Wilmington, Delaware, April 08, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Lead–Acid Battery Market by Product (SLI, Stationary, and Motive), Construction Method (Flooded and Valve Regulated Sealed Lead–acid battery (VRLA)), and Application (Automotive, UPS, Telecom, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the "lead–acid battery market" was valued at $52.1 billion in 2022, and is estimated to reach $81.4 billion by 2032, growing at a CAGR of 4.6% from 2023 to 2032.
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Prime determinants of growth
The global lead acid battery market is experiencing growth due to several factors such as lead acid battery being a cost-efficient energy storage solution, and the presence of recyclability of lead acid battery over lithium-ion battery. However, the emerging and existing alternatives available in the market hinder the lead acid battery market growth. Moreover, surge in demand for data centers where lead acid batteries are utilized as emergency backup provides opportunities for the development of the lead acid battery market.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $52.1 billion |
| Market Size in 2032 | $81.4 billion |
| CAGR | 4.6% |
| No. of Pages in Report | 210 |
| Segments Covered | Product, Construction Method, Application, and Region. |
| Drivers |
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| Opportunity |
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| Restraint |
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The SLI segment is expected to grow faster during the forecast period.
By product, the SLI segment held the highest market share in 2022, accounting for nearly three-fifths of the lead acid battery market revenue, and is estimated to maintain its leadership status during the forecast period. Lead acid battery is widely utilized in starting, lighting, and ignition of vehicles. Increase in demand for automotive vehicles for transportation has a positive impact on the demand for lead acid battery. However, the stationary segment is projected to attain the highest CAGR of 5.2% from 2023 to 2032. Stationary lead-acid batteries are widely used in energy storage systems that are widely utilized in renewable energy generation, and emergency backup in residential, and data centers.
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The flooded segment is expected to lead the trail by 2032
By construction method, the flooded segment held the highest market share in 2022, accounting for nearly three-fourths of the lead acid battery market revenue, and is estimated to dominate during the forecast period. The presence of an established infrastructure for the production, distribution, and recycling of flooded lead-acid batteries in many regions, further contributes to their widespread adoption. However, valve regulated sealed lead acid battery segment is projected to attain the highest CAGR of 4.9% from 2023 to 2032. As environmental regulations become stricter, there is a growing demand for environmentally friendly battery solutions. VRLA batteries, being sealed and maintenance-free, are perceived as more environmentally friendly as compared to traditional flooded lead-acid batteries, which require regular maintenance and have a higher risk of electrolyte leakage.
The automotive segment dominate the market by 2032
By application, the automotive segment held the highest market share in 2022, accounting for nearly three-fifths of the lead acid battery market revenue, and is estimated to dominate during the forecast period. The rapid development in transportation infrastructure and the development of e-commerce across the globe have driven the demand for lead acid battery. However, the others segment is projected to attain the highest CAGR of 5.6% from 2023 to 2032. Increase in the utilization of electric vehicles has led to rise in demand for EV charging infrastructure. The presence of demand of EV charging infrastructure has led to the utilization of lead acid battery for energy storage. The surge in the investment in this sector is expected to provide ample opportunities for the development of the lead acid battery market.
The Asia-Pacific segment dominates the market by 2032
Region-wise, Asia-Pacific held the highest market share in 2022, accounting for nearly two-fifths of the lead acid battery market revenue, and is estimated to dominate during the forecast period. Furthermore, the Asia-Pacific segment is projected to register the highest CAGR of 5.0% from 2023 to 2032. The presence of huge population-based countries in this region has led to increase in demand for lead acid battery in the automotive industry, and emergency backup is expected to drive the demand for lead acid battery market.
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Leading Market Players: -
- EnerSys
- Exide Industries
- Crown Battery
- East Penn
- HOPPECKE
- NorthStar
- Hitachi Chemical
- Teledyne Technologies
- Hankook AltasBX
- C&D Technologies
The report provides a detailed analysis of these key players in the lead acid battery market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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