Advanced Lead Acid Battery Global Market Report 2024

The advanced lead acid battery market 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 expansion observed in the historical period can be attributed to several factors, including the demand from the automotive industry, growth in telecommunication infrastructure, the use of UPS (Uninterruptible Power Supply) systems, implementation of grid energy storage projects, and increased demand from various industrial applications.

The advanced lead acid battery market 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 anticipated growth in the forecast period can be credited to several factors, including the development of smart grids, expansion of the telecom sector, increased installations of renewable energy sources, the growing e-mobility market, and a heightened focus on energy storage systems. Major trends expected during this period encompass advancements in battery technology, government initiatives promoting energy storage, improvements in energy density, innovative electrode designs, and the integration of carbon additives.

The anticipated surge in fuel-efficient vehicles is poised to drive the advancement of the advanced lead-acid batteries market. Vehicle fuel efficiency denotes the distance covered per unit of fuel consumed, commonly measured in miles per gallon (mpg). Advanced lead-acid batteries assume a pivotal role in supporting a car's electrical system, supplying power to vehicle applications when the high-voltage system is inactive, and safely initializing the high-voltage battery. For example, as per the Department of Energy, a US-based government agency, the average fuel economy for the sedan/wagon class had reached 31.7 mpg by 2021. Consequently, the increase in fuel-efficient vehicles is propelling the growth of the advanced lead-acid batteries market.

The expanding adoption of electric vehicles (EVs) is expected to bolster the progress of the advanced lead-acid battery market. Electric vehicles function on electricity rather than an internal combustion engine, utilizing power generated through the combustion of fuel and gases. Lead-acid batteries are integrated into electric vehicles to supplement other battery loads due to their robustness, cost-effectiveness, safety, and reliability, supporting loads in commercially available electric-drive vehicles. For instance, in September 2022, based on data from the International Energy Agency, a Europe-based intergovernmental organization, global electric car sales doubled to 6.6 million in 2021 compared to the previous year, leading to a 4% increase in the sales share of electric cars in 2021. Thus, the escalating penetration of electric vehicles is a driving force behind the growth of the advanced lead-acid battery market.

Major players within the advanced lead-acid battery market are strategically forging partnerships to facilitate the provision of cost-effective residential power solutions. Collaborative efforts enable these companies to combine resources and expertise, fostering the development of next-generation advanced lead-acid batteries. An illustration of this trend occurred in December 2021 when Gridtential Energy, Inc., a US-based advanced lead-acid battery manufacturer, joined forces with Luminous Power Technologies, an India-based battery maker, aiming to deliver affordable residential power solutions. This partnership holds significant value for Luminous as it opens growth prospects, enabling the provision of high-performance batteries to customers without necessitating large-scale capital investments. Leveraging Gridtential's silicon joule technology, this collaboration facilitates mass production of high-voltage, secure batteries applicable in personal mobility vehicles, home or office energy storage systems, and hybrid cars.

Technological advancements stand out as a prevailing trend in the advanced lead-acid battery market, with major companies actively establishing innovative and environmentally sustainable used lead-acid battery recycling plants to fortify their market positions. For example, in June 2021, Amara Raja Batteries Limited, an India-based conglomerate, partnered with Gridtential Energy, a US-based provider of battery architectures employing bipolar battery technology for advanced lead-acid batteries. These batteries, integrated with silicon joule bipolar technology, boast enhanced lifespan and a 40% reduction in weight. The patented energy storage technology, design-centric and cost-effective, offers superior power density, cycle life, dynamic charge acceptance, and a broader temperature range. Notably, these batteries, even while being up to 40% lighter, remain fully recyclable as lead batteries. Gridtential Energy emphasizes that the Silicon Joule bipolar battery technology amalgamates the advantages of lead batteries with high-performance features enabled by silicon.

In August 2022, Schuler, a Germany-based forming technology company, acquired Sovema Group for an undisclosed sum. This acquisition expands Schuler's portfolio in lithium-ion and lead-acid battery parts business, catering to the surging demand for battery manufacturing equipment across Europe and beyond. Sovema Group, based in Italy, specializes in the production of lead-acid batteries.

Major companies operating in the advanced lead acid battery market report are Exide Industries Ltd., GS Yuasa International Ltd., Clarios, Amara Raja Group, Chaowei Power Holdings Ltd., Coslight Technology International Group Co. Ltd., Crown Battery, East Penn Manufacturing Company, The Furukawa Battery Co. Ltd., Zhejiang Narada Power Source Co. Ltd., Trojan Battery Company, Tianneng Battery Group Co. Ltd., CSB Energy Technology Co. Ltd., Fiamm Energy Technology S.P.A., Banner Batterien Ltd., First National Battery, Camel Group Co. Ltd., Enersys, Leoch International Technology Limited Inc., C&D Technologies Inc., KOYO BATTERY CO. Ltd., PT. Astra Otoparts Tbk, Robert Bosch GmbH, Thai Bellco Battery Co. Ltd., HOPPECKE Batterien, Hitachi Chemical Energy Technology, Blackridge Research & Consulting, Panasonic Holdings Corporation, Teledyne Technologies Incorporated, Midac Batteries SpA.

Asia-Pacific was the largest region in the Advanced Lead Acid Battery market in 2023. The regions covered in the advanced lead acid battery market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the advanced lead acid battery market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types of advanced lead-acid batteries include stationary and motive variants. Stationary advanced lead-acid batteries are designed for providing backup power in applications such as telecommunications, UPS, and renewable energy systems. They are constructed using various methods, including flooded and VRLA (Valve-Regulated Lead Acid) battery technologies. These batteries cater to diverse end-users, including utility, transportation, industrial, commercial, and residential sectors.

The advanced lead acid battery market research report provides advanced lead acid battery market statistics, including advanced lead acid battery industry global market size, regional shares, competitors with an advanced lead acid battery market share, detailed advanced lead acid battery market segments, market trends, and opportunities, and any further data you may need to thrive in the advanced lead acid battery industry. This advanced lead acid battery market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The advanced lead acid battery market consists of sales of UPS (uninterruptible power supplies), and battery components. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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