Categories: Industry

Lead Acid Battery Market Size, Share, Industry Forecast

The Advanced Lead Acid Battery Global Market Report 2023 by The Business Research Company, provides advanced lead acid battery 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 Advanced Lead Acid Battery Global Market Report 2023, the global advanced lead acid battery market size is expected to grow from $21.93 billion in 2022 to $24.16 billion in 2023 at a compound annual growth rate (CAGR) of 10.2%. 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 global advanced lead acid battery market size is expected to reach $34.28 billion in 2027 at a CAGR of 9.1%.

The increase in the penetration of electric vehicles is expected to propel the growth of the advanced lead acid battery market going forward. An electric vehicle (EV) is one that runs on electricity rather than an internal combustion engine, which generates power by burning a mixture of fuel and gases. Lead-acid batteries are used in electric vehicles to supplement other battery loads as they are powerful, inexpensive, safe, and dependable and are used for loads in commercially available electric-drive vehicles.

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The advanced lead acid battery market 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

Technological advancements are a key trend gaining popularity in the advanced lead acid battery market. Major companies operating in the advanced lead acid battery are installing innovative and environmentally friendly used lead acid battery recycling plants to sustain their position in the market. For instance, in June 2020, Amara Raja Batteries Limited, an India-based conglomerate company partnered with Gridtential Energy, a US-based provides battery architectures on the bipolar battery technology for Advanced lead-acid batteries with improved life, 40% lower weight. Advanced lead batteries using silicon at heart is also made possible by silicon Joule bipolar technology. According to the business, the energy storage technology is patented, design-driven, low-cost, high-performance, and provides better power density, cycle life, dynamic charge acceptance, and a wider temperature range. The batteries will also be up to 40% lighter while still being fully recyclable as lead batteries. According to Gridtential Energy, Silicon Joule bipolar battery technology combines the advantages of lead batteries with silicon-enabled, high-performance features.

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