Lead Acid Battery Market size to exceed $61bn by 2026

Lead Acid Battery Market size is expected to surpass USD 61 Billion by 2026, as reported in the latest study by Global Market Insights, Inc.
 

The lead acid battery industry is expected to witness growth owing to rising demand for high performance energy storage solutions. High storage capacity, cost efficiency, and safe operation are some of the eminent factors favoring market demand. Conversely, the industry is being steadily infiltrated by advanced chemistries on account of their ability to provide high energy density. However, capability of a lead acid battery to operate as a reliable energy storage system/solution across diverse applications and competitive price index are some of the prominent factors complementing their market outlook.

 

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Expanding industrial and commercial sector base fueling the lead acid battery market growth from motive application

A lead acid battery unit is a highly preferred energy storage system deployed across motive applications including heavy machinery, forklifts, and industrial lifts amongst others. Over the years, investments across the manufacturing sector have increased on account of favorable policy regimes and high competition across the business landscape, thereby driving the market trends. To facilitate seamless operations, industry players have invested aggressively toward new equipment & machinery, which require lead acid batteries for power supply, thereby creating a cyclical market demand.
 

In addition, multiple warehouses & storage facilities have undergone development to match the rising e-commerce operations across the globe. These facilities have deployed a number of forklifts and industrial elevators to manage day to day operations and predominantly install lead acid battery units to power these equipment/machines, thereby creating a favorable market demand. In addition, the ability of these units to operate with high safety and minimal maintenance will further augment the industry growth over the forecast timeline.
 

Browse key industry insights spread across 500 pages with 1001 market data tables & 39 figures & charts from the report, “Lead Acid Battery Market Statistics By Application (Stationary {Telecommunications, UPS, Control & Switchgear}, Motive, SLI {Automobiles, Motorcycles}), By Construction (Flooded, VRLA), By Sales Channel (OEM, Aftermarket), Industry Analysis Report, Regional Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2020 – 2026”in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/lead-acid-battery-market
 

Growing demand for battery units with high durability will provide impetus to flooded battery technology

Flooded batteries comprise of lead plates, a plate separator and sulphuric acid electrolyte. These batteries offer durability and are the most economical over the operational life. These units have a high installation rates across automobile and two wheelers owing to their cost competitiveness as compared to VRLA battery. However, these batteries exhibit significant complexity in terms of their maintenance and installation. These limitations may hinder the lead acid battery market growth over the forecast timeline.
 

Increasing adoption of advanced vehicle technologies set to drive European market size

Europe has been a pioneer in the automobile engineering & manufacturing and is the market leader in the sales and production of automobiles. Increasing investments toward research & development have enabled the companies to develop cutting edge vehicle technologies addressing the future mobility needs. For instance, as per Germany Trade and Invest (GTAI), in 2017, Germany automobile industry spent over USD 20 billion in research and development activities to foster product demand by advanced technologies.
 

Alignment of progressive technologies across new vehicles to comply with the new environmental regulations and standards have resulted in the hybridization and electrification of engines. Growing sales of hybrid & conventional vehicles has provided significant market opportunities to advanced lead acid battery technologies as these systems effectively meet the market demand for high energy requirements of modern automobile platforms.
 

Rising demand of OEM battery units to boost the lead acid battery market demand

The demand for OEM lead acid battery units is witnessing significant growth, most notably from stationary applications. Increasing investments toward the procurement of new industrial equipment & machinery along with growing demand for power backup solutions will positively influence the market demand for lead acid battery units. In addition, increasing efforts toward research & development activities aimed toward enhancing the product life cycle will further proliferate the business over the forecast timeline.
 

Eminent industry players operating across lead acid battery market includes Koyo Battery, GS Yuasa, Leoch, Clarios, C&D Technologies, B.B. battery, East Penn, Zibo, Furukawa, HOPPECKE, Crown Battery, First National Battery, Shangdong, Middle East Battery, Enersys, and Exide Industries Limited amongst others. New technological advancements and strategic mergers are few prominent initiatives undertaken by the market players operating across the industry to sustain a competitive edge over other industry participants.
 

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