The market for lead acid batteries is expected to be worth US$ 54.3 billion in 2022. Lead acid battery sales will expand at a 5.2% CAGR from 2022 to 2032, according to Future Market Insights (FMI). According to the analysis, the worldwide lead acid battery market will be worth more than US$ 90.5 billion by 2032. According to FMI, the AGM battery market will develop fast, with a 6.2% CAGR in 2021.
The lead acid battery market will grow at a 5.2% CAGR between 2022 and 2032, compared to the 1.2% CAGR recorded from 2016 to 2021, driven by the rising focus on research & development and investment in the automotive industry for electric vehicles.
The rise in global demand for energy-efficient solutions is responsible for growth. With the emergence of electric and hybrid vehicles over the past few years, the need for lead-acid batteries has steadily increased.
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The lead acid battery market valuation is expected to reach US$ 54.3 Bn in 2021. Future Market Insights (FMI) analysis has forecast the lead acid battery sales to increase at 5.2% CAGR between 2021 and 2031. According to the study, the overall market valuation will top US$ 90.5 Bn by 2031.
As per FMI, the demand for AGM battery is expected to increase at a high pace, exhibiting 6.2% CAGR in 2021.
According to the market analysis by Future Market Insights, the expansion of automotive production facilities to cover rural and other remote areas has led to the increasing demand for lead acid battery. Rapid technological advancements in production technologies are also projected to complement market growth over the coming years.
Demand for lead acid battery is increasing with the rise in the volume of vehicle fleet in recent years. This can be attributed to an increase in aftermarket sales in regular interims for battery replacement.
The growing requirement has led to mass production and increased process automation’s importance in the lead acid battery market. The market is shifting towards industry 4.0 s, leading to the universal adoption of new production technologies.
There also is an increasing demand from other industries for the deployment of lead-acid batteries. An increasing number of players focusing on research and development related to lead acid batteries is anticipated to have a significant contribution towards market growth in the years to come.
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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
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 is 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 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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