The global Lead Acid Battery Market size is expected to value at USD 84.46 billion by 2025. The market is subject to witness a substantial growth due to the increasing adoption in the automotive industry, shifting trend towards electrically operated vehicles. The rise in use of electric vehicles is attributed to the progress of research & development activities and various schemes embarked to enhance the current electric vehicle models for better performance and efficiency.
These initiatives are expected to help the electric vehicles to maintain competitiveness with the existing fuel powered vehicle models. These factors are expected to fuel market demand for lead acid batteries over the next seven years. Globally, the lead acid battery market is predicted to grow at higher CAGR in the forecast period, providing numerous opportunities for market players to invest for research and development in the market.
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With recent technological advancement in the global battery industry, which is credited to the growing demand from end-user industries, is propelling growth of the market. The lead acid batteries are more durable and flexible in comparison with traditional batteries. Additionally, higher performance associated with the lead acid batteries is attributed to implementation of specific design during its manufacturing processes.
Growing popularity of lead acid batteries in automotive sector and the portable electronic devices is attributed to lightweight, flexibility and relatively small size, thus revolutionizing entire battery segment. These advantages coupled with high-end safety in vehicles and medical application are propelling expansion of the lead acid market over the forecast period. Growing demand and increasing awareness about advantages of the lead acid batteries across the globe are driving market reach of lead acid battery industry.
Government laws and regulations regarding excessive use of the heavy metal such as cadmium and mercury during manufacturing of the batteries are propelling growth of the lead acid battery market. Significant efforts made in order to enhance the capabilities of lead acid batteries by manufacturer such as superior performance and improved service quality. With recent developments such as substantial improvement in its charge density and battery life have eradicated all previous shortcomings. These factors are expected to pave the way for future market growth in the upcoming years.
The lead acid battery industry is broadly categorized into six major segments based on the application type such as automotive sector, telecom industry and consumer electronics industry, UPS, transport vehicles and electric vehicles. The automotive sector is considered as one of the fastest growing segment in the lead acid battery market with substantial revenue generation in the last few years. Growing popularity of the lead acid batteries in automotive segment is attributed to the growing manufacturing of vehicles globally. The UPS segment has also witnessed substantial growth owing to the increase need for uninterrupted power supply in domestic, commercial, as well as industrial sectors.
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The lead acid battery industry is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in the implementation of latest technologies in chemical industry, latest trend towards adoption of electric vehicles, favorable laws & regulations by local governments, and existence of well-established manufacturing infrastructure in the region.
Asia-Pacific region is predicted to hold a major market share in the lead acid battery market displaying a massive growth in forecast period. Countries such as India, China and Singapore are leading the Asia-Pacific market with strong economic growth in the region, robust growth of automotive sector and significant investment by leading industry players considering the potential growth opportunities in the region.
The key players in the lead acid battery industry are Johnson Controls Co., ATLASBX Co., Ltd., Exide Technologies, Inc., East Penn Manufacturing Co., NorthStar, Crown Battery Manufacturing, Inc., C&D Technologies, Inc., GS Yuasa Co., Narada Power Source Co., Ltd., and Leoch International Technology Ltd.
Related Reports of this Category available at Million Insights: https://www.millioninsights.com/industry/energy-storage
Product Outlook (Revenue, USD Million; 2014 – 2025)
Construction Method Outlook (Revenue, USD Million; 2014 – 2025)
Application Outlook (Revenue, USD Million; 2014 – 2025)
• Electric bikes
• Transport vehicles
Regional Outlook (Revenue, USD Million; 2014 – 2025)
• North America
• Asia Pacific
• Central & South America
• South Africa
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