SAN FRANCISCO, U.S., Feb. 11, 2023 (GLOBE NEWSWIRE) -- Facts and Factors has published a new research report titled “Lead Acid Battery Market Size, Share, Growth Analysis Report By Construction Method (VRLA Lead Acid Battery and Flooded Lead Acid Battery), By Type (Motive Lead Acid Battery, Stationary Lead Acid Battery, and SLI Lead Acid Battery), By End-User (Residential, Commercial, Transportation, Utilities, and Industrial), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2030” in its research database.
“According to Facts and Factors, the global lead acid battery market size was worth around USD 79.9 billion in 2021 and is predicted to grow to around USD 115.1 billion by 2030 with a compound annual growth rate (CAGR) of roughly 2.52% between 2022 and 2030.”
Lead Acid Battery Market Overview:
Lead-acid batteries are the first type of rechargeable battery ever developed and they are currently the most commonly used batteries in systems that convert light into electricity or photovoltaic systems. As compared to other modern-age batteries, lead-acid batteries do not have a relatively higher energy density but they offer longevity and are more cost-effective. A lead acid battery is made of a lead oxide positive electrode and a spongy or porous lead negative electrode. The porous structure of lead negative electrode allows the lead to form or dissolve which is required to store energy.
The electrode couple is placed in an electrolyte solution that is made of water and sulfuric acid. Both the electrodes are separated by a chemically permeable but electrically insulating membrane which also plays an important role in preventing electrical shorting which may occur due to the electrolytic solution. The energy-storing capacity of lead-acid batteries works on reversible chemical reactions.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2021 | USD 79.9 Billion |
| Projected Market Size in 2030 | USD 115.1 Billion |
| CAGR Growth Rate | 2.52% CAGR |
| Base Year | 2021 |
| Forecast Years | 2022-2030 |
| Key Market Players | Crown Battery Manufacturing Company, HBL Power Systems Ltd, Luminous India, Amara Raja Batteries Ltd, Jayachandran Industries (P) Ltd., East Penn Manufacturing Co., NorthStar, ATLASBX Co. Ltd., Narada Power Source Co. Ltd., Amara Raja Corporation GS Yuasa Corp, C&D Technologies Inc., Leoch International Technology Ltd., Johnson Controls, Chaowei Power Holdings Limited, East Penn Manufacturing Co, Exide Technologies, Hoppecke Batterien GmbH & Co. KG., and others. |
| Key Segment | By Construction Method, Type, End-User, and Region |
| Major Regions Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
| Purchase Options | Request customized purchase options to meet your research needs. |
Key Insights from Primary Research
- As per the analysis, the lead acid battery market share is likely to grow above a CAGR of around 2.52% between 2022 and 2030.
- The Lead Acid Battery market size was worth around US$ 79.9 billion in 2021 and is estimated to hit approximately US$ 115.1 billion by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
- The lead acid battery industry is projected to grow at a significant rate due to the cost-effectiveness of lead-acid batteries
- Based on construction method segmentation, VRLA lead acid battery was predicted to show maximum market share in the year 2021
- Based on end-user segmentation, utilities were the leading user in 2021
- On the basis of region, Asia-Pacific was the leading revenue generator in 2021
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Industry Growth Drivers:
The global lead acid battery market is projected to grow owing to the high applications of the batteries in various end-user verticals with car engines acting as the major growth propellers. Factors like the rising number of players in the automobile industry selling products across price ranges and meeting the requirements of all consumer groups, further encouraged by the presence of financial assistance, rising job opportunities, growing disposable income, and lucrative payment methods could lead to the rise in demand for personal cars which could ultimately lead to more demand for lead-acid batteries. The growing investments, strategic collaborations, and constant research and product innovation in the automotive segment could also become a major growth propelling reason during the forecast period.
Furthermore, as the population is growing coupled with rapid industrialization and urbanization the demand for constant power supply is reaching new heights every year. The segments contributing to the high number are spread across homes, industrial settings, data centers, and commercial units. The expansion of the transportation segment along with rising demand for electric vehicles is projected to help higher revenues in the coming years.
Restraints
However, the lead acid battery industry growth could potentially be limited due to the constantly fluctuating prices of the raw material along with the rising development and market launch of low-cost substitutes. Additionally, the existence of the strongest regulatory laws surrounding the use and manufacturing of lead-acid batteries as well as their transportation could cause a loss of revenue.
