NEWARK, Del, Aug. 21, 2024 (GLOBE NEWSWIRE) -- According to Future Market Insights (FMI), the global lead acid battery market was valued at USD 59.7 Billion in 2023. Looking ahead, the market is anticipated to experience a 4.8% year-on-year growth in 2024, pushing its valuation to USD 62.6 Billion. Over the next decade, from 2024 to 2034, the market is projected to expand at a compound annual growth rate (CAGR) of 5.6%, reaching a total value of USD 106.8 Billion by 2034. This robust growth is driven by increasing demand across various sectors and the continued evolution of technology in the industry.
The lead-acid battery industry is a critical sector with a wide range of applications. These batteries are renowned for their reliability, cost-effectiveness, and robust performance in various environments. They are commonly used in automotive starting, lighting, and ignition systems, as well as in backup power systems for telecommunications and uninterruptible power supplies (UPS). Additionally, lead-acid batteries find applications in renewable energy systems, such as solar and wind power storage, due to their ability to provide reliable power for off-grid solutions. The industry's scope also includes advancements in battery technology to enhance energy density, lifespan, and environmental sustainability.
The growth of the lead-acid battery industry is driven by several key factors. The increasing demand for reliable power storage in automotive applications, especially for electric and hybrid vehicles, fuels growth. Additionally, the expansion of renewable energy systems, which require efficient and cost-effective energy storage solutions, supports industry growth. Technological advancements aimed at improving battery performance and environmental sustainability also play a significant role. Moreover, the rise in data centers and telecommunications infrastructure, which rely on backup power solutions, further stimulate demand for lead-acid batteries.
The lead-acid battery industry is witnessing several notable trends and shifts in demand. There is a growing emphasis on enhancing battery efficiency and lifespan through advanced battery technology and improved materials. The surge in electric and hybrid vehicle adoption is driving increased demand for high-performance lead-acid batteries. Additionally, the integration of lead-acid batteries in renewable energy storage systems is expanding, as they offer a cost-effective solution for managing intermittent power sources. Trends toward recycling and sustainability are also becoming prominent, with a focus on reducing environmental impact and promoting circular economy practices within the industry. Renewable Energy Boom Spurs Demand for Advanced Lead Acid Batteries.
Top factors that are propelling the segment’s growth are:
- Affordable price range and easy availability of flooded lead acid batteries in various configurations are contributing to its wider adoption.
- Other factors that are contributing to its increasing adoption include the ability to operate over a partial battery charge and high-power backup. Flooded batteries are commercially available in varying shapes and sizes, making them appropriate for different applications.
- Adoption of flooded batteries is increasing owing to its energy efficiency and heightened performance. These batteries are expected to be the top choice for several end users due to their cost-effectiveness.
Key Takeaways from the Report:
- Lead acid battery sales are projected to fetch a CAGR of 5.6% during the forecast period between 2024 and 2034.
- India’s lead acid battery industry is poised to exhibit a CAGR of 7.2% during the assessment period.
- Sales in China are projected to soar at a CAGR of around 6.2% during the assessment period.
- The United States lead acid battery market size is projected to reach USD 14,804.5 Million by 2034.
- Based on sales channel, the aftermarket segment is projected to hold a share of 63% in 2024.
“Lead-acid battery demand is expected to grow 1.7 times by 2034, driven by their cost-effectiveness, critical role in automotive and industrial applications, and increasing need for reliable energy storage in grid systems and renewable energy integration. The maturity of the technology and robust supply chain further bolster their continued relevance and growth.” – opines Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
Discover Comprehensive Details in the Full Report! https://www.futuremarketinsights.com/reports/global-lead-acid-battery-market
Lead Acid Battery Developers to Find Growth Opportunities in the United States
- The lead acid battery industry in the United States is estimated to record a CAGR of 4.7% through 2034. Top factors that are propelling the market growth are:
- The United States is widely known for its automotive and electronic industries, and it is projected to continue observing high demand for lead acid batteries over the assessment period.
- Technological advancements in this century are ramping up the production capacity of manufacturers situated in the United States.
- Common factors like research and development activities, rising production capacities, and the increasing presence of various leading players are creating enticing opportunities for the sales of lead acid batteries in the country.
Government Initiatives to Boost the Lead Acid Battery Industry in India
- The India lead acid battery market is anticipated to expand at a CAGR of 7.2% through 2034. Key factors for continuous sales of lead acid batteries are as follows:
- Emerging opportunities in India owing to surging government efforts to link rural and urban areas with electric vehicle (EV) transportation networks.
- Significant steps taken by responsible authorities to make transportation affordable and accessible are creating promising prospects for lead acid battery players.
