The global lead acid battery market is set for positive growth through 2030, expanding at a CAGR of 5.4% and surpassing a value pool of US$ 111.6 Bn by 2030-end. These findings are the results of Future Market Insights’ recently published research report on the subject. Presently, lead acid batteries find extensive usage as the primal energy source across… Read More »Lead Acid Battery Market 2021 Development Status, Competition Analysis, Type and Application 2031
Lead Acid Battery Market Insights: Trends and Competitive Landscape 2031
The global lead acid battery market is
set for positive growth through 2030, expanding at a CAGR of 5.4% and
surpassing a value pool of US$ 111.6 Bn by 2030-end. These findings are
the results of Future Market Insights’ recently published research
report on the subject.
Presently, lead acid batteries find extensive usage as the primal
energy source across the transportation, industrial, residential,
commercial, grid storage and automotive sectors. Ranking high on the
sustainability index, adoption of lead acid batteries is acquiring
traction as it consumes thrice the lesser amount of energy per kilo watt
hour, making them technically superior to lithium-ion batteries.
The electronic vehicle revolution has provided fertile ground for the
proliferation of lead acid batteries as these vehicles extensively
utilize them to power their systems. According to an estimate, the
ignition procedure in electric vehicles is expected to eliminate at
least over 4 million tons of greenhouse gas emissions annually. The
aftermarket prospects also appear bright for lead acid battery OEMs as
frequent battery servicing and replacement need to be conducted.
Absorbed Glass Mat (AGM) lead batteries are quickly capturing
significant ground in the global lead acid batteries market. Their
effectiveness in containing spills and reduced degradability makes them
an ideal choice amongst potential end-users. Moreover, these batteries
are shock resistant, charge five times faster than their flooded
counterparts and have a compact structure which reduces the need for
overall maintenance.
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The COVID-19 pandemic has dented near-term growth prospects as a
result of the onset of a global economic recession. Cessation of
business activities across key end-use industries such as manufacturing
and automotives has reduced demand for lead acid batteries as an
assembly component. These business suspensions are attributed to
government calls for maintaining social distancing through the
imposition of nationwide lockdowns. However, with these restrictions
being lifted in certain countries, growth trajectory is gradually
returning to its normal pace, reinforcing the pre-determined forecasts.
“A shift towards renewable energy sources such as solar power
systems are laying bare potential opportunities for the expansion of
lead acid battery markets in both emerging as well as mature markets.
Therefore, there is a spike in the number of collaborations between
manufacturers, grid-operators and renewable energy developers, resulting
in the formulation of extensive distribution channels which is
providing traction to the market,” infers an FMI analyst.
Key Takeaways from FMI’s Lead Acid Battery Market Research Report
- Flooded lead acid batteries are gaining fast traction, giving the AGM batteries a run for their money
- Transportation
OEMs and aftermarket shall extensively utilize lead acid batteries,
anticipated to expand 1.4x throughout the forecast period - Regulatory
agencies’ efforts to deepen EV penetration shall open up lucrative
growth avenues for the lead acid battery market across prominent regions - Energy
storage solutions based on renewable sources shall find widespread
adoption of lead acid batteries. Nearly complete recyclability rate and
reduced production costs are the key drivers - APEJ is expected to remain the kingpin due to rapid advancements in automotive, manufacturing and ICT sectors
Lead Acid Battery Market- Key Trends
- Reducing reliance on conventional fuel technologies in the wake
of ensuring environmental sustainability is pushing up adoption of lead
acid batteries in various industrial, residential and commercial
businesses - Industry 4.0 is leading to immense applications of
lead acid batteries due to their cost effectiveness and greater power
generation capabilities. Leading service providers are utilizing lead
batteries to facilitate 5G internet penetration across emerging
economies - Incidences of unregulated emissions from lead
recycling is a significant challenge inhibiting growth of the lead acid
battery market in the future
Lead Acid Battery Market- Region-wise Analysis
- Asia-Pacific is a sunshine area for the lead acid battery
market. The region shall account for nearly half the global market share - Thailand, Vietnam and Indonesia are the most promising countries in the region due to high emphasis on grid storage
- China generates approximately 4/5th of
its solar powered systems through lead acid batteries, accelerating
usage in power storage. However, competition is resulting from the
automotive sector due to the advent of electric vehicles - Europe is the 2nd largest
market, anticipated to register a 6% CAGR throughout the forecast
period. High uptake of lead acid batteries in ensuring uninterrupted
power supply is fueling demand
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Lead Acid Battery Market- Competitive Landscape
The global lead acid battery market is fragmented in nature. A
combination of established players as well as new entrants is shaping
the revenue pool of the market. In order to consolidate their position,
players are concentrating on innovations to provide technologically
enhanced and affordable batteries in their product portfolio.
For instance, Exide has been manufacturing its E-Ride Tubular Plus
lead batteries which are specifically designed and developed for
e-rickshaws. The battery’s unique design results in enhancing
performance and reduces operating costs to a significant extent. The
battery has an enhanced rechargeable rate due to a novel negative paste
formulation embedded within the battery.
Likewise, Hitachi Chemical Company produces a range of hybrid and
VRLA batteries for a host of end-use applications, ranging from
industrial to renewable energy production. The company has also
established innovation centers to discuss potential strategies with its
end-use customers.
Lead Acid Battery Market Taxonomy
Type
- Flooded Battery
- AGM Battery
- Gel Battery
Application
- Transportation
- OEM Transportation
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- Two Wheelers
- Others
- Aftermarket Transportation
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- Two Wheelers
- Others
- OEM Transportation
- Motive Industrial
- OEM Motive Industrial
- Aftermarket Motive Industrial
- Stationary Industrial
- OEM Stationary Industrial
- Aftermarket Stationary Industrial
- Commercial
- OEM Commercial
- Aftermarket Commercial
- Residential
- OEM Residential
- Aftermarket Residential
- Grid Storage
- OEM Grid Storage
- Aftermarket Grid Storage
- Others
- OEM Others
- Aftermarket Others
Region/Country
North America
- U.S
- Canada
Latin America
- Brazil
- Mexico
- Rest of Latin America
Western Europe
- EU-5
- Rest of Western Europe
Eastern Europe
- Russia
- Poland
APEJ
- China
- India
- ASEAN
- Australia
- New Zealand
Japan
MEA
- GCC
- Southern Africa
- Turkey
- Rest of MEA
About FMI
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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