Press release
Lead Acid Battery Market Size to hit US$ 41.5 Billion, by 2028 - Report by IMARC Group
The global lead acid battery market size reached US$ 33 Billion in 2022. Lead acid batteries are rechargeable batteries that use sponge lead and lead peroxide to convert chemical energy into electrical energy. They comprise negative electrodes attached to a grid of metallic lead and positive electrodes of lead oxides of various compositions. They also contain doping agents, such as selenium, cadmium, and arsenic, to lower the concentrations of impurities. They are maintained by applying a saturated charge for some hours to retain the lead acid properly. They are easy to manufacture, capable of high discharge rates, and highly reliable. They provide stable power backup to electronic devices and are cost-efficient and easily available. Lead acid batteries can efficiently function in both high and low temperatures by retaining their charge. They provide starting, lighting, and ignition (SLI) power sources to electric vehicles (EVs), motorcycles, and micro-hybrid cars. They are also used to offer continuous power supply in golf carts and wheelchairs. Lead acid batteries assist in providing power backups to cellular repeater towers, internet hubs, and various marine vessels. As lead acid batteries are highly durable, they are widely utilized in hospitality, healthcare, data center, telecommunications, oil and gas, mining, chemical, pharmaceutical, and food and beverage (F&B) industries.
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Market Trends
The growing adoption of enhanced connectivity systems to increase functionality, reliability, and safety of devices, along with the burgeoning telecommunications industry, represents one of the key factors driving the market. Besides this, there is a rise in the utilization of battery-operated cars and electric bikes worldwide as they are durable, energy-efficient, and eco-friendly. This, coupled with the rising environmental awareness among the masses, is propelling the growth of the market. In addition, the increasing demand for lead acid batteries in railways for lighting and air-conditioning the coaches is contributing to the growth of the market. Apart from this, the growing number of data centers to overcome data complexities, along with the increasing need for uninterruptible power supply (UPS) systems in data centers around the world, is offering a favorable market outlook. Additionally, the rising demand for lead acid batteries for running diesel-electric and nuclear submarines and marine vessels is positively influencing the market. Furthermore, key market players are extensively investing in research and development (R&D) activities to introduce enhanced quality lead acid batteries with increased charging capacity. They are also focusing on mergers and acquisitions (M&A) to build new production plants and boost their product sales, which is expected to bolster the growth of the market. Looking forward, IMARC Group expects the market to reach US$ 41.5 Billion by 2028, exhibiting a growth rate (CAGR) of 4% during 2023-2028.
Ask Analyst and Browse Full Report with TOC & List of Figure: https://www.imarcgroup.com/lead-acid-battery-market
List of Key Companies Covered in this Market Report:
C&D Technologies Inc.
Clarios International Inc.
East Penn Manufacturing Co.
EnerSys (NYSE: ENS)
Exide Industries Limited (NSE: EXIDEIND)
GS Yuasa Corporation (TYO: 6674)
HBL Power Systems Limited
HOPPECKE Batterien GmbH & Co. KG
Leoch International Technology Limited
Panasonic Holdings Corporation
Teledyne Technologies Incorporated
The report has segmented the market on the basis of product, construction method, sales channel, application and geography.
Breakup by Product:
SLI
Stationary
Motive
Breakup by Construction Method:
Flooded
Valve Regulated Sealed Lead-acid Battery (VRLA)
Breakup by Sales Channel:
OEM
Aftermarket
Breakup by Application:
Automotive
UPS
Telecom
Others
Breakup by Geography:
North America (U.S. & Canada)
Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
Latin America (Brazil, Mexico)
Middle East & Africa
Key highlights of the report:
Market Performance (2017-2022)
Market Outlook (2023- 2028)
Porter's Five Forces Analysis
Market Drivers and Success Factors
SWOT Analysis
Value Chain
Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.
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