Lead Acid Battery Market to See 10.2% Annual Growth Through 2024

Industry Boosted by Increased Demand in the Transport Sector

July 31, 2019

WELLESLEY, Mass., July 31, 2019–Increased demand in the transport sector and advancements in manufacturing processes are two factors driving growth in the global lead acid battery market, according to a report by BCC Research, “Lead Acid Battery: Technologies and Global Markets.”

The market expects to see a compound annual growth rate (CAGR) of 10.2% through 2024, when it could be worth $78.7 billion.

Major players in the market include: Johnson Controls Inc. (JCI), B.B. Battery Co., Ltd., East Penn Manufacturing and Crown Battery Manufacturing Co.

Research Highlights

  • The flooded lead acid market segment should grow from $29.8 billion in 2019 to reach $44.4 billion by 2024 at a CAGR of 8.3%.
  • In the flooded lead acid segment, enhanced flooded batteries lead, growing at a CAGR of 12.4% through 2024, as compared to standard wet-flooded batteries which will grow at a CAGR of just 5.1%.
  • The VRLA/sealed lead acid market segment should grow from $18.7 billion in 2019 to reach $34.3 billion by 2024 at a CAGR of 12.9%.

Read the full report here: https://www.bccresearch.com/market-research/energy-and-resources/lead-acid-battery-market-research-report.html

“Over the forecast period, the automotive industry is expected to remain the leading end user application for lead-acid batteries,” writes BCC Research analyst Christopher Maara. “Within the automotive market, lead-acid battery sales will predominately be driven by starting, lighting and ignition uses in automobiles and motorcycles. Furthermore, as users demand more functions from their vehicles beyond wipers, radio and air conditioners to include mobile phone charging plugs and built-in entertainment and navigation systems, the demand for more powerful batteries will grow.”

Challenges Faced by the Lead Acid Battery Market

The production of lead-acid batteries has also increased. However, the high lead content in the product can harm the environment, especially if not recycled properly, and this is expected to restrain market growth. Lead mining releases toxic smoke, including sulfur dioxide, dioxins and dibenzofurans, into the environment. In addition, the low energy density of these products is anticipated to restrict growth, as other electrochemistries coming onto the market have higher densities and become more cost competitive as production increases and economies of scale begin to materialize.

Editors/reporters requesting analyst interviews should contact Sarah Greenberg at press@bccresearch.com.

Lead Acid Battery: Technologies and Global Markets( EGY163A )
Publish Date: Jul 2019    

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