Opportunities & Challenges
The growing application interest in renewable energy could provide growth opportunities whereas the associated risk of a safety hazard may challenge the market expansion.
Lead Acid Battery Market: Segmentation Analysis
The global lead acid battery market is segmented by construction method, type, end-user, and region.
Based on type, the global market is divided into motive lead acid battery, stationary lead acid battery, and SLI lead acid battery.
- Stationary lead acid batteries are used extensively along with back power supply sources like uninterruptible power supply (UPS) inverters. These batteries have high demand in regions that are prone to frequent power supply disruption
- SLI stands for starting, lighting, and ignition and these types of batteries have utilization in internal combustion or car engines
- Motive lead acid batteries are used in electric vehicles like forklift trucks
- A lead-acid battery weighs around 40 pounds
Based on the construction method, the global market is divided into VRLA lead acid battery and flooded lead acid battery.
Based on end-user, the global market is segmented into residential, commercial, transportation, utilities, and industrial.
- In 2021, the global market was dominated by the utilities segment due to the high demand for batteries in grid energy storage systems
- Lead-acid batteries are used extensively in automotive batteries, portable consumer electronics, and electric vehicles which could drive the demand for the product in the commercial segment during the forecast period
- When the capacity of lead-acid batteries drops to 70% or 80%, they should be replaced
Browse the full “Lead Acid Battery Market Size, Share, Growth Analysis Report - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2030” Report at https://www.fnfresearch.com/lead-acid-battery-market
Regional Analysis:
- Asia-Pacific to emerge as the indisputable leader
Asia-Pacific is projected to lead the global lead acid battery market with India and China acting as the major regional growth propellers. China is currently the largest manufacturer and supplier of lead acid batteries and is constantly registering a number of strategic tie-ups with other small and large-scale companies operating in the segment to enter new markets. Growth in India is anticipated to be led by the growing need for constant power supply as the country rapidly moves toward higher industrialization.
Asian countries are the largest consumers of backup power supply devices like inverters and generators which use lead-acid batteries to operate. The inexpensiveness and higher life cycle make lead-acid batteries a preferred choice amongst the regional population. North America could register the highest growth in the US as the automotive segment in the country reaches new revenue records. The electronic segment of the country could also offer higher growth opportunities.
Competitive Players:
The report contains qualitative and quantitative research on the global lead acid battery market, as well as detailed insights and development strategies employed by the leading competitors.
Some of the main players in the global lead acid battery market include;
- Crown Battery Manufacturing Company
- HBL Power Systems Ltd
- Luminous India
- Amara Raja Batteries Ltd
- Jayachandran Industries (P) Ltd.
- East Penn Manufacturing Co.
- NorthStar
- ATLASBX Co. Ltd.
- Narada Power Source Co. Ltd.
- Amara Raja Corporation GS Yuasa Corp
- C&D Technologies Inc.
- Leoch International Technology Ltd.
- Johnson Controls
- Chaowei Power Holdings Limited
- East Penn Manufacturing Co
- Exide Technologies
- Hoppecke Batterien GmbH & Co. KG.
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Recent Industry Developments:
- In November 2022, Amara Raja Batteries, a leading Indian company, launched a new subsidiary that is expected to lead the adoption of lithium-ion batteries in its already existing lead battery manufacturing processes. In February 2021, the company announced its plan to invest in lithium-ion cells
- In September 2022, Exide Industries announced that the construction of the first phase of its new facility housing 6Gwh lithium-ion battery manufacturing will be completed in the next 27 to 30 months. The company has invested around INR 3,800 to INR 4000 crore in the construction of the new unit in India’s Karnataka state.
The global lead acid battery market is segmented as follows:
By Construction Method
- VRLA Lead Acid Battery
- Flooded Lead Acid Battery
By Type
- Motive Lead Acid Battery
- Stationary Lead Acid Battery
- SLI Lead Acid Battery
By End-User
- Residential
- Commercial
- Transportation
- Utilities
- Industrial
By Region
- North America
- The U.S.
- Canada
- Europe
- France
- The UK
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Southeast Asia
- Rest of Southeast Asia
- The Middle East & Africa
- GCC
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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Key Offerings:
- Market Size, Trends, & Forecast by Revenue | 2022−2030
- Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
- Market Segmentation – A detailed analysis by Construction Method, Type, End-User, and Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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