Lead Acid Battery Market to Surpass $106 Billion by 2029
Heightened demand from transportation sector
Lead acid batteries are one of the foremost energy sources in multiple end-use industries, such as transportation, automotive, industrial, grid storage, motive, and stationary industries. The lead acid battery market is maintaining its hegemony in the transportation sector owing to a surge in the production of passenger vehicles and two-wheelers. The extensive use of conventional vehicles in emerging economies of China, India, and Brazil are poised to strengthen the lead acid battery demand in the global market. Automobile manufacturers are opting for lead acid batteries, as they deliver high power density and are easy to produce and recycle. According to the latest market study, the transportation industry will account for nearly 39% of the total global value share by the end of the forecast period
Further, the adoption of electric vehicles and e-bikes powered with lead acid batteries have tremendously increased and are expected to unlock future growth prospects in the global market. Flooded batteries are gaining significant traction compared to absorbent glass mat (AGM) batteries, according to the study.