Lead Acid Industrial Traction Battery Market - By Application (Forklift {Class 1, Class 2, Class 3}, Railroads), 2024 – 2032

Lead Acid Industrial Traction Battery Market Size

Lead Acid Industrial Traction Battery Market size was assessed at USD 1.04 billion in 2023 and is envisioned to grow at a CAGR of 10.9% up to 2032. Battery technologies, spanning various applications like electric forklifts, excavators, and lift trucks, are continuously evolving to deliver greater capacities and accelerated charging capabilities.
 

Several battery manufacturers are making significant investments in R&D aimed at enhancing efficiency and fostering long-term sustainability. These endeavors are generating a myriad of prospects for the traction battery market. Moreover, escalating investments in scaling up manufacturing capacities to satisfy the growing demand for electric vehicles (EVs) are poised to drive industry expansion.
 

Electric forklifts boast a prolonged lifespan owing to their reduced number of moving parts compared to internal combustion engine (ICE) counterparts. The declining costs of Li-ion batteries, alongside their notable benefits such as larger capacity and slower discharge rates, are fueling the expansion of the industry. The rising uptake of industrial EVs is anticipated to drive growth in the industrial traction battery market. Majorly forklifts have experienced notable surges in popularity recently, attributed to their suite of sustainable attributes. For instance, in 2022, the industrial sector, responsible for 22% of global emissions, has prompted heightened awareness regarding shifting customer needs towards embracing electric forklifts.
 

Lead Acid Industrial Traction Battery Market Analysis

The market is set grow at a CAGR of 10.9% on account of growing emphasis on electrifying industrial vehicles, alongside notable advancements in battery technologies and cost efficiencies, which has spurred a surge in the adoption of industrial traction batteries. Governments worldwide are implementing supportive policies aimed at cross-modal electrification, further bolstering industry expansion. Swift advancements in battery production capacities and cost reduction measures have contributed to a substantial increase in the uptake of electric vehicles. The ongoing adoption sustainable vehicles along with advanced technological solutions across the industrial landscape will propel the industry growth.
 

Based on application, the lead acid industrial traction battery market is segmented into railroads, forklifts, and others. The forklift application is anticipated to exceed over USD 1.85 billion by 2032. Electric forklifts showcase superior energy efficiency and function without relying on combustion fuel, serving as adaptable energy carriers that align with the policy objectives of the transportation industry. Electric vehicles (EVs) present notable benefits compared to conventional internal combustion engines, such as improved air quality, diminished noise pollution, enhanced energy security, and reduced greenhouse gas emissions.
 

The Asia Pacific lead acid industrial traction battery market is forecasted to reach more than USD 1.93 billion by 2032. There is a noticeable surge in demand for lead acid industrial traction batteries across various industries in the Asia-Pacific region. Continuous advancements in technology are enhancing the performance and efficiency of lead acid traction batteries, making them more appealing to industries in the region.
 

With increasing emphasis on sustainability and renewable energy sources, industries in the Asia-Pacific region are showing a preference for lead acid traction batteries as they provide reliable energy storage solutions. Favorable government policies and initiatives supporting the adoption of electric vehicles and renewable energy are further driving the growth of the market in the Asia-Pacific region.
 

Lead Acid Industrial Traction Battery Market Share

EXIDE INDUSTRIES LTD is a prominent player in the market, recognized for its substantial expertise in the design and production of diverse battery technologies. The company offers a comprehensive range of battery solutions, including lithium-ion batteries and lead acid batteries, among others. With a rich history deeply rooted in the battery technology sector, EXIDE INDUSTRIES LTD has effectively delivered traction battery solutions tailored to a broad spectrum of applications, including electric vehicles (EVs), industrial uses, and beyond.
 

Lead Acid Industrial Traction Battery Market Companies

• Amara Raja Batteries Ltd.
• Camel Group Co., Ltd.
• Ecovolta
• ENERSYS
• EXIDE INDUSTRIES LTD
• Hitachi Energy Ltd.
• HOPPECKE Batteries GmbH & Co. KG
• LG Energy Solution
• MIDAC S.p.A.
• Mutlu Corporation
• Panasonic Corporation
• Samsung SDI Co., Ltd.
• Toshiba Corporation
   

Lead Acid Industrial Traction Battery Industry News:

• In February 2024, Sunlight Group has recently concluded a deal to purchase the remaining 50% ownership in Ubatt GmbH, which is its German subsidiary,. This strategic move highlights Sunlight's unwavering commitment to driving progress in the renewable energy sector by prioritizing sustainably sourced materials. Through the acquisition of Ubatt GmbH, Sunlight is strengthening its presence in the German renewable energy market, stimulating innovation, and accelerating the transition towards environmentally friendly practices.
   
• In October 2023, HOPPECKE was tasked with providing support to a beverage industry client during the launch of a new logistics center, which included the introduction of electrically powered industrial trucks for the first time. The client sought assistance regarding occupational safety measures, protective gear for battery handling, and compliance with regulations pertaining to plant ventilation and charging station areas.
   

Lead acid industrial traction battery market research report includes an in-depth coverage of the industry with estimates & forecast in terms of volume and revenue in USD Million from 2021 to 2032, for the following segments:

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Market, By Application (USD Million)

• Forklift
  • Class 1
  • Class 2
  • Class 3
• Railroads
• Others

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
• Asia Pacific
  • China
  • Japan
  • South Korea
  • Australia
  • India
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • South Africa
• Latin America
  • Brazil
  • Argentina