Lead Acid Battery Market: A Look at Global Growth and Insights |...

Lead Acid Battery Market: A Look at Global Growth and Insights

Posted 2024-11-25 06:49:23

The global lead acid battery market size is expected to reach USD 55.23 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.6% from 2023 to 2030.

Lead-acid batteries have been used in a wide range of applications for many years, and there is a well-established infrastructure for manufacturing, distribution, and recycling. This makes them a convenient and cost-effective choice for many applications.

While lead-acid batteries are a mature technology, there have been significant improvements in recent years, such as the development of valve-regulated lead-acid (VRLA) batteries that offer improved performance and longer service life. This is expected to boost the demand for lead acid batteries for the forecast period.

Lead-acid batteries are relatively inexpensive compared to other battery technologies, making them an attractive option for applications that require a large amount of energy storage. Large scale production capabilities from market players have a reduced the prices by achieving economies of scale and increasing production efficiency. The demand from low cost consumer electronics is expected to drive the market from 2023 to 2030.

Gather more insights about the market drivers, restrains and growth of the Lead Acid Battery Market

Lead Acid Battery Market Report Highlights

• In terms of revenue, the SLI batteries of accounted for a significant share in the market in 2022 and is further expected to witness steady growth over the forecast period

• Asia Pacific region is projected to grow at a substantial rate throughout the forecast period. Japan is expected to account for the maximum share in the Asia-Pacific region

• Automotive segment dominated the industry, accounting for 58.92% of total market revenue in 2022

• Flooded segment accounted for the largest share of 65.66% in the market in 2022

• North America is likely to display a substantial growth rate during the projected period

Browse through Grand View Research's Power Generation & Storage Industry Research Reports.

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