Lead Acid Battery Market: Current Analysis and Forecast (2021-2027)

Lead Acid Battery Market: Current Analysis and Forecast (2021-2027)

Global Lead Acid Battery Market is anticipated display a CAGR of around ~5% over the forecast period (2021-2027). A lead acid battery is used as an energy storage system and as a power source in a variety of applications. This, in turn, has a positive impact on the global market share of lead acid batteries. These rechargeable batteries have a sulfuric acid solution electrolyte with a lead dioxide cathode and a sponge metallic lead anode. One of largest in the lead-user category is industrial batteries - such as those used for standby power supply system, electrical energy supplies for telephone exchanges, public buildings, hospitals and various industries. Various information centers report a high need for battery storage. Any inconsistencies or power outages in different data centers might be critical for them. As a result, the growing Lead Acid Battery Market Share mostly supports this industry's back power needs. Furthermore, the UPS systems and Lead Acid Battery Facts used in all of these businesses are mostly Lead Acid Battery systems. As a result, these sectors use a significant volume of this type of battery, resulting in significant Lead Acid Battery Market growth.

Insights Presented in the Report

“Amongst Construction Method, Flooded segment dominated the market in 2020”

Based on construction method, the market is segmented into Flooded and VRLA. The Flooded segment is expected to grow at a higher CAGR during the forecasted period. In diesel-electric submarines, flooded lead–acid batteries are used to power electric motors, while nuclear submarines use them as a backup power source. As a result, increased maritime commerce operations are expected to provide flooded lead–acid batteries with good growth potential during the projection period. Because of their cost-effectiveness, the usage of these batteries in forklift trucks is increasing substantially, as forklift trucks are primarily utilized in the material handling business, where productivity and cheap cost are extremely important

“Amongst Type, SLI segment dominated the market in 2020.”

Based on type, the market is segmented into SLI, Stationary and Motive. The SLI segment is expected to grow at a higher CAGR during the forecasted period. The key benefit of SLI batteries is their high cycle life and reduced vehicle weight. As a result, the emergence of SLI batteries as a cost-effective energy source is fueled by an increase in car sales. Furthermore, these batteries are considered as a cost-effective source of energy by vehicle owners, who replace batteries after a specific time instead of buying expensive alternatives, such as lithium-ion battery, available in the market

“Amongst Technology, Advanced segment dominated the market in 2020.”

Based on technology, the market is segmented into Basic and Advanced. The Advanced segment is expected to grow at a higher CAGR during the forecasted period. The features such as improved battery life along with reduced weight the advanced lead acid batteries are gaining demand in the industry and is expected to grow at a higher CAGR during the forecasted period.

“Amongst End User, Transportation segment dominated the market in 2020.”

Based on end-user, the market is segmented into Utilities, Transportation, Industrial and Others. The Transportation segment is expected to grow at a higher CAGR during the forecasted period. The transportation segment dominated the market in 2020 and is expected to lead the lead-acid battery market during the forecast period. This is primarily because these batteries are cost-effective and are preferred for the installation in internal combustion vehicles for SLI applications.

“Asia Pacific represents as the largest market.”

Based on the estimation, during the projection period of 2021-2027, Asia Pacific is expected to grow at a higher CAGR. China, India, Japan, and South Korea are all major contributors to the Asia-Pacific region. High automobile production and sales, fast industrialization, population increase, and a spike in demand for UPS systems are just a few of the elements driving this region's growth. The automotive industry generates the majority of revenue for lead–acid batteries in Asia–Pacific, owing to robust demand for passenger automobiles and increased awareness and acceptance of electric vehicles. The electric vehicle section of the automobile industry is rapidly growing in order to minimize carbon emissions. The lead–acid battery is widely employed in electric cars, and its use is steadily increasing. Some of the major players operating in the market includes EnerSys, Exide Industries, Amara Raja Batteries Ltd, C&D Technologies Inc., GS Yuasa Corporation, HBL Power Systems Ltd., Panasonic Corporation, Teledyne Technologies Inc., Clarios, Narada Power etc.

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