The global advanced lead acid battery market size is expected to reach USD 37.72 billion by 2030 according to a new study by Polaris Market Research. The report “Advanced Lead Acid Battery Market Share, Size, Trends, Industry Analysis Report, By Type (Motive, Stationary); By Construction Method; By End-Use Industry; By Region; Segment Forecast, 2022 – 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The industry has been growing due to the rapid technological advancements and expansion in the telecom sector. These batteries are low in cost and easily recyclable. The acceptance of valve-regulated batteries has increased over the years in critical telecommunications and computer installations owing to advancements in grid and strap alloys, superior absorbent glass mat separators, and the use of beneficial additives. The industry is expected to experience growth during the forecast period due to advancements in performance, reliability, and manufacturing processes.
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The utility is the fastest-growing segment of the industry. Rapid industrial growth in developing countries such as India and China enhance the demand for electricity which further accelerates the increased adoption of advanced batteries in the utility sector. There has been a greater need for energy storage in electricity networks owing to the increase in the adoption of renewable energy sources, which are intrinsically intermittent. Improvements and advancements in advanced battery technology have increased cycle life both in deep and shallow cycle applications.
Asia Pacific is expected to be the largest and fastest-growing region for the industry. It dominates the advanced lead-acid market in terms of value. This demand is attributed to the high growth seen in developing countries such as China, Japan, India, and South Korea. China stimulates the Asian region owing to growth in the automotive, utility, and industrial sectors. There has a growing demand for batteries as they are easily recyclable. Rapid advancements in the telecom industry and cost-competitive energy storage are also some other factors driving the growth of the industry.
Amara Raja, Chaowei Power Holdings Limited, Coslight Technology International Group Co., Ltd., Crown Battery, East Penn Manufacturing, Enersys, Exide Industries Ltd, Furukawa Battery Co., Ltd, GS Yuasa International Ltd, Hitachi Chemical Energy Technology, Leoch International Technology Limited Inc, Midac Batteries S.P.A., Narada Power, Tianneng Group, and Trojan Battery Company are among the top competitive players operating in the advanced lead acid market.
Advanced Lead Acid Battery Market Report Highlights
- The motive segment is said to hold the largest market share in the advanced lead acid market during the forecast period in terms of value. Motive advanced lead acid batteries are used in automotive applications. The demand for this segment is driven by the ability of these battery systems to be substantially deep cycled while still maintaining a long lifetime. Greater adoption of electric vehicles, introduction of stringent vehicular emission regulations, and government support to promote adoption of electric vehicles boost the growth of this segment.
- During the projected period, the VRLA segment is expected to account for the major share by construction method, in terms of value. These VRLA batteries are prevalent in the automobile industry, which is expected to boost the industry.
- Automotive and transportation segment is the largest segment in the market among end-user industries. It is expected to lead the market in 2021. The batteries are used in huge quantities in passenger cars and commercial vehicles. These batteries are affordable and widely available, making them an efficient choice for the automotive transportation industry, which is capital-intensive and eager to cut costs, driving the demand for advanced lead acid batteries.
- The Asia Pacific is expected to gain maximum revenue in the global market. Technological advancements in these regions will drive the growth of the industry.
Polaris Market Research has segmented the advanced lead acid battery market report based on type, construction method, end-use industry, and region:
Advanced Lead Acid Battery, Type Outlook (Revenue – USD Billion, 2018 – 2030)
Advanced Lead Acid Battery, Construction Method Outlook (Revenue – USD Billion, 2018 – 2030)
- Valve Regulated Lead Acid (VRLA) Battery
- Flooded Battery
Advanced Lead Acid Battery, End-Use Industry Outlook (Revenue – USD Billion, 2018 – 2030)
- Automotive and Transportation
- Energy and Power
Advanced Lead Acid Battery, Regional Outlook (Revenue – USD Billion, 2018 – 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa