According to the latest report by IMARC Group, titled "Lead Acid Battery Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028," the global lead acid battery market reached a value of US$
33.0 Billion in 2022. A lead acid battery is a rechargeable battery with less energy density than its counterparts. It can supply high surge currents and has a relatively large power-to-weight ratio. These factors, along with its low cost, make it an essential component in motor vehicles to deliver the high current required by starter motors. Moreover, favorable attributes, such as high resistance to temperature and reduced electrolyte evaporation and spillage, are propelling the product uptake across numerous end use sectors. It is commonly used in ample backup power supplies for telephone and computer centers, grid energy storage, and off-grid household electric power systems. It is also used in emergency lighting and to power sump pumps in case of power failure.
Global Lead Acid Battery Market Trends:
The global market is majorly driven by significant growth in the telecom sector. In line with this, increasing investments in enterprise cloud computing and the expansion of data centers is significantly contributing to the market. Furthermore, the rising demand for uninterrupted power supply and considerable growth in the automotive industry are positively influencing the market across the globe. Apart from this, the growing consumption of electronics and rapid infrastructural developments are catalyzing the market. Besides, the escalating demand for high-capacity batteries on account of the proliferation of inverters, UPS, and switchgear is favoring the market growth. Additionally, the leading players are focusing on strategic partnerships to increase their product portfolio and retain their footprint in the market. Other factors, including the widespread demand for electrical equipment, the rising production of electric vehicles, and prompt use of hybrid propulsion due to the growing concerns over marine pollution, are also providing a boost to the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$
41.5 Billion by 2028, exhibiting a CAGR of
4% during 2023-2028.
- On the basis of the product, the market has been segmented into SLI, stationary, and motive.
- Based on the construction method, the market has been categorized into flooded and Valve Regulated Sealed Lead-acid Battery (VRLA).
- Based on the sales channel, the market has been classified into OEM and aftermarket.
- Based on the application, the market has been segmented into automotive, UPS, telecom, and others.
- On the basis of the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with detailed profiles of the key players operating in the market. Some of the key players include 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.
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