According to the report by Expert Market Research (EMR), the lead acid battery market size reached a value of USD 41.33 billion in 2023. Aided by the escalating demand for energy storage solutions and the burgeoning automotive sector, the market is projected to further grow at a CAGR of 4.50% between 2024 and 2032.
Lead acid batteries, renowned for their reliability, high energy density, and ability to deliver high surge currents, are a cornerstone in the realm of cost-effective energy storage technologies. They find extensive applications across various sectors, including automotive, telecommunications, and backup power systems. Despite the emergence of newer battery technologies, lead acid batteries continue to maintain a significant market presence due to their affordability and established manufacturing infrastructure, consequently driving up the lead acid battery market share.
The automotive sector stands as the primary consumer of lead acid batteries, predominantly used for starting, lighting, and ignition (SLI) functions in vehicles. The continuous expansion of the automotive sector, especially in emerging markets, serves as a pivotal driver for the lead acid battery market. Moreover, the rising adoption of electric vehicles (EVs) and hybrid electric vehicles (HEVs) has further fuelled the demand for lead acid batteries, which are commonly employed as auxiliary power units in these vehicles.
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In the telecommunications sector, lead acid batteries are indispensable as backup power sources for telecom towers and equipment. The swift growth of telecommunications infrastructure worldwide is expected to drive the demand for reliable backup power solutions, thereby contributing to the lead acid battery market expansion.
VRLA batteries are expected to dominate the market due to their advanced technology compared to flooded batteries, resulting in a longer lifespan and superior performance. The key factor contributing to the larger market share of VRLA batteries is the oxygen recombination mechanism, which eliminates the need for water addition, making operations simpler. Lead acid batteries are more cost-effective than nickel cadmium and lithium ion batteries, making them the preferred choice in the market.
The increasing awareness of renewable energy sources and the need for efficient energy storage solutions have also led to the heightened adoption of lead acid batteries in solar and wind energy systems. Their ability to provide stable power output and withstand deep discharge cycles makes them an ideal choice for both off-grid and grid-connected renewable energy installations.
As per the lead acid battery market analysis, the rise in investments in enterprise cloud computing and the global expansion of data centres are projected to boost the demand for these batteries. This is primarily driven by the growing requirement for reliable and large-scale power supply for data centres.
Additionally, the surge in investments in enterprise cloud computing and the expansion of data centres worldwide are anticipated to drive growth in the lead acid battery market. This is mainly attributed to the rising demand for efficient and uninterrupted power supply for data centres.
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Lead Acid Battery Market Segmentation
The market can be divided based on the technology, product, end use, and region.
Market Breakup by Technology
- Flooded
- VRLA (Valve Regulated Lead-acid)
Market Breakup by Product
- SLI Batteries
- Stationary Batteries
- Portable Batteries
Market Breakup by End Use
- Automotive
- Utility
- Industrial
- Commercial and Residential
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global lead acid battery market. Some of the major players explored in the report by Expert Market Research are as follows:
- Panasonic Corporation
- Exide Industries Ltd
- GS Yuasa International Ltd.
- Hankook & Company Co., Ltd.
- HOPPECKE Batteries, Inc
- Clarios
- Others
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