Lead Acid Battery Market Anticipated to Reach USD 63.44 Billion by 2028
The market size of Lead Acid Battery estimated to be USD 26.07 Billion in 2021 and annual revenue is expected to exceed USD 63.44 Billion by 2028. The growing telecommunications sector and the growing data sector, need an inexpensive battery storage solution to provide storage power is expected to be the most important factor driving the development of this market. Lead Acid Battery is a widely used energy-saving device in the automotive, energy, and telecommunications industries and for a number of other purposes in various fields, such as utilities, maritime, manufacturing, and the chemical and pharmaceutical industries.
Key factors that fuel the demand for lead-acid batteries include plans to introduce green energy solutions in the automotive industry. With the reduction in the cost of solar PV equipment and global support programs to eliminate carbon emissions and renewable energy, the use of off-grid solar projects is expected to increase significantly, during the forecast period. Therefore, it is expected to provide a good market for the lead-acid battery market during forecasting. Until recently, lead-acid batteries became a relatively inexpensive technology. However, with the advent of other battery storage technologies, especially lithium-ion technology, lead-acid batteries lose their cost-effective quotient. Lead-acid batteries saw a decline in prices in almost all industries. At the same time, Nickel-Metal Hydride (NiMH) battery is a proven and mature technology for hybrid applications. This is used by manufacturers of inventory (OEMs), including Toyota, Honda, and Lexus. OEMs prefer these batteries for their safety, performance, and long-life cycle in a variety of systems. The greatest need for battery storage is found in data centers. Any power outages and inconsistencies in data centers may seem significant. Therefore, lead-acid batteries mainly cater to the energy needs of a particular industry. Also, the UPS used in the industry are battery systems with lead-acid. Therefore, a significant amount of this category of batteries are used in this industry.
The Global Lead Acid Market can be segmented upon the applications it serves. These include automotive, UPA, Telecom, and other applications. The Lead Acid Battery can be constructed by either the flooded method or valve regulated sealed lead–acid battery method. There are mainly three segments of the market on the basis of product type. In this SLI, stationary, and motive are counted. Lead-acid battery is also the preferred technology for all SLI battery systems in conventional combustion engine vehicles, such as cars and trucks around the world.
Asia-Pacific is expected to dominate the lead-acid battery market, as the region includes developing countries in need of low-cost energy storage solutions, most of which come from China, Japan, and India. Government efforts to connect rural and urban areas through the electric motor transport network and adopt measures to achieve access to high quality and affordable transport have strengthened trade opportunities in India. The rest of the global market for Lead Acid Battery encompasses North America, Europe, Latin America, Middle East & Africa.
Companies operating in the Lead Acid Battery Market aim for strategic partnerships and partnerships with other manufacturers to increase their production capacity. In 2020, Blink Charging and Enersys collaborated to improve high power / wireless power systems and developed DC fast charging systems with energy-saving options in the automotive market. In January 2021, EnerSys partnered with TravelCenters of America (TA) to supply Odyssey Performance and NorthStar PRO Group 31 batteries with heavy applications to all TA locations across the United States.
Some of the key players in this market include - Harbin Coslight Power (China), Exide Industries (India), EnerSys (US), Clarios (US), GS Yuasa (China), Panasonic (Japan), Narada Power (China), Chaowei Power (China), HBL Power Systems (India), NorthStar (Sweden), Crown Battery (US), Exide Technologies (US), Hitachi Chemical (Japan), East Penn (US), Teledyne Technologies (US), HOPPECKE (Germany), Hankook AltasBX (Korea), Rolls Battery (Canada), C&D Technologies (US), Amara Raja Power System (India), Camel Power (Malaysia), Okaya Power (India), XUPAI Battery (China), and Leoch International Technology (Hong Kong)..
Browse the full Report - Lead Acid Battery Market by Technology (Basic Lead Acid Battery, Advanced Lead Acid battery), by Type (Stationary, Motive), by Construction Method (Flooded, Valve Regulated Lead Acid (VRLA)), by End-user (Utility, Transportation, Industrial, Commercial & Residential), by Region (North America, Europe, Asia Pacific, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)