Lead Acid Battery Market is projected to grow at a CAGR of ~ 5% during the forecast period of 2019 to 2029

Surge in Demand for ‘Recyclable’ Lead Acid Batteries with Enhanced Conductivity and Durable Life-cycle Finds FMI Study

Future Market Insights (FMI), in its latest research, evaluates the lead acid battery market which includes global industry analysis 2014–2018 and opportunity assessment 2019–2029. The report investigates the lead acid battery market and provides critical insights for the forecast period of 2019-2029. As per the research, the global lead acid battery market was valued at ~ US$ 64 Bn in 2018, and is estimated to increase at a CAGR of ~5% between the forecast period of 2019 and 2029.

Surge in production of commercial vehicles (HCVs and LCVs) to cater to rapidly soaring demand from the transportation and motive industry verticals is set to bolster the demand for lead acid batteries, suggests FMI’s research.

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Despite a dramatic rise in use of lithium-ion batteries to power electric vehicles (EV), developing economies are banking on mature lead acid batteries for energy storage. In addition, environment ministry of various countries is setting adamant policies to curb lead contamination by proper recycling of used lead composites, which is likely to somewhat affect the market of lead acid battery.

Enhanced Flooded Batteries Remain Sought-after for Power Supply amidst High Maintenance demands

Enhanced flooded batteries (EFB) are gaining huge traction among Asian and European car makers due to relatively low upfront expenses, assesses FMI’s report. EFBs provide high backup power and operate at partial state-of-charge, making them suitable for HCVs and low-end automobiles. Addition of carbon-based composites and conducting polymers improves the dynamic charge acceptance and durability of the EFBs. However, EFBs demand maintenance on a regular basis in the form of water to compensate for the used electrolyte through the vents. EFBs are not preferred in hot settings owing to evaporation of