and figures, trends, and the industry’s competitive landscape.
Attachment