- Surging focus on reducing carbon emissions from vehicles and the subsequent implementation of strict regulations are projected to create a conducive environment for lead acid battery sales in the country.
Increasing Sales of Electric and Plug-in-hybrid Vehicles in China to Create Opportunities for Lead Acid Battery Developers
- The adoption of lead acid batteries in China is estimated to expand at a CAGR of 6.2% from 2024 to 2034. Top factors that are propelling regional growth are:
- China is expected to retain its attractiveness among lead acid battery developers with constant capacity expansions and technological upgrades.
- Leading players within the automotive segment are considering investments to expand the production capacity throughout the country.
- China is a significant market for the electric industry, making it a promising market for lead acid battery manufacturers.
- Robust modernization in China and increasing investments in the power utility and automotive industries are expected to propel growth in the lead acid battery market.
Adoption of Novel Technologies to Spur Market for Lead Acid Battery in Germany
- The France lead acid battery industry is estimated to register a CAGR of 4% from 2024 to 2034. Significant influencing factors for the growth of the lead acid battery industry are as follows:
- Potential growth opportunities for market players in France owing to surging adoption of EVs and significant investments in research and development activities to make breakthroughs in the lead acid battery industry.
- Surging adoption of novel technologies in the automotive industry of France to reduce energy consumption, maintenance costs, and overall expenditure. This is expected to create substantial opportunities for the sales of lead-acid batteries.
- The rising adoption of electric vehicles (EVs), Plug-in hybrid electric vehicles (PHEV), and hybrid electric vehicles (PHEV) technology is considerably rising among small and medium businesses in France.
Growth in Power Utilities and Other Sectors in Japan to Augment Sales of Lead Acid Battery
- The lead acid battery industry in Japan is projected to expand at a CAGR of 5.3% through 2034. Top factors that are propelling the market growth are:
- Japan is exhibiting a greater market attractiveness index for producers of lead acid battery players due to emerging opportunities in the country.
- The growing presence of leading players who are constantly investing in technological advancements.
- Surging demand for lead acid batteries from industries like power utilities and other sectors is expected to propel the expansion of the lead acid battery market.
Competition Outlook:
The global lead-acid battery market is intensely competitive, with major players channeling substantial investments into research and development to boost battery efficiency, longevity, and performance. This focus on innovation aims to introduce more appealing products for both individual consumers and large enterprises. Concurrently, companies are integrating cutting-edge technologies, such as advanced separators, novel grid designs, and specialized additives, to enhance battery capabilities and distinctiveness, positioning themselves at the forefront of industry advancements.
Key Players Operating in the Industry:
- Furukawa Electric Co., Ltd
- Zhejiang Narada Power Source Co., Ltd
- Clarios
- Leoch International Technology Ltd
- Yokohama Batteries Sdn. Bhd
- EnerSys
- Exide Industries Limited
- GS Yuasa Corporation
- Hoppecke Batterien GmbH & Co. KG
- Crown Battery Corporation
- C&D Technologies, Inc.
- Coslight Technology International Group Co. Ltd
- East Penn Manufacturing Co
- Chaowei Power Holdings Limited
- Zhangzhou Huawei Power Supply Technology Co., Ltd
- B. B. Battery Co., Ltd
- Camel Group Co., Ltd
- Shandong Sacred Sun Power Sources Co.
Lead Acid Battery Market Segmentation Analysis:
By Product Type:
- Flooded batteries
- AGM batteries
- Gel batteries
By Application:
- Transportation
- Passenger cars
- Light commercial vehicles (LCV)
- Heavy commercial vehicles (HCV)
- Two-wheelers
- Motive industrial
- Stationary industrial
- Commercial
- Residential
- Grid storage
By Sales Channels:
- Original equipment manufacturers (OEMs)
- Aftermarkets
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- East Asia
- South Asia and Pacific
- The Middle East and Africa
Browse Old Promotion of Lead Acid Battery Market Report from Different Publications:
Global Lead Acid Battery Market Revenue Share to Exceed USD 104.13 Billion by 2034, With a CAGR of 5.20% | Future Market Insights, Inc.
Lead Acid Battery Market to Reach USD 90.5 Billion by 2031 - Future Market Insights, Inc.
Lead Acid Battery Market 2021 - 2031: Europe Lead Acid Battery Market to exhibit a CAGR of 5.2% through 2031 – Future Market Insights, Inc.
Lead Acid Battery Market is Expected to be Worth of USD 90.5 Billion at CAGR of 5.2% by forecast period 2032 end.
About the Industrial Automation Domain at Future Market Insights:
The Industrial Automation team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations with an objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 Billion+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis of key trends including competitive landscape, profit margin, and research development efforts.
Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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