USD 42.34 Billion
Lead Acid Battery Market Size, Share, Growth Analysis, By Technology(Basic Lead Acid Battery, Advanced Lead Acid Battery), By Type(Stationary, Motive), By Construction method(Flooded, VRLA Battery), By End user(Utility, Transportation, Industrial, Commercial & Residential), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG25C2083 |
Region:
Global |
Published Date: August, 2024
Pages:
223
|Tables:
61
|Figures:
75
Lead Acid Battery Market Insights
Global Lead Acid Battery Market size was valued at USD 40.32 Billion in 2022 and is poised to grow from USD 42.34 Billion in 2023 to USD 62.56 Billion by 2031, at a CAGR of 5% during the forecast period (2024-2031).
The global lead acid battery market is anticipated to experience significant growth due to the rising utilization of lead acid batteries in automobiles and uninterruptible power supplies (UPS), coupled with advancements in manufacturing techniques. The increasing need for lead-acid batteries in off-grid power generation is expected to fuel the expansion of the market. Furthermore, advancements in the transportation sector and the growing use of energy storage applications are predicted to drive the demand for lead acid batteries in the near future. The increasing demand for UPS systems across diverse sectors, including banking, oil and gas, healthcare, and chemicals, has further stimulated the industry's growth. The environmental concerns associated with lead batteries continue to pose significant challenges for market growth. Additionally, the decreasing costs of lithium batteries have hindered the demand for lead-acid batteries, primarily due to the technological advancements of the latter. The continuous reduction in costs is expected to further drive the demand for lithium-ion technology in various energy storage markets, thereby restraining the growth of the lead-acid battery market.
On the other hand, the progress of the automotive industry in countries like India, Brazil, Mexico, South Korea, Indonesia, Thailand, and Vietnam is expected to contribute to the expansion of the global industry. The increasing demand for electric vehicles, driven by the need for eco-friendly transportation solutions, coupled with ongoing technological advancements, is anticipated to fuel the demand for lead-acid batteries in the coming years.
US Lead Acid Battery Market is poised to grow at sustainable CAGR for the next forecast year
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
SLI
Fastest Growth
Motive
Growth Rate
5% CAGR
Global Lead Acid Battery Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Lead Acid Battery Market Segmental Analysis
The global lead acid battery market is segmented based on type, construction, technology, end user, and region. In terms of type, the market is segmented into Stationary, and Motive. Based on construction method, the market is segmented flooded and VRLA Battery. Based on technology, the market is segmented into advanced lead acid batteries, and basic lead acid batteries. Based on end user, the market is segmented into Utility, Transportation, Industrial, and Commercial & Residential. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Lead acid battery Market Analysis By Product
Among the product segments, the dominant segment in terms of market share is the Starting, Lighting, and Ignition (SLI) batteries segment. It holds the largest portion of the market value. On the other hand, the fastest-growing segment is the motive batteries segment. This segment is witnessing significant growth due to the rising demand for energy storage solutions in stationary applications, such as backup power systems and renewable energy storage. Additionally, the growing adoption of electric vehicles and hybrid vehicles is driving the demand for motive batteries, further fueling the growth of this segment.
Lead acid battery Market Analysis By Construction method
The flooded lead acid battery segment was the dominant construction method segment in terms of value, accounting for more than 65.0% of the market share in 2022. However, this segment is projected to experience a decline in market share due to high maintenance costs and complex construction. Nevertheless, the increasing demand for stationary applications will drive the growth of this segment in the forecast period. On the other hand, VRLA batteries are expected to witness significant growth and are predicted to contribute to over 34.0% of the revenue market share by 2022. The rising demand for VRLA batteries in automotive applications, attributed to their high output and low maintenance requirements, will fuel the market growth in the forecast period.
