New York, United States, Feb. 20, 2024 (GLOBE NEWSWIRE) — The Global Lead Acid Battery Market Size is to Grow from USD 42.34 Billion in 2023 to USD 68.3 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 4.9% during the projected period.
Based on the construction type, the global lead acid battery market is divided into VRLA lead acid batteries and flooded lead acid batteries. Among these, the flooded lead acid batteries segment is anticipated to hold the greatest share of the global lead acid battery market during the projected timeframe. Moreover, these flooded batteries are cost-effective and need minimal upkeep. They’re utilized in backup power, utility, telecom, and backup power sources. As a result, there’s a growing need for flooded batteries in both residential and commercial areas, driving the market growth for lead-acid batteries in the predicted timeframe.Based on the type, the global lead acid battery market is divided into SLI, stationary, and motive.  Among these, the SLI segment is anticipated to grow at the fastest pace in the global lead acid battery market during the projected timeframe. The rising demand for original equipment manufacturers (OEMs) and aftermarket products has helped the automotive industry to expand. A key factor driving the growth of the SLI battery market is the requirement for these batteries to deliver reliable performance, last a long time, and be affordable while running internal combustion engines, lights, motors, and ignition systems.Based on the application, the global lead acid battery market is divided into UPS, electric bikes, telecom, transport vehicles, automotive, and others. Among these, the automotive segment is predicted to grow at the highest pace in the lead acid battery market during the estimated period. The car industry is expanding worldwide because lead acid batteries are heavily utilized in traditional cars for starting the engine and powering accessories like lights and ignition systems. These batteries give the necessary initial energy boost to start the engine and run vehicle accessories when the engine isn’t on.Based on the end-user, the global lead acid battery market is divided into transportation, industrial, utilities, commercial & residential. Among these, the transportation segment is predicted to grow at the highest pace in the lead acid battery market during the estimated period. The growing investment in electric and hybrid cars is predicted to boost the need for transportation services. This increase in demand is expected to raise the requirement for lead-acid batteries in the transportation industry since these vehicles use advanced power systems that are efficient and powerful.This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Global Lead Acid Battery Market based on the below-mentioned segments:
(GlobeNewsWire)