The lead acid battery market is expected to be worth $54.3 billion in 2022. According to Future Market Insights (FMI), lead acid battery sales will grow at a 5.2% CAGR between 2022 and 2032.
According to the study, the global lead acid battery market will be worth $90.5 billion by 2032. According to FMI, the demand for AGM batteries is expected to rise rapidly, with a 6.2% CAGR in 2021.
According to Future Market Insights’ market analysis, the expansion of automotive manufacturing facilities to cover rural and other remote areas has resulted in increased demand for lead acid batteries. Rapid technological advancements in manufacturing technologies are also expected to support market growth in the coming years.
With the increase in the volume of the vehicle fleet in recent years, demand for lead acid batteries has increased. This can be attributed to an increase in aftermarket sales during regular battery replacement intervals.
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The growing demand has resulted in mass production, emphasising the importance of process automation in the lead acid battery market. The market is shifting towards Industry 4.0, which will result in the widespread adoption of new manufacturing technologies.
Other industries are also increasing their demand for the use of lead acid batteries. An increasing number of players focusing on lead acid battery research and development is expected to make a significant contribution to market growth in the coming years.
Key Takeaways from Lead Acid Battery Market Study
The flooded battery is projected to hold over 49% of the global market share in 2021 in terms of product type, supported by superior configurations. Transportation is projected to hold over 56% of the overall market share as the leading segment in terms of application by 2031-end, supported by increasing investments in electric vehicle production.
China will remain a chief market, backed by rising demand from the automotive industry. It is expected to account for over 57.3% of demand registered in East Asia in 2021.
The market in India is set to surge at around 6% CAGR over the next ten years.
Germany is emerging as a key market in Europe, accounting for over US$ 2,509.4 Mn in 2021, driven by the expansion of the automotive industry.
“The lead-acid battery market is growing at a strong pace, driven largely by increasing demand for energy-efficient solutions across the automotive sector. The increasing demand for electric vehicles will create extensive opportunities for manufacturers. Key industry participants have been focusing on product diversification to offer energy-efficient solutions and gain a competitive advantage,” says a Future Market Insights analyst.
Competitive Landscape
The lead-acid battery market is highly competitive at regional as well as global levels and highly consolidated in nature. These players are likely to invest in new technology developments and the expansion of their networks in order to maintain their market shares.
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Key Segments Profiled in the Lead Acid Battery Industry Survey
Lead Acid Battery Market by Product Type:
- Flooded Battery
- AGM Battery
- Gel Battery
Lead Acid Battery Market by Application:
- Lead Acid Battery for Transportation
- Lead Acid Battery in Passenger Cars
- Lead Acid Battery in LCV
- Lead Acid Battery in HCV
- Lead Acid Battery in Two wheelers
- Others
- Lead Acid Battery for Motive Industrial
- Lead Acid Battery for Stationary Industrial
- Lead Acid Battery for Commercial
- Lead Acid Battery for Residential
- Lead Acid Battery for Grid Storage
- Lead Acid Battery for Others
Lead Acid Battery Market by Sales Channel:
- Lead Acid Battery in OEM
- Lead Acid Battery in Aftermarket
Lead Acid Battery Market by Region:
- North America Lead Acid Battery Market
- Latin America Lead Acid Battery Market
- Europe Lead Acid Battery Market
- Asia Pacific Lead Acid Battery Market
- Middle East and Africa (MEA) Lead Acid Battery Market