Global Lead Acid Battery Market By type
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Lead Acid Battery Market Regional Insights
Asia Pacific dominated the market in 2022 and is likely to continue so during the forecast period. This is attributed to the increasing demand for cost-effective energy storage solutions in emerging economies. Countries like China, Singapore, South Korea, Japan, and India have witnessed extensive utilization of lead-acid battery systems in diverse sectors, including industrial, commercial, residential, and transportation, for energy and power storage purposes. Consequently, these countries offer promising growth prospects for various manufacturers of lead acid batteries operating in the region.
Conversely, the North American market is projected to experience the highest growth rate in terms of revenue compared to other regions. This can be attributed to the substantial manufacturing and usage of lead acid batteries in the US. As the market for electrical and automotive products in the country continues to expand, there is a strong expectation for sustained high demand for lead acid batteries in the foreseeable future.
Global Lead Acid Battery Market By Region
- Largest
- Fastest
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Lead Acid Battery Market Dynamics
Lead acid battery Market Drivers
- Growing Demand from Automotive Sector:
The automotive industry represents a significant driver for the lead acid battery market. Lead acid batteries are widely used in vehicles, including cars, trucks, and motorcycles, for starting, lighting, and ignition (SLI) applications. The increasing production and sales of automobiles globally fuel the demand for lead acid batteries in this sector.
Lead acid battery Market Restraints
- Associated Risk of Safety Hazard to Challenge Market Expansion:
Improper handling of lead-acid batteries can pose significant risks, including the potential for serious injuries, as they have the ability to deliver a high charge at a rapid rate. During the charging process, these batteries release oxygen and hydrogen into the atmosphere, creating a potential risk of explosion. Oxygen supports combustion, while hydrogen is highly flammable and can be easily ignited. It is therefore recommended that flooded lead-acid batteries should not be used indoors and should be stored in a battery box or enclosure with proper ventilation to ensure safety. Adhering to these official recommendations helps mitigate the potential hazards associated with lead-acid batteries.
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Lead Acid Battery Market Competitive Landscape
The competitive landscape of the global lead acid battery market can be described as moderately fragmented, with several key players operating at both global and regional levels. These companies are highly focused on technological advancements in battery and energy storage solutions. They are also actively engaged in forming strategic partnerships to enhance their product portfolios and establish a strong foothold in the global market. One example of such strategic initiatives is Exide Industries, which has recently approved a merger scheme with its subsidiary, Chloride Power Systems and Solutions. Chloride Power Systems and Solutions specializes in the manufacturing of battery chargers, transformers, distribution boards, printed circuit boards, battery health monitoring systems, various brands of lead acid storage batteries, and home UPS. This merger will enable Exide Industries to expand its offerings and strengthen its presence in the market. In a similar vein, Ecobat, a prominent company involved in lead acid battery recycling and distribution, acquired Emrol, a battery distributor in Belgium, in October 2021. This acquisition was aimed at expanding Ecobat's range of batteries and operations, allowing them to serve a broader customer base. These strategic moves reflect the dynamic nature of the lead acid battery market, as companies strive to position themselves for growth and gain a competitive edge in the industry.
Lead acid battery Market Top Player’s Company Profile
- Exide Technologies (US)
- East Penn Manufacturing (US)
- GS Yuasa Corporation (Japan)
- EnerSys (US)
- Clarios (US)
- Leoch International (China)
- Crown Battery Manufacturing (US)
- HOPPECKE Batterien (Germany)
- Amara Raja Batteries (India)
- EnerSys Europe (Belgium)
- Exide Industries (India)
- Narada Power Source (China)
- FIAMM Energy Technology (Italy)
- Power Sonic Corporation (US)
- Chaowei Power Holdings (China)
- Daramic (US)
- Panasonic Corporation (Japan)
- Envirosystems LLC (US)
- HBL Power Systems Ltd. (India)
- Banner Batterien (Austria)
- Microtex Energy Private Limited (India)
Lead acid battery Market Recent Developments
-
In April 2024, Hyundai Motor Company and Kia Corporation entered into a Memorandum of Understanding (MOU) with Exide Energy Solutions Ltd. This agreement is a strategic move in their efforts to expand their electric vehicle (EV) operations. Hyundai and Kia plan to localize the production of EV batteries, particularly focusing on lithium-iron-phosphate (LFP) cells, to support the growth of their EV market in India.
