In terms of revenue, the Global Lead Acid Battery Market is expected to reach USD USD 63.44 Billion billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 7.3% from 2022 to 2028. The global Lead Acid Battery Market growth is attributed to the factors such as blooming automotive, energy storage, and telecommunication industries. Moreover, other several sectors such as utilities, marine, manufacturing, and chemical & pharmaceutical industries are also increasing which is propelling the demand for further fueling the market growth.
- Under the type segment, stationary sub-segment is anticipated to dominate the segment for Lead Acid Battery Market and growing at a substantial Compound Annual Growth Rate (CAGR). The growth is attributed to increasing demand for as a consequence of its cost-effective nature.
- Transportation sub-segment held a market significant share in 2021 of the end-user segment for Lead Acid Battery Market. Lead-acid batteries are most commonly used owing to their cost-effective nature making it an ideal choice for end-users. Thus, increasing the demand for further propelling the growth of the market.
- Asia Pacific is the largest regional segment. The growth in the region is attributed to the presence of relatively developing countries that require cost-effective energy storage solutions.
Some of key players in Lead Acid Battery 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)..
A stationary lead-acid (SLA) battery continues to be the best option for backup power, emergency lighting, utilities, and security systems. It offers a reliable cost-effective solution while offering versatility across other applications as well such as renewable energy systems or railway backup systems. For more than one century it has been used by industries ranging from oil and gas exploration to powering critical devices like railway signaling equipment in case of blackouts.
Increasing reliance on electronics will result in a never-ending demand for batteries due to the power needed by these devices. The need for quality battery packs is greater than ever as, with so many applications relying heavily on them, they are crucial components that require high levels of maintenance and manufacturing rigor.
There are an increasing number of niche regional vendors in this market, and competition is fierce. Price pressures have intensified, as the price for lead has increased affecting profit margins from most tier-one vendors. The major end-user segments such as telecommunication or UPS/data communication focus on having the required power for their facilities; therefore, brand equity plays a key role in this competitive marketplace. Thus, further propelling the market growth.
Asia Pacific is projected to hold potential market share for Lead Acid Battery Market. The market growth is attributed to the presence of relatively developing countries that require cost-effective energy storage solutions. Additionally, high automotive production and sales, rapid industrialization, and the presence of one of the most populated countries in the world such as India and China, is likely to boost the demand for further propelling the Lead Acid Battery Market growth.