Lead-acid battery market share, volume 2034

Global lead-acid battery market significant growth is expected and forecasts indicate an increase from 62.6 dollars billion in 2024 $106.8 by 2034 it will amount to one billion, which means a compound annual growth rate (CAGR) 5.6% over the next decade.

This growth is being driven by growing demand across a range of sectors, including telecommunications, manufacturing, automotive, mining, oil and gas, and chemicals. Lead-acid batteries remain a popular choice among end users due to their affordability, overcharge resistance, wide range of sizes and specifications, and ability to manage large volumes of current.

Manufacturers are also emphasizing the recyclability of lead-acid batteries to promote their adoption. In many regions, recycling rates exceed 90%, which not only helps reduce battery costs but also saves resources and minimizes environmental impact, making lead-acid batteries an even more attractive option. In addition, the growing adoption of electric vehicles (EVs) is expected to further boost demand for lead-acid batteries in the coming years.

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Lead Acid Battery Market Report Highlights

• The lead-acid battery market reached USD 54,636.50 million in 2019. By 2023, the market generated a revenue worth USD 59,658.30 million. From 2019 to 2023, the market recorded a CAGR of 4%.
• Considering the product type, it is estimated that in 2024 flooded batteries will reach 48.30% market share.
• Based on data from the application, it is predicted that in 2024, transport will have a value share of 58.10%.
• The US market is forecasted to grow at 5% CAGR during the forecast period.
• In Europe, France and the UK are projected to register significant growth of 5.90% and 5.80% CAGR (separately) by 2034.
• The lead-acid battery market in India is estimated to grow at a CAGR of 6.10% during the forecast period.
• The motorcycle lead-acid battery market is expected to reach USD 9.1 billion at a CAGR of 5.2% during the forecast period 2023-2033
• The automotive lead-acid battery market is expected to reach USD 47 billion at a CAGR of 5.2% during the forecast period from 2023 to 2033.
• The advanced lead-acid battery market is expected to reach USD 62 billion at a CAGR of 6.9% during the forecast period from 2024 to 2034.

“Key players are expected to integrate advanced technologies in their manufacturing process to deliver performance in their lead-acid battery offerings” – says the FMI analyst.

Global Lead Acid Battery Market Drivers

Growing Automotive Applications to Boost Lead-Acid Battery Market Growth

Key factors driving the demand for lead-acid batteries include initiatives to introduce green energy solutions in the automotive industry. Leading lead-acid battery companies are focusing on expanding their manufacturing and distribution capabilities in various countries. To facilitate industrial research activities, some companies are collaborating directly with regional manufacturers.

Moreover, technological advancements in the field of vehicle technology such as hybrid vehicles, battery-powered vehicles, or electric vehicles will be other strong factors supporting the growth of the market.

The lead-acid battery is used in various end-use industries such as automotive, uninterruptible power supply (UPS), and telecommunications. The demand for lead-acid batteries in the transportation industry is growing rapidly as governments in emerging economies support clean energy and environmentally friendly means of transportation.

The transportation segment is one of the leading end users of lead-acid batteries. Regionally, China has emerged as a very profitable market for the production and export of lead-acid batteries. This can be attributed to the growing demand from the domestic automotive industry, coupled with the adoption of advanced technology and greater production capacity.

Greater adoption of electric vehicles and expansion of the transport sector

The increasing demand for electric bicycles in the transportation industry in both developed and developing countries is expected to create numerous growth opportunities for the lead-acid battery market players.

The increasing use of lead-acid batteries by manufacturers of two-wheelers, passenger cars, trucks and commercial vehicles is expected to sustain demand for lead-acid batteries worldwide.

The main driver of the lead-acid battery market is the growing demand for electric bicycles due to lower maintenance and replacement costs and less dependence on conventional fuel technologies

Competitive Landscape

Lead-acid battery manufacturers are constantly innovating and launching new products to attract customers. They are also expanding their market reach by entering under-penetrated markets. Companies are also entering into strategic partnerships and collaborations with other players to increase their production capacities. Another strategy of players in the lead-acid battery industry is mergers and acquisitions.

Leading players are also seen integrating latest technologies such as advanced grid designs, separators, etc. to improve battery performance and reliability. Industry players are also focusing on cost and efficiency optimization. This is achieved through economies of scale, process optimization, and focus on recyclability.

Market competitors focus on building strong distribution networks and investing in product marketing to build brand recognition and customer loyalty. Players also offer excellent after-sales support.

Top 10 Lead Acid Battery Players

• Furukawa Electric Co., Ltd.
• Hitachi Chemical Company, Ltd.
• Narada Power Source Co. Ltd.
• SiteTel Sweden AB (NorthStar)
• Clara
• Leoch International Technology Ltd.
• Yokohama Batteries Sdn. Bhd
• Enersys
• Exide Industries Ltd
• GS Yuasa Corporation

Latest developments in the lead-acid battery market

• In January 2024, Tesla Power India reportedly launched ReStore, India’s first and foremost refurbished battery brand. The company plans to open 5,000 refurbished battery stores in India by 2025.
• In May 2023, France opened its first electric car battery factory, aiming to take a big step in its competition with China.

Lead Acid Battery Industry by Category

By product type:

• Flooded battery
• AGM battery
• Gel battery

By base application:

• Transport
  • Passenger cars
  • LCV
  • Hepatitis C
  • Two-wheelers
  • Others
• Industrial theme
• Stationary industrial
• Commercial
• Housing
• Storage in a grid
• Others

By sales channel:

By region:

• North America
• Europe
• Asia and Pacific
• Middle East and Africa
• Latin America

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, Stevie Award winner and member of the Greater New York Chamber of Commerce) offers in-depth insights into the factors driving market demand. FMI is a leading global provider of market intelligence, advisory services, consulting and events for the packaging, food and beverage, consumer technology, healthcare, industrial and chemical markets. With a vast team of 400 analysts worldwide, FMI provides global, regional and local expertise on various industry disciplines and trends in over 110 countries.

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