Lithium-Ion and Lead Acid Batteries Market: Current Analysis and Forecast (2022-2030)
Emphasis on Battery Type [Lithium-ion Battery (Lithium Cobalt Oxide, Lithium Iron Phosphate, Lithium Nickel Manganese Cobalt, and Others) and Lead Acid Battery (SLI Batteries, Stationary, and Motive)]; Construction Type [Lithium-ion Battery (Cylindrical lithium-ion cell, Prismatic lithium-ion cell, and Lithium Pouch Cell) and Lead Acid Battery (Flooded Battery and VRLA Battery)]; Power Capacity [Lithium-ion Battery (Low Voltage, Medium Voltage, and High Voltage) and Lead Acid Battery (Low Voltage and High Voltage)]; Application [Lithium-ion Battery (Consumer Electronics, Electric Vehicles, Energy Storage, and Others) and Lead Acid Battery (Automotive, UPS, Telecom, and Others)]; and Region/Country
The lithium-ion and lead acid batteries market were valued at USD 105 billion in the year 2022 and is expected to grow at a strong CAGR of around 17.3% during the forecast period (2023-2030). This is mainly due to the rising popularity of electric vehicles among consumers due to rising awareness about the climate concerns and cost benefits that EVs offer is also driving the growth of electric vehicles. For instance, according to the international energy agency(IEA), Consumers spent USD 120 billion on electric car purchases in 2020, a 50% increase from 2019, which breaks down to a 41% increase in sales and a 6% rise in average prices. Moreover, the robust IT and automotive sectors in emerging markets have led to a surge in the demand for electric vehicles and energy storage systems, thereby driving the growth of the lithium-ion market. Additionally, the favorable government policies and incentives for renewable energy and electric mobility have created a conducive environment for market expansion. Further, lead acid batteries give more energy per cycle at a lower cost each kWh than some other kind of battery science, meaning lower working costs over the long run. These batteries are recyclable, and the reusing rate is over 90% in specific nations, which additionally diminishes battery costs and contamination assets. From now on, lead acid batteries are the most appropriate batteries for power backup systems.
Some of the major players operating in the market include Lithium-Ion Battery (SAMSUNG SDI CO., LTD.; Panasonic Industry Co., Ltd.; BYD Company Ltd.; TOSHIBA CORPORATION; A123 Systems LLC; and LG Chem) Lead Acid Battery (Amara Raja Group; Zhejiang Fengfan NC Machinery Co., Ltd.; East Penn Manufacturing Company; Luminous India; GS Yuasa International Ltd.; and Others (Combined Manufacturers and Startups). Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst application, the lithium-ion battery (electric vehicles) category is expected to dominate the market share and will continue to grow at a robust rate”
Based on application, the lithium-ion and lead acid batteries market has been classified into lithium-ion battery (consumer electronics, electric vehicles, energy storage, and others) and lead acid battery (automotive, ups, telecom, and others). The lithium-ion battery (electric vehicles) category is expected to dominate the market share and will continue to grow at a robust rate. This is mainly due to the increasing demand for electric vehicles, combined with the development of new battery technologies, which is driving the growth of the market and providing opportunities for companies that specialize in high-capacity batteries. For instance, in July 2022, Ford announced a series of initiatives for sourcing battery capacity and raw materials that help reach its targeted annual run rate of 600,000 electric vehicles by late 2023 and more than 2 million by the end of 2026.
“Amongst construction type, the lithium-ion battery (cylindrical lithium-ion cell) category is expected to dominate the market during the forecast period”
By construction type, the market is segmented into lithium-ion battery (cylindrical lithium-ion cell, prismatic lithium-ion cell, and lithium pouch cell) and lead acid battery (flooded battery and VRLA battery). Among these, the lithium-ion battery (cylindrical lithium-ion cell) category is expected to dominate the market during the forecast period. Cylindrical batteries are more compact and space-efficient than other battery shapes such as prismatic or pouch cells. This makes it easier to integrate into the design of electric vehicles and allows for more flexibility in terms of the size and shape of the battery pack. Moreover, these batteries are also cost-effective to manufacture and assemble, which can help lower the cost of EVs for consumers, market players form strategic alliances, thereby driving the growth of the lithium-ion and lead-acid market.
Lithium-Ion and Lead Acid Batteries Market Report Coverage
“North APAC dominated the Lithium-Ion and Lead Acid Batteries Market in 2022”
The lithium-ion and lead acid batteries market in the APAC region held the largest market share and is expected to maintain its growth throughout the forecast period owing to the rising per capita GDP of the countries in the APAC hence improving the standard of living and increasing money in the hands of people driving the consumption of the countries. Though as a percentage of total vehicles sold electric vehicle percentage is highest in Europe but the number of units sold in China is leading the pack and has emerged as a top producer and seller of the electric vehicles in the world. For instance, Asian countries are projected to produce almost 13 million electric vehicles in the year 2023, whereas, in 2022, China has sold roughly 52% of the total EVs produced in the world which amounts to almost 3.5 million units.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
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The global Lithium-Ion and Lead Acid Batteries Market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to contact us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Lithium-Ion and Lead Acid Batteries Market Analysis (2023-2030)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global Lithium-Ion and Lead Acid Batteries Market were the three major steps undertaken to create and analyze the adoption of smart homes in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Lithium-Ion and Lead Acid Batteries Market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the Lithium-Ion and Lead Acid Batteries Market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the Lithium-Ion and Lead Acid Batteries Market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as battery type, construction type, power capacity, and application. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Lithium-Ion and Lead Acid Batteries Market. Further, we conducted factor analysis using dependent and independent variables such as battery type, construction type, power capacity, and application of the Lithium-Ion and Lead Acid Batteries Market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Lithium-Ion and Lead Acid Batteries Market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Lithium-Ion and Lead Acid Batteries Market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the Lithium-Ion and Lead Acid Batteries Market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global Lithium-Ion and Lead Acid Batteries Market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Lithium-Ion and Lead Acid Batteries Market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the battery type, construction type, power capacity, and application in the global Lithium-Ion and Lead Acid Batteries Market.
The main objective of the Global Lithium-Ion and Lead Acid Batteries Market Study
The current & future market trends of the global Lithium-Ion and Lead Acid Batteries Market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the Lithium-Ion and Lead Acid Batteries Market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of the battery type, construction type, power capacity, and application
- Define and analysis of the regulatory framework for the smart home industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
- Analyze the current and forecast market size of the Lithium-Ion and Lead Acid Batteries Market for the major region
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
- Company profiles of the Lithium-Ion and Lead Acid Batteries Market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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