Lead Acid Battery Market Size to Reach USD 56.10 billion by 2029 Report by Exactitude Consultancy

According to Exactitude Consultancy the Global Lead Acid Battery Market value is expected to reach USD 56.10 Billion by 2029, growing at a 5.44% CAGR of Between Forecast Period 2023 and 2029.

PUNE, India , April 20, 2023 /PRNewswire/ -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Lead Acid Battery Market.

The lead acid battery market size is expected to grow at 5.44% CAGR from 2022 to 2029. It is expected to reach above USD 56.10 billion by 2029 from USD 43.45 billion in 2020. A lead-acid battery is a type of rechargeable battery that uses a chemical reaction between lead, lead dioxide, and sulfuric acid to produce electrical energy. The battery consists of several cells, each containing two lead plates immersed in an electrolyte solution of sulfuric acid. When the battery is charged, a chemical reaction takes place that converts the lead plates into lead dioxide and lead sulfate.

When the battery is discharged, the lead sulfate and lead dioxide react with the electrolyte solution to produce lead and sulfuric acid, which generates electrical energy. Lead-acid batteries are commonly used in automobiles, boats, and other applications that require a reliable source of electrical power. They are relatively inexpensive, have a high energy density, and are capable of producing high currents, making them well-suited for starting engines and other heavy-duty applications.

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Lead Acid Battery Market Overview

The global lead-acid battery market is a mature and well-established industry that has been in existence for over a century. The market is driven by various factors such as the increasing demand for backup power solutions, the growing adoption of electric vehicles, and the rising demand for renewable energy storage systems.

In terms of applications, the automotive sector remains the largest end-user of lead-acid batteries, with a significant demand for batteries used in passenger cars, commercial vehicles, and motorcycles. Other key end-use industries include telecom, power generation, and distribution, UPS systems, and renewable energy storage.

The Asia Pacific region dominates the global lead-acid battery market, accounting for the largest market share in terms of both production and consumption. This can be attributed to the significant presence of automotive and industrial sectors in countries such as China and India.

Overall, the lead-acid battery market is expected to continue to grow steadily in the coming years, driven by the increasing demand for reliable and cost-effective energy storage solutions in various industries.

India Lead-Acid Battery Market News

• In October 2022, the Delhi high court rejected a public interest litigation (PIL) that favored using lead-acid batteries in electric rickshaws. The bench also addressed that the acid battery is dangerous and is already used in various applications.
• In July 2022, Amara Raja Batteries (ARBL) announced plans to expand its lead-acid business with various options to expand geographically outside India. As a part of the expansion, the company focuses on developing the lead-acid business, primarily in Africa, the Middle East, and South-East Asia.

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Lead Acid Battery Market Drivers and Restraints

The lead-acid battery market is driven by several factors, including:

1. Automotive Industry: The automotive industry is a significant driver of the lead-acid battery market. Lead-acid batteries are used extensively in automobiles as they are reliable and cost-effective.
2. Growing Demand for Renewable Energy Storage: The increasing demand for renewable energy storage is another driver of the lead-acid battery market. Lead-acid batteries are used in renewable energy storage systems as they are affordable and provide sufficient power backup.
3. Industrial Applications: Lead-acid batteries are used in various industrial applications, including telecommunications, backup power, and uninterruptible power supply (UPS) systems.
4. Recycling of Lead-acid Batteries: Recycling of lead-acid batteries has become an essential factor in driving the lead-acid battery market. The recycling process of lead-acid batteries is environmentally friendly and cost-effective.

However, there are some restraints for the lead-acid battery market, including:

1. Environmental Concerns: Lead-acid batteries contain hazardous materials, including lead and sulfuric acid, which pose a significant environmental risk if not disposed of properly.
2. Increasing Competition: The lead-acid battery market faces intense competition from other battery technologies, such as lithium-ion batteries, which are more efficient and have a longer lifespan.
3. Limited Applications: Lead-acid batteries are not suitable for all applications, such as electric vehicles, which require higher energy density and longer lifespan batteries.
4. Maintenance Requirements: Lead-acid batteries require regular maintenance, including water topping up, which can be time-consuming and expensive.

Regional Insights:

The market for lead-acid batteries has been categorized into various regions, including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The Asia Pacific region holds the largest share in the market owing to its tremendous potential for development in South Asia and China, which are the major countries driving e-mobility initiatives. Additionally, the region's lack of grid infrastructure, substantial gap in electricity production and supply, and demand for a consistent and dependable energy source are expected to boost the lead-acid battery market in the Asia Pacific.

In Europe, where pollution standards are already stringent and alternatives are being sought, the lead-acid battery market appears to be promising. The conversion of public transportation utilities to electric power and higher recycling rates are expected to drive growth in the lead-acid battery market in Europe. North America is expected to witness an increase in demand for lead-acid batteries due to higher investments in wind, solar, utility storage, hybrid vehicles, and hybrid marine propulsion. Furthermore, the Middle East & Africa region is expected to experience overall growth in the lead-acid battery market due to increased exploration activities, a growing use of hybrid propulsion to combat marine pollution, and a shift towards electric forklifts.

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Key Market Segments: Lead acid battery market

Lead Acid Battery Market By Product Type, 2020-2029, (USD Billion), (Thousand Units)

• SLI
• Stationary
• Motive

Lead Acid Battery Market By Technology, 2020-2029, (USD Billion), (Thousand Units)

• Basic Lead Acid
• Advanced Lead Acid

Lead Acid Battery Market By Construction Method, 2020-2029, (USD Billion), (Thousand Units)

• Flooded Lead Acid Battery
• Valve Regulated Lead Acid Battery (VRLA)

Lead Acid Battery Market By Sales Channel, 2020-2029, (USD Billion), (Thousand Units)

• Lead Acid Battery In OEM
• Lead Acid Battery in Aftermarket

Lead Acid Battery Market By End-User, 2020-2029, (USD Billion), (Thousand Units)

• Utilities
• Transportation
• Industrial
• Commercial & Residential

Lead Acid Battery Market By Region, 2020-2029, (USD Billion), (Thousand Units)

• North America
• Europe
• Asia Pacific
• South America
• Middle East and Africa

Important Countries in All Regions Are Covered.

 Frequently Asked Questions About This Report

• How big is the Lead Acid Battery Market?
• What is the Lead Acid Battery Market growth?
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About Exactitude Consultancy

Exactitude Consultancy is a market research consulting services firm which helps its client to address their most pressing strategic and business challenges. Our market research helps clients to address critical business challenges and also helps make optimized business decisions with our fact-based research insights, market intelligence, and accurate data.

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