Lead acid batteries are frequently used in automotive and similar large-scale storage applications as they provide a competitive price advantage compared to lithium-ion batteries. Lead acid batteries are commonly used in automobiles for starting, lighting, and ignition applications. Their widespread usage is attributed to their low cost, high reliability, and simplicity of design and recyclability. Lead acid batteries are also employed as backup energy storage in data centers and for power backup needs in homes and telecom towers.
The global Lead Acid Battery Market is estimated to be valued at Us$ 55.61 Bn in 2023 and is expected to exhibit a CAGR Of 3.0% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The rapid expansion of data centers and transportation sector has accelerated the demand for lead acid batteries remarkably over the past few years. Data centers require large-scale and efficient energy storage solutions to ensure continuous power backup. Similarly, the adoption of electric vehicles and hybrid vehicles has also boosted the sales of lead acid batteries. With governments across regions promoting clean mobility solutions, the demand for electric buses, passenger cars, scooters etc. is expected to grow substantially during the forecast period. This will drive significant opportunities for lead acid battery manufacturers catering to the transportation industry.
Segment Analysis
The global lead acid battery market is dominated by the transportation segment. Within transportation, the automotive sub-segment accounts for the major share as lead acid batteries are extensively used in starter motors, lighting and ignition systems of vehicles. They remain the ideal and cheapest solution for automotive applications given their high surge power, excellent partial state of charge operation and low self-discharge.
Key Takeaways
The Global Lead Acid Battery Market Demand is expected to witness high growth over the forecast period of 2023 to 2030.
Regional analysis shows that Asia Pacific currently dominates the market and is expected to maintain its lead position throughout the forecast period driven by robust automobile production and sales volume in China and India. Key players like Sun Pharma, UCB Farchim SA and Yangtze Storage and Battery Co dominate the Asia Pacific market with their strong distribution networks and manufacturing facilities.
Key players operating in the lead acid battery market are Sun Pharma, UCB Farchim SA and Yangtze Storage and Battery Co. Sun Pharma has a strong distribution network across Asia Pacific while UCB Farchim SA dominates the European market. Yangtze Storage and Battery Co leads the China market with over 30% share through its vast manufacturing base.
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