Advanced Lead Acid Battery Market worth $30.7 billion by 2027 - Exclusive Report by MarketsandMarkets™
CHICAGO, May 3, 2022 /PRNewswire/ -- According to the report, "Advanced Lead Acid Battery Market by Type (Stationary, Motive), Construction Method (Flooded, VRLA), End-User (Utilities, Transportation, Industrial, Commercial & Residential) and Region (North America, APAC, Europe, RoW) - Global Forecast to 2027", published by MarketsandMarkets™, the Advanced Lead Acid Battery Market is estimated to grow from USD 22.7 billion in 2022 to USD 30.7 billion by 2027, at a CAGR of 6.3% during the forecast period. Expanding data centres and the growing telecom sector is expected to drive the advanced lead acid battery market.
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The motive segment is expected to hold the largest share of the advanced lead-acid battery market, during the forecast period
The motive segment is expected to lead the advanced lead acid battery market during the forecast period by value. Motive batteries, also known as traction power batteries, supply electric power mainly for transport vehicles. These battery systems are primarily designed to have a greater ability to be extensively deep-cycled while still preserving and maintaining a long lifetime which drives the demand for this segment.
The VRLA segment, by construction method, is expected to account for the largest share during the forecast period
Based on construction method, the advanced lead acid battery market is classified into flooded and VRLA (Valve Regulated Lead Acid battery) batteries. The VRLA (Valve Regulated Lead Acid battery) segment is expected to account for the largest share during the forecast period by value. These VRLA batteries use comparatively less electrolyte (sulfuric acid) than contemporary lead acid batteries and are majorly used in the automotive sector, which is likely to drive the market for this segment in the future.
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Among end-user, transportation is the largest segment in the advanced lead acid battery market
The transportation segment is expected to lead the advanced lead acid battery market during the forecast period by value. Lead acid batteries are easily recyclable and can be used in abundance in passenger cars, light commercial cars, heavy commercial vehicles, forklifts, and aviation. These batteries are low cost and readily available—these factors make it an efficient option for the transportation sector, which is capital-intensive and looking to reduce costs, fueling the demand for advanced lead acid batteries
Asia Pacific region is expected to be the largest advanced lead acid battery market
Asia Pacific is expected to lead the advanced lead acid battery market during the forecast period by value. This demand can be attributed to the high growth in emerging economies of the region that has made Asia Pacific a lucrative market for the manufacturers of advanced lead acid batteries. China is one of the largest countries in the Asian advanced lead acid battery market. It continues to be the world's largest vehicles market in terms of annual sales and manufacturing output, according to the International Trade Administration. In the wake of the COVID-19 pandemic, the Chinese government has taken various steps to support automobile consumption. Thus, growth in the automotive sector will enhance the consumption of the advanced lead acid battery market in the region.
Some of the leading players in this market include Enersys (US), Exide Industries Ltd. (India), GS Yuasa International Ltd. (Japan), Clarios (US), and Leoch International Technology Limited Inc (China) among others.
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