Lead Acid Battery Market to Reach US$ 90.5 Bn by 2032 – Future Market Insights, Inc.
The lead acid battery market is expected to be worth $54.3 billion in 2022. According to Future Market Insights (FMI), lead acid battery sales will grow at a 5.2% CAGR between 2022 and 2032. According to the study, the global lead acid battery market will be worth $90.5 billion by 2032. According to FMI, the demand for AGM batteries is expected to rise rapidly, with a 6.2% CAGR by 2021.
The lead acid battery market will grow at a 5.2% CAGR between 2022 and 2032, exceeding the 1.2% CAGR registered between 2016 and 2021, owing to an increased focus on research and development and investment in the automotive industry for electric vehicles.
Growth can be attributed to an increase in global demand for energy-efficient solutions. With the introduction of electric and hybrid vehicles in recent years, the demand for lead-acid batteries has steadily increased.
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China’s Lead Acid Battery Market Will Survive
According to Future Market Insights, East Asia will continue to be among the most alluring markets for lead-acid batteries during the forecast period. Through 2031, China is anticipated to hold more than 57% of the market for lead-acid batteries in East Asia.
With more than 1.33 million units sold in 2020, sales of electric and plug-in hybrid vehicles in China continue to lead the region. Over the forecast period, top automakers intend to invest in and increase production capacity across the nation.
Additionally, China is still one of the biggest markets in the world for the electric sector, making it a lucrative market for lead-acid battery producers. In addition, the market will grow as a result of investments in the automotive and power utility industries and the country’s swift economic modernization.
Demand for Lead Acid Batteries Is Increasing in the U.S.
Over the forecast period, demand is anticipated to grow at a rate greater than 4% CAGR. Lead acid battery sales have flourished in the U.S., both in terms of supply and demand.
Lead acid batteries are expected to be in high demand in the United States, which is known as a major market for the electronic and automotive industries, throughout the forecast period.
Additionally, the production capacity of American manufacturers has increased as a result of technological advancements in the twenty-first century. Because of R&D initiatives, the presence of several significant players, and rising production capacities, lead acid battery sales in the country are seeing favourable opportunities.
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Government Programs Increase Lead Acid Battery Sales in India
India will be responsible for more than 44% of sales in South Asia and the Pacific in 2021. Sales opportunities in India have been boosted by government initiatives to link rural and urban areas with networks for electric vehicle transportation and actions taken to make quality and affordable modes of transportation accessible.
India, which is regarded as one of the world’s top automotive manufacturing nations, is expected to increase its production of electric vehicles. India will benefit from a focus on reducing carbon emissions from vehicles and the implementation of strict regulations as a result.
Driving Sales in Japan’s Lead Acid Battery Market
One of the world’s major producers of automobiles is Japan. It is anticipated that by 2031, it will represent more than 26% of lead acid battery sales in East Asia.
The adoption of cutting-edge technologies in the Japanese automotive sector aims to reduce overall spending, energy use, and maintenance costs. As a result, lead acid battery sales in the country now have appealing opportunities.
Japan has a large number of small and large-scale manufacturers, which has contributed to the overall growth of the lead acid battery market.In addition, the market for lead-acid batteries is benefiting from the presence of numerous end users. Therefore, expansion in Japan is assured throughout the forecast period due to the increasing demand from various sectors, including the power utility industry.
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The Competitive Landscape of the Lead Acid Battery Market
Companies operating in the lead acid battery market are aiming at strategic collaborations and partnerships with other manufacturers to expand their manufacturing capacity. For instance,
- In March 2019, GS Yuasa Corporation announced that GS Yuasa International Ltd. launched a new automotive lead-acid storage battery plant operated by equity method affiliate, GS Yuasa Akü Sanayi ve Ticaret Anonim Sirketi (“IGYA”) in Manisa Province, Turkey.
- In February 2020, the company announced the launch of its SNS-TN series of valve-regulated stationary lead-acid batteries.
- In July 2020, Blink Charging and Enersys collaborated to develop high power inductive/wireless and enhanced DC Fast Charging Systems with energy storage options for the automotive market.
- In January 2021, EnerSys is teaming up with TravelCenters of America (TA) to offer Odyssey Performance and NorthStar PRO Group 31 batteries for heavy-duty applications in all TA locations throughout the United States
