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Advanced Lead Acid Battery Market 2024 - By Size, Share, Trends And Growth Prospects 2033
Advanced Lead Acid Battery Market
According to The Business Research Company's, The advanced lead acid battery market size has grown rapidly in recent years. It will grow from $24.16 billion in 2023 to $26.59 billion in 2024 at a compound annual growth rate (CAGR) of 10.0%. The growth in the historic period can be attributed to automotive industry demand, telecommunication infrastructure growth, ups (uninterruptible power supply) systems, grid energy storage projects, demand from industrial applications.
The advanced lead acid battery market size is expected to see strong growth in the next few years. It will grow to $37.47 billion in 2028 at a compound annual growth rate (CAGR) of 9.0%. The growth in the forecast period can be attributed to development of smart grids, growing telecom sector, rise in renewable energy installations, expanding e-mobility market, focus on energy storage systems. Major trends in the forecast period include advancements in battery technology, government initiatives for energy storage, enhanced energy density, advanced electrode designs, integration of carbon additives.
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Market Drivers and Trends:
The rise in the number of fuel-efficiency vehicles is expected to propel the growth of the advanced lead-acid batteries market going forward. Fuel efficiency in vehicles refers to the distance traveled per unit of fuel consumed, typically measured in miles per gallon (mpg). Advanced lead-acid batteries play a critical role in supporting the car's electrical network, powering vehicle applications when the high-voltage system is disengaged, and safely initializing the high-voltage battery. For instance, according to the Department of Energy, a US-based government department, by 2021, the average fuel economy for the sedan/wagon class had risen to 31.7 mpg. Therefore, the rise in the number of fuel-efficiency vehicles is driving the advanced lead-acid batteries market.
Major companies operating in the advanced lead acid battery market are developing strategic partnerships to provide affordable residential power. Partnerships allow companies to pool their resources and expertise to develop next-generation advanced lead-acid batteries. For instance, in December 2021, Gridtential Energy, Inc., a US-based advanced lead acid battery manufacturer partnered with Luminous Power Technologies, an India-based battery maker to provide affordable residential power. This partnership is significant for Luminous and represents a growth opportunity, as it enables the company to provide high-performing batteries to its customers without requiring giga-scale capital investments. Gridtential's silicon joule technology allows for the mass production of high-voltage, safe batteries for various applications, including personal mobility vehicles, home or office energy storage systems, and hybrid cars.
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Major Key Players of the Market:
Exide Industries Ltd.; GS Yuasa International Ltd.; Clarios; Amara Raja Group; Chaowei Power Holdings Ltd.; Coslight Technology International Group Co. Ltd.; Crown Battery; East Penn Manufacturing Company; The Furukawa Battery Co. Ltd.; Zhejiang Narada Power Source Co. Ltd.; Trojan Battery Company; Tianneng Battery Group Co. Ltd.; CSB Energy Technology Co. Ltd.; Fiamm Energy Technology S.P.A.; Banner Batterien Ltd.; First National Battery; Camel Group Co. Ltd.; Enersys; Leoch International Technology Limited Inc.; C&D Technologies Inc.; KOYO BATTERY CO. Ltd.; PT. Astra Otoparts Tbk; Robert Bosch GmbH; Thai Bellco Battery Co. Ltd.; HOPPECKE Batterien; Hitachi Chemical Energy Technology; Blackridge Research & Consulting; Panasonic Holdings Corporation; Teledyne Technologies Incorporated; Midac Batteries SpA
Advanced Lead Acid Battery Market 2024 Key Insights:
• The advanced lead acid battery market will grow to $37.47 billion in 2028 at a compound annual growth rate (CAGR) of 9.0%.
• Fuel Efficiency Advancements Fueling Growth In The Advanced Lead-Acid Batteries Market
• Strategic Partnerships In The Advanced Lead Acid Battery Market For Affordable Residential Power Solutions
• Asia-Pacific was the largest region in the Advanced Lead Acid Battery market in 2023
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