Advanced Lead Acid Battery Market Size Predicted to Reach USD 37.72 billion by 2030
The lead acid battery is a type of rechargeable battery that is utilized as a system for energy storage across industries. These batteries include a combination of sulfuric acid solution electrolyte, lead dioxide cathode, and sponge metallic lead anode. The growing use of a lead acid battery as a power source in various applications is driving the growth of the lead acid battery market. These batteries have the advantage of a long lifetime, moderate efficiency, large power-to-weight ratio, and high maintenance requirements.
Lead acid batteries are utilized in different power stations and power substations. The rising adoption of lead acid batteries in automobiles and Uninterruptible Power Source (UPS) is fueling the growth of the lead acid battery market. Some developments in manufacturing methods are positively influencing the market share. Also, growing demand for the product in off-grid power generation is anticipated to drive the market share.
According to the research report, the global advanced lead acid battery market was valued at USD 22.21 billion in 2021 and is expected to reach USD 37.72 billion by 2030, to grow at a CAGR of 6.5% during the forecast period.
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Lead Acid Battery Market: Growth Drivers
The increasing adoption of lead acid battery due to the reliability and affordability offered by these batteries is boosting the development of the lead acid battery market. They are majorly used across applications such as automotive, UPS, submarine standby, and emergency power for electrical installation. This is driving the market growth. The growing demand for these batteries across the automotive sector, telecom sector, oil and gas, mining, manufacturing, and chemical is expected to flourish the market growth globally.
The growth of the commercial vehicle, motorcycle, and passenger car manufacturing industries is likely to drive industry demand in the upcoming future. Developments in the automotive industry in countries including India, Brazil, Mexico, South Korea, Indonesia, Thailand, and Vietnam are expected to drive the growth of the lead acid battery market over the forecast period.
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Lead Acid Battery Market: Report Segmentation
Insight By Type
Based on type, the motive segment held the largest market share in the lead acid market in 2021 owing to its advantages like a high discharge and charge rate coupled with its surging use in automotive applications. Motive advanced batteries contain cathode and anode plates. Its use in the automotive sector is anticipated to boost market growth over the forecast period.
Geographical Overview: Lead Acid Battery Market
On the basis of geography, the Asia Pacific accounted for the largest revenue share in the lead acid battery market owing to the growing demand for automotive and power sectors in nations such as China, Japan, India, and South Korea. Also, there is a high demand for electricity due to the prevalence of a huge population across these countries, which is expected to augment the market demand. Moreover, increasing initiatives by governments on reducing the negative environmental effects of the energy sector are anticipated to boost the growth of the market in the region.
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Some of the major players operating in the Amara Raja, Chaowei Power Holdings Limited, Coslight Technology International Group Co., Ltd., Crown Battery, East Penn Manufacturing, Enersys, Exide Industries Ltd, Furukawa Battery Co., Ltd, GS Yuasa International Ltd, Hitachi Chemical Energy Technology, Leoch International Technology Limited Inc, Midac Batteries S.P.A., Narada Power, Tianneng Group, and Trojan Battery Company among others are among the top competitive players of the advanced lead acid market.
- In July 2020, EnerSys partnered with Blink Charging Co. to introduce high-power wireless and improved DC fast charging systems with integrated battery storage for the automotive and transportation sector.
- In January 2021, EnerSys announced a partnership with TravelCenters of America (TA) to offer Odyssey Performance and NorthStar PRO Group 31 batteries for heavy-duty applications in all TA locations throughout the United States.
Lead Acid Battery Market: By Type Outlook
Lead Acid Battery Market: By Construction Method Outlook
- Valve Regulated Lead Acid (VRLA) Battery
- Flooded Battery
Lead Acid Battery Market: By End-Use Industry Outlook
- Automotive and Transportation
- Energy and Power
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