New York, March 21, 2023 (GLOBE NEWSWIRE) -- The Global Lead-Acid Battery Market size accounted for USD 30.6 billion in 2022. Between 2023 and 2032, this market is estimated to register the highest CAGR of 6.9% and is expected to reach USD 59.6 billion. Lead-acid batteries are small power-storing batteries. They can provide charge to any small-scale device similar to the UPS, which provides stable and continuous power support to the electronics by SLI (Starting, Lighting, and Ignition) system.
Lead-acid batteries are also used in large-scale power storage grids due to their easy availability and less price than the competition. Lead-acid batteries are the perfect option for renewable energy similar to the photovoltaic energy systems around us.
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Key Takeaway:
- By Type, SLI covers the largest share of the global lead-acid batteries market.
- By Application, the automotive segment has dominated the market and it is expected to grow at a high CAGR over the forecast period 2023 to 2032.
- In 2022, the Asia Pacific region dominated the market with the highest revenue share of 33.8%.
- North America is expected to grow significantly throughout the forecast period from 2023-2032.
Lead-acid battery is been used for a long time due to their low cost and easy availability. Growing demand for lead-acid batteries in the automotive sector, continuous power-requiring sectors, and other critical applications are anticipated to increase the market for these batteries during the forecast period from 2023 to 2032.
Lead-acid batteries can be recycled in more numbers as compared to lithium-ion batteries. Hence, lead-acid batteries are preferred over lithium-ion batteries by customers. Also, the increasing use of electronic devices like smartphones, power banks, and upgraded marine propulsion technology are rising the demand for lead-acid batteries.
Factors affecting the growth of the Lead-Acid Battery industry?
There are several factors that can affect the growth of the lead-acid battery industry. Some of these factors include:
- Low cost and easy availability: Lead-acid batteries cost less than the other batteries in the market such as lithium-ion batteries. And they are also easily available in the market which makes them key players in the market.
- Can easily recycle: Lead-acid batteries can be easily recycled for reuse as compared to lithium-ion batteries which are complex to recycle.
- Increasing demand in the automotive sector: With the rise of electric vehicles, the demand for batteries is heavily boosted in the market. Especially lead-acid batteries are in high demand in the automotive industry due to their easy availability and low cost.
- Rising demand for power backup: With the increased usage of electronic equipment like smartphones, power banks, and UPS. The demand for lead-acid batteries is rising for the power storage option.
- Option for renewable energy: Lead-acid batteries are a good option for renewable energy. This factor is driving the growth of these batteries throughout the forecast period.
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Top Trends in Global Lead-Acid Battery Market
SLI batteries have been used in nearly every car for a long time. SLI batteries are mostly used in the car for engine ignition, headlight power loads, and short power supply. Also, these batteries supply remaining power if the car’s electrical supply exceeds the charging system to function for the voltage stabilizing to avoid damage to other electrical components in the car.
The automobile industry uses SLI batteries in vehicle production due to their compatible design for the vehicle’s charging system. These SLI batteries can function in continuous cycles during the charging and discharging of the batteries. 12-volt lead-acid batteries have been used for a long time in the car. It’s normal voltage is said to be 12 volts but when the battery is in use while the vehicle is moving, the battery goes to nearly 14 volts due to charging from the alternator.
India is a developing country with exponential per capita income and is developing tremendously over years. Which has led to increased disposable income for the people in the country. Individuals are spending more money on vehicles. This has increased the growth rate of the lead-acid battery market in the country. The high demand for vehicles in the country has boosted the lead-acid battery market in the country and it is expected to create many opportunities in the market.
Market Growth
The Telecommunication sector is one of the major sectors which have seen tremendous growth in recent years. This sector is anticipated to grow exponentially in the years to come. The Telecommunications industry is one of the very few sectors that have seen growth during the recession time.
The rapid technological advancements and innovative upgrades have boosted this industry's growth throughout the years. Government and private sectors are funding and investing heavily in the telecommunications industry which has helped them to expand their share in the market. Lead-acid batteries are used heavily in the telecommunications industry for different purposes. This has boosted the market growth of the lead-acid battery market.
Regional Analysis
Asia Pacific is the largest market for lead-acid batteries. The presence of developing and most populous nations like China and India has created many opportunities for companies in this region. Asia Pacific region is expected to see significant growth in the CAGR during the forecast period from 2023 to 2032. The demand for lead-acid batteries for storage and automotive use has upsurged in this region, which is driving the growth of these batteries in the market.
With the high demand for hybrid vehicles and electric vehicles in the region, North America is expected to have lucrative market growth during the forecast period. North America has a high demand for the marine propulsion system which is driving the lead-acid market in this region. The rise in exploration activity and rising demand for utility storage are the key drivers in this region.
Europe is anticipated to see steady growth during the forecast period. This is due to strict rules and regulations related to pollution from the governments in the region. Europe is looking for an option for energy utilization which has stimulated the conversion of public transportation to an electric source.
Competitive Landscape
The competitive landscape of the market has also been examined in this report. Some of the major players in the lead-acid market include EnerSys, Exide Industries Ltd., GS Yuasa Corporation., Koyo Battery Co.Ltd, Leoch International Technology Ltd, and PT. Century Batteries Indonesia, Robert Bosch GmbH, Thai Bellco Battery Co. Ltd, and Other Key Players.
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Scope of the Report
| Report Attribute | Details |
| Market Value (2022) | USD 30.6 Billion |
| Market Size (2032) | USD 59.6 Billion |
| CAGR (from 2023 to 2032) | 6.9% |
| APAC Revenue Share | 33.8% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
The leading manufacturers in the lead-acid battery market are working hard to expand their production rate and distribution capabilities in different regions across the world. Initiatives like bringing green energy solutions into the automotive industry are the key drivers to increase the demand for lead-acid batteries in the market.
Many companies are collaborating with regional manufacturers for upgraded and advanced industrial research activities. The technological advancements in the automotive sector such as hybrid vehicles and electric vehicles will also act as a strong factor driving the growth of the market.
The demand for lead-acid batteries is increasing in many industries such as automotive and telecommunications. The demand for these batteries is rising rapidly due to the promotion of clean energy and more environmentally friendly modes of transportation by the governments of different countries across the world.
Market Restraints
Lead-acid batteries have many uses in different industries. But many factors are obstructing the growth of the lead-acid market growth, there are certain obstacles that could pose a problem to market growth during the forecast period like the rising prices of the raw material used in the manufacturing of the lead-acid battery market and low-cost alternatives in the market.
Also, it is anticipated that challenges to market expansion will include high costs connected with research and development capabilities and a lack of adequate infrastructure in some regions of the market.
Market Opportunities
According to reports, in the energy sector renewables will see the fastest growth among others in the competition. Renewables are expected to contribute more than 70% to global electricity generation during the forecast period. This growth would be due to factors like photovoltaics ground mount modules, then wind, hydropower, and bioenergy.
Although, hydropower is still the most important renewable source. Hydropower accounted for 16% of the electricity demand in 2023 all over the world. In developing countries like India, solar technology is expected to add more share in the market. With the increasing importance of energy storage, the generation grid grows are the one to support. These all factors are expected to create opportunities in the market for lead-acid batteries.
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Report Segmentation of the Lead-Acid Battery Market
Type Insight
SLI ( Starting, Lighting, and Ignition) batteries are the leading segment in the lead-acid battery market which holds the largest share of the revenue. SLI batteries are expected to see positive growth due to rising demand for applications that require high power load and continuous power load.
Industries like automotive and telecommunication are supremely using SLI batteries in their particular industries. The forecast period is anticipated to see a rise in demand for these batteries in vehicle manufacturing, especially in countries like China, Brazil, India, and South Korea.
Application Insight
The automotive segment dominated the market in terms of revenue share. With the growing automotive sector the use of lead-acid batteries is also increasing in the automotive sector. Factors like low prices, easy availability, and strong distribution channels are fueling the growth of lead-acid batteries in the automotive sector.
Asia Pacific is the dominating region in the world in terms of lead-acid batteries. The presence of major companies like Toyota, Mahindra, TATA, Honda, and Maruti Suzuki in the Asia Pacific region has propelled the growth of the lead-acid batteries market in the region.
After the automotive sector, UPS holds second place for the market share in the lead-acid batteries market. This application is anticipated to grow owing to increased demand from multiple industries such as industrial companies, educational institutes, hospitals, corporate offices, residential use, and many more.
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Market Segmentation
By Type
- SLI
- Stationary
- Motive
By Application
- Automotive
- Telecommunications
- Transport Vehicles
- UPS
- Electric Bikes
- Other Applications
By Geography
- North America
- The US
- Canada
- Mexico
- Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Market Key Players:
- Exide Industries.Ltd
- Koyo Battery Co.Ltd.
- Leoch International Technology.Ltd
- PT. Century Batteries Indonesia.
- GS Yuasa Corporation.
- Robert Bosch GmbH.
- EnerSys.
- Thai Bellco Battery Co. Ltd
- Other Key Players
Recent Development of the Lead-Acid Battery Market
- In October 2022, the high court in Delhi rejected the appeal from public interest litigations which proposed the use of lead-acid batteries in electric rickshaws. The reason for the rejection of the appeal is said to be the dangerous effects of lead-acid batteries in various applications.
- In July 2022, Amara Raja Batteries released its plans to expand its lead-acid batteries business outside India. The company is developing the battery business in South-East Asia, Middle-East, and Africa as the first priority.
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