Press release
An Overview of Segmentation, Market Dynamics, and Competitive Landscape in the Lead Acid Batteries Market
Lead Acid Batteries Market
Projected Expansion and Market Size of Lead Acid Batteries Through 2030
The lead acid batteries market is forecasted to reach a value of $41.91 billion by 2030, growing at a compound annual growth rate (CAGR) of 6.3%. This expansion is largely fueled by the rising adoption of electric vehicles, the integration of battery systems with renewable energy sources, ongoing improvements in battery recycling techniques, the rollout of smart grid infrastructure, and increasing demand for industrial energy storage solutions. Key trends shaping the market include the development of high-capacity energy storage, the growth of uninterruptible power supply (UPS) and backup power applications, innovations in battery design and materials, and enhanced energy management solutions.
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Leading Companies Driving the Lead Acid Batteries Market
Several prominent corporations dominate the lead acid batteries industry, including Chaowei Power Holdings Limited, GS Yuasa Corporation, Clarios International Inc., EnerSys, and East Penn Manufacturing Company Inc. Other influential players are Camel Group Co., Ltd., Narada Power Source Co., Ltd., Leoch International Technology Limited, Exide Industries Limited, Panasonic Holdings Corporation, and Amara Raja Batteries Limited. The market also features companies such as Techfine Power Systems Limited, Guangdong Kaiying Power Supply Co., Ltd., Jiage Power Co., Ltd., Jujiang Power Technology Co., Ltd., Foberria Group, and Songli Battery Co., Ltd., among others.
Recent Strategic Moves in the Lead Acid Battery Industry
In July 2023, Singapore-based Leoch International Technology Limited expanded its footprint by acquiring a 70% stake in Tianjin GS Battery Co., Ltd. and Yuasa Battery (Shunde) Co., Ltd. for up to RMB 280 million. This move aims to strengthen Leoch's presence in the starting-light-ignition (SLI) lead-acid battery segment within China, enhancing manufacturing capabilities and market share. Tianjin GS Battery Co., Ltd. specializes in lead-acid batteries for automobiles, while Yuasa Battery (Shunde) Co., Ltd. produces batteries for both cars and motorcycles.
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Innovations and Technological Advances Shaping the Lead Acid Batteries Market
Industry players are investing in new technologies to improve battery performance, focusing on innovations such as bipolar plates and carbon-enhanced VRLA/EFB chemistries. Bipolar lead-acid batteries replace traditional plate-and-strap layouts with stacks of conductive bipolar plates, reducing internal resistance, increasing specific power, and lowering lead content. Meanwhile, carbon-enhanced pastes used in VRLA and EFB batteries improve charge acceptance and cycle life, particularly under stop-start and energy storage system (ESS) conditions.
Collaborative Efforts to Advance Lead Acid Battery Technology
In April 2024, the Battery Council International (BCI) launched a long-duration energy storage (LDES) consortium aimed at developing next-generation lead battery designs. The consortium's objectives include achieving over 10 hours of energy storage and reaching a levelized cost of $0.05 per kWh by 2030. This initiative is supporting the commercialization of advanced battery formats like bipolar and carbon-additive systems. It complements research funded by the Consortium for Battery Innovation (CBI), which focuses on breakthroughs in charge acceptance, cycle life, and energy storage performance for advanced lead batteries.
Detailed Segmentation of the Lead Acid Batteries Market
This market is categorized by type, technology, construction method, and end-user sectors:
1) By Type: Stationary batteries, Motive and Starting batteries, and Lighting and Ignition (SLI) batteries.
2) By Technology: Basic lead-acid and advanced lead-acid batteries.
3) By Construction Method: Flooded and Valve Regulated Lead-Acid (VRLA) batteries.
4) By End User: Transportation, industrial, commercial and residential, and utilities sectors.
Further breakdown includes:
- Stationary batteries used in backup power systems, uninterruptible power supplies (UPS), and renewable energy storage.
- Motive and starting batteries serving automotive, forklift, golf cart, electric vehicle, and marine applications.
- Lighting and Ignition (SLI) batteries comprising conventional lead acid, Absorbent Glass Mat (AGM), gel, enhanced flooded batteries (EFB), and deep cycle batteries.
This comprehensive segmentation highlights the diverse applications and technologies within the lead acid batteries market, offering insights into growth opportunities and evolving demands across various sectors.
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