Categories: Market Research

Global Lead Acid Batteries Market Report 2024

The Advanced Lead Acid Battery Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Advanced Lead Acid Battery Global Market Report 2024, The advanced lead acid battery market size has grown rapidly in recent years. It will grow from $24.16 billion in 2023 to $26.59 billion in 2024 at a compound annual growth rate (CAGR) of 10.0%. The growth in the historic period can be attributed to automotive industry demand, telecommunication infrastructure growth, ups (uninterruptible power supply) systems, grid energy storage projects, demand from industrial applications.

The advanced lead acid battery market size is expected to see strong growth in the next few years. It will grow to $37.47 billion in 2028 at a compound annual growth rate (CAGR) of 9.0%. The growth in the forecast period can be attributed to development of smart grids, growing telecom sector, rise in renewable energy installations, expanding e-mobility market, focus on energy storage systems. Major trends in the forecast period include advancements in battery technology, government initiatives for energy storage, enhanced energy density, advanced electrode designs, integration of carbon additives.

The rise in the number of fuel-efficiency vehicles is expected to propel the growth of the advanced lead-acid batteries market going forward. Fuel efficiency in vehicles refers to the distance traveled per unit of fuel consumed, typically measured in miles per gallon (mpg). Advanced lead-acid batteries play a critical role in supporting the car’s electrical network, powering vehicle applications when the high-voltage system is disengaged, and safely initializing the high-voltage battery. For instance, according to the Department of Energy, a US-based government department, by 2021, the average fuel economy for the sedan/wagon class had risen to 31.7 mpg. Therefore, the rise in the number of fuel-efficiency vehicles is driving the advanced lead-acid batteries market.

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The advanced lead acid battery market covered in this report is segmented –

1) By Type: Stationary, Motive

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

3) By End-User: Utility, Transportation, Industrial, Commercial And Residential

Major companies operating in the advanced lead acid battery market are developing strategic partnerships to provide affordable residential power. Partnerships allow companies to pool their resources and expertise to develop next-generation advanced lead-acid batteries. For instance, in December 2021, Gridtential Energy, Inc., a US-based advanced lead acid battery manufacturer partnered with Luminous Power Technologies, an India-based battery maker to provide affordable residential power. This partnership is significant for Luminous and represents a growth opportunity, as it enables the company to provide high-performing batteries to its customers without requiring giga-scale capital investments. Gridtential’s silicon joule technology allows for the mass production of high-voltage, safe batteries for various applications, including personal mobility vehicles, home or office energy storage systems, and hybrid cars.

The advanced lead acid battery market report table of contents includes: