The lead-acid battery market valuation is expected to reach US$ 54.3 Billion in 2021. Future Market Insights (FMI) analysis has forecasted the lead-acid battery sales to increase at 5.2% CAGR between 2021 and 2031. According to the study, the overall lead-acid battery market valuation will top US$ 90.5 Billion by 2031.
With an increased focus on research and development and large investment in the automotive industry, electric vehicles are expected to increase at a high pace, exhibiting a 6.2% CAGR in 2021. The lead-acid battery market will rise at 5.2% CAGR between 2021 and 2031 in the comparison above 1.2% CAGR registered during 2016-2020.
Growth can be attributed to the increase in the demand for energy-efficient solutions across the globe. The demand for lead-acid batteries has increased consistently with the advent of electric and hybrid vehicles over the past few years.
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A shift towards renewable energy sources such as solar power systems are laying bare potential opportunities for the expansion of lead acid battery markets in both emerging as well as mature markets. Therefore, there is a spike in the number of collaborations between manufacturers, grid-operators and renewable energy developers, resulting in the formulation of extensive distribution channels which is providing traction to the market,” infers an FMI analyst.
Key Takeaways
- Initiatives undertaken to introduce green energy solutions in the automotive industry are one of the key factors fueling the demand for lead-acid batteries.
- Key manufacturers of lead-acid batteries are focusing on expanding their production and distribution capacities in various countries.
- In order to improve their industrial research activities, some companies are collaborating directly with regional manufacturers.
- China has emerged as a highly lucrative market for the production and export of lead-acid batteries. This can be attributed to increasing demand from the country’s automotive industry, coupled with the adoption of advanced technology and higher production capacity.
- Demand in the U.S. lead-acid battery market is expected to rise at above 4% CAGR over the forecast period. The U.S. has emerged as a lucrative market for lead-acid batteries in terms of both production and consumption.
Competitive Landscape
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., Crown Battery Corporation, C&D Technologies, Inc., Coslight Technology International Group Co. Ltd., East Penn Manufacturing Co., Chaowei Power Holdings Limited., Zhangzhou Huawei Power Supply Technology Co., Ltd., B. B. Battery, Camel Group Co., Ltd., Shandong Sacred Sun Power Sources Co. Ltd. are some of the key companies profiled in the full version of the report.
Companies operating in the lead-acid battery market are aiming at strategic collaborations and partnerships with other manufacturers to expand their manufacturing capacity.
Lead Acid Battery Market- Key Trends
- Reducing reliance on conventional fuel technologies in the wake of ensuring environmental sustainability is pushing up adoption of lead acid batteries in various industrial, residential and commercial businesses
- Industry 4.0 is leading to immense applications of lead acid batteries due to their cost effectiveness and greater power generation capabilities. Leading service providers are utilizing lead batteries to facilitate 5G internet penetration across emerging economies
- Incidences of unregulated emissions from lead recycling is a significant challenge inhibiting growth of the lead acid battery market in the future
More Insights into the Lead Acid Battery Market
In its latest report, FMI offers an unbiased analysis of Alcohol Ethoxylates covering sales outlook, demand forecast & up-to-date key trends. The market is segmented on the basis of type (Flooded Battery, AGM Battery, Gel Battery), application (Transportation: Passenger Cars, LCV, HCV, Two-wheelers, Others, Motive Industrial, Stationary Industrial, Commercial, Residential, Grid Storage), sales channel (OEM, Aftermarket), region (North America, Latin America, Europe, South Asia & Pacific, East Asia, Middle East and Africa (MEA))
According to FMI projections, East Asia is predicted to remain one of the most attractive markets for lead-acid batteries during the forecast period. China is expected to account for over 57% of the East Asia lead-acid battery market through 2031.
Demand in the U.S. lead-acid battery market is expected to rise at above 4% CAGR over the forecast period. The U.S. has emerged as a lucrative market for lead-acid batteries in terms of both production and consumption.
Japan is one of the key manufacturers of automotive vehicles globally. By 2031, it is expected to account for over 26% of lead-acid battery sales within East Asia. Japan also has numerous small- and large-scale manufacturers, which has been aiding the overall growth of the lead-acid battery market.
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Lead Acid Battery Market by Category
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)
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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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