The value of the world market for lead-acid batteries was $39. 7 billion in 2018, and is projected to reach $59.7 billion by 2026, growing at a 5.24% CAGR from 2019 to 2026. The most widely used and high-capacity rechargeable batteries are lead-acid batteries.
They are very inexpensive on a cost-per-watt-base, which makes them cost-effective energy sources for automobiles, electrical vehicles, forklifts, marine, and uninterruptible power supply (UPS) systems, these batteries are built with numerous individual cells containing a layer of lead alloy plates. Typically, lead-acid batteries contain 65% water and 35% sulfuric acid. Apart from this, other additives are also added to the battery to provide additional strength.
Since the fact that lead-acid battery is the first commercial-use battery, the consumer base for these batteries is very wide across the globe. As a result, there is a high market demand for these batteries. Numerous actions are taken on a global scale to cut back on transportation emissions. Technology advancements have also significantly increased communication technologies.
Both commuting devices and transportation vehicles can now be powered by lead-acid batteries, which have proven to be a reliable energy source. As a result, the global market for lead-acid batteries is expanding consistently all over the world. Since lead-acid batteries are the most affordable energy source, factors like rising automotive sales, increased demand for UPS systems, and a rise in marine trade is anticipated to propel this market’s growth.
However, with changes in the momentum of technology, new battery sources are emerging, where lithium-ion battery is considered to be a suitable alternative to a lead-acid battery. As a result, it is anticipated that lead-acid battery demand will suffer, which will restrain the growth of the global market.
The product, construction method, application, and region-based segments of the global lead-acid battery market are all taken into consideration. By the product, it is segmented into SLI, stationary, and motive. By design, it is divided into two types: flooded lead-acid batteries and valve-regulated sealed lead-acid batteries (VRLA).
It is broken down into various applications, including automotive, UPS, telecom, and others. The passenger car, electric bicycle, and transport vehicle segments of the automotive industry are further separated. It is researched in North America, Europe, the Asia-Pacific, and LAMEA.