The global sales of Lead Acid Battery Market are set to be valued at over US$ 54.3 Billion in 2021, with a stable long-term projection, according to latest insights by Future Market Insights (FMI). The report has forecast the market to expand at over 5.2% CAGR between 2021 and 2031.
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.
As the fleet size of vehicles has grown in recent years, so has the demand for lead acid batteries. This can be linked to an increase in aftermarket sales for battery replacement on a regular basis.
The lead acid battery market now places a greater emphasis on process automation due to the expanding demand, which has resulted in mass production. The market is moving in the direction of industry 4.0, which will result in the widespread use of new industrial technologies.
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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 batteries is anticipated to have a significant contribution to market growth in the years to come.
Key Takeaways from Lead Acid Battery Market Study
The flooded battery is projected to hold 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 the leading segment in terms of application by 2031-end, supported by increasing investments in electric vehicle production.
China will remain a chief market, backed by rising demand from the automotive industry. It is expected to account for over 57.3% of demand registered in East Asia in 2021.
The market in India is set to surge at around 6% CAGR over the next ten years.
Germany is emerging as a key market in Europe, accounting for over US$ 2,509.4 Miliion in 2021, driven by the expansion of the automotive industry.
“The lead-acid battery market is growing at a strong pace, driven largely by increasing demand for energy-efficient solutions across the automotive sector. The increasing demand for electric vehicles will create extensive opportunities for manufacturers. Key industry participants have been focusing on product diversification to offer energy-efficient solutions and gain a competitive advantage,” says a Future Market Insights analyst.
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Competitive Landscape
The lead-acid battery market is highly competitive at regional as well as global levels and highly consolidated in nature. These players are likely to invest in new technology developments and the expansion of their networks in order to maintain their market shares.
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
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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