How is Rising Adoption of Electric Vehicles Driving Lead-Acid Battery Market?

The regulatory government norms are increasingly focusing on reducing the greenhouse gas emissions and global temperature. Attributing to this, the need for electric vehicles (EVs), such as plug-in hybrid electric vehicles, hybrid electric vehicles, and pre battery electric vehicles, is on the rise as they enable efficient and clean transportation.

In order to increase the adoption of EVs across the world, a France-based organization, Clean Energy Ministerial, established a multi-government policy forum - 'Electric Vehicles Initiative (EVI)' in 2010. Since, due to their high energy density and specific energy, lead-acid batteries are used widely as a power generating source in EVs, their demand is predicted to increase with the rising adoption of EVs.

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According to a research conducted by P&S Intelligence, in 2017, the global lead-acid battery market attained a value of $56.9 billion and is further predicted to generate $70.7 billion, advancing at a 3.7% CAGR, in the coming years.

Lead-acid battery, a type of rechargeable cell, makes use of sponge lead and lead peroxide in order to convert chemical energy into electrical power. The battery comprises lead and lead oxide plates, which are immersed in sulfuric acid solution. Electric current is generated due to the oxidization of the lead plate by the oxide component of the battery. Due to their low cost and high cell voltage, lead-acid batteries are commonly used in power stations and substations.

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Three types of lead-acid batteries are standby, starting, lighting, & ignition (SLI), and motive. Standby battery, also known as float-use battery, has large number of thin cell plates and is used as an alternate source of electricity in case of any emergencies. It has a life span of around five years. SLI battery is used for powering lights, motor, and ignition system of a vehicle's engine and is installed with the vehicle's charging system. Motive battery provides a steady current for a longer duration and is utilized to provide power to EVs such as golf carts and forklift truck. Among all these, the largest demand during 2013-2017 was created for SLI lead-acid batteries.

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This release was published on openPR.