The global lead acid battery market size reached US$ 33.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 41.5 Billion by 2028, exhibiting a growth rate (CAGR) of 4% during 2023-2028.
A lead acid battery refers to a cost-effective rechargeable energy storage device, which includes an anode as the positive and a cathode as the negative terminal. They are further connected by the electrolyte to produce electricity through electrochemical reactions. The battery contains toxic lead metal, which can be recycled and prepared for reuse in other products. Apart from this, it involves oxide and grid production, pasting, curing, assembling, formation, filling, charge-discharge proceedings, inspection, and product dispatching as standard processes. The lead acid battery is tolerant to overcharging and relatively affordable and offers a larger current capacity and better performance in low or high temperatures. As a result, it is extensively used in grid storage and other commercial applications. Currently, the lead acid battery is commercially available in varying sizes and types, including flooded and sealed.
Lead Acid Battery Market Trends:
- The considerable expansion in the automotive industry and the increasing need for fuel-efficient, electrically chargeable vehicles are primarily driving the market growth. Additionally, the rising environmental concerns and the implementation of green initiatives by governments to promote the uptake of eco-friendly components, such as lead acid batteries, to reduce carbon emissions are acting as another growth-inducing factor. As compared to lithium-ion and nickel-based battery systems, lead acid battery is more economical, recyclable, and reliable. Moreover, the widespread adoption of uninterruptible power supply (UPS) devices across various industrial verticals have further supplemented the demand for lead acid batteries as they have relatively lower-tech battery management requirements. In line with this, the extensive employment of innovative battery manufacturing machines to optimize production processes at minimal costs is further contributing to the market growth. Besides this, strategic collaborations amongst key players to engineer multiple product variants with enhanced efficacy are positively stimulating the market growth.
Key Market Segmentation:
- IMARC Group provides an analysis of the key trends in each sub-segment of the global lead acid battery market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on product, construction method, sales channel and application.
Breakup by Product:
Breakup by Construction Method:
- Valve Regulated Sealed Lead-acid Battery (VRLA)
Breakup by Sales Channel:
Breakup by Application:
Breakup by Region:
- North America
- United States
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
- The competitive landscape of the industry has also been examined along with the profiles of the key players being C&D Technologies Inc., Clarios International Inc., East Penn Manufacturing Co., EnerSys, Exide Industries Limited, GS Yuasa Corporation, HBL Power Systems Limited, HOPPECKE Batterien GmbH & Co. KG, Leoch International Technology Limited, Panasonic Holdings Corporation and Teledyne Technologies Incorporated.
Key Questions Answered in This Report:
- 1. What was the size of the global lead acid battery market in 2022?
- 2. What is the expected growth rate of the global lead acid battery market during 2023-2028?
- 3. What has been the impact of COVID-19 on the global lead acid battery market?
- 4. What are the key factors driving the global lead acid battery market?
- 5. What is the breakup of the global lead acid battery market based on the product?
- 6. What is the breakup of the global lead acid battery market based on the construction method?
- 7. What is the breakup of the global lead acid battery market based on the application?
- 8. What are the key regions in the global lead acid battery market?
- 9. Who are the key players/companies in the global lead acid battery market?