The global lead acid battery market size was USD 45.17 Billion in 2021 and is expected to register a revenue CAGR of 4.2% during the forecast period. Market revenue growth is primarily driven by factors such as rapid technological advancements in energy and telecom sectors, rising focus on renewable energy resources, high demand for energy storage systems, increasing automotive demand, and growing popularity of Electric Vehicles (EVS) worldwide. Rapid expansion of various industries and sectors in countries such as the U.S., China, India, Brazil, and others, and modernization of manufacturing and production facilities is resulting in high demand for power generators, Uninterruptible Power Supply (UPS) systems, and power storage units for additional or backup power. In addition, demand for lead acid batteries in power back-up systems and UPS is residential sector is relatively high owing to lower cost and relatively simpler-tech battery management requirements.
Valve Regulated Lead Acid (VRLA) batteries have been used for decades and continue to be the most commonly used types of batteries in a number of applications and end-uses due to reliability and durability. Also, design life of sealed lead acid batteries can range between three to five years, all the way up to 12+ years, and this would depend on the battery manufacturing process.
The four main types of EV batteries include lithium-ion, nickel-metal hydride, lead-acid, and ultracapacitors. EVs are powered by lithium-ion batteries, but lead-acid batteries are also used in the same vehicle for other applications. Lithium-ion batteries contain elements that are highly reactive, and combustible as observed from a number of recorded instances over the recent past.
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Some Key Highlights from the Report
- Among type segment, motive segment accounted for largest market revenue share in 2020 and is expected to register a faster revenue CAGR during the forecast period due to increasing demand for forklift applications. It has been observed that lead-acid batteries power almost 70% of the total forklifts manufactured. A motive type battery powers the motor that drives an electric vehicle such as a forklift truck. They also provide power for a specific purpose on an electric vehicle, such as the lift on a fork light truck. Additionally, motive type batteries power accessories such as headlights on an electric vehicle. Since lead-acid batteries aid in bringing down the total cost of ownership, their augmented implementation in forklifts is expected to fuel segment revenue growth over the forecast period.
- Among end use segment, transportation segment accounted for largest market revenue share in 2020 due to rise in demand for electric vehicles. Volatility of crude oil prices have affected countries that are dependent solely on imports. Rise in crude oil prices have led to rise in inflation. Hence, automobile sector is focusing on adopting electric vehicles as an alternative means which help in carbon reduction. Lead acid battery is used in different vehicles for different purposes, so as the automobile industry is witnessing steady demand, it would also allow lead acid battery market revenue to grow due to its cost-effective installation.
- Lead acid battery market in Asia Pacific accounted for largest revenue share in 2020 and is expected to register fastest revenue CAGR during the forecast period due to requirement of cost-effective energy storage solutions in developing counties. The industrial and commercial & residential sectors, along with the transportation sector, are major consumers of these battery systems. China, Singapore, South Korea, Japan, and India are considered the main industrial hubs and offer tremendous growth opportunities for the lead-acid battery market. High demand in the region is owing to rising investment in smart battery-operated technologies. The rise in automobile production, increase in demand for uninterrupted power supply, government support, and increase in the level of Foreign Direct Investment (FDI) are expected to drive market revenue growth.
- Companies profiled in the global market report include Panasonic Corporation, Exide Industries Ltd., Hitachi Chemical Company Ltd., Amara Raja Batteries Ltd., HBL Power Systems Ltd., Zhejiang Narada Power Source Co., Ltd., Crown Battery Corporation, C&D Technologies Inc., GS Yuasa International Ltd., and Camel Group Co. Ltd.
For the purpose of this report, Reports and Data has segmented lead acid battery market based on type, construction, technology, end-use, and region:
Type Outlook (Revenue, USD Million; 2019–2030)
End-use Outlook (Revenue, USD Million; 2019–2030)
- Commercial & Residential
Technology Outlook (Revenue, USD Million; 2019–2030)
Construction Outlook (Revenue, USD Million; 2019–2030)
- Vrla (valve regulated lead–acid) Battery
Regional Outlook (Revenue, USD Million; 2019–2030)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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