Theglobal lead acid battery market is set for positive growth through 2030, expanding at a CAGR of 5.4% and surpassing a value pool of US$ 111.6 Bn by 2030-end. These findings are the results of Future Market Insights’ recently published research report on the subject.
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Presently, lead acid batteries find extensive usage as the primal energy source across the transportation, industrial, residential, commercial, grid storage and automotive sectors. Ranking high on the sustainability index, adoption of lead acid batteries is acquiring traction as it consumes thrice the lesser amount of energy per kilo watt hour, making them technically superior to lithium-ion batteries.
The electronic vehicle revolution has provided fertile ground for the proliferation of lead acid batteries as these vehicles extensively utilize them to power their systems. According to an estimate, the ignition procedure in electric vehicles is expected to eliminate at least over 4 million tons of greenhouse gas emissions annually. The aftermarket prospects also appear bright for lead acid battery OEMs as frequent battery servicing and replacement need to be conducted.
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The COVID-19 pandemic has dented near-term growth prospects as a result of the onset of a global economic recession. Cessation of business activities across key end-use industries such as manufacturing and automotives has reduced demand for lead acid batteries as an assembly component. These business suspensions are attributed to government calls for maintaining social distancing through the imposition of nationwide lockdowns. However, with these restrictions being lifted in certain countries, growth trajectory is gradually returning to its normal pace, reinforcing the pre-determined forecasts.
Key Takeaways from FMI’s Lead Acid Battery Market Research Report
- Flooded lead acid batteries are gaining fast traction, giving the AGM batteries a run for their money
- Transportation OEMs and aftermarket shall extensively utilize lead acid batteries, anticipated to expand 1.4x throughout the forecast period
- Regulatory agencies’ efforts to deepen EV penetration shall open up lucrative growth avenues for the lead acid battery market across prominent regions
- Energy storage solutions based on renewable sources shall find widespread adoption of lead acid batteries. Nearly complete recyclability rate and reduced production costs are the key drivers
- APEJ is expected to remain the kingpin due to rapid advancements in automotive, manufacturing and ICT sectors
Lead Acid Battery Market- Key Trends
- Reducing reliance on conventional fuel technologies in the wake of ensuring environmental sustainability is pushing up adoption of lead acid batteries in various industrial, residential and commercial businesses
- Industry 4.0 is leading to immense applications of lead acid batteries due to their cost effectiveness and greater power generation capabilities. Leading service providers are utilizing lead batteries to facilitate 5G internet penetration across emerging economies
- Incidences of unregulated emissions from lead recycling is a significant challenge inhibiting growth of the lead acid battery market in the future
Lead Acid Battery Market- Region-wise Analysis
- Asia-Pacific is a sunshine area for the lead acid battery market. The region shall account for nearly half the global market share
- Thailand, Vietnam and Indonesia are the most promising countries in the region due to high emphasis on grid storage
- China generates approximately 4/5th of its solar powered systems through lead acid batteries, accelerating usage in power storage. However, competition is resulting from the automotive sector due to the advent of electric vehicles
- Europe is the 2nd largest market, anticipated to register a 6% CAGR throughout the forecast period. High uptake of lead acid batteries in ensuring uninterrupted power supply is fueling demand
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A recent market study published by Future Market Insights on the Lead Acid Battery market includes global industry analysis for 2016-2020 and opportunity assessment for 2021-2031, and delivers a comprehensive assessment of the most important market dynamics. After conducting thorough research on the historical and current growth parameters of the Lead Acid Battery market, the growth prospects of the market are obtained with maximum precision.