The global lead acid battery market size is expected to reach USD 93.04 billion by 2027, registering a CAGR of 5.9% over the forecast period, according to a new report published by Grand View Research, Inc. Lead acid batteries are expected to witness a significant rise in demand owing to their increasing usage in various industries including oil and gas, nuclear power, electricity generation, gas turbine, hospitality, transport infrastructure, manufacturing, construction, mining, and off-grid renewable. Moreover, advantages associated with these batteries, such as durability, high voltage capability, low-cost, and simple manufacturing processes are expected to increase the demand.
Lead acid batteries find wide usage in automotive applications including forklifts, golf carts, and industrial cleaners. High usage of lead acid battery in forklifts on account of low cost, reliability, and well-established supply chain of the product, is likely to positively influence the market. The lead acid battery is widely used in automobiles as it delivers high power to start the engine. The superior safety, quality, and recycling process of these batteries are anticipated to augment the market growth over the forecast period.
Starting, Lighting and Ignition (SLI) was the largest product segment and accounted for more than half of global lead acid battery market revenue in 2019. Growing demand for SLI batteries in commercial vehicles and passenger cars is expected to strengthen the segment growth over the forecast period.
Lead Acid Battery Market Report Highlights
• SLI was the biggest product segment and accounted for 53.8% of the revenue share in 2019
• The flooded lead acid battery sector was the largest segment, accounting for USD 38.92 billion in 2019
• In 2019, automotive application accounted for the largest market share in terms of revenue and is projected to register a CAGR of 5.9% during the forecast period.
• Asia Pacific held the largest market share of USD 26.43 billion in 2019 due to the growing UPS sector as a result of the rapid development of the data centers and IT sector.
• China is expected to be one of the promising markets in light of favorable government policies and high-end energy storage technologies adding USD 17.94 billion in 2019.
• Major manufacturers include GS YUASA, EnerSys, East Penn, ATLASBX Co., Ltd., Exide Technologies, and Johnson Controls.
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Lead Acid Battery Market Segmentation
Grand View Research 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
• The U.S.
• The U.K.
• Asia Pacific
• Central and South America
• Middle East & Africa
• South Africa
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About Grand View Research
Grand View Research is a U.S. & India-based market research and consultancy firm. It is headquartered in San Francisco. We provide business insights, syndicated research reports, and customized research reports to large as well as small and medium-scale enterprises. Our database features thousands of statistics and in-depth analyses on more than 45 industries. Grand View Research’s extensive database is used by Fortune 500 companies to understand the regional as well as the global business environment.
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