Global Lead Acid Battery Market Share to Grow $52.5 billion by 2024, at a CAGR of 4.7%: MarketsandMarkets™

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CHICAGO, Oct. 01, 2019 (GLOBE NEWSWIRE) -- The global lead acid battery market is projected to reach USD 52.5 billion by 2024 from an estimated USD 41.6 billion in 2019, at a CAGR of 4.7% during the forecast period. This growth can be attributed to factors such as the rapid expansion of data center infrastructure, and increase in the 2022 renewable energy generation target leading to a growing requirement of integration of energy into the main grid.

The lead acid battery market, by technology, is segmented into basic and advanced lead acid batteries. The basic lead acid battery segment is estimated to hold the largest market share in 2019, and the advanced lead acid battery segment is projected to grow at the highest CAGR during the forecast period. The cost-effective nature of the basic lead acid batteries drives the market share of these batteries.

The lead acid battery market is segmented, by type, into the stationary, and motive. The motive segment is expected to grow at the highest CAGR during the forecast period as most of the lead acid batteries are used in the transportation sector, mainly in starting, lighting, and ignition (SLI) applications in the vehicles. The motive sector holds the majority share in the transportation sector.

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The VRLA segment is expected to be the largest lead acid battery market, by construction method, during the forecast period

The Valve Regulated Lead Acid (VRLA) segment is expected to be the largest market during the forecast period. The VRLA batteries comprise absorbent glass mat (AGM) and gel cells. These are new technology-driven construction methods, including the presence of adsorbent glass material and silica gel, respectively. These methods ensure the longevity of the batteries and require less maintenance compared to regular lead acid batteries. In the times to come, these batteries are likely to be preferred over conventional flooded lead acid batteries due to their various advantages.

The advanced lead acid battery is expected to be the fastest-growing segment of the lead acid battery market, by technology, during the forecast period

The advanced lead acid battery has carbon coatings on the anode plate, which eliminates the requirement of cleaning the lead sulfate deposition on the electroplate. At the same time, the life of the anode electrode is enhanced, eventually increasing the overall life of the battery set. It provides benefits like rapid charging on regenerative breaking. This is a significant advantage of advanced lead acid batteries, as this task is difficult to achieve with regular lead acid batteries. Although comparatively heavier and larger than lithium-ion, these batteries are cost-effective, efficiently operating at low and subfreezing temperatures, and does not require active cooling.

Browse 65 market data Tables and 37 Figures spread through 141 Pages and in-depth TOC on "Lead Acid Battery Market
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Market Dynamics

Drivers

  • Cost-Competitive Energy Storage Solution
  • Rapid Technological Advancements and Expansion in the Telecom Sector
  • Easily Recyclable Compared With Lithium-Ion Batteries

Restraints

  • Low-Cost Alternatives in Energy Storage Space
  • Safety Related to Battery Usage

Opportunities

  • Expanding Data Center Infrastructure
  • Increase in Renewable Energy Generation Target

Challenges

  • Limited Usage Capacity of Lead Acid Batteries
  • Growth of Electric Vehicles

Asia Pacific is expected to be the largest market during the forecast period

Asia Pacific is estimated to be the largest growing lead acid battery market during the forecast period. The region has been segmented, by country, primarily into China, India, Japan, South Korea, and the Rest of Asia Pacific. The growth of this region is driven mainly by countries such as China and India, which are focusing on increasing their renewable generation capacity. With the increase in the renewable generation, the requirement of integration of renewable generation will significantly increase. Moreover, these regions contain developing countries. These countries prefer cost-effective solutions for battery storage and, therefore, lead acid batteries are preferred.  North America is projected to be the second-largest region with countries such as the US, Canada, and Mexico investing in lead acid battery solutions. These batteries are used primarily in the industrial, commercial, and residential sector of these countries. Also, the transportation sector is another sector where these batteries are used extensively.

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