New York, United States, Feb. 20, 2024 (GLOBE NEWSWIRE) -- The Global Lead Acid Battery Market Size is to Grow from USD 42.34 Billion in 2023 to USD 68.3 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 4.9% during the projected period.
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Lead dioxide functions as the positive electrode, lead functions as the negative electrode, and sulfuric acid functions as the electrolyte in lead-acid batteries, a form of rechargeable battery. Growth can be attributed to the increased interest in energy-efficient product and services around the world. The need for lead-acid batteries has increased over the past several years as more and more cars have switched to being electric and hybrid. In the near future, industry demand is expected to be fuelled by the transportation sector's advancement and growing interest in energy storage applications. The growing need in several industries, particularly the banks, natural gas and petroleum industries, health services, and chemicals, has contributed to an increased interest within the industry to supply UPS. Lead acid batteries have several advantages compared to other types of batteries. They are cost-effective, can handle high currents, resist overcharging, and come in various sizes and features. These batteries are recyclable, with some countries achieving a 90% recycling rate, which helps save resources, reduce pollution, and cut down battery costs. However, lead-acid batteries generally don't last as long as other types. They degrade over time due to issues like sulfation and corrosion, making them less efficient and reliable. The main drawback to their market growth is their negative impact on the environment.
Browse key industry insights spread across 200 pages with 120 market data tables and figures & charts from the report on the "Global Lead Acid Battery Market Size, Share, and COVID-19 Impact Analysis, By Construction Method (VRLA Lead Acid Battery, Flooded Lead Acid Battery), By Type (SLI, Stationary, Motive), By Application (UPS, Electric Bikes, Telecom, Transport Vehicles, Automotive, Others), By End-User (Transportation, Industrial, Utilities, Commercial & Residential), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The flooded lead acid batteries segment is anticipated to hold the greatest share of the global lead acid battery market during the projected timeframe.
Based on the construction type, the global lead acid battery market is divided into VRLA lead acid batteries and flooded lead acid batteries. Among these, the flooded lead acid batteries segment is anticipated to hold the greatest share of the global lead acid battery market during the projected timeframe. Moreover, these flooded batteries are cost-effective and need minimal upkeep. They're utilized in backup power, utility, telecom, and backup power sources. As a result, there's a growing need for flooded batteries in both residential and commercial areas, driving the market growth for lead-acid batteries in the predicted timeframe.
The SLI segment is anticipated to grow at fastest pace in the global lead acid battery market during the projected timeframe.
Based on the type, the global lead acid battery market is divided into SLI, stationary, and motive. Among these, the SLI segment is anticipated to grow at the fastest pace in the global lead acid battery market during the projected timeframe. The rising demand for original equipment manufacturers (OEMs) and aftermarket products has helped the automotive industry to expand. A key factor driving the growth of the SLI battery market is the requirement for these batteries to deliver reliable performance, last a long time, and be affordable while running internal combustion engines, lights, motors, and ignition systems.
The automotive segment is predicted to grow at highest pace in the lead acid battery market during the estimated period.
Based on the application, the global lead acid battery market is divided into UPS, electric bikes, telecom, transport vehicles, automotive, and others. Among these, the automotive segment is predicted to grow at the highest pace in the lead acid battery market during the estimated period. The car industry is expanding worldwide because lead acid batteries are heavily utilized in traditional cars for starting the engine and powering accessories like lights and ignition systems. These batteries give the necessary initial energy boost to start the engine and run vehicle accessories when the engine isn't on.
The transportation segment is predicted to grow at highest pace in the lead acid battery market during the estimated period.
Based on the end-user, the global lead acid battery market is divided into transportation, industrial, utilities, commercial & residential. Among these, the transportation segment is predicted to grow at the highest pace in the lead acid battery market during the estimated period. The growing investment in electric and hybrid cars is predicted to boost the need for transportation services. This increase in demand is expected to raise the requirement for lead-acid batteries in the transportation industry since these vehicles use advanced power systems that are efficient and powerful.
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Asia Pacific is expected to hold the largest share of the global lead acid battery market over the forecast period.
Asia Pacific is expected to hold the largest share of the global lead acid battery market over the forecast period. China currently holds a significant grip on the consumption, production, and exports of lead-acid batteries. It's widely recognized for its ability to churn out vast quantities of various products, ranging from industrial equipment to everyday items. There's a growing need for affordable battery storage solutions due to increased demands for tasks like peak shaving, backup power, ensuring grid stability, and integrating renewable energy sources into the main power grid. This demand is the driving force behind the lead-acid battery market in the region. Furthermore, government policies aimed at attracting investments, along with population growth, rapid industrialization, and the booming automotive sector, are expected to fuel the demand for lead-acid batteries in the Asia Pacific region until 2030. The automotive industry, in particular, is a major driver, given the high demand for passenger cars, increasing acceptance of electric vehicles, and rising awareness regarding environmental concerns. China, being the largest manufacturer of lead-acid batteries, holds a dominant position in the market and has significant access to international markets through growing collaborations.
North America is predicted to grow at the fastest pace in the global lead acid battery market during the projected timeframe. In the United States, throwing batteries in the trash is against the law. Normally, used batteries are taken to special places for recycling. Because many new batteries are made from recycled materials, it makes production cheaper. This means lead acid batteries are cheaper and easier to find, which helps the market grow in the region.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global lead acid battery market include GS Yuasa, Luminous Power Technologies Pvt. Ltd., FIAMM, HBL Power Systems Ltd., Amara Raja Batteries Ltd., Su-Kam Power Systems Ltd., Furukawa Electric Co., Ltd., Hitachi Chemical Company, Ltd., Narada Power Source Co. Ltd., SiteTel Sweden AB, Clarios, C&D Technologies Inc., Leoch International Technology Ltd., Yokohama Batteries Sdn. Bhd., Enersys, Exide Industries Ltd., Others
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Recent Developments
- In May 2023, C&D Technologies introduced the Pure Lead Max VRLA battery, designed specifically for data centers to reduce expenses. With an impressive eight-year warranty, it employs pure-lead technology and a unique catalyst design for extended lifespan. Additionally, it contributes to environmental conservation by incorporating recycled materials and reduces maintenance expenses by nearly 38%, while also occupying less space. Its emphasis is on durability and enhanced performance.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Global Lead Acid Battery Market based on the below-mentioned segments:
Global Lead Acid Battery Market, By Construction method
- VRLA lead acid battery
- Flooded Lead Acid Battery
Global Lead Acid Battery Market, By Type
- SLI
- Stationary
- Motive
Global Lead Acid Battery Market, By Application
- UPS
- Electric Bikes
- Telecom
- Transport Vehicles
- Automotive
- Others
Global Lead Acid Battery Market, By End-User
- Transportation
- Industrial
- Utilities
- Commercial & Residential
Global Lead acid battery Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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