The global Lead Acid Battery Market Growth Accelerated by Rising Demand for Vehicle Electrification
Lead acid batteries are widely used in automotive, motorcycle and heavy duty applications. They are the preferred battery solutions for automotive and motorcycle applications due to their low cost, high power density and high reliability. Lead acid batteries are used to power starter motors for internal combustion engines and other automotive systems in passenger cars and commercial vehicles. Growing electrification of vehicles and increasing adoption of start-stop technology in automobiles is expected to drive demand for lead acid batteries over the forecast period.
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 rising demand for vehicle electrification is a key trend fueling growth of the lead acid battery market. Increasing regulations around the globe regarding vehicle emissions are encouraging automakers to focus on vehicle electrification technology such as start-stop technology which uses a separate lead acid battery to power an internal combustion engine during start and stop cycles. Lead acid batteries are advantageously used in start-stop systems due to their comparatively lower cost and ability to withstand high current stress during frequent start-stop cycles. Growing adoption of start-stop technology across a variety of vehicle types including passenger cars, commercial vehicles and motorcycles is expected to drive the demand for lead acid batteries over the forecast period.
Segment Analysis
The global lead acid battery market is dominated by the automotive segment. Within automotive, replacement batteries account for over half the market owing to the need to regularly replace aging batteries in vehicles. The demand for automotive batteries is driven by the growing vehicle fleet. In industrial application also, lead acid batteries continue to have wide usage in electric forklifts, emergency power backup systems, and telecom towers among other areas due to their cost effectiveness and reliability.
Key Takeaways
The Global Lead Acid Battery Market Size is expected to witness high growth. The automotive segment will continue dominating with replacement batteries driving volumes. 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.
Regionally, Asia Pacific is currently the largest market led by China, India, and Southeast Asian countries. Strong growth will be witnessed in these developing economies owing to rising vehicle ownership. This can be attributed to presence of large automobile manufacturing base and rapid industrialization in countries such as China, India, Indonesia and others. Additionally, favorable government policies and initiatives toward development of energy storage solutions will further support regional market growth.
Key players related content comprises Key players related content
Key players operating in the lead acid battery market are Sun Pharma, UCB Farchim SA, Yangtze River Pharmaceu. Sun Pharma is a leading player with strong presence across Asian and European markets. UCB Farchim SA has wide product portfolio catering to automotive and industrial energy storage needs. Yangtze River Pharmaceu is focused on battery material and components manufacturing.
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