Lead Acid Battery Market Size Expected to Grow $65.18 Billion by 2030

Nov 28, 2023

According to Fortune Business Insights, the global lead acid battery market size is projected to grow from USD 43.43 Billion in 2022 to USD 65.18 Billion in 2030 at CAGR of 5.2% during forecast period. Flooded Batteries to Gain Prominence Driven by Growing Telecom & Automotive Sectors: Fortune Business Insights™

Pune, India, June 02, 2023 (GLOBE NEWSWIRE) -- The global lead acid battery market size was valued at USD 43.43 billion in 2022 and is expected to grow from USD 45.84 billion in 2023 to USD 65.18 billion by 2030, exhibiting a CAGR of 5.2% over the estimated period. The rise can be attributed to the increasing product demand for lead acid batteries considering the surging demand for energy storage devices. This information is provided by Fortune Business Insights™ in its research report, titled "Lead Acid Battery Market, 2023-2030".

Key Industry Development:

January 2021 – EnerSys joined forces with TravelCenter of America to provide ODYSSEY Performance and NorthStar PRO Group 31 batteries for heavy duty applications in all TA locations throughout the U.S. Under the agreement, the purchase of any of batteries via a TA supplier would comprise a limited four-year full replacement warranty.

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Report Coverage

Details

Forecast Period

2023-2030

Forecast Period 2023 to 2030 CAGR

5.2%

2030 Value Projection

USD 65.18 Billion

Base Year

2022

Market Size in 2022

USD 43.43 Billion

Historical Data for

2019-2021

No. of Pages

180

Segments covered

Lead Acid Battery Market Size, Share & COVID-19 Impact Analysis, By Type (Flooded and VRLA {AGM, GEL}), By Application (SLI, Stationary, E-Bikes, Low Speed EVs, and Others) and Regional

Growth Drivers

Market Value to Rise Driven by Increasing Demand for Cost-Effective Systems

Major Companies Focus on Acquisitions and Merger Agreements to Expand Product Reach

Market Drivers and Restraints:

Market Value to Rise Driven by Increasing Demand for Cost-Effective Systems

One of the vital factors propelling the lead acid battery market growth is the rising demand for power backup systems from a range of industries. These include manufacturing, telecom, automotive, oil and gas, chemical industry, manufacturing, and others.

However, the industry expansion could be affected by the shorter lifespan of batteries. This is attributed to the fact that compared to others, lead acid batteries discharge more often.

COVID-19 Impact:

Decreased Product Demand Driven by Shutdown of Operations Amid COVID-19 Pandemic

The COVID-19 pandemic impacted industry expansion driven by the shutdown of manufacturing operations. Several industries recorded a shortage of automotive equipment supply chain products. However, the production of automotive and electronic equipment was anticipated to gain pace from 2022. This positively influenced the manufacturing of automotive & electronics equipment throughout the projected period.

To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/industry-reports/lead-acid-battery-market-100237

Report Coverage:

Lead Acid Battery market research report provides you comprehensive and insightful information about Lead Acid Battery industry. This report is a valuable tool for businesses, investors, and decision-makers to understand market dynamics, assess opportunities, and make informed strategic decisions. The report offers a coverage of the significant trends impelling business expansion over the forecast period. It further gives an analysis of the vital factors propelling industry growth throughout the estimated period. Some of the additional aspects include an account of the major initiatives adopted by leading market participants for strengthening the positions of their businesses.

This reports also provides you overview of the report's key findings, conclusions, and recommendations, presented in a concise and clear manner. Background information about the market or industry analysis, including its size, growth rate, major players, and key trends. Report also provides analysis of the market's current state, including its historical performance, current market size, and projected growth prospects.

Market Segmentation: Identification and analysis of different market segments based on factors such as demographics, consumer behavior, or product/service types.

Competitive Analysis: Assessment of the competitive landscape, including an analysis of key competitors, their market share, strengths, weaknesses, and strategies.

Market Trends: Identification and analysis of significant market trends, emerging technologies, regulatory changes, and other factors that could impact the market's future.

