Lead Acid Battery Market
Lead Acid Battery Market By Application (Transportation, OEM Transportation, Aftermarket Transportation, Motive Industrial, Stationary Industrial, Commercial), By Product Type (Flooded, AGM, Gel), By Region - Global Review 2021 to 2029
Lead Acid Battery Market Outlook
Lead acid battery market to surpass US$ 106 Bn mark by 2029, with heightened demand from transportation industry. Absorbent Glass Mat (AGM) lead acid battery is estimated to create an absolute $ opportunity of around US$ 15.
Lead acid batteries are widely used in the transportation industry, as countries are adopting electric vehicles to reduce carbon emissions. The demand for lead acid batteries in the transportation industry is growing at a rapid pace, as emerging economies’ governments support clean energy and environmentally friendly modes of transport. Many automotive battery OEMs are getting subsidies to enforce production capacity.
The widespread usage of conventional vehicles in ASEAN countries coupled with a rising trend of electrification of vehicles in North America and Western Europe is anticipated to create a plethora of opportunities for lead acid battery manufacturers by 2029 end.
The transportation segment is estimated to create an absolute $ opportunity worth US$ 12 Bn during the end of the forecast period (2019-2029). However, the stationary industrial segment is foreseen to grow around 1.4X faster than the motive industrial segment.
Flooded Batteries to Account for Major Chunk of Market Share
Flooded batteries have garnered noteworthy importance in Asian and European regions due to low, upfront costs. The flooded batteries are widely adopted owing to its high backup power and its ability to operate when charged partially.
Flooded batteries are preferred in grid energy storage and utility. Furthermore, flooded batteries required maintenance, but they are economical and come in different shapes and sizes, making them ideal for various applications.
Owing to increasing commercial and residential backup batteries, the flooded battery is expected to grow at 2X times faster than the absorbent glass mat (AGM) batteries in 2029.
On the other hand, the AGM batteries are estimated to create an absolute dollar opportunity worth US$ 15 Bn by the end of 2029 and expected to grow at an impressive value CAGR of 7% during the forecast period.
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APEJ to Spur Growth of Lead Acid Battery Market
Revenue for lead acid batteries in the APEJ region mainly comes from the automotive sector, owing to the strong demand for passenger vehicles, coupled with rising awareness and adoption of electric vehicles.
Apart from this, the growth of this region is mainly driven by emerging countries like China and India which are focusing on reducing their carbon foot print. Moreover, these countries mostly prefer cost-effective battery storage, therefore lead acid batteries are preferred.
APEJ is estimated to create an absolute dollar opportunity worth nearly US$ 19.2 Bn, through the forecast duration. Furthermore, owing to the optimistic outlook of the automotive sector in this region, it is forecasted to account for 39% in the overall value opportunity created in the lead-acid battery market. Western Europe is estimated to grow 1.5X times faster as compare to 2019 and is estimated to create an absolute dollar opportunity worth US$ 6 Bn during the forecast period.
Leading Manufactures of Lead Acid Battery Market
- Furukawa Electric Co.Ltd.
- Hitachi Chemical Company Ltd.
- Narada Power Source Co. Ltd.
- SiteTel Sweden AB (NorthStar)
- Leoch International Technology Ltd
- Yokohama Batteries Sdn. Bhd
- Exide Industries Ltd
- GS Yuasa Corporation
- Hoppecke Batterien GmbH & Co. KG
- Crown Battery Corporation
- C&D Technologies, Inc.
- Coslight Technology International Group Co. Ltd.
- East Penn Manufacturing Co.
- Chaowei Power Holdings Limited
- Zhangzhou Hauwei Power Supply Technology Co. Ltd.
- B.B Battery
- Camel Group Co. Ltd.
- Shandong Sacred Sun Power Sources Co. Ltd.
Industry leaders are continuously focusing on acquiring several distributors to expand their global footprints. Companies are also emphasizing on opening up a new production plants to increase their production capacity. For instance,
- In 2018, EnerSys acquired Alpha Technologies Inc. to accelerate EnerSys’ competitive position and enable it to deliver an expanded product portfolio in power and energy storage
- In 2018, GS Yuasa Corporation opened its biggest production plant in China for the production of lead acid batteries
- In 2017, the Crown Battery Corporation acquired Warehouse Energy Power, with an objective of expanding its production facilities in the domestic market
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Global Lead Acid Battery Market Segmentation
A segmentation table of the global lead-acid battery market has been provided below on the basis of application, product type and region.
By Application :
- OEM Transportation
- Two Wheelers
- Aftermarket Transportation
- Two Wheelers
- Motive Industrial
- OEM Motive Industrial
- Aftermarket Motive Industrial
- Stationary Industrial
- OEM Stationary Industrial
- Aftermarket Stationary Industrial
- OEM Commercial
- Aftermarket Commercial
- OEM Residential
- Aftermarket Residential
- Grid Storage
- OEM Grid Storage
- Aftermarket Grid Storage
By Product Type :
- AGM (Absorbent Glass Mat)
By Region :
- North America
- Latin America
- Western Europe
- Eastern Europe
- APEJ (Asia Pacific Excluding Japan)
- FAQs -
Global market value from the sales of lead acid battery is estimated to reach US$ 106 Bn by 2029.
Absorbent Glass Mat (AGM) lead acid battery is estimated to create an absolute $ opportunity of around US$ 15.
Flooded Batteries are expected to capture major chunk of the lead acid battery market share
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