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Lead Acid Batteries Global Market Report 2024 - By Demand, Share, Trends, Growth, Forecast To 2033
Lead Acid Batteries Market
Lead Acid Batteries Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $47.24 billion In 2028 At A CAGR Of 10.2% :
The lead acid batteries market size has grown rapidly in recent years. It will grow from $28.86 billion in 2023 to $32.02 billion in 2024 at a compound annual growth rate (CAGR) of 11.0%. The growth in the historic period can be attributed to strong economic growth in emerging markets, rapid growth in the automotive industry and rising demand for renewable energy.
The lead acid batteries market size is expected to see rapid growth in the next few years. It will grow to $47.24 billion in 2028 at a compound annual growth rate (CAGR) of 10.2%. The growth in the forecast period can be attributed to increasing demand for electric vehicles and expansion of data center infrastructure. Major trends in the forecast period include development of graphene-enhanced lead acid batteries, use of carbon additives in lead acid battery electrodes, increased focus on valve regulated stationary lead-acid batteries, introduction of battery analyzers for testing lead-acid batteries and strategic partnerships and collaborations among market players.
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Lead Acid Batteries Market Major Segments
The lead acid batteries market covered in this report is segmented -
1) By Type: Stationary, Motive And Starting, Lighting And Ignition (SLI)
2) By Technology: Basic Lead-Acid Battery, Advanced Lead-Acid Battery
3) By Construction Method: Flooded, Valve Regulated Lead-Acid (VRLA)
4) By End User: Transportation, Industrial, Commercial And Residential, Utilities
Key Driver - Driving Forces In The Lead-Acid Battery Market Automotive Industry Demand
Growing demand in the automobile industry contributed to the growth of the lead-acid batteries market. Rising research and development activities in the automotive lead-acid battery industry, coupled with government initiatives for electric vehicles are propelling the growth of the global automotive market, thereby increasing the demand for lead-acid batteries. For instance, in October 2022, according to the Indian Brand Equity Foundation (IBEF), India-based, an India-based government agency for providing economic information, incentives of US$ 3.5 billion are proposed by the Indian government as part of a revised program to promote the production and export of clean technology vehicles over five years until 2026. Additionally, as of June 2021, 87,659 electric vehicles had received incentive support, 6,265 electric buses had been approved for usage by various state/city transportation undertakings, and Rs. 871 crores (US$ 117 million) had been spent under the FAME-II plan. The increasing adoption of lead-acid batteries in electric vehicles along with growing government initiatives to promote electric vehicles is anticipated to drive the demand for the lead-acid battery market in the forecast period.
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Prominent Trend - Innovative Advancements Fueling Lead-Acid Battery Demand The Role Of Absorbent Glass Mat (AGM) Technology
The introduction of an absorbent glass mat (AGM), a lead-acid battery with a lower weight, better electrical reliability, and higher performance is contributing to higher demand for lead-acid batteries. According to Battery University, AGM is a preferred battery for upscale motorbikes, owing to features such as reduced weight, lesser acid spilling, and good performance at cold temperatures. These batteries are also gaining traction in motor home, marine, and robotic applications. Therefore, advancements in lead-acid batteries will generate higher demand for the lead-acid batteries market in the forecast period.
Lead Acid Batteries Market Players
Major companies operating in the lead acid batteries market report are Chaowei Power Holdings Limited, GS Yuasa Corporation, Clarios International Inc, EnerSys, East Penn Manufacturing Co, Camel Group Co., Ltd, Zhejiang Narada Power Source Co. Ltd., Leoch International Technology Ltd, Exide Industries Ltd, Panasonic Corporation, Amara Raja Batteries Limited, Guangdong Techfine Electronic Co., Ltd., Kaiying Power Supply & Electrical Equip Co., Ltd., Fujian Jiage Power Tech Co., Ltd., Jujiang Power Technology Co., Ltd., Suzhou Foberria New Energy Technology Co., Ltd., Xiamen Songli Import and Export Co., Ltd., Manbat, AceOn Group, ENIX Energies, Ultracell, Deutsche Power, Ads-tec GmbH, AEG & Behin T, Akasol Engineering GmbH, AKTEX INC, AKOM JSC, The Ural Plant of Chemical Reagents, SOLARUS ENERGY Ltd, Yuntong Power Co.,Ltd, Krascrystal Co., Ltd, Veaga-Teplo Ltd, C&D Technologies, Inc, CSB Energy Technology Co., Ltd., Koyo Battery Co., Ltd, Astra Otoparts, Robert Bosch GmbH, Stryten Salina, LLC, Industrias Tudor Sp De Bateriais Ltda, Grupo Craft, Acumuladores Moura S.A., Sociedad Química y Minera (SQM) Salar S.A., Baterias Willard S.A., Dubatt Battery Recycling LLC, Sharaf Group, Middle East Battery Company (MEBCO), Seri Industrial S.p.A., Classic Power Batteries Trading LLC, Lento Industries Private Limited, Sunlight Group, E Schnapp Co Works Ltd, Shmuel De-Leon Energy, Ltd., Dixon Batteries, Enertec Batteries Pty Ltd, First National Battery, Renergy Technologies, Sunfor Technologies (PTY) Ltd
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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the global lead-acid batteries market in 2023. The regions covered in the lead acid batteries market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Lead Acid Batteries Market Report Structure
3. Lead Acid Batteries Market Trends And Strategies
4. Lead Acid Batteries Market - Macro Economic Scenario
5. Lead Acid Batteries Market Size And Growth
…..
27. Lead Acid Batteries Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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