SWOT Analysis: Evaluation of the market's strengths, weaknesses, opportunities, and threats, highlighting key areas of advantage or vulnerability.

Market Forecasts: Future projections and estimations regarding the market's growth potential, including revenue forecasts, market size, and growth rate.

Recommendations: Actionable insights and recommendations for businesses based on the research findings, aimed at maximizing opportunities and mitigating risks.

Market Segmentation Analysis:

Flooded Segment Share to Rise Owing to Escalating Demand for Stationary Applications

On the basis of type, the market is fragmented into VRLA and flooded. The flooded segment is poised to register appreciable growth throughout the forecast period. The surge is due to the increasing product demand in stationary applications.

SLI Batteries Demand to Surge Driven by Expanding Telecom and Automotive Sectors

Based on application, the market for lead acid battery is segmented into SLI, low speed EVs, stationary, e-bikes, and others. The SLI segment is set to depict notable expansion over the estimated period. The escalation is propelled by the growing product demand in lights, power starters, ignition systems of vehicles, or internal combustion engines.

By region, the market for lead acid battery is subdivided into Europe, North America, Asia Pacific, Latin America, and the Middle East & Africa.

Regional Market Insights:

Asia Pacific to Register Substantial Surge Owing to Rising UPS Systems Demand

The Asia Pacific lead acid battery market share is slated to register considerable expansion over the forecast period. The surge is due to an array of factors such as population growth, rapid industrialization, and high sales and production of automobiles.

The North America market is set to record commendable growth throughout the estimated period. The rise is on account of favorable government regulations associated with battery disposal.

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Competitive Landscape:

Major Companies Focus on Acquisitions and Merger Agreements to Expand Product Reach

Leading industry participants are focused on the adoption of various initiatives such as merger agreements, acquisitions, and the rollout of new solutions for the consolidation of their industry positions. Some of the other steps include increased participation in trade conferences and the rollout of new solutions.

A List of Key Manufacturers Operating in the Global Market:

Brookfield Business Partners (Bermuda)

GS Yuasa (Japan)

EnerSys (U.S.)

Exide Industries Ltd. (India)

East Penn Manufacturing (U.S.)

FENGFAN (China)

Luminous Power Technologies Pvt. Ltd. (India)

FIAMM (Italy)

HBL Power Systems Ltd. (India)

Amara Raja Batteries Ltd. (India)

Su-Kam Power Systems Ltd. (India)

Lead Acid Battery Market Segmentation:

By Type:

Flooded

VRLA

By Application:

SLI

Stationary

E-Bikes

Low Speed EVs

Others

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Table of Content:

1. Introduction

1.1. Research Scope

1.2. Market Segmentation

1.3. Research Methodology

1.4. Definitions & Assumptions

2. Executive Summary

3. Market Dynamics

3.1. Market Drivers

3.2. Market Restraints

3.3. Market Opportunities

4. Key Insights

4.1. Key Emerging Trends – For Major Countries

4.2. Latest Technological Advancement

4.3. Insight on Regulatory Landscape

4.4. Porters Five Forces Analysis

4.5. Impact of COVID-19 on the Lead Acid Battery Market

5. Global Lead Acid Battery Market (USD Billion) Analysis, Insights, and Forecast, 2019-2030

5.1. Key Findings

5.2. Market Analysis, Insights and Forecast – By Type

5.2.1. Flooded Lead Acid Battery

5.2.2. Valve Regulated Lead–Acid Battery (VRLA)

5.2.2.1.Absorbent Glass Mat Battery (AGM)

5.2.2.2.GEL Battery

5.3. Market Analysis, Insights and Forecast – By Application

5.3.1. Starting, Lighting & Ignition (SLI)

5.3.2. Stationary

5.3.3. E-Bikes

5.3.4. Low Speed EV's

5.3.5. Others

5.4. Market Analysis, Insights and Forecast – By Region

5.4.1. North America

5.4.2. Europe

5.4.3. Asia Pacific

5.4.4. Latin America

5.4.5. Middle East & Africa

Continued….

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