Lead acid battery is an energy storage system, deployed primarily as a power source across multiple applications. It is a rechargeable battery that comprises of sulfuric acid solution electrolyte, lead-dioxide cathode, and sponge metallic lead anode. Some of the key characteristics of lead acid batteries include low discharge rate, giant electrolyte reserves and resistance to corrosion, are responsible for global market growth.
Lead acid batteries find wide-ranging usage in the automotive applications including golf carts, forklifts, and industrial cleaners. High usage of lead acid battery in forklifts due to reliability, low cost, and well-established supply chain of the product, is expected to positively influence the market. Lead acid battery is generally used in automobile because it delivers high power to start the engine. The superior quality, safety, and recycling process of these batteries are projected to augment the market growth over the forecast period.
As per study, “Lead Acid Batteries Global Market Report 2020-30: Covid 19 Impact and Recovery” the key companies operating in the global lead acid batteries market include GS Yuasa; Clarios; Panasonic; EnerSys; Exide Industries; Chaowei Power; Narada Power; NorthStar; Hitachi Chemical; Exide Technologies; HBL Power Systems; Crown Battery; Teledyne Technologies; HOPPECKE; C&D Technologies; East Penn; Hankook AltasBX; Rolls Battery; Camel Power; Okaya Power; Leoch International Technology; Amara Raja Power System; XUPAI Battery; Harbin Coslight Power; Enersys; Johnson controls; First National Battery; Exide technologies; Yokohama Industries.
By type, lead acid batteries market is segmented as motive and stationary. Stationary segment includes UPS, telecommunication, control & switchgear and others. In addition, by end-user, market is segmented as industrial, transportation, commercial, and residential.
The lead acid batteries market is driven by rise in demand for uninterrupted power supply, followed by rapid technological advancement & expansion in the telecommunication sector, growth in datacenter infrastructure and growth in automotive industries. However, stringent government regulations and increase in penetration of alternative lithium ion technologies may impact the market. Moreover increase in use of sealed lead–acid (SLA) batteries in data centers and growth of off-grid renewable energy generations are key opportunities for market.
By geography, the Asia-Pacific is a leading region in global lead acid batteries market owing to strong demand for passenger vehicles coupled with increase in awareness & adoption of electric vehicles in the region. Apart from this, the growth of this region is primarily driven by the emerging countries like India and China which are focusing on reducing their carbon foot print. Furthermore, these countries generally prefer cost-effective battery storage, thus lead acid batteries are preferred. The European and North-American regions are likely to exhibit considerable growth rate because of rise in need for alternative energy source over the forecast period. In addition, alteration of public transportation utilities into the higher recycling rates & electric sources in European region is expected to stimulate the regional demand for lead-acid batteries. It is expected that global lead acid batteries market will be reached at US $25.07 billion, by 2023, at a CAGR of 5.09%.
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Ankur Gupta, Head Marketing & Communications