A lead-acid battery is a type of rechargeable battery commonly used in automotive, industrial, and stationary applications. It consists of lead dioxide (positive electrode), sponge lead (negative electrode), and sulfuric acid (electrolyte) enclosed in a plastic casing. Lead-acid batteries are known for their reliability, affordability, and ability to deliver high currents.
The lead acid battery market is projected to experience consistent growth over the forecast period, with a steady compound annual growth rate (CAGR) of 5.20%. Market valuation is anticipated to increase from US$ 62,723.74 million in 2024 to US$ 104.13 billion by 2034.
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 the lead-acid battery. Rapid technological advancements in production technologies are also projected to complement market growth over the coming years.
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The growing requirement has led to mass production and has increased the importance of process automation in the lead-acid battery market. The market is shifting towards industry 4.0 s, leading to the universal adoption of new production technologies.
Key Takeaways from Lead Acid Battery Market Study
- Flooded battery held 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 leading segment in terms of application by 2032-end, supported by increasing investments in electric vehicles production.
- China remained a chief market, backed by rising demand from the automotive industry. It was account for over 57.3% of demand registered in East Asia in 2021.
- The markets India is set to surge at around 6% CAGR over the next ten years.
- Germany was emerging as a key market in Europe, accounted for over US$ 2,509.4 Mn in 2021, driven by expansion of the automotive industry.
Recent Developments
- In March 2019, GS Yuasa Corporation has announced that GS Yuasa International Ltd. launched a new automotive lead-acid storage battery plant operated by equity method affiliate inci GS Yuasa Akü Sanayi ve Ticaret Anonim Sirketi (“IGYA”) in Manisa Province, Turkey.
- In February 2020, the company has announced the launch of its SNS-TN series of valve-regulated stationary lead-acid batteries.
- In July 2020, Blink Charging and Enersys collaborate To Develop High Power Inductive/Wireless and enhanced DC Fast Charging Systems with energy storage options for the automotive market.
- In January 2021, EnerSys is teaming up with TravelCenters of America (TA) to offer Odyssey Performance and NorthStar PRO Group 31 batteries for heavy-duty applications in all TA locations throughout the United States.
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Key Players
- 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
- Hoppecke Batterien GmbH & Co. KG.
Market Segmentation
By Product Type:
- Flooded Battery
- AGM Battery
- Gel Battery
By 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
- Latin America
- Europe
- South Asia & Pacific
- East Asia
- Middle East and Africa (MEA)
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.
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