The latest report by IMARC Group, titled "Lead Acid Battery Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" offers a comprehensive analysis of the industry, which comprises insights on the lead acid battery market report. The market size reached US$ 33.0 Billion in 2022. IMARC Group expects the market to reach US$ 41.5 Billion by 2028, exhibiting a growth rate (CAGR) of 4.00% from 2023–2028.
A lead-acid battery is a type of rechargeable battery that stores electrical energy through a chemical reaction between lead dioxide (PbO2) and sponge lead (Pb) immersed in an electrolyte solution of sulfuric acid (H2SO4). They are known for their robustness, reliability, and relatively low cost, making them one of the most used types of batteries worldwide. They consist of individual cells, each producing about 2 volts of electrical potential. By connecting multiple cells in series or parallel, batteries of varying voltages and capacities can be created to suit different applications. They are commonly found in applications requiring a reliable and cost-effective energy storage solution, such as in vehicles (automotive batteries), uninterruptible power supplies (UPS), backup power systems, and off-grid renewable energy systems. They are known for their ability to deliver high current for short bursts, which makes them suitable for starting car engines, and they can also provide a steady, lower current for an extended period. Currently, lead acid batteries are gaining immense traction across the globe as they play a vital role in various industries due to their affordability and proven performance.
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Lead Acid Battery Market Trends and Drivers:
The global lead acid battery market is primarily driven by the growing automotive production and demand for electric vehicles (EVs) that has amplified the need for lead-acid batteries to power these vehicles' auxiliary systems. Moreover, rising applications of lead acid batteries in uninterruptible power supplies (UPS) and backup power systems in various industries, including data centers, telecommunications, and healthcare, are propelling the market growth. Along with this, the escalating need for reliable power backup solutions has augmented the demand for lead-acid batteries. Additionally, the increasing number of renewable energy systems, such as solar and wind power installations, which use lead-acid batteries for energy storage, is another major growth-inducing factor. Furthermore, ongoing advancements in battery technology, such as improvements in lead-acid battery design and performance, are contributing to the market growth.
Report Segmentation:
The report has segmented the market into the following categories:
Breakup by Product:
- SLI
- Stationary
- Motive
Breakup by Construction Method:
- Flooded
- Valve Regulated Sealed Lead–acid Battery (VRLA)
Breakup by Sales Channel:
- OEM
- Aftermarket
Breakup by Application:
- Automotive
- UPS
- Telecom
- Others
Breakup by Region:
- North America (U.S. Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
- Latin America (Brazil, Mexico)
- Middle East Africa
Competitive Landscape:
The report has provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:
- CD Technologies Inc.
- Clarios International Inc.
- East Penn Manufacturing Co.
- EnerSys
- Exide Industries Limited
- GS Yuasa Corporation
- HBL Power Systems Limited
- HOPPECKE Batterien GmbH Co. KG
- Leoch International Technology Limited
- Panasonic Holdings Corporation
- Teledyne Technologies Incorporated
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