Global Lead Acid Battery Market Is Projected to Reach $52.5 Billion by The Year 2024 With A Compounded Annual Growth Rate of 4.7% During The Forecast 2026

Global Lead Acid Battery Market Is Projected to Reach $52.5 Billion by The Year 2024 With A Compounded Annual Growth Rate of 4.7% During The Forecast 2026

July 30, 2021, New York, USA – A lead-acid battery is a type of battery where you can store energy. It is primarily used in industries such as automation, energy, storage, and telecommunication. It is also used for several other purposes in industries such as utilities, manufacturing, marine industry, chemical, and pharma industries. The batteries are also used for renewable energy systems. The battery consists of two electrodes that are submerged in a liquid of Sulphur acid. It has two electrodes, positive and negative.

It is a rechargeable battery that was first invented in the year 1859 by the French physicist Gatson Plante.

The biggest advantage of a lead-acid battery is that it is cheap, user-friendly, and can work for many power applications. It uses one of the most mature technologies and is comparatively cheap to manufacture. Also, they provide the lowest cost per unit for rechargeable cells.

They have an extremely large current capability and show the highest tolerance to overcharging. They come in a wide range of sizes and specifications and there are many lead players worldwide who are in the production of the Lead Acid Battery Market. Most importantly they are highly portable which has always been an added advantage of the Lead Acid Battery Market.

One of the highlights of this industry is that it is a very well-established industry and one of the bases of the automotive industry. It can be said that the automotive industry is very much dependent on the Lead Acid Battery Market.

There are different categories of Lead Acid Batteries. They are-

  • Flooded Type-

This has the conventional machines with a traction kind of battery. Water can be added to its cells once the water gets dried up.

  • Sealed Type-

Almost similar to the sealed type of this battery, the sealed type has more amount of acid.

  • Valve Regulated-

It is also called a Sealed Lead Battery and it has a limited amount of electrolyte.

  • AGM type-

They consist of a separator of fiberglass and a plate to hold the electrolyte.

Forecast of the Global Lead Acid Battery Market-

This market is projected to reach $52.5 billion by the year 2024 with a compounded annual growth rate of 4.7% during the forecast period. By the year 2026, it is likely to register a growth of $59.7 billion at a CAGR of 5.24%.

Volume-wise the demand for the Lead-Acid Battery Market will continue to expand and it is forecasted to reach 881,280 units by the year-end 2022.

In this period the Asia Pacific market is likely to dominate this sector due to its requirements for various cost-effective energy solutions. The main industrial hubs which are considered to be in the lead are China, Singapore, South Korea, Japan, and India. The Key players in India in the Lead Acid Battery market are Exide, HBL Power Systems, and Okaya Power.

All the above countries are considered to be the main industrial hubs and are likely to take the lead in the Acid Battery Market.

The key market trends also suggest that the automobile sector is all set for a big boom soon. India and the Asia Pacific have witnessed tremendous growth in the per capita income which has led to the subsequent increase in the disposable incomes of the people. This has contributed to the demand for automobiles and along with that a surge for Lead Acid Batteries.

Driving factors for the demand for the Lead Acid Battery Market-

  • Energy-saving storage solution-

The Lead Acid Battery market offers energy storage solutions. Plus, it is extremely cost-effective. This is an important phenomenon for any kind of business or organization as it will add up to their savings and increase their investments. Hence for this very reason, numerous companies have invested in Lead Acid Batteries-

Some of them are-

  • Tesla
  • Dyson
  • Daimler
  • Total
  • Siemens

The technology of the Lead Acid Battery is cheaper as compared to the other batteries and the pricing of the same plays a crucial role in the long-term investments.

Limitations of the Lead Acid Battery –

The Lead Acid Battery has its limitations in place, however.

The lifespan of these batteries is normally 300-500 cycles. Also, they can fail to operate after few years.

They are very portable, however; one needs to ensure the disposing of the acid with utmost care.

It is not at all suitable for fast charging and the charging efficiency is only around 70%.

Most importantly it is not at all environmentally friendly.

Even though the growth and demand of the lead-acid battery are anticipated it is going to face stiff competition from the lithium-ion battery technology. This has consequently lead to the increase in research and technology and various development activities are also being carried out about lead-acid batteries. Top Manufacturers are now looking at more long-lasting options such as durability and low maintenance to rise against the competition faced by lithium-ion batteries.

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