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Lead Acid Battery Market Revenue is anticipated to surpass USD 59.7 billion by 2026
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— Allied Market Research
WILMINGTON, DELAWARE, UNITED STATES, January 17, 2024 /EINPresswire.com/ —
According to a new report published by Allied Market Research, The global lead acid battery market size was valued at $39.7 billion in 2018, and is projected to reach $59.7 billion by 2026, growing at a CAGR of 5.24% from 2019 to 2026.
Lead-acid batteries are commonly used in a variety of applications, including automotive starting batteries, uninterruptible power supplies (UPS), backup power systems, and renewable energy storage.
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Asia-Pacific is the largest regional market in this and accounted for around 40% of the total share in 2018. The countries that are key contributors to Asia-Pacific include China, India, Japan, South Korea, and Australia. Some of the factors that drive the growth of this region include high automotive production and sales, rapid industrialization, rise in population, and surge in demand for UPS systems.
Major Companies
EnerSys, Exide Industries, Crown Battery, East Penn, HOPPECKE, NorthStar, Hitachi Chemical, Exide Technologies, Teledyne Technologies, Hankook AltasBX, and C&D Technologies.
Lead-acid batteries are commonly used as starting batteries in vehicles, providing the initial surge of power needed to start the engine. They are also used in deep-cycle applications, such as in golf carts, forklifts, solar power systems, and backup power supplies.
Renewable energy generation activities are growing significantly, and governments are also setting mandatory renewable energy targets by aiming electrification as well as decarbonization.
Lead–acid battery technology is one of the technologies that has the performance capability to meet these energy targets. Therefore, lead–acid batteries are expected to support governmental approaches during the forecast period.
Lead-acid batteries have some limitations. They are heavy and have a lower energy-to-weight ratio compared to newer battery technologies like lithium-ion. Lead-acid batteries also contain lead, which is a toxic substance, so proper disposal and recycling are important to prevent environmental contamination.
Lead-acid batteries have several advantages, including their relatively low cost compared to other battery technologies, high energy density, and the ability to deliver high currents. They are also known for their robustness and ability to handle harsh operating conditions.
While lead acid batteries have been a reliable and widely used technology, advancements in battery technology have introduced alternatives like lithium-ion batteries, which offer higher energy density, lighter weight, and longer cycle life. However, lead-acid batteries continue to be used in many applications where their cost-effectiveness and robustness outweigh the drawbacks associated with their weight and toxicity.
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Rise in popularity as well as the demand for lithium-ion battery limits the growth of the global lead–acid battery market. Expansion of data centers and resulting demand for heavy weight lead–acid batteries is the key global lead–acid battery market trend observed in the recent years.
By construction method, the flooded battery segment accounted for the largest market share in 2018. The adoption of flooded batteries is high in diesel-electric submarines, nuclear submarines, and in the automotive industry due to which there is a great demand for flooded batteries in the market. In addition, forklift trucks also use such batteries in material handling applications due to their low-cost.
By application, the automotive segment accounted for the largest global lead–acid battery market share in 2018. Lead–acid battery is used for SLI applications in the automotive industry due to its high current surge. As per the Battery, Recycling, and Manufacturing Associations, more than 250 million units of lead–acid batteries were sold in the automotive industry in 2017 due to flourishing growth in vehicle sales.
Increasing mandatory renewable energy generation targets across the globe as a part of government legislative approach is expected to offer healthy growth opportunities during the forecast period
By product, SLI batteries emerged as the global leader by acquiring 50% of the total market share in 2018, and is anticipated to be the largest market during the forecast period due to its application in the automotive industry.
The global lead–acid battery market growth of this market is mainly driven by lead–acid battery as a low-cost energy source and its recyclable nature.
It has more than a 90% recycling rate, which means a very little amount of lead goes into waste thereby, causing least impact on environment. This further increases the popularity of lead–acid battery, thereby fueling its demand.
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The global battery sector is in the middle of technology revolution and governments from various geographies are looking forward to accelerating their move toward low carbon energy sources.
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About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
David Correa
Allied Analytics LLP
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