Electric Vehicles Is Fastest Growing Segment Fueling The Growth Of Lead Acid Battery Market

The global Lead Acid Battery Market is estimated to be valued at US$ 55.61 Bn in 2023 and is expected to exhibit a CAGR of 8.2% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Lead acid batteries have widespread applications across various industries. They have low cost of manufacturing and high reliability which makes them suitable for starting, lighting and ignition applications in automotive as well as backup power in UPS systems.

Market key trends:

One of the key trends driving the growth of the lead acid battery market is increasing adoption of electric vehicles.stringent emission norms across the globe are driving demand for electric vehicles.Lead acid batteries are widely used in electric vehicles currently due to their cost effectiveness. However, with falling prices of lithium ion batteries their share is expected to decline. Nonetheless, lead acid batteries will continue to have strong demand from affordable electric vehicles and hybrids over the forecast period.

Segment Analysis
The global lead acid battery market is dominated by the automotive segment, which accounted for over 60% share of the global market in 2022. This is because lead acid batteries are extensively used in automobiles for starting, lighting and ignition purposes due to their low cost and high discharge rate capability. Within the automotive segment, the passenger cars sub-segment holds the largest share owing to the growing production and sales of passenger cars globally.

Key Takeaways
The Global Lead Acid Battery Market Size is expected to witness high growth, exhibiting CAGR of 8.2% over the forecast period, due to increasing demand from automotive and industrial sectors.

Regional analysis
Asia Pacific region currently dominates the global lead acid battery market, accounting for over 45% of the total share in 2022. This is attributed to high automobile production and sales in countries such as China and India. China is the fastest growing market in the region due to presence of large manufacturing base of automobiles as well as lead acid batteries in the country.

Key players
Key players operating in the lead acid battery market are Johnson Controls, ATLASBX Co. Ltd., Exide Technologies, East Penn Manufacturing Co, Crown Battery Manufacturing Company, C&D Technologies INC., GS Yuasa Company, Leoch International Technology Ltd, Chaowei Power Holdings Limited, and Camel Group Co. Ltd., Hoppecke Batterien GmbH & Co. KG.

For More Insights, Read: https://www.newsstatix.com/lead-acid-battery-market-size-share-and-growth-forecast-2023-2030/