According to Future Market Insights (FMI), the global lead-acid battery market was valued at USD 59.7 billion in 2023. It is expected to grow by 4.8% in 2024, reaching USD 62.6 billion. Looking further ahead, the market is projected to expand at a compound annual growth rate (CAGR) of 5.6% from 2024 to 2034, reaching USD 106.8 billion by 2034. This growth is driven by increasing demand across multiple sectors and ongoing technological advancements within the industry.
Lead-acid batteries play a crucial role in a variety of applications due to their reliability, cost-effectiveness, and strong performance. They are widely used in automotive systems for starting, lighting, and ignition (SLI), as well as in backup power solutions for telecommunications and uninterruptible power supplies (UPS). Additionally, they are gaining traction in renewable energy systems, such as solar and wind power, for off-grid power storage solutions. The industry’s focus also includes improving battery technology to enhance energy density, lifespan, and environmental sustainability.
Several key factors are driving the growth of the lead-acid battery market. Rising demand for reliable power storage, particularly in electric and hybrid vehicles, is a significant contributor. The expansion of renewable energy systems, which require efficient and affordable storage solutions, also supports the market. Technological advancements that improve battery performance and sustainability are further propelling growth. Additionally, the growing number of data centers and telecommunications infrastructure requiring backup power systems is increasing demand for lead-acid batteries.
Notable trends in the industry include a push to enhance battery efficiency and lifespan through advanced technology and materials. The adoption of electric and hybrid vehicles is driving demand for high-performance lead-acid batteries, while their integration into renewable energy storage systems continues to expand. Sustainability and recycling are becoming increasingly important, with a focus on reducing environmental impact and promoting circular economy practices. The growth of renewable energy is creating new demand for advanced lead-acid batteries to manage intermittent power sources effectively.
Key Takeaways from the Report:
- Lead acid battery sales are projected to fetch a CAGR of 6%during the forecast period between 2024 and 2034.
- India’s lead acid battery industry is poised to exhibit a CAGR of 2%during the assessment period.
- Sales in China are projected to soar at a CAGR of around 2%during the assessment period.
- The United States lead acid battery market size is projected to reach USD 14,804.5 Millionby 2034.
- Based on sales channel, the aftermarket segment is projected to hold a share of 63%in 2024.
Competitive Landscape
Manufacturers of lead acid batteries are constantly innovating and releasing new products in the market to capture customers. Additionally, they are expanding their market reach by entering into underpenetrated markets. Companies are also coming into strategic partnerships and collaborations with other players to increase their manufacturing capacity. Another go-to strategy of players in the lead acid battery industry includes mergers and acquisitions.
Leading players are further seen integrating the latest technologies like advanced grid designs, separators, etc. to enhance battery characteristics and reliability. Industry participants are also focusing on cost optimization and efficiency. This is achieved by economies of scale, process optimization, and focus on recyclability.
Market contenders are concentrating on building strong distribution networks and investments in marketing the product to build brand recognition and customer loyalty. Players are also offering excellent after-sales support.
Top 10 Key Players in the Lead Acid Battery Market
- Furukawa Electric Co., Ltd.
- Hitachi Chemical Company, Ltd.
- Narada Power Source Co. Ltd.
- SiteTel Sweden AB (NorthStar)
- Clarios
- Leoch International Technology Ltd.
- Yokohama Batteries Sdn. Bhd.
- Enersys
- Exide Industries Ltd.
- GS Yuasa Corporation
Lead Acid Battery Industry by Category
By Product Type:
- Flooded Battery
- AGM Battery
- Gel Battery
By Based Application:
- Transportation
- Passenger Cars
- LCV
- HCV
- Two-wheelers
- Others
- Motive Industrial
- Stationary Industrial
- Commercial
- Residential
- Grid Storage
- Others
By Sales Channel:
- OEM
- Aftermarket
By Region:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
Report Review: https://www.futuremarketinsights.com/reports/global-lead-acid-battery-market
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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