Lead acid batteries are rechargeable batteries. These batteries are made up of lead and sulfuric acids. These batteries are used for UPS appliances, passenger vehicles, transportation, residential and other purposes. The global lead acid battery market will reach 76.15 billion USD by 2025 from 57.21 billion USD in 2018 with a CAGR of 4.17% during the forecasting period.
Growth by Region
Asia Pacific will hold prominent share in the market owing to increasing usage of lead acid batteries in UPS applications, which are low cost and reliable. Europe is a key region of the lead acid battery market due to the ongoing developments, research and investments for off-shore in on-shore renewable energy generation activities. North America will have slow increment in demand during the period due to adoption of other alternatives for lead acid batteries.
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Drivers vs Constraints
Demand for passenger vehicles is increasing enormously which in turn increased the demand for lead acid batteries. Increasing requirement of UPS appliances in various sectors has driven the growth of the market. However, the adoption of Ii-ion batteries in automobile industry due to poor performance of lead acid batteries restrains the growth of the market.
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Industry Trends and Updates
Gravita India company signed a contract with Amara Raja Batteries for lead acid battery scrap collection and recycling arrangements.