Visiongain Publishes Lead Acid Battery Market Report 2023-2033
28 March 2023
Visiongain has published a new report entitled Lead Acid Battery Market Report 2023-2033: Forecasts by Type (Stationary, Motive), by End-user (Automotive, Oil & Gas, Utilities, Telecom, Construction, Others) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Impact and Recovery Pattern Analysis.
The Global Lead Acid Battery market was valued at US$52.2 million in 2023 and is projected to grow at a CAGR of 4.24% during the forecast period 2023-2033.
Lead Acid Battery Utilization in Automotive and Energy Storage Applications to Fuel Product Growth
Growth in the transportation sector and an increase in energy storage applications are expected to drive future industry demand. The product's market is also expected to grow rapidly due to the expansion of the passenger car, motorcycle, and commercial vehicle manufacturing sectors. Positive demand drivers also include increased UPS demand in finance, oil and gas, healthcare, and chemicals.
The demand for lead acid batteries is primarily driven by the automotive industry. Lead acid batteries are widely used in cars, trucks, buses, and other vehicles, as they are reliable, cost-effective, and easily recyclable. In addition to the automotive sector, lead acid batteries are also used in a variety of other applications, such as backup power supplies for telecommunication equipment, uninterruptible power supplies (UPS) for computers and data centers, and off-grid solar power systems.
The demand for lead acid batteries is expected to continue to grow in the coming years, driven by the increasing demand for electric vehicles (EVs), particularly in developing countries. While lithium-ion batteries are gaining popularity in the EV market, lead acid batteries are still widely used in traditional gasoline-powered vehicles, and they remain a cost-effective option for many other applications.
EnerSys partnered with TA (TravelCenters of America) in January 2021 to offer Odyssey Performance and NorthStar PRO Group 31 batteries for heavy-duty applications in every TA location across the United States. This partnership and agreement with would allow battery purchased from a TA supplier to include a limited four-year full replacement warranty. This development would allow to Enersys to boost its share in North American market and strengthen its share in Thin Plate Pure Lead (TPPL) technologies.
How has COVID-19 had a significant negative impact on the Lead Acid Battery Market?
The COVID-19 pandemic had a minor impact on the lead-acid battery market, as demand from end-user industries recovered in the second half of 2020. This was primarily due to the deficit covered by the industrial and other applications segment, which was caused by lower demand in the SLI segment due to lower vehicle sales during the pandemic. Factors such as rising telecommunications and data centre demand, as well as increased applications in industries such as railways, are expected to drive the market during the forecast period. However, alternative technologies, primarily lithium-ion, are expected to disrupt market growth, owing to their lower costs and technical advantages.
The future of the lead-acid battery industry is also concerned by industrialists. Many people have stated that the lead-acid battery has no future, but this is nothing new, and despite decades of predictions about the industry's demise, the lead-acid battery remains the world's largest battery energy storage business.
How will this Report Benefit you?
Visiongain’s 243-page report provides 109 tables and 133 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global Lead Acid Battery market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Lead Acid Battery. Get financial analysis of the overall market and different segments including type, process, upstream, downstream, and company size and capture higher market share. We believe that there are strong opportunities in this fast-growing Lead Acid Battery market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
Rising Demand from Emerging Economies
Electric vehicles are being promoted in many parts of the world in order to reduce urban transportation pollution and improve air quality. E-mobility is subsidised in India. The ideal option for charging the batteries in EVs would be to gradually use more renewable energy.
Lead batteries are used for energy storage in the renewable energy sector (solar and wind). Electric vehicles are being promoted in many parts of the world in order to reduce urban transportation pollution and improve air quality. E-mobility is subsidised in India. The ideal option for charging the batteries in EVs would be to gradually use more renewable energy. The country is likely to see more e-rickshaws, e-scooters, and e-buses for public transportation and last-mile connectivity. Electric cars have also begun to appear in metros and other cities, albeit in small numbers. Hence, usage of lead acid batteries is excepted to witness high rise in coming years.
Surge in Demand in Construction Sector
Lead-acid batteries are commonly used in the construction sector for various applications, such as powering heavy machinery, backup power supply, and lighting systems. The demand for lead-acid batteries in the construction sector is influenced by various factors, such as the level of construction activity, the size of the construction projects, and the availability of alternative power sources.
One of the main factors driving the demand for lead-acid batteries in the construction sector is the increasing demand for backup power supply solutions. Many construction sites rely on generators as the primary power source, but they also need a backup power source to ensure uninterrupted power supply in case of power outages or generator breakdowns. Lead-acid batteries are a reliable and cost-effective backup power source, making them a popular choice for the construction industry.
Where are the Market Opportunities?
Enhanced Demand for Industrial Batteries
Stationary lead acid batteries are also used in UPS systems in residential and commercial buildings for backup power. The construction of buildings such as warehouses, corporate offices, hospitals, and schools is expected to boost the growth of stationary lead acid battery growth. Industrial batteries, such as those used for cell tower backup power, provide low, consistent power for a longer period of time than a typical deep cycle battery. Because the plates are thicker, there is more total energy available for a longer period of time.
Industrial batteries have a long lifespan and can be used in stationary applications to provide critical backup power to systems that require continuous power supply. When industrial batteries are called upon to deliver power, they must deliver an abundance of power that will last long enough for reserve generators to take over. Industrial batteries are frequently configured as systems to accommodate high power demands.
The major players operating in the lead acid battery market are Clarios, GS Yuasa International Ltd., Panasonic Corporation, C&D Technologies, Inc., Shandong Sacred Sun Power Sources Co., Ltd., Exide Industries Limited, Enersys, HBL power systems and Northstar. These major players operating in this market are eyeing towards various new strategic developments and strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
• In January 2022, Clarios Announces Smart Technology to Provide Real-Time Vehicle Performance Optimization, Monitoring of Critical Safety Functionality for EVs, and Autonomous Vehicles.
• In October 2022, East Penn Manufacturing Co. was recognized by Ford Motor Company as a Q1 level supplier. The achievement signifies East Penn’s dedication to designing and implementing processes that generate quality products and service.
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