by The global Lead Acid Battery Market is estimated to be valued at US$ 55.61 Bn in 2023 and is expected to exhibit a CAGR of 8.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Lead acid batteries are used in automobiles, industrial, and commercial applications such as motive and stationary applications. They have advantages such as low cost, robust mechanical design, high power-to-weight ratio, and ability to supply high surge currents.
Market key trends:
One of the key trends in the lead acid battery market is growing adoption of stationary lead acid batteries in renewable energy sector. The stationary lead acid batteries find widespread application in renewable energy sector such as to store energy generated from solar panels and wind turbines. They provide backup power during power outage situations and ensure uninterrupted power supply. Further, deep cycle lead acid batteries are commonly used in renewable energy storage due to their tolerance of frequent partial discharge-charge cycling and relatively low-cost. Thus, increasing utilization of renewable energy is augmenting growth of the market.
SWOT Analysis
Strength: Lead acid batteries have high durability and reliability. They are cost effective and require low maintenance. They perform well in adverse conditions like high/low temperatures.
Weakness: Lead acid batteries have low energy density and require regular recharging. They are also heavy and can lose charge when left unused for long periods.
Opportunity: Increasing demand for solar and UPS systems is driving the lead acid battery market. They are commonly used as starter batteries in automobiles providing an opportunity to capture this large market.
Threats: Rising environmental concerns over lead toxicity is a major threat. Advance technologies like lithium-ion batteries also pose competition due to their higher energy density and no environmental hazards.
Key Takeaways
The Global Lead Acid Battery Market Size is expected to witness high growth, exhibiting CAGR of 8.2% over the forecast period, due to increasing demand for automotive and UPS battery applications. Growing electrification and demand for electric vehicles will further propel the market growth.
Regional analysis
Asia Pacific dominates the global market and is expected to continue its dominance during the forecast period. This can be attributed to large automotive production bases and growing demand for lead acid batteries from countries like China and India.
Key players operating in the lead acid battery market are Johnson Controls, ATLASBX Co. Ltd., Exide Technologies, East Penn Manufacturing Co, Crown Battery Manufacturing Company, C&D Technologies INC., GS Yuasa Company, Leoch International Technology Ltd, Chaowei Power Holdings Limited, and Camel Group Co. Ltd., Hoppecke Batterien GmbH & Co. KG. The players are focused on improving product quality and expanding production facilities to cater to growing demand.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