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In 2024, In Kolkata and its surrounding regions, e-rickshaws, commonly referred to as 'totos,' are about to be powered by lithium-ion batteries through a new battery leasing model, according to officials on Sunday. Neuron Energy, a manufacturer of lithium-ion batteries, has partnered with Urja Mobility to introduce this leasing model, which has primarily been seen in the business-to-business EV sector until now.
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In 2023, At the 2023 Energy Storage Grand Summit held by the Department of Energy on July 25, the excitement surrounding the field of energy storage was palpable. The summit underscored a pivotal moment in the industry, highlighting significant advancements in lead-acid battery technology. The DOE has recognized lead-acid batteries as being more favorably positioned to achieve target energy storage objectives compared to lithium-ion batteries.
- In October 2022, the stationary lead-acid battery energy storage system developed by BAE USA received certification for the third edition of ANSI/CAN/UL 1973. UL Solutions, a prominent testing, inspection, and certification company based in the US, has officially certified the capability of the energy storage system (ESS).
- In July 2022, Amara Raja Batteries (ARBL) revealed its intentions to broaden its lead-acid business by exploring several avenues for geographical expansion beyond the borders of India. As part of this expansion strategy, the company is specifically targeting the growth of its lead-acid business in regions such as Africa, the Middle East, and South-East Asia.
- In January 2022, Clarios unveiled innovative smart technology designed to offer real-time optimization of vehicle performance and monitoring of crucial safety functions for electric vehicles (EVs) and autonomous vehicles. This technology provides advanced features to enhance the efficiency and safety of EVs and autonomous vehicles by continuously monitoring their performance and critical safety functionality.
Lead Acid Battery Key Market Trends
- Growing Demand for Energy Storage: Lead acid batteries are being increasingly utilized for energy storage applications, particularly in renewable energy systems and off-grid power solutions. The need for reliable and cost-effective energy storage options is driving the demand for lead acid batteries.
- Rising Adoption of Electric Vehicles (EVs): The transition towards electric mobility is fueling the demand for lead acid batteries in the automotive sector. Lead acid batteries are commonly used in mild-hybrid and start-stop systems in vehicles, offering cost-effective solutions for supporting the electrification of transportation.
Lead Acid Battery Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global lead acid battery market analysis, the cost-efficiency and ability to provide high surge currents helps to popularize these batteries, making them ideal for large industrial applications. The market is benefiting from the growing demand for energy storage solutions, particularly in off-grid power generation and renewable energy systems. The adoption of lead acid batteries in electric vehicles, especially in mild-hybrid and start-stop systems, is also contributing to market growth. Environmental concerns and recycling initiatives are gaining prominence, leading to efforts to improve the recycling processes and reduce the environmental impact of lead acid batteries. Manufacturers are focusing on advanced manufacturing techniques to enhance battery performance, durability, and efficiency. Additionally, the market is experiencing infrastructure development and urbanization in emerging economies, which is driving the demand for lead acid batteries in sectors like power backup systems and telecommunications. In terms of regional dominance, Asia-Pacific is the leading market for lead acid batteries, primarily driven by the demand from emerging countries such as China and India. The region benefits from the growing need for affordable energy storage solutions and the expanding automotive sector. As for the fastest-growing region, Latin America holds considerable potential. The region is experiencing infrastructure development, urbanization, and an increasing focus on renewable energy, which is expected to drive the demand for lead acid batteries.
| Report Metric | Details |
|---|---|
Market size value in 202| USD 40.32 Billion |
|
| Market size value in 2031 | USD 62.56 Billion |
| Growth Rate | 5% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Lead Acid Battery Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Lead Acid Battery Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Lead Acid Battery Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Lead Acid Battery Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Lead Acid Battery Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Lead Acid Battery Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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