Lead Acid Battery Market - By Application (Stationary {Telecommunications, UPS, Control & Switchgear}, Motive, SLI {Automobiles, Motorcycles}), By Construction (Flooded, VRLA {AGM, GEL}), Sales Channel (OEM, Aftermarket) & Forecast, 2024 – 2034
Report ID: GMI2765
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Published Date: January 2024
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Report Format: PDF
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Base Year: 2023
Companies covered: 20
Tables & Figures: 1753
Countries covered: 35
Pages: 650
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Lead Acid Battery Market
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Lead Acid Battery Market Size
Lead Acid Battery Market size in 2023 was valued at USD 95.9 billion and is estimated to grow at 3.1% CAGR by 2034. These units play a crucial role in backup power applications for data centers, telecom, and critical infrastructure. For instance, the number of data centers across the U.S. crossed a mark of 5,000 in 2023.
Lead acid batteries are preferred by the consumers as these units are significantly cheaper than available alternatives, making them the preferred choice for budget conscious. Declining battery costs along with increasing frequency of power outages, is projected to unlock lucrative growth opportunities for the industry.
Lead acid battery is a type of rechargeable battery that uses lead plates and an electrolyte solution to store and release electrical energy. When charged, lead is oxidized and lead dioxide is reduced, creating a potential difference. When discharged, the reverse happens, generating electricity. These batteries are known for their durability and their ability to provide high bursts of power.
COVID– 19 Impact
The lead-acid battery market has undergone significant influence from the COVID-19 pandemic, witnessing disruptions in its supply chain that have profoundly affected the production and distribution of components essential for these batteries. The induced lockdowns reduced operational capacities, and industry shutdowns have collectively contributed to a decline in the demand for new batteries across various sectors. As the global situation continues to evolve and industries adapt to the post-pandemic landscape, the poised industry has undergone shifts in demand dynamics, technological preferences, and an increased emphasis on resilience and sustainability.
Lead Acid Battery Market Trends
The proliferation of the data centers along with robust development of IT infrastructure will energize the industry dynamic. Heavy reliance on constant communication, and information sharing coupled with rising costs of unplanned outages will further drive the product adoption. Increasing need for continuous & reliable power driven by the ever-expanding arena of internet and information technology will create a favorable business opportunity for Uninterrupted Power Supply (UPS) systems, which in turn will positively sway the industry outlook worldwide.
Lead Acid Battery Market Analysis
Based on construction, the market is segmented as flooded and VRLA. The VRLA battery market will grow at a rate of 3.3% CAGR by 2034. Reduced electrolyte evaporation, spillage and higher resistance to temperature are some of the key underlying factors which has fueled the product adoption. In addition, ability to withstand shock and vibration makes them suitable for wide tandem of applications. These units provide improved installation & maintenance costs, energy density and safety when compared with conventional flooded units, stimulating the business growth. Additionally, these batteries exhibit resilience against vibration and shock. When compared to traditional flooded units, they have the potential to improve aspects such as installation, safety, and energy density.
Based on sales channel, the lead acid battery market is segmented as OEM and aftermarket.
The aftermarket sales channel market holds a share of over 75% in 2023, attributed to the broad applicability of aftermarket products in diverse areas like motor vehicles, automobiles, and UPS systems. Furthermore, the growing demand for economical and dependable power storage and supply solutions will augment the business landscape.
Based on application, the market is segmented as stationary, motive and SLI. The stationary application is set to surpass USD 20 billion by 2034. Paradigm shift toward reliable power quality driven by the ever-increasing dependency on electronics will positively impact the business landscape. Moreover, increasing foreign direct investment, primarily across the developing economies is facilitating the development of infrastructure and capital equipment which in turn will propel the industry outlook.
The Europe lead acid battery market was valued at USD 15.6 billion in 2023. The industry is propelled by the substantial growth in automobile production and favorable government policies to reinforce the domestic manufacturing capacity. For instance, in 2022, Germany manufactured 3.5 million passenger cars.
The continued reliance on electronics and reliable power quality will continue to drive the market across the region. Moreover, the ability of these batteries to offer a competitively priced and easily accessible energy storage solution for a broad array of applications will fuel the product penetration.
Lead Acid Battery Market Share
The prominent players in the lead-acid battery industry are strategically prioritizing marketing campaigns, technological innovations, brand establishment, and operational efficiencies to adeptly navigate the competitive market landscape. Their key emphasis lies in the development of intelligent designs for lead-acid batteries, incorporating cutting-edge technological features, and augmenting ergonomic capabilities within various lead-acid battery solutions.
Amara Raja Group engages in various business sectors, notably automotive and industrial batteries. Amara Raja stands out as a key player in the battery industry, thanks to its dedication to innovation and top-notch quality. The group's ongoing success is attributed to its emphasis on sustainability and continuous technological advancements.
Lead Acid Battery Market Companies
The key participants operating across the industry include:
Lead Acid Battery Industry News
The lead acid battery market research report includes in-depth coverage of the industry with estimates & forecast in terms of “Units” & “USD” from 2019 to 2034, for the following segments:
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By Application, 2019 – 2034 (Units & USD)
By Construction, 2019 – 2034 (Units & USD)
By Product, 2019 – 2034 (Units & USD)
The above information has been provided for the following regions and country: