Prime determinants of growth The global lead acid battery market is experiencing growth due to several factors such as lead acid battery being a cost-efficient energy storage solution, and the presence of recyclability of lead acid battery over lithium-ion battery.
The lead acid battery market attained US$ 54,636.50 million in 2019. By 2023, the market generated a revenue worth US$ 59,658.30 million. From 2019 to 2023, the market registered a CAGR of 4%. By product type, the flooded battery is expected to procure a market share of 48.30% in 2024.
Increase in the application of renewable energy systems across the globe has led to rise in demand for energy storage devices. Rise in demand for energy storage systems has boosted the demand for lead acid battery. In addition, surge in the automotive sector in developing countries has a positive impact on the demand for lead acid battery.
Another go-to strategy of players in the lead acid battery industry includes mergers and acquisitions. Leading players are further seen integrating the latest technologies like advanced grid designs, separators, etc. to enhance battery characteristics and reliability. Industry participants are also focusing on cost optimization and efficiency.
By product, the SLI segment held the highest market share in 2022, accounting for nearly three-fifths of the lead acid battery market revenue, and is estimated to maintain its leadership status during the forecast period. Lead acid battery is widely utilized in starting, lighting, and ignition of vehicles.
"Key players are expected to integrate advanced technologies in their production process to ensure efficiencies in their offering of lead acid batteries," opines Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.).