Lead Acid Battery Market Size to Hit $63.44 Bn by 2028 | Manufactures, CAGR, Opportunities, Obstacles

WASHINGTON, Oct. 13, 2022 (GLOBE NEWSWIRE) -- The Global Lead Acid Battery Market is valued at USD 26.07 Billion and according to Vantage Market Research's recent analysis the size is expected to reach over USD 63.44 Billion by 2028, exhibiting a Compound Annual Growth Rate (CAGR) of 7.3% during the forecast period.

As the world increasingly relies on the automotive sector, the need for lead-acid batteries is rising significantly globally. Some of the determinants fueling the market demand are SLI applications in the automotive sector, an increase in renewable energy production, and high demand for devices for energy storage.

Brazil, India, the US, And the development of the telecommunications sector in nations such as the UK is driving the need for UPS (uninterruptible power supply) systems for power backup, leading to the cost-competitive adoption of lead-acid batteries as an energy source. While the use of the lead acid battery is nothing new, production methods have been refined in recent years to meet the rising demand. New production techniques allow for lead acid batteries with higher performance, making them even more useful in a variety of applications. As the demand for lead acid batteries continues to grow, it's expected that we'll see even more innovative uses for this versatile material.

Interestingly, the Vantage Market Research study notes that much of the growth in the lead acid battery will come from Asia-Pacific countries such as Japan, China, India, and South Korea where demand for these products is expected to increase at a CAGR of 3% to 5% respectively.

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Top Companies Profiles in the Lead Acid Battery Market:

• Harbin Coslight Power (China)
• Clarios (US)
• GS Yuasa (China)
• Panasonic (Japan)
• Narada Power (China)
• Exide Industries (India)
• EnerSys (US)
• Chaowei Power (China)
• Exide Technologies (US)
• Hitachi Chemical (Japan)
• HBL Power Systems (India)
• NorthStar (Sweden)
• Okaya Power (India)
• XUPAI Battery (China)
• Crown Battery (US)
• East Penn (US)
• Teledyne Technologies (US)
• Rolls Battery (Canada)
• C&D Technologies (US)
• Amara Raja Power System (India)
• HOPPECKE (Germany)
• Hankook AltasBX (Korea)
• Camel Power (Malaysia)
• Leoch International Technology (Hong Kong)

Key Insights and Findings from the In-depth Report:

• The global lead acid battery market was valued at USD 26.07 billion in 2020 and is all set to surpass USD 63.44 billion by 2028, exhibiting a CAGR of 7.3% during the forecast period 2022-2028.
• China will remain a chief market and is projected to account for over 55% of East Asia's lead acid battery market through 2028. China exported 36.45 million starter lead-acid batteries in 2020 and 47.45 million in 2021.
• Germany is emerging as a key market for lead acid batteries in Europe, accounting for over USD 2,508.9 Million in 2021, driven by the development and expansion of the automotive industry.
• The Asia Pacific accounts for the lion's share of the lead acid battery industry in 2021 with a significant CAGR of 16.5% and is projected to continue its position over the forecast timeline. The growth is attributed due to the significant demand for lead acid batteries in several industries and the high adoption rate owing to government measures that stimulate this industry in this region.

Market Dynamics & Growth Drivers:

Growing Demand for Cost-Effective Solutions for Energy Storage to Drive Market

Cost or expense is an important factor, in any business that defines the success of a business in the current scenario. Costs of energy storage become an important factor, especially for industries, and hence various companies invest heavily in battery storage solutions. The growth can be attributed to the increase in demand for energy-efficient solutions around the world. The demand for lead-acid batteries has steadily increased over the years with the advent of electric and hybrid vehicles.

Now, however, new production methods in the global lead acid battery market are making it possible to mass-produce high-quality lead acid batteries at a fraction of the cost. This is resulting in a growing demand for these batteries, especially from the automotive industry. With the help of these new production methods, it is hoped that lead acid batteries will finally be able to fulfill their potential and become a key material in a wide range of automotive industries.

