IMARC Group, a leading market research company, has recently released the report titled “Lead acid battery market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global lead acid battery market share, size, trends and growth forecasts. The report also includes competitive and regional analysis and highlights the latest developments in the market.
How big is the lead acid battery market?
|Report Attributes||The details|
|Market size in 2022||33 billion dollars|
|Market forecast to 2028||41.5 billion dollars|
|Growth rate (2023-2028)||CAGR of 4%|
|Base year of analysis||2022|
What is a lead acid battery?
Lead acid batteries are rechargeable batteries that use sponge lead and lead peroxide to convert chemical energy into electricity. They include negative electrodes attached to a metallic lead grid and positive electrodes of lead oxides of various compositions. They also contain doping agents, such as selenium, cadmium and arsenic, to lower impurity concentrations. They are maintained by applying a saturated charge for several hours to properly retain the lead acid. They are easy to manufacture, capable of high discharge rates and very reliable. They provide stable power backup for electronic devices and are cost effective and readily available. Lead acid batteries can operate efficiently in both high and low temperatures while maintaining their charge. They provide power sources for starting, lighting and ignition (SLI) for electric vehicles (EVs), motorcycles and micro-hybrid cars. They are also used to provide continuous power supply to golf carts and wheelchairs. Lead acid batteries help provide power backups for cell phone repeater towers, Internet hubs, and various marine vessels. As lead acid batteries are very durable, they are widely used in the hospitality, healthcare, data center, telecommunications, oil and gas, mining, chemical, pharmaceutical and food and beverage (F&B) industries.
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What are the growth prospects and trends in lead acid battery
The increasing adoption of enhanced connectivity systems to enhance the functionality, reliability and security of devices, along with the evolving telecommunication industry, represents one of the key factors driving the market. In addition, there is an increase in the use of battery powered cars and electric bicycles worldwide as they are durable, energy efficient and environmentally friendly. This, along with increasing environmental awareness among the masses, is fueling the growth of the market. In addition, increasing demand for lead acid batteries in railways for lighting and air conditioning of coaches is contributing to the growth of the market. In addition, the growing number of data centers to overcome data complexity, along with the growing need for uninterruptible power supply systems (UPS) in data centers worldwide, is providing a picture of favorable market. Moreover, the growing demand for lead-acid batteries for driving diesel-electric and nuclear submarines and marine vessels is positively impacting the market. In addition, major market players are investing extensively in research and development (R&D) activities to introduce improved quality lead acid batteries with increased charging capacity. They are also focusing on mergers and acquisitions (M&A) to build new manufacturing plants and increase sales of their products, which is expected to drive market growth.
What is involved in market segmentation?
The report has segmented the market into the following categories:
Division by product:
Division by construction method:
- Valve Regulated Sealed Lead-Acid (VRLA) Battery
Distribution by sales channel:
Breakdown by Application:
Distribution by geography:
- North America (USA and Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia and others)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia and others)
- Latin America (Brazil, Mexico)
- Middle East and Africa
Who are the major players operating in the industry?
The report covers key market players including:
- C&D Technologies Inc.
- Clarios International Inc.
- East Penn Manufacturing Co.
- EnerSys (NYSE: ENS)
- Exide Industries Limited (NSE: EXIDEIND)
- GS Yuasa Corporation (TYO: 6674)
- HBL Power Systems Limited
- HOPPECKE Batteries GmbH & Co. KG
- Leoch International Technology Limited
- Panasonic Holdings Corporation
- Teledyne Technologies Incorporated
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