Lead Acid Battery Market Size, Share, Industry Forecast

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The Lead Acid Batteries Global Market Report 2023 by The Business Research Company, provides lead acid batteries market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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According to The Business Research Company’s Lead Acid Batteries Global Market Report 2023, the market size is expected to grow from$25.65 billion in 2022 to $28.86 billion in 2023 at a compound annual growth rate (CAGR) of 12.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of lead acid batteries market is expected to grow from $44.89 billion in 2027 at a CAGR of 11.7%.

Growing demand in the automobile industry contributed to the growth of the lead-acid batteries market. Rising research and development activities in the automotive lead-acid battery industry, coupled with government initiatives for electric vehicles are propelling the growth of the global automotive market, thereby increasing the demand for lead-acid batteries. For instance, in October 2022, according to the Indian Brand Equity Foundation (IBEF), India-based, an India-based government agency for providing economic information, incentives of US$ 3.5 billion are proposed by the Indian government as part of a revised program to promote the production and export of clean technology vehicles over five years until 2026.

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The lead acid batteries market is segmented:

1) By Type: Stationary, Motive

2) By Technology: Basic Lead Acid Battery, Advanced Lead Acid Battery

3) By Construction Method: Flooded, Valve Regulated Lead Acid (VRLA)

4) By End User: Transportation, Industrial, Residential, Commercial

The introduction of an absorbent glass mat (AGM), a lead-acid battery with a lower weight, better electrical reliability, and higher performance is contributing to higher demand for lead-acid batteries. According to Battery University, AGM is a preferred battery for upscale motorbikes, owing to features such as reduced weight, lesser acid spilling, and good performance at cold temperatures. These batteries are also gaining traction in motor home, marine, and robotic applications. Therefore, advancements in lead-acid batteries will generate higher demand for the lead-acid batteries market in the forecast period.

The lead acid batteries market report table of contents includes: