ASEAN Lead Acid Battery Market Projected to Exhibit Growth at 6.54% CAGR by 2031- TMR Study

In the ever-evolving landscape of energy storage, the ASEAN lead acid battery market is facing a transformative journey. With the emergence of lithium-ion batteries posing a significant threat, stakeholders in this market are strategically maneuvering to sustain revenue streams, especially amidst the challenges presented by the ongoing COVID-19 pandemic.

One notable development in this arena is the anticipated move by Exide Industries Limited, a prominent Indian multinational storage battery manufacturer, to sell off its North American operations. This decision is aimed at overcoming regulatory hurdles and bankruptcy challenges stemming from the pandemic. The repercussions of such a move are expected to create ripples across ASEAN countries, including Singapore, Thailand, and Myanmar, within the lead acid battery market.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐟𝐨𝐫 𝐚 𝐬𝐚𝐦𝐩𝐥𝐞 𝐨𝐟 𝐭𝐡𝐢𝐬 𝐫𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐫𝐞𝐩𝐨𝐫𝐭 𝐚𝐭 (𝐔𝐬𝐞 𝐂𝐨𝐫𝐩𝐨𝐫𝐚𝐭𝐞 𝐌𝐚𝐢𝐥 𝐈𝐝 𝐟𝐨𝐫 𝐐𝐮𝐢𝐜𝐤 𝐑𝐞𝐬𝐩𝐨𝐧𝐬𝐞) - https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=83327&utm_source=OpenPR_Ganesh&utm_medium=OpenPR

Diversification Strategies to Counter Lithium-Ion Threat:

As lithium-ion technology gains momentum, market stakeholders are proactively diversifying their production lines to include both lithium-ion and lead acid batteries. Despite the growing popularity of lithium-ion batteries, lead acid batteries continue to be indispensable, particularly in essential machinery and equipment. This strategic shift underscores the industry's adaptability and commitment to meeting diverse consumer needs.

Environmental Concerns and Recycling Initiatives:

Lead acid batteries, while pivotal for various applications, come with environmental considerations. Companies in the ASEAN lead acid battery market are leveraging this as an opportunity to contribute to establishing a circular economy through recycling initiatives. Despite the environmental challenges associated with lead battery recycling, manufacturers are intensifying research efforts to enhance the efficiency of lead acid battery recycling processes. This involves reusing materials such as lead, plastic, and electrolyte to create new batteries.

Projected Market Growth and Lucrative Opportunities in India:

The demand for lead acid batteries in ASEAN is poised to reach a significant milestone, with projections estimating the market to reach US$6 billion by 2031. With a compound annual growth rate (CAGR) of 6.54% expected from 2021 to 2031, the market showcases resilience and adaptability.

India emerges as a promising hub for import-export opportunities, captivating the attention of market stakeholders. The affordability, reliability, and energy efficiency of lead acid batteries make them a preferred choice for Indian consumers. These batteries are increasingly finding applications in storing and supplying electricity to various sectors, including streetlights, electric vehicles, railways, and telecom towers.

Collaborative Efforts to Enhance Battery Lifespan:

In response to the evolving landscape, ASEAN lead acid battery market players are joining hands with researchers to extend battery lifespan. Innovations, such as experiments conducted by researchers from the WMG University of Warwick and Loughborough University, are focused on improving the lifespan of lead acid batteries, particularly in energy storage systems (ESS). These collaborative efforts indicate the industry's commitment to staying abreast of technological advancements.

Renewable Energy Needs Driving Market Growth:

The burgeoning demand for renewable energy is a key driver propelling the ASEAN lead acid battery market. Webinars and partnerships emphasize the critical role of lead acid batteries in supporting renewable energy applications. Inverters and solar energy equipment are significant contributors to lead acid battery sales, aligning with the increasing emphasis on green energy storage.

Challenges and Future Outlook:

While lead acid batteries have been a cost-effective solution for various applications, they face challenges from alternative storage technologies, particularly lithium-ion batteries. The decline in prices of lead acid batteries across industries and the rise of Nickel-Metal Hydride (NiMH) batteries as a cost-efficient alternative pose challenges to the lead acid battery market.

Despite the setbacks caused by the COVID-19 pandemic, the ASEAN lead acid battery market is expected to rebound in 2021 and beyond, driven by economic recovery measures. The industry's ability to adapt to changing dynamics, invest in research and development, and address environmental concerns will play a pivotal role in shaping its future.

𝐁𝐮𝐲 𝐭𝐡𝐢𝐬 𝐏𝐫𝐞𝐦𝐢𝐮𝐦 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 | 𝐈𝐦𝐦𝐞𝐝𝐢𝐚𝐭𝐞 𝐃𝐞𝐥𝐢𝐯𝐞𝐫𝐲 𝐀𝐯𝐚𝐢𝐥𝐚𝐛𝐥𝐞 𝐚𝐭 - https://www.transparencymarketresearch.com/checkout.php?rep_id=83327<ype=S&utm_source=OpenPR_Ganesh&utm_medium=OpenPR

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