To stay ahead of the game, Vantage Market Research suggests manufacturers need to be able to produce these batteries quickly and efficiently. In line with this, several market players are aggressively competing in the global lead acid battery market. Clarios is one of the key manufacturers of lead-acid batteries. The company has several state-of-the-art production facilities which have enabled the company to meet the ever-increasing demand for these batteries. Furthermore, the company is engaged in continuously improving its process to deliver quality products to maintain the fierce market competition.

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In this competitive market, even marginal price differences become alarmingly important in determining which manufacturer is the leader in the lead acid battery market. Although lithium-ion batteries are likely to be further evolutions in the battery storage space, the price difference, which makes a significant difference to the overall cost, becomes an important factor in the preference for lithium-ion batteries. Lead-acid battery technology is inexpensive compared to other battery storage system types. This difference plays an important role in price investing. To extract the highest potential from big-ticket investments, pricing plays an important role as it maximizes the overall investment potential.

Scope of the Report:

Low-Cost Substitutes in Energy Storage Space are Restraining the Market Growth

Until now, lead-acid batteries were the most cost-effective technology. However, with the expansion of battery storage technology options, especially lithium-ion technology, the market for lead-acid batteries is declining in the cost-friendliness aspect. In the lead-acid battery market, prices are falling in almost all sectors. At the same time, NiMH batteries are a mature and proven technology for hybrid applications. Nickel-Metal Hydride is used by OEMs, including Lexus, Honda, and Toyota. The OEMs opt for these batteries for their performance, longer lifecycle, and safety in hybrid applications. Along with NiMH (nickel-metal hydride) batteries, nickel-cadmium batteries are also a cost-effective option for battery storage users. They are a more efficient and cheaper alternative to lead-acid batteries. Furthermore, our report on the lead acid battery market highlights some of the challenges faced by lead acids battery manufacturers, such as high raw material costs and intense competition from other materials.

Browse market data Tables and Figures spread through 173 Pages and in-depth TOC on Lead Acid Battery Market Forecast Report (2022-2028).

The report on the Lead Acid Battery Market highlights:

• Assessment of the market
• Premium Insights into Industry
• In-depth Competitive Landscape
• COVID Impact Analysis
• Historical Data, Current Data, and Forecast Data
• Top and Emerging Company Profiles
• Global and Regional Dynamics
  

Regional Analysis:

China is the Largest Manufacturers and Exporter of Lead Acid Battery

The Asia Pacific is in a unique position to provide high-quality battery products at competitive prices. The region has a strong presence with several state-of-the-art production facilities spread across South Korea and China that are capable of producing a wide range of lead acid batteries to meet the needs of the clients. China will remain a chief market and is projected to account for over 55% of East Asia's lead acid battery market through 2028. China exported 36.45 million starter lead-acid batteries in 2020 and 47.45 million in 2021. China, Singapore, India, Japan, and South Korea are considered to be major hubs of industrial activity and offer huge market growth opportunities for lead-acid batteries in the region.

Chinese manufacturers have developed innovative production methods that allow them to mass-produce high-quality lead acid batteries at competitive prices. This has made China a major supplier to many companies around the world. Asia Pacific lead acid battery market is supported by a strong domestic market as well as exports to key markets across the globe.

Recent Developments

• January 2021:  EnerSys is partnering with Travel Centers of America (TA) to offer Odyssey display and NorthStar PRO Group 31 batteries for heavy-duty applications at all TA locations across the United States.
• December 2021: GS Yuasa Corporation said that Tata AutoComp GY Batteries Limited, a subsidiary of GS Yuasa International Ltd., the equity-method affiliate plans to increase its annual production capacity of motorcycle lead-acid batteries to 8.401 million units. The aim is to capture a major market share in India.

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The report can be customized as per client needs or requirements. For any queries, you can contact us at sales@vantagemarketresearch.com or +1 (202) 380-9727. Our sales executives will be happy to understand your needs and provide you with the most suitable reports.

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About Vantage Market Research:

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