The global lead acid battery market size is estimated to touch USD 93.04 billion by the end of 2027, as per a new report published by Million Insights. The market is predicted to exhibit 5.9% of CAGR over the forecast duration. The growing use of lead acid batteries in various end-user industries such as gas turbine, hospitality, manufacturing, mining, construction and healthcare is anticipated to propel the growth of the market. Additionally, these batteries are durable, low cost and are made using simple manufacturing methods, thereby gaining traction among several end-use industries.
The automotive segment is one of the major end-user of lead acid batteries. Various automotive applications include golf carts, industrial cleaners and forklifts. The growing use of lead acid batteries in forklifts owing to their reliability, low cost and efficient supply chain is estimated to positively influence the market growth. Additionally, in automobile, lead-acid batteries are used to start the engine as it is known to deliver high power. Features such as quality, recycling, safety and others are predicted to bode well for the growth of the market.
In 2019, SLI accounted for the highest share in the market occupying over 50% of the market share. Increasing use of these batteries in passenger and commercial cars is projected to augment the segment growth from 2020 to 2027.
Asia Pacific was the leading region in 2019 on account of increasing demand from countries such as China, Japan, India and Indonesia. Growing automotive sales in the region are projected to offer a lucrative opportunity for the lead-acid battery market players over the next few years.
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Further key findings from the report suggest:
• In 2019, SLI held 53.5% of the market share and emerged as the largest segment.
• Flooded lead acid battery held the dominant share in the market with USD 38.92 billion in 2019.
• On account of high demand from UPS sector and increasing data center, Asia Pacific accounted for USD 26.43 billion of market share in 2019.
• China alone accounted for USD 17.94 billion in 2019 owing to increasing demand for energy storage.
• Key players operating in the market are East Penn, Exide Technologies, GS YUASA, ATLASBX Co., Ltd and Ener Sys among others.
Million Insights has segmented the global lead acid battery market on the basis of product, application, construction method, and region:
Lead Acid Battery Product Outlook (Revenue, USD Million, 2016 - 2027)
Lead Acid Battery Construction Method Outlook (Revenue, USD Million, 2016 - 2027)
Lead Acid Battery Application Outlook (Revenue, USD Million, 2016 - 2027)
• Electric Bikes
• Transport Vehicles
Lead Acid Battery Regional Outlook (Revenue, USD Million, 2016 - 2027)
• North America
• Asia Pacific
• Central & South America
• South Africa