PUBLISHER: TechSci Research | PRODUCT CODE: 1364038
PUBLISHER: TechSci Research | PRODUCT CODE: 1364038
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India lead Acid Battery Market was valued at USD 4,495.40 million in 2023 and is anticipated to project robust growth in the forecast period with a CAGR of 6.80% owing to rising demand in the telecom industry, growing demand from the data center, rapidly rising automobile industry, etc.
A lead-acid battery is a type of rechargeable battery that use a chemical reaction between lead plates and sulfuric acid to store and release electrical energy. It is one of the oldest and most commonly used battery technologies. Lead-acid batteries are known for their relatively low cost, robustness, ability to deliver high surge currents, and making them suitable for a wide range of applications. They require periodic maintenance, such as checking electrolyte levels and ensuring proper charging to avoid sulfation and loss of capacity.
Market Overview | |
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Forecast Period | 2025-2029 |
Market Size 2023 | USD 4,495.40 Million |
Market Size 2029 | USD 6,566.00 Million |
CAGR 2024-2029 | 6.80% |
Fastest Growing Segment | Advanced Lead Acid |
Largest Market | North India |
The residential and commercial sector in the countries has witnessed significant growth in recent years. According to IBEF, The real estate market is expected to reach USD 1 trillion in the year, 2030. As these sectors expand, there is a significant need for reliable and efficient power backup solutions, making lead-acid batteries a preferred option. In the residential sector, the increasing urbanization and rising disposable income levels have resulted in the construction of more residential complexes, apartments, and individual houses. With the unreliable power infrastructure, in many parts of the country, power outages, and fluctuations are common occurrences. As a result, homeowners and residents are turning to lead-acid batteries to provide backup power during such scenarios. These batteries can be integrated with inverters to ensure a continuous power supply, ensuring comfort, safety, and smooth operation of essential appliances. With the Indian government's focus on promoting clean energy and incentivizing renewable energy installations. The versatility and cost-effectiveness of lead-acid batteries make them a perfect option for both residential and commercial consumers leading to the growth of India lead acid battery market.
India's middle-class population is expanding and is anticipated to grow in the upcoming years. The National Council of Applied Economic Research estimates that by 2025, India's middle-class population would have grown from around 47 million in 2010 to over 200 million. The demand for the lead acid battery is being driven by the growth of the middle-class population as the sales of two-wheelers and four-wheelers in Indian market rises. Additionally, according to the National Electricity Plan 2022-32, the power generation industry in India require approximately USD 400 billion to meet the rising demands of electricity and overcome integration challenges across the country. To fulfil the demands of the expanding middle-class population, the government and private developers are placing major focus on offering continuous power supply without any interruption. Overall, the expanding middle-class population in India is boosting the demand for lead acid battery in the upcoming years.
In the lead acid battery market, the automobile sector played a vital role in the development of the nation and focused on becoming the 5th largest economy in the world. Additionally, between April 2000-September 2022., India Brand Equity Foundation states that the nation has achieved a foreign direct investment of USD 33.77 billion in the automobile sector. The total production of passenger vehicles in India was 1.56 million units which is a high growth rate as compared to past years. In the last 10 years, rapidly rising demand for lead acid battery made a positive impact on the lead acid battery market across the country. Also, the automobile industry has launched four-wheeler vehicle which uses lead-acid batteries for power instead of fuels i.e. petrol, diesel, and CNG.
Therefore, the above-mentioned factors are likely to propel the market for lead acid batteries in the forecast period.
India lead acid battery market anticipates a significant growth in the coming years, primarily driven by the high demand in the telecom. Lead acid batteries play a critical role in providing power backup to telecom towers during grid failures or power outages, ensuring uninterrupted connectivity. With a massive increase in the number of mobile phone users and the expansion of network infrastructure, more people have gained access to affordable smartphones and data services and hence, the demand for reliable and uninterrupted communication has skyrocketed. Moreover, with the government's emphasis on expanding connectivity to rural areas, the need for reliable power backup solutions becomes more crucial, further driving the demand for lead-acid batteries.
Competition from other battery technologies sets a substantial challenge for the lead acid battery market in India. Lead acid batteries are the most preferred option in various applications due to their low cost, durability, and reliability. However, advancements in alternative battery technologies, such as lithium-ion batteries, pose a threat to the market share of lead acid batteries. Lithium-ion batteries have gained recognition in recent years due to their higher energy density, lighter weight, and longer duration compared to lead acid batteries. The lead acid battery market in India faces a formidable challenge from competing battery technologies, particularly from lithium-ion batteries. The advantages offered by lithium-ion batteries in terms of energy density, weight, lifespan, and performance make them increasingly preferred in applications such as EVs and renewable energy storage systems. To sustain their market share, lead acid battery manufacturers need to focus on innovation and continuous improvement to address the evolving needs and demands of consumers and industries.
The India lead acid battery market is segmented based on product type, construction method, technology, application, and region. Based on product type, the market is segmented into SLI, stationary, and motive. Based on construction method, the market is segmented into flooded and VLRA. Based on technology, the market is segmented into basic and advanced lead acid. Based on application, the market is segmented into transportation, industrial, commercial, residential, and others. Additionally, India lead acid battery market analysis studies the regional segmentation to devise regional market segmentation, divided among north India, south India, west India, and east India.
Exide Industries Limited, Amara Raja Batteries Limited, Luminous Power Technologies Pvt. Ltd, Okaya Power Private Limited, HBL Power Systems Limited, Jayachandran Industries Private Limited, Leoch Batteries India Pvt Ltd, Livguard energy technologies Pvt Ltd, Tata AutoComp GY Batteries Private Limited, and Microtex Energy Private Limited are the major players, driving the growth of the India lead acid battery market.
In this report, the India lead acid battery market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
Company Profiles: Detailed analysis of the major companies present in the India lead acid battery market.
With the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report: