Pune, India, Sept. 18, 2023 – The global lead acid battery market is projected to reach USD 65.18 billion by 2030, with a compound annual growth rate (CAGR) of 5.2% over the forecast period. The market size was valued at USD 43.43 billion in 2022 and is expected to expand to USD 45.84 billion in 2023. This growth can be attributed to the increasing demand for energy storage devices.
The expansion of the lead acid battery market is driven by the surge in market share due to the expanding data centers and telecommunication sectors. Factors such as the rollout of 5G services, digitalization, and population growth contribute to the industry expansion. However, the shorter lifespan of lead acid batteries, as they discharge more frequently compared to other types of batteries, may hinder market growth.
The COVID-19 pandemic had a significant impact on the lead acid battery market. The shutdown of operational activities resulted in reduced product demand, particularly in the automotive equipment supply chain. However, the production of electronic and automotive equipment is expected to experience increased demand from 2022 onwards, leading to the growth of the automotive manufacturing and electronics equipment market.
The report provides an analysis of the major trends driving industry expansion, as well as the significant factors impelling business growth. It also highlights the initiatives adopted by major industry players to consolidate their positions. The market is segmented by type into flooded and VRLA batteries, and by application into SLI, e-bikes, low-speed EVs, stationary, and others. Regionally, the market is categorized into Europe, Asia Pacific, Latin America, North America, and the Middle East & Africa.
The Asia Pacific region is expected to witness commendable growth in the lead acid battery market, driven by rapid industrialization, population growth, and high automobile production and sales. In North America, the market is poised to register considerable expansion due to favorable government regulations on battery disposal.
Major players in the lead acid battery market are focusing on mergers, agreements, and acquisitions to expand their footprint. They are also investing in research and development to introduce new solutions and participating in trade conferences to showcase their innovations.
– Fortune Business Insights™ research report “Lead Acid Battery Market, 2023-2030”
– Image source: Shutterstock