The Lead Acid Battery Market is estimated to be valued at US$ 55.61 Bn in 2023 and is expected to exhibit a CAGR of 8.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Lead acid batteries are a type of rechargeable battery that uses lead dioxide and lead for electrodes and sulfuric acid for electrolyte. They have advantages like high reliability, low manufacturing cost, and robust design making them suitable for constant partial charge and infrequent deep discharge applications. Owing to these advantages, lead acid batteries continue to dominate the energy storage market.
Market key trends:
The Lead Acid Battery Market is estimated to witness high growth owing to the increasing adoption of sealed lead acid batteries in automotive applications. Sealed lead acid batteries provide advantages like maintenance-free operations, reduced water usage, low self-discharge rate, and improved power density. With stringent emission norms, automakers are focusing on integrating lead acid batteries as starting, lighting, and ignition batteries to minimize vehicle weight and improve fuel efficiency. Furthermore, growing demand for uninterrupted power from industries and data centers is also driving growth of the Lead Acid Battery Market as these batteries offer reliable and cost-effective backup power solutions.
Porter’s Analysis
Threat of new entrants: The lead acid battery market has high initial capital requirements for setting up manufacturing facilities deterring new players entry. Bargaining power of buyers: Large battery manufacturers have significant bargaining power over suppliers due to bulk buying. Bargaining power of suppliers: Availability of raw materials like lead from a few major suppliers results in their strong bargaining power. Threat of new substitutes: Alternatives like lithium-ion batteries gaining traction but lead acid still dominates automobile starter batteries due to cost advantage. Competitive rivalry: Intense competition exists among existing players vying for market share and innovating new products.
SWOT Analysis
Strengths: Lead acid batteries have longer shelf and service life, proven technology, cheap and recyclable.
Weaknesses: Low energy density limits storage capacity, charging requires more maintenance.
Opportunities: Increasing demand from automotive, telecom towers, and industrial sectors driving market growth.
Threats: stringent environmental norms and shift towards renewable energy reducing demand.
Key Takeaways
The Global Lead Acid Battery Market Size is expected to reach US$ 55.61 Billion by 2023, exhibiting a CAGR of 8.2% during 2023 to 2030 due to increasing demand for automotive and UPS applications.
North America dominates the market currently owing to large automotive production. The Asia Pacific region is expected to grow at fastest pace led by China, India, and Southeast Asian countries on back of surging electric vehicle adoption and industrialization.
Key players operating in the lead acid battery market are Johnson Controls, ATLASBX Co. Ltd., Exide Technologies, East Penn Manufacturing Co, Crown Battery Manufacturing Company, C&D Technologies INC., GS Yuasa Company, Leoch International Technology Ltd, Chaowei Power Holdings Limited, and Camel Group Co. Ltd., Hoppecke Batterien GmbH & Co. KG. Johnson Controls captures nearly one-fourth of global market share due to wide product portfolio and geographical presence. Growing emphasis on recyclability and sustainable energy storage solutions and government initiatives for energy storage systems present new growth opportunities.
For More Insights, Read: https://www.newswirestats.com/lead-acid-battery-market-demand-growth-and-regional-outlook-by-2030/
