The global lead acid battery market was valued at USD 59.7 billion in 2023. It is further projected to witness a 4.8% y-o-y growth in 2024 and reach USD 62.6 billion in the same year. It is predicted to record a CAGR of 5.6% from 2024 to 2034, taking the total value to USD 106.8 billion by 2034.
The global Lead Acid Battery Industry is experiencing substantial growth, driven by increasing demand across automotive, industrial, and renewable energy sectors. As one of the most reliable and cost-effective energy storage solutions, lead acid batteries continue to hold a dominant position in the global battery market. Advancements in battery technology, along with the rising adoption of electric vehicles (EVs), uninterrupted power supply (UPS) systems, and industrial applications, are key factors propelling market expansion.
Get Ahead with Our Report: Request Your Sample Now!
https://www.futuremarketinsights.com/report-sample#5245502d47422d3534
Key Takeaways:
- The lead acid battery market is anticipated to grow at a steady CAGR over the forecast period.
- Increasing utilization of lead acid batteries in renewable energy storage and automotive applications is fueling market demand.
- Growing investments in battery recycling and sustainable production methods are shaping industry trends.
- The rise in demand for backup power solutions in commercial and industrial sectors is contributing to market growth.
Key Drivers:
- Increasing Automotive Demand: The lead acid battery remains a preferred choice for SLI (Starting, Lighting, and Ignition) applications in conventional vehicles, as well as for auxiliary power in electric vehicles.
- Expansion in Renewable Energy Storage: With the shift toward sustainable energy sources, lead acid batteries are being increasingly deployed in solar and wind power storage solutions.
- Rise in Industrial Applications: Demand for UPS systems, telecom infrastructure, and grid energy storage solutions is driving lead acid battery adoption.
- Advancements in Battery Recycling: Stringent environmental regulations and improved battery recycling technologies are boosting the sustainability of lead acid battery production.
Growth Opportunities:
- The surge in demand for backup power systems in healthcare, data centers, and telecommunication industries presents lucrative market opportunities.
- Expansion of the electric vehicle and hybrid vehicle market is expected to drive demand for advanced lead acid batteries.
- Innovations in battery efficiency and performance through research and development (R&D) investments can enhance market competitiveness.
- The Asia-Pacific region is projected to witness significant growth due to increasing industrialization, urbanization, and government initiatives supporting energy storage solutions.
Detailed Market Study: Full Report and Analysis
https://www.futuremarketinsights.com/reports/global-lead-acid-battery-market
Key Players in the Lead Acid Battery Industry:
- Exide Technologies
- GS Yuasa Corporation
- Clarios (formerly Johnson Controls Power Solutions)
- EnerSys
- East Penn Manufacturing
- Amara Raja Batteries Ltd.
- Crown Battery
- Leoch International Technology Limited
- C&D Technologies, Inc.
- HOPPECKE Batteries
Key Segmentations:
By Type:
- Flooded Lead Acid Battery
- Sealed Lead Acid Battery (VRLA)
By Application:
- Automotive (SLI, Electric Vehicles, Two-Wheelers)
- Industrial (UPS, Telecom, Healthcare, Manufacturing)
- Renewable Energy Storage
- Others (Defense, Marine, Aerospace)
By Region:
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
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. With a vast team of 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube
