The advanced lead acid battery market is estimated to be valued at USD 31.9 billion in 2024. The demand for advanced lead acid batteries is predicted to rise at a CAGR of 6.9% from 2024 to 2034. The global advanced lead acid battery market is anticipated to reach USD 62.0 billion by 2034.
Advanced lead-acid batteries find applications in various sectors, including automotive, industrial, and renewable energy. They are being considered for energy storage in renewable energy systems and grid applications.
Lead-acid batteries have been widely used for decades, particularly in automotive applications. Advanced lead-acid batteries represent an improved and more sophisticated version of traditional lead-acid batteries.
Advanced Lead Acid Battery Market Trend Analysis
| Attributes | Key Insights |
|---|---|
| Advanced Lead Acid Battery Market Estimated Size in 2024 | USD 31.9 billion |
| Projected Market Value in 2034 | USD 62.0 billion |
| Value-based CAGR from 2024 to 2034 | 6.9% |
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Fueled by heightened emphasis on research and development and substantial investments in the automotive sector, particularly in the domain of electric vehicles, the advanced lead-acid battery market is projected to experience a CAGR of 6.9% from 2024 to 2034. The 8.6% CAGR recorded during the period from 2019 to 2023.
The rise in global demand for energy-efficient solutions has been a driving force behind the growth of the advanced lead-acid battery market. The consistent increase in the adoption of advanced lead-acid batteries aligns with the emergence of electric and hybrid vehicles in recent years.
| Market Value in 2023 | USD 29.6 billion |
|---|---|
| Market Value in 2034 | USD 62.0 billion |
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The following table shows the top five countries by revenue, led by South Korea and Japan. The ongoing advancements in lead-acid battery technology, leading to improved performance, energy density, and cycle life, could contribute to the growth of the market in South Korea.
Government policies and support for renewable energy, energy storage, and environmental sustainability can significantly influence the growth of the advanced lead-acid battery market. These two countries are predicted to boost their market sales through 2034.
| Countries | Forecast CAGRs from 2024 to 2034 |
|---|---|
| United States | 7.1% |
| United Kingdom | 8.0% |
| China | 7.9% |
| Japan | 8.5% |
| South Korea | 9.0% |
The advanced lead acid battery market in the United States is expected to grow with a CAGR of 7.1% from 2024 to 2034. The growth of the automotive sector and the increasing adoption of electric and hybrid vehicles in the United States could contribute to the demand for advanced lead-acid batteries.
The United States has been actively working towards increasing the share of renewable energy in its energy mix. Advanced lead-acid batteries may find applications in energy storage systems connected to renewable energy sources, helping to stabilize the grid and store excess energy.
The advanced lead-acid battery market in the United States may be influenced by competition with other energy storage technologies, such as lithium-ion batteries. Innovations and advancements that improve the competitiveness of advanced lead-acid batteries may influence market dynamics.
China has been a significant player in the electric vehicle (EV) market, and advanced lead-acid batteries have found applications in start-stop systems and mild-hybrid vehicles. The growth of the automotive sector, including electric and hybrid vehicles, could contribute to increased demand for advanced lead-acid batteries.
Lead-acid batteries, including advanced variants, are widely used in the telecommunications sector for backup power in cell towers and other communication infrastructure. The ongoing expansion and development of power infrastructure in China may drive demand for reliable energy storage solutions
China's focus on renewable energy and the integration of solar and wind power into the grid could drive the demand for energy storage solutions. Advanced lead-acid batteries may find applications in energy storage systems that support renewable energy sources. Over the assessment period, the demand for advanced lead acid batteries in China is projected to surge at a 7.9% CAGR.
The advanced lead acid battery market in the United Kingdom is expected to expand at a CAGR of 8.0% by 2024. The market growth in the country is attributed to the United Kingdom's commitment to reducing carbon emissions and promoting sustainable transportation.
Increased use of advanced lead-acid batteries in industrial and commercial applications, such as backup power systems, forklifts, and telecommunications, can contribute to market growth in the United Kingdom.
The demand for advanced lead acid batteries is expected to rise in Japan. By 2034, the market is expected to expand at a CAGR of 8.5%. Japan has been a major player in the automotive industry, and advanced lead-acid batteries find applications in vehicles, particularly in start-stop systems and mild-hybrid vehicles.
The growth of the automotive sector, including electric and hybrid vehicles, could drive the demand for advanced lead-acid batteries. Lead-acid batteries, including advanced types, are widely used for backup power in the telecommunications sector.
With the continuous expansion and development of telecommunications infrastructure, there may be a growing demand for advanced lead-acid batteries in the country.
The advanced lead acid battery market in South Korea is expected to expand at a CAGR of 9.0% by 2024. The market growth in the country is influenced by the presence of a strong automotive industry. The growth of electric and hybrid vehicles in the country could drive the demand for advanced lead-acid batteries, especially in applications like start-stop systems and mild-hybrid vehicles.
South Korea has been making efforts to increase the share of renewable energy in its energy mix. Advanced lead-acid batteries may find applications in energy storage systems connected to renewable sources, contributing to the growth of the market.
Ongoing advancements in lead-acid battery technology, leading to improved performance, energy density, and cycle life, could contribute to the growth of the market in South Korea.
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The below section shows the leading segment leading type and construction method. The motive segment is forecast to have a 6.7% CAGR between 2024 and 2034.
Based on the construction method, the Valve Regulated Lead Acid (VRLA) Battery segment is anticipated to hold a dominant share through 2034. It is set to exhibit a CAGR of 6.5% during the forecast period.
| Category | Market share |
|---|---|
| Motive | 6.7% |
| Valve Regulated Lead Acid (VRLA) Battery | 6.5% |
Vvalve regulated lead acid (VRLA) battery to lead the advanced lead acid market. Valve Regulated Lead Acid (VRLA) batteries will dominate the advanced lead acid battery market, and this dominance is expected to continue throughout the forecast period, with a CAGR of 6.5%.
Valve Regulated Lead Acid (VRLA) batteries are known for their maintenance-free operation, which makes them attractive for a wide range of applications. They do not require regular watering, and users do not need to check the electrolyte levels or add water periodically. The sealed design of VRLA batteries eliminates the need for ventilation and minimizes the risk of acid leakage. This feature enhances safety, making them suitable for applications where safety and environmental concerns are critical.
VRLA batteries are generally more cost-effective than some other types of batteries, such as lithium-ion batteries. This cost advantage makes them a preferred choice, particularly in applications where cost is a significant consideration.
VRLA batteries offer reliable performance and have a relatively long service life. This makes them suitable for applications where a dependable power source is crucial, such as backup power systems and emergency lighting.
Based on type, the motive segment is expected to account for a CAGR of 6.7% from 2024 to 2034. Advanced lead-acid batteries have a well-established track record in motive applications, providing predictable performance and minimal maintenance requirements.
Lead-acid batteries boast an impressive recycling rate, making them a more environmentally friendly choice compared to some alternatives. Advanced lead-acid batteries offer several attractive features for motive applications like electric vehicles, forklifts, and other industrial equipment.
Advanced lead-acid batteries represent a mature and reliable technology for motive applications, offering a balance of cost-effectiveness, durability, and safety
Leading advanced lead acid battery companies are investing heavily in the research and development of novel battery technologies and acquiring new patents to gain a competitive edge over other market players.
Key players operating in the advanced lead acid battery market include Amara Raja, Chaowei Power Holdings Limited, Coslight Technology International Group Co., Ltd, Crown Battery, East Penn Manufacturing, Enersys, Exide Industries Ltd, Hitachi Chemical Energy Technology, GS Yuasa International Ltd, Furukawa Battery Co., Ltd,
| Attributes | Details |
|---|---|
| Estimated Market Size in 2024 | USD 31.9 billion |
| Projected Market Valuation in 2034 | USD 62.0 billion |
| Value-based CAGR 2024 to 2034 | 6.9% |
| Forecast Period | 2024 to 2034 |
| Historical Data Available for | 2019 to 2023 |
| Market Analysis | Value in USD billion |
| Key Regions Covered | North America; Latin America; Western Europe; Eastern Europe; South Asia and Pacific; East Asia; Middle East and Africa |
| Key Market Segments Covered | Type, Construction Method, End-use Industry, Region |
| Key Countries Profiled | The United States, Canada, Brazil, Mexico, Germany, The United Kingdom, France, Spain, Italy, Russia, Poland, Czech Republic, Romania, India, Bangladesh, Australia, New Zealand, China, Japan, South Korea, GCC countries, South Africa, Israel |
| Key Companies Profiled | Amara Raja; Chaowei Power Holdings Limited; Coslight Technology International Group Co. Ltd; Crown Battery; East Penn Manufacturing; Enersys; Exide Industries Ltd; Hitachi Chemical Energy Technology; GS Yuasa International Ltd; Furukawa Battery Co. Ltd |
As of 2024, the market for advanced lead acid batteries is expected to be valued at USD 31.9 billion, as per FMI.
By 2034, the market value of advanced lead acid batteries is expected to reach USD 62.0 billion.
From 2024 to 2034, advanced lead acid batteries are expected to flourish at a CAGR of 6.9%
The Valve Regulated Lead Acid (VRLA) Battery segment is expected to account for a market share of 6.5% in 2024.
South Korea is likely the top-performing market, with a CAGR of 9.0%.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2019 to 2023 and Forecast, 2024 to 2034 5. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Type 5.1. Motive 5.2. Stationary 6. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Construction Method 6.1. Valve Regulated Lead Acid (VRLA) Battery 6.2. Flooded Battery 6.3. Others 7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By End-Use Industry 7.1. Automotive and Transportation 7.2. Energy and Power 7.3. Industrial 7.4. Residential 7.5. Commercial 7.6. Others 8. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Region 8.1. North America 8.2. Latin America 8.3. Europe 8.4. East Asia 8.5. South Asia 8.6. Oceania 8.7. MEA 9. North America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 10. Latin America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 11. Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 12. East Asia Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 13. South Asia Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 14. Oceania Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 15. MEA Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 16. Key Countries Market Analysis 17. Market Structure Analysis 18. Competition Analysis 18.1. Amara Raja 18.2. Chaowei Power Holdings Limited 18.3. Coslight Technology International Group Co., Ltd 18.4. Crown Battery 18.5. East Penn Manufacturing 18.6. Enersys 18.7. Exide Industries Ltd 18.8. Furukawa Battery Co., Ltd 18.9. GS Yuasa International Ltd 18.10. Hitachi Chemical Energy Technology 19. Assumptions & Acronyms Used 20. Research Methodology
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Advanced Lead Acid Battery Market
