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.
Key Market Players
The major players in the global lead acid battery market are EnerSys (US), Exide Industries (India), GS Yuasa (China), Clarios (US), Panasonic (Japan), Chaowei Power (China), Narada Power (China), HBL Power Systems (India), Crown Battery (US), NorthStar (Sweden), Hitachi Chemical (Japan), Exide Technologies (US), Teledyne Technologies (US), East Penn (US), Hankook AltasBX (Korea), HOPPECKE (Germany), C&D Technologies (US), Rolls Battery (Canada), Camel Power (Malaysia), Amara Raja Power System (India), Xupai Battery (China), Okaya Power (India), Leoch International Technology (Hong Kong), Harbin Coslight Power (China), and First National Battery (South Africa).
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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 focussing 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.
This research report categorizes the lead acid battery market based on technology, solution, end-user, application, and region.
Based on Technology, the lead acid battery market has been segmented as follows:
- Basic Lead Acid Battery
- Advanced Lead Acid battery
Based on the Type, the lead acid battery market has been segmented as follows:
- Stationary
- Motive
Based on the Construction Method, the lead acid battery market has been segmented as follows:
- Flooded
- Valve Regulated Lead Acid (VRLA)
Based on End-user, the lead acid battery market has been segmented as follows:
- Utility
- Transportation
- Industrial
- Commercial & Residential
Based on the Industrial, the lead acid battery market has been sub-segmented as follows:
- Data Centers
- Telecom
- Oil & Gas
- Others
Based on the Region, the lead acid battery market has been segmented as follows:
- Asia Pacific
- North America
- Europe
- Middle East & Africa
- South America
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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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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.
