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Lead Acid Battery Market worth over $105 Bn by 2030

  • Published Date: September 26, 2022

Lead Acid Battery Market size is set to surpass USD 105 billion by 2030, according to a new research report by Global Market Insights Inc.

The report identifies the rising awareness about the advantages of energy storage solutions as a major factor contributing to the market development. Advanced lead-acid batteries are emerging as a cost-effective solution for large-scale energy storage applications. The technology provides other benefits including high battery capacity, safety, and reliability. The capability of these batteries to offer accessible energy storage equipment, for a broad array of applications at a competitive price, will amplify industry trends.

Growing consumption of EVs to boost market size

In terms of applications, the lead acid battery market from motive segment is slated to projected a growth rate of over 2.5% through 2022-2030. This is driven by the implementation of stringent regulations to curb carbon emissions and the increased production of electric vehicles. Based on data from the International Energy Agency, over 6.6 million electric cars were sold in 2021. Factors such as these will stimulate the adoption of lead-acid battery components to supply power to vehicles, and in consequence, bolster the segment outlook.

High rate of discharge to foster the installation of flooded lead acid batteries

The flooded construction segment attained a valuation of more than USD 60 billion in 2021. This growth is attributed to product benefits such as low costs and high discharge rate. Despite the cost-effective nature, however, there are complications associated with the maintenance of a flooded lead acid battery since the electrolyte in its case can evaporate over time. These complications may influence consumers to shift to alternatives and hinder the product adoption to some extent.

Browse key industry insights spread across 390 pages with 610 market data tables & 34 figures & charts from the report, “Lead Acid Battery Market Size By Application (Stationary {Telecommunications, UPS, Control & Switchgear}, Motive, SLI {Automobiles, Motorcycles}), By Construction (Flooded, VRLA {AGM, GEL}), By Sales Channel (OEM, Aftermarket), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022 – 2030”, in detail along with the table of contents:

Residential solar installations to drive battery sales across the OEM sales channel

The lead acid battery market value from OEM sales channel segment is poised to record CAGR of over 2% by 2030, on account of the rapid expansion of the solar industry. As per the Solar Energy Industries Association’s report, the residential solar sector grew by over 30% in 2020.  The cost of lead-acid batteries is economical for residential solar systems. The growing consumption of solar energy will thus encourage OEMs to design efficient lead acid solar batteries.

Rising industrial investments in North America to expedite the industry development

North America lead acid battery market registered a value of over USD 10 billion in 2021, credited to the implementation of favorable government policies to increase domestic manufacturing capacity. In addition, rapid urbanization and escalating investment in the industrial sector were observed. With support from several legislative ventures, the demand for power storage solutions will witness a considerable momentum.

Product range expansion to remain a key competitive strategy

Key participants operating in the lead acid battery market are Clarios, Zibo Torch Energy, East Penn Manufacturing Company, C&D Technologies, GS Yuasa International, Leoch International Technology, B.B. Battery, Middle East Battery Company, Furukawa Battery, First National Battery, Crown Battery, Shandong Sacred Sun Power Sources, Enersys, Exide Industries, MUTLU, Amara Raja Batteries, among others. The strategic landscape of the industry is expected to observe a range of product launch initiatives by industry players.

For instance, in March 2020, Exide Technologies unveiled its range of Enhanced Flooded Batteries for automotive applications, under the Rural King Premium EFB brand. With added heat protection, damage resistance, and greater cycle life, the new product range was intended to enable the company to strengthen its presence in the global market.

Authors: Ankit Gupta, Shubham Chaudhary