Pune, India, Sept. 18, 2023 (GLOBE NEWSWIRE) -- The global lead acid battery market size was valued at USD 43.43 billion in 2022. The market is anticipated to surge from USD 45.84 billion in 2023 to USD 65.18 billion by 2030, exhibiting a CAGR of 5.2% over the estimated period. The expansion is due to the growing product demand driven by the increasing demand for energy storage devices. Fortune Business Insights™ provides this information in its research report, titled “Lead Acid Battery Market, 2023-2030”.
Key Industry Development:
December 2021 – GS Yuasa Corporation’s subsidiary Tata AutoComp GY Batteries Limited planned to enhance the production capacity of its motorcycle lead acid batteries to 8.4 million units annually for increasing its market share across India.
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| Report Coverage | Details |
| Forecast Period | 2023-2030 |
| Forecast Period 2023 to 2030 CAGR | 5.2% |
| 2030 Value Projection | USD 65.18 Billion |
| Base Year | 2022 |
| Market Size in 2022 | USD 43.43 Billion |
| Historical Data for | 2019-2021 |
| No. of Pages | 180 |
| Segments covered | Lead Acid Battery Market Size, Share & COVID-19 Impact Analysis, By Type (Flooded and VRLA {AGM, GEL}), By Application (SLI, Stationary, E-Bikes, Low Speed EVs, and Others) And Regional |
| Growth Drivers | Surge in Market Share Owing to Expanding Data Centers and Telecommunication Sectors |
| Growth in SLI Batteries Demand Owing to Expanding Automotive and Telecom Sectors |
Drivers and Restraints:
Surge in Market Share Owing to Expanding Data Centers and Telecommunication Sectors
The lead acid battery market growth is being propelled by the expanding telecommunication and data center sectors. Additional factors favoring industry expansion comprise the rollout of 5G services, the age of digitalization, and increasing population.
However, the industry expansion could be affected by the shorter lifespan of batteries. This is attributed to the fact that lead acid batteries discharge more often when compared to others.
COVID-19 Impact:
Reduced Product Demand Owing to Operational Shutdown Amid COVID-19 Pandemic
The coronavirus pandemic led to the shutdown of manufacturing processes considering a shortage in automotive equipment supply chain solutions. However, the production of electronic and automotive equipment was expected to register appreciable demand in 2022 onward. This propelled the growth of the automotive manufacturing & electronics equipment market over the anticipated period.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/industry-reports/lead-acid-battery-market-100237
Report Coverage:
The report provides an analysis of the major trends propelling industry expansion throughout the projected period. It further offers an account of the significant factors impelling business expansion over the anticipated period. Other aspects comprise an account of the vital initiatives adopted by major industry players for the consolidation of their business positions.
Lead Acid Battery Market Segmentation:
Flooded Segment Share to Surge Driven by Increasing Stationary Applications Demand
Based on type, the market is segmented into VRLA and flooded. Of these, the flooded segment is set to record substantial expansion over the anticipated period. The rise is propelled by the growing product demand in stationary applications.
Growth in SLI Batteries Demand Owing to Expanding Automotive and Telecom Sectors
By application, the market is fragmented into SLI, e-bikes, low speed EVs, stationary, and others. Of these, the SLI segment is anticipated to depict lucrative expansion throughout the projected period. The surge is impelled by the increasing product demand in internal combustion engines or power starters, lights, and ignition systems of vehicles.
Based on region, the market for lead acid battery is categorized into Europe, Asia Pacific, Latin America, North America, and the Middle East & Africa.
Regional Insights:
Asia Pacific to Record Appreciable Growth Driven by Escalating Demand for UPS Systems
The Asia Pacific lead acid battery market share is poised to depict commendable growth throughout the projected period. The expansion is due to various factors such as rapid industrialization, population growth, and the high production and sales of automobiles.
The North America market is poised to register considerable expansion over the projected period. The surge is on account of favorable government regulations related to battery disposal.
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Competitive Landscape:
Key Companies Focus on Merger, Agreements, and Acquisitions to Enable Footprint Expansion
Major lead acid battery players are centered on adopting a series of steps such as acquisitions, merger agreements, and the launch of new solutions for the consolidation of their business positions. Additional steps comprise an upsurge in research activities for the development and rollout of new solutions. Other initiatives include rising participation in trade conferences.
A List of Key Manufacturers Operating in the Global Market:
- Brookfield Business Partners (Bermuda)
- GS Yuasa (Japan)
- EnerSys (U.S.)
- Exide Industries Ltd. (India)
- East Penn Manufacturing (U.S.)
- FENGFAN (China)
- Luminous Power Technologies Pvt. Ltd. (India)
- FIAMM (Italy)
- HBL Power Systems Ltd. (India)
- Amara Raja Batteries Ltd. (India)
- Su-Kam Power Systems Ltd. (India)
Lead Acid Battery Market Segmentation:
By Type:
- Flooded
- VRLA
By Application:
- SLI
- Stationary
- E-Bikes
- Low Speed EVs
- Others
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Table of Content:
1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions & Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1. Key Emerging Trends – For Major Countries
4.2. Latest Technological Advancement
4.3. Insight on Regulatory Landscape
4.4. Porters Five Forces Analysis
4.5. Impact of COVID-19 on the Lead Acid Battery Market
5. Global Lead Acid Battery Market (USD Billion) Analysis, Insights, and Forecast, 2019-2030
5.1. Key Findings
5.2. Market Analysis, Insights and Forecast – By Type
5.2.1. Flooded Lead Acid Battery
5.2.2. Valve Regulated Lead–Acid Battery (VRLA)
5.2.2.1.Absorbent Glass Mat Battery (AGM)
5.2.2.2.GEL Battery
5.3. Market Analysis, Insights and Forecast – By Application
5.3.1. Starting, Lighting & Ignition (SLI)
5.3.2. Stationary
5.3.3. E-Bikes
5.3.4. Low Speed EV’s
5.3.5. Others
5.4. Market Analysis, Insights and Forecast – By Region
5.4.1. North America
5.4.2. Europe
5.4.3. Asia Pacific
5.4.4. Latin America
5.4.5. Middle East & Africa
Continued…
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