Lead Acid Battery Market Size, Share, and Forecast


 

Lead Acid Battery Market

Lead Acid Battery Market was valued at USD 60 Billion in 2019 and is forecast to expand at CAGR of 5.2% over the forecast period (2020-2027), owing to the expansion of passenger car, and commercial vehicle manufacturing industries.

Emerging need for highly reliable and effective energy solutions, expansion in the automotive industry, and reducing prices of lead are the major factors fueling the lead acid battery market size. For example, according to IBEF, the Indian automobile industry is the fourth largest in the world and is expected to reach USD 251.4 – 282.8 billion by the end of 2028. In addition, the overall production of domestic automobile increased by 2.36% CAGR between 2016-2020 with nearly 26.36 million vehicles produced in the country in FY 2020. Rising demand for emission-free electric automotive and the technological innovations is expected to propel the lead-acid batteries market share over the upcoming years.

Construction Method Segment Analysis

VRLA lead acid battery is forecast to expand at a faster CAGR over the forecast period, owing to the availability of different sizes of VLRA battery. In addition, the increasing demand for VLRA battery in the automotive sector primarily because of the high output, vibration, and corrosion resilience, and enlarged life will drive the global lead acid market growth.

End-User – Segment Analysis

Automotive industry is projected to lead the market over the coming years, owing to the expansion in automotive sector. The strong presence of leading companies including Toyata, Maruti Suzuki, Mahindra, Honda, Hyundai, and Nissan have contributed to the market expansion, attributed to their strong distribution channels and product availability at a cheaper price.

Regional – Segment Analysis:

Asia-Pacific is estimated to expand at a higher CAGR over the forecast period, owing to the growing adoption of electric vehicles, increasing industrialization, growing population, and rising demand for UPS systems. Further, proliferating construction sector in China, India, Japan, Malaysia, and South Korea, has increased the application of lead acid battery, propelling the segment’s growth.

Key Developments:

In 2021, Amara Raja Batteries decided to invest USD 1 billion in the next five to seven years towards capital expenditure for organic and inorganic growth. The battery manufacturer will emphasize more on the latest energy storage systems, including lithium-ion technology.

In 2019, ENERSYS decided to enlarge its footprint at two factory locations called Pennsylvania and Florida to cater the growing demand of the end-users.

Lead Acid Battery Market Segmentation:

Lead Acid Battery Market by Construction Method
  • VLRA
  • Flooded
Lead Acid Market by Type
  • Stationary
  • Motive
Lead Acid Market by End-User
  • Automotive
  • Commercial And Residential
  • Telecom
  • Industrial
  • Others
Lead Acid Battery Market by Region:
  • Asia Pacific
    • China
    • Japan
    • India
    • Rest of APAC
  • North America
    • United States of America
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Rest of Europe
  • RoW
    • Brazil
    • South Africa
    • Saudi Arabia
    • UAE

About GMI Research

GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.

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