Global Advanced Lead Acid Battery Market driven by surging automotive demand to reach US$ 62.0 Billion by 2034
Future Market Insights, Inc. (FMI) predicts a bright future for advanced lead-acid batteries, fueled by the surging demand for energy storage in renewable energy and grid stabilization. Their affordability, environmental improvements, and versatility across diverse sectors position them as key players in the evolving energy landscape. Explore full report for insights & stakeholder opportunities.
NEWARK, Del., Jan. 17, 2024 /PRNewswire/ -- The Advanced Lead Acid Battery Market is estimated to be worth US$ 31.9 billion in 2024 and is projected to be valued at US$ 62.0 billion in 2034. Between 2024 and 2034, the industry is expected to register a CAGR of 6.9%.
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The increasing demand for energy storage solutions, driven by the growth of renewable energy sources and the need for grid stability, has provided opportunities for advanced lead-acid batteries. These batteries can serve as cost-effective energy storage options for grid applications.
Efforts to address environmental concerns associated with traditional lead-acid batteries have led to the development of advanced variants with improved recycling processes and reduced environmental impact. This has made them more acceptable in markets with strict environmental regulations.
The versatility of advanced lead-acid batteries makes them invaluable across multiple sectors such as automotive, telecommunications, renewable energy storage, and industrial power backup. Their capability to meet a wide range of needs significantly contributes to the overall growth of the market.
The rising tide of industrialization and infrastructure development in emerging economies has spurred a heightened demand for energy storage solutions that are both reliable and cost-effective. Advanced lead-acid batteries have proven to be well-aligned with the needs of these markets, playing a pivotal role in driving the expansion of the overall market.
Advanced Lead Acid Batteries Market Report Coverage
Attributes
Details
Estimated Market Size in 2024
US$ 31.9 billion
Projected Market Valuation in 2034
US$ 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 US$ billion
Key Market Segments Covered
Advanced Lead Acid Battery Market
--
By Type:
o
Motive
o
Stationary
--
By Construction Method:
o
Valve Regulated Lead Acid (VRLA) Battery
o
Flooded Battery
o
Others
--
By End-Use Industry:
o
Automotive and Transportation
o
Energy and Power
o
Industrial
o
Residential
o
Commercial
o
Others
--
By Region:
o
North America
o
Latin America
o
Western Europe
o
Eastern Europe
o
South Asia and Pacific
o
East Asia
o
Middle East and Africa
Key Countries Profiled
The United States Italy New Zealand
Canada
Brazil Russia China
Mexico Poland Japan
Germany
The Czech Republic South Korea
United Kingdom Romania GCC countries
France
Spain India South Africa
Bangladesh Israel
Australia
Key Takeaways from the Market Study
-- From 2019 to 2023, the advanced lead acid battery market expanded a a
CAGR of 8.6%
-- Based on type, the motive segment is expected to account for a CAGR of
6.7% in 2024.
-- Global advanced lead acid battery demand in China is predicted to
account for a CAGR of 7.9% in 2024.
-- In the United States, the advanced lead acid battery industry is
expected to account for a CAGR of 7.1% in 2024.
-- Japan is projected to expand by a value CAGR of 8.5% between 2024 and
2034.
-- The advanced lead acid battery market in the United Kingdom is
anticipated to record a CAGR of 8.0% in 2024.
"The swift expansion of the automotive industry and the increasing number of initiatives geared towards integrating green energy solutions within the automotive sector is anticipated to drive the market growth during the forecast period," says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.).
Competitive Landscape
Manufacturers are deploying diverse marketing strategies, including the introduction of new products, expanding into different geographical markets, engaging in mergers and acquisitions, and forming strategic partnerships and collaborations.
These initiatives are geared towards capturing the attention of prospective buyers and cultivating a broader customer base. Key players operating in the advanced lead acid battery market are given below.
-- 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
Purchase this report now to get key companies with their Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis.
Product Portfolio
-- Coslight Technology International Group Co. Ltd. is a diversified
company involved in various energy-related products. It is a notable
player in the lead-acid battery market, producing batteries for
applications such as telecommunications, energy storage, and electric
vehicles.
-- Crown Battery is a well-established manufacturer of lead-acid batteries
for various industries, including automotive, marine, and renewable
energy. The company has established a reputation for its unwavering
dedication to ensuring quality and reliability.
Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global advanced lead acid battery market, providing historical data from 2019 to 2023 and forecast statistics between 2024 and 2034.
To understand opportunities in the advanced lead acid battery industry, the industry is segmented based on type (Motive, Stationary) by Construction Method (Valve Regulated Lead Acid (VRLA) Battery, Flooded Battery, Others) By End-Use Industry(Automotive and Transportation, Energy and Power, Industrial, Residential, Commercial, Others) Region (North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, the Middle East, and Africa).
Request to Access the Detail Research Methodology from here!
About the Industrial Automation Division at Future Market Insights
The industrial automation team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations with the objective of providing authentic insights and accurate results to help clients worldwide.
With a repertoire of over 100+ reports and 1 billion+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis of key trends including competitive landscape, profit margin, and research development efforts.
About the Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai and has delivery centers in the United Kingdom, the United States, and India. FMI's latest market research reports and industry analysis helps businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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