Lead Acid Battery Market Will Reflect Significant Growth of $59.7 billion by 2026

The global lead-acid battery market size was valued at $39.7 billion in 2018, and is projected to reach $59.7 billion by 2026, growing at a CAGR of 5.24% from 2019 to 2026. Lead is the key component in lead-acid batteries, which is soft in nature, therefore, a couple of other additives such as antimony, tin, calcium, and selenium are added to it. These additives are added to get extra mechanical strength and electrical properties. Although lead is hazardous in nature, it is recycled that further prevents environmental damage. This is the reason why lead-acid batteries are capable of meeting sustainable norms.

The battery is rechargeable and is composed of lead-oxide cathode, sponge metallic lead anode and sulfuric acid solution electrolyte, utilized as a cost-effective power storage solution. Cost efficient energy storage solutions and recyclable nature of lead-acid batteries over lithium-ion batteries drive the global lead-acid battery market. However, emerging and existing alternatives to this type of battery hinder the market growth. However, the requirement for expanding data centers create new opportunities in the industry.

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The global market is segmented on the basis of application, product, construction method, and region.
On the basis of application, the automotive segment held the highest share of the global lead-acid battery market, holding nearly three-fifths of the total market in 2018, and is projected to maintain its lead position throughout the forecast period. This is attributed to application of lead-acid batteries for their robust and low-cost nature along with need for cost-effective energy solutions. However, the UPS segment is expected to grow at the highest CAGR of 5.9% from 2019 to 2026, owing to rise in demand for UPS system for its high performance, appropriate designing, and usage as an emergency power backup.

Based on product, the SLI segment contributed to more than half of the total share of the global lead-acid battery market in 2018, and is expected to maintain its dominant position during the forecast period. This is due to offering of long cycle-life, reduced weight in vehicles, and cost-effective energy source. However, the stationary segment is estimated to maintain the largest CAGR of 5.7% from 2019 to 2026, owing to rise in applications in security systems, oil and gas explorations, renewable energy systems, emergency lighting, utilities, backup power, and railway backup systems.

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By construction method, the flooded battery segment accounted for the largest market share in 2018. The adoption of flooded batteries is high in diesel-electric submarines, nuclear submarines, and in the automotive industry due to which there is a great demand for flooded batteries in the market. In addition, forklift trucks also use such batteries in material handling applications due to their low-cost.

The major player studied and profiled in the global lead-acid battery market are EnerSys, Exide Industries, Crown Battery, East Penn, HOPPECKE, NorthStar, Hitachi Chemical, Exide Technologies, Teledyne Technologies, Hankook AltasBX, and C&D Technologies.

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Covid-19 impact analysis:
The outbreak of COVID-19 affected the global economy severely and the Lead Acid Battery market was also not an exception in this regard. The report includes the COVID-19 impact on the market along with the current stratagems, dynamic slants, lines, and tactics espoused by the major players in the sector. It would further add up value to our clients by offering the much-needed insights on the global spectrum of the market. Apart from showcasing the impact instigated on the market share and size throughout the pandemic, especially during the initial phase, it also focuses on the key strategies implemented by the frontrunners during this crisis. Simultaneously, with the rollout of mass vaccination programs across the world, the market is expected to revive soon and the report also offers the post-COVID-19 impact on the global Lead Acid Battery market.

Key Findings of the Study:
• The global lead-acid battery industry sees a profitable growth opportunity for the next 10 years due to its existing consumer base across the globe
• By product, SLI batteries emerged as the global leader by acquiring 50% of the total market share in 2018, and is anticipated to be the largest market during the forecast period due to its application in the automotive industry
• By construction method, the flooded lead-acid battery segment accounted for around 85% of the total market share in response to the greater benefits associated with it over VRLA battery types
• By application, the automotive segment accounted for around 60% of the total market share in 2018. Consumers in passenger cars prefer low-cost energy sources for SLI applications due to which adoption of cost-effective lead-acid batteries is high in the automotive industry.

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