Lead Acid Battery Market

The global Lead Acid Battery Market is Estimated at USD 32.12 Billion in 2023 and is projected to reach a value of USD 52.65 Billion by 2032 at a CAGR (Compound Annual Growth Rate) of 7.49% between 2023 and 2032.

Market Synopsis:

Global Lead Acid Battery Market is valued at USD 32.12 Billion in 2023 and estimated to reach a value of USD 52.65 Billion by 2032 at a CAGR of 7.49% during the forecast period, 2022–2028. Despite the advancement in technologies, lead acid batteries continue to be a popular choice for electric and hybrid vehicles. This is because Lead Acid Battery offers many advantages over other batteries like safety and cost-effectiveness. It is an affordable technology as it has been used for almost 150 years. Today, most countries have strict environmental regulations for transportation and manufacturing of lead acid batteries. Currently, it is the only option available, which provides high-power and energy at a lower price. It has a long-life span and does not require maintenance during its operation. The self-discharge rate of these batteries is less which means it holds the energy for a longer period of time.

Market Segmentation:

Global Lead Acid Battery Market is segmented by technology (basic, advanced lead acid), type (stationary, motive), construction method (flooded, VRLA), end-user (utilities, transportation, industrial, commercial & residential), and region.

By Construction Method, VRLA to Hold Prominent Share of Lead Acid Battery Market

A Lead Acid Battery offers long life, deep cycling capability and good warranty. Lead Acid Battery for transportation applications is used in cars, two wheelers etc. These batteries are used in UPS due to their good deep cycle ability. Lead Acid Battery is available in various shapes like tubular, flat-plate and cylindrical. Lead acid batteries can be broadly classified into three types namely VRLA (Valve Regulated Lead Acid), AGM (Absorbed Glass Matt) and Gel Batteries. Wherein, VRLA batteries are now widely accepted in the market as VRLA batteries offer advantages of safety, longer life and no gassing which makes them best suited for modern sophisticated products.

By End-user, Transportation to Dominate Lead Acid Battery Market

In the automotive industry, lead acid batteries have been used as a power supply for vehicles over centuries. This shows that batteries are a vital part of any vehicle and its life span is usually around 4 years. The demand for lead acid batteries has increased over the past few years due to many reasons. The most important factor being rise in popularity of electric vehicles. While other forms of vehicle propulsion are gaining momentum, electric vehicles (EVs) continue to expand their market share. The growing demand for EVs reflect an ongoing shift toward sustainable methods of transportation.

Electric vehicles require batteries which can store high-voltage electricity at a lower cost. Lead acid batteries are a popular choice of battery for EVs due to their long service life and cost-effectiveness. In the US, more than 60% of electric vehicles on road run on lead acid batteries. Europe also has a significant share in the global market for EVs which indicates an increasing demand for these batteries in near future.

Asia Pacific is the Largest Consumer of Lead Acid Battery Market

Asia Pacific is the cost-sensitive market. Most of the consumers across various domain including transport, residential, and industrial in the region are preferring using the Lead Acid Battery due to it cost-effectiveness, easy-to-carry, stable performance and long service life. All these factors make the Lead Acid Battery widely used in civilian applications; Secondly, China's environmental policies are becoming stricter. The third is that electric vehicles (EV) to promote the demand for lead acid batteries. At present, EVs replace traditional gasoline vehicles accounted for less than 3% of the total car sales in China, but it is expected that by 2025 EVs will reach 35%.

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Lead Acid Battery industry promotion policies are on the rise. Some provinces are considering to set up new Lead Acid Battery manufacturers based on local resources and economy. For example, Hubei Province plans to develop a full-scaled production industry chain consisting of raw materials, recycling fees, battery stamping, assembling and other related operations.

Key Players:

Harbin Coslight Power (China), Exide Industries (India), EnerSys (US), Clarios (US), GS Yuasa (China), Panasonic (Japan), Narada Power (China), Chaowei Power (China), HBL Power Systems (India), NorthStar (Sweden), Crown Battery (US), Exide Technologies (US), Hitachi Chemical (Japan), East Penn (US), Teledyne Technologies (US), HOPPECKE (Germany), Hankook AltasBX (Korea), Rolls Battery (Canada), C&D Technologies (US), Amara Raja Power System (India), Camel Power (Malaysia), Okaya Power (India), XUPAI Battery (China), and Leoch International Technology (Hong Kong).

The global Lead Acid Battery market can be categorized as Category, Application, and Region.