The lead-acid battery market valuation is expected to reach USD 62.6 billion in 2024. Future Market Insights (FMI) analysis has forecasted the lead-acid battery sales to increase at a 5.6% CAGR between 2024 and 2034. According to the study, the overall market valuation will top USD 106.8 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.
Demand for the lead-acid battery is increasing with the rise in the volume of the 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 has increased the importance of process automation in the lead-acid battery market. The market is shifting towards industry 4.0, leading to the universal adoption of new production technologies.
There also is an increasing demand from other industries for the deployment of lead-acid battery. An increasing number of players focusing on research and development related to lead-acid battery is anticipated to have a significant contribution towards market growth in the years to come.
“The lead acid battery market is growing at a strong pace, driven largely by increasing demand for energy efficient solutions across automotive sector. The increasing demand for electric vehicles will create extensive opportunities for manufacturers. Key industry participants have been focusing product diversification to offer energy efficient solutions and gain a competitive advantage,” says a Future Market Insights analyst
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 57% of the overall market share as leading segment in terms of application by 2034-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 7.2% CAGR over the next ten years.
- German market for lead acid batteries is expected to record 4.0% CAGR driven by expansion of the automotive industry.
Competitive Landscape
Companies operating in the lead acid battery market are aiming at strategic collaborations and partnerships with other manufacturers to expand their manufacturing capacity. For instance:
- 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.
Some of the prominent players operating in the Land Survey Equipment Market profiled by FMI are:
- 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.
Find More Valuable Insights
The research report analyzes demand for Lead Acid Battery. The global Lead Acid Battery market has been analyzed with the COVID-19 impact, various macroeconomic factors, market trends and market background. As per Future Market Insights, the market has been analyzed on the basis of
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)
Access Report Details for More In-Depth Information!
Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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