The global lead acid battery market is gaining traction due to increasing adoption of electric vehicles worldwide. Lead acid batteries utilize sponge lead and lead peroxide to convert chemical energy into electrical power. The lead acid battery finds major application in power stations and substations owing to its higher cell voltage and lower cost. The various features offered by lead batteries include low cost, low internal impedance, reliability, robustness, tolerance to overcharging, delivery of very high currents, and availability of a wide range of sizes and capacities. Lead acid batteries are used in a variety of applications such as automotive, lighting, grid scale energy storage, emergency power of electrical installations, UPS, and high current drain applications. Lead-acid batteries are commonly used as a secondary source of battery in electric vehicles. They are comparatively cheaper than other batteries but offer low kilowatt-hours of energy storage per kilogram of weight. These batteries are used to power components such as lights, entertainment system and the heating/cooling system. However, these batteries offer low specific energy, short life cycle, and poor cold-temperature performance, which restrict its use to minor applications. Lead-acid batteries do not support fast charging with typical charge time of 8 to 16 hours.
The growing demand of electrical vehicles, and increasing use of lead acid batteries for energy storage are expected to drive the market. There has been an increased awareness among consumers regarding environmental pollution, which in turn has increased the adoption of electrical vehicles, boosting the growth of lead acid battery market. The increasing adoption of lead acid batteries in off-grid renewable energy generation fosters the market growth. Additionally, increasing demand of UPS and inverters in various industries augments market growth. There has been an increased demand of lead acid batteries in emerging economies of Asia-Pacific owing to development of manufacturing and automotive sectors. Global players are expanding their business in this region to increase their customer base and improve the geographical outreach.
However, emergence of advanced batteries, danger of overheating during charging, and inability to fast charging are some of the factors hampering the global market.
The global lead acid battery market is segmented on the basis of type, end-user, and geography.
Geographically, the global lead acid battery market is categorized into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
On the basis of geography, Asia-Pacific is expected to dominate the global market over forecast period. The increasing demand for alternative fuel vehicles, especially battery electric-vehicles is expected to drive the growth of lead acid batteries in this region. The growing use of lead acid batteries in renewable energy storage systems also accelerates the adoption. The increasing demand for lead acid batteries from countries such as China, Japan, and India would provide growth opportunities during the forecast period. The presence of large number of automotive manufacturers and portable device suppliers also augments the growth of lead acid batteries in the region.