Lead Acid Battery Market

Lead Acid Battery Market

Growth Factors of Lead Acid Battery Market

The lead acid battery market size was valued at USD 45.84 billion in 2023, and the market is now projected to grow from USD 48.32 billion in 2024 to USD 71.68 billion by 2032, exhibiting a CAGR of 5.05% during the forecast period of 2024-2032.

COVID-19 negatively impacted the lead acid battery market growth through a temporary shutdown in manufacturing and supply chain issues especially within automobile industries. This slowdown impacted both electronic and automotive equipment production. However, recovery began in 2022, with an expected boost in manufacturing activities. This rebound is anticipated to positively influence the production of automotive lead acid batteries and related hardware components. The market is gradually regaining momentum.

The rising demand for cost-effective power backup systems across industries such as oil & gas, telecom and automotive is driving lead acid battery market share. Lead acid batteries offer advantages such as low capital cost, high current capacity and better energy efficiency per cycle. Their high recyclability, with over 90% in some countries, helps reduce costs and environmental impact. These factors make lead acid batteries a preferred choice for power backup. Their affordability and sustainability ensure continued market dominance.

Furthermore, developments such as the AGM and Gel VRLA batteries have far longer lifecycles than the flooded lead-acid batteries, cheaper and easier maintenance also the battery discharge performance. New materials and techniques enhance the electrodes’ capability of transmitting current with durability and energy density. Technological advancement and increased production efficiency have led to dropping manufacturing costs for lead acid batteries. New designs are suited for current production automobiles and intricate electrical networks. These developments make lead acid batteries credible contenders in backup power, UPS and off-grid energy storage systems.

Comprehensive Analysis of Lead Acid Battery Market

The lead acid battery market and power & energy industry are rising due to its market segmentation. This market expansion effectively provides detailed regional assessments considering the dominant supply and demand forces that impact the battery industry. These segmentations are methodically segregated by types and by applications. The type include, Flooded and VRLA {AGM, GEL}. The application includes, SLI, Stationary, E-Bikes, Low Speed EVs and Others.

Asia Pacific dominates the lead acid battery market, with key contributors such as China, India, Japan and South Korea. These factors include automobile production, industrialization and UPS systems demand that have been rising in the region. The largest demand sources are within the automobile industry, focusing more on the electric vehicle (EV) market. Currently, lead acid batteries are extensively used in EVs and their acceptance has been growing constantly. This growth is aligned with efforts to reduce the carbon footprint in the region.

The top players in the market play a crucial role in the power & energy industry assuring industrial prospectus growth and setting market standards. These players include, Brookfield Business Partners (Bermuda), GS Yuasa (Japan), EnerSys (U.S.), Exide Industries Ltd. (India), East Penn Manufacturing (U.S.), FENGFAN (China), Luminous Power Technologies Pvt. Ltd. (India), FIAMM (Italy), HBL Power Systems Ltd. (India), Amara Raja Batteries Ltd. (India) and Su-Kam Power Systems Ltd. (India). These market players provide a level-playing competitive landscape.

In January 2022, Recyclus opened the first lead acid battery recycling plant in England in Tipton. This facility is expected to increase the company’s recycling throughput starting with an estimated 16,000TPA in its first year to approximately 80,000TPA in 2027.

Segmentation Table

Global Lead Acid Battery Market Scope

Study Period 2019-2032

Base Year 2023

Forecast Period 2024-2032

Growth Rate CAGR of 5.05% from 2024 to 2032

Historical Period 2019-2022

Unit Value (USD Billion)

Segmentation By Type, Application, and Region

By Type

Flooded

• VRLA
• AGM
• GEL

By Application

SLI

• Stationary
• E-Bikes
• Low Speed EVs
• Others

By Region

North America (By Type, By Application, and By Country)

• U.S. (By Application)
• Canada (By Application)
• Europe (By Type, By Application, and By Country)
• U.K. (By Application)
• Germany (By Application)
• France (By Application)
• Italy (By Application)
• Spain (By Application)
• Russia (By Application)
• Rest of Europe (By Application)
• Asia Pacific (By Type, By Application, and By Country)
• China (By Application)
• India (By Application)
• Japan (By Application)
• Australia (By Application)
• Southeast Asia (By Application)
• Rest of Asia Pacific (By Application)
• Latin America (By Type, By Application, and By Country)
• Brazil (By Application)
• Mexico (By Application)
• Rest of Latin America (By Application)
• Middle East and Africa (By Type, By Application, and By Country)
• GCC (By Application)
• South Africa (By Application)
• Rest of Middle East & Africa (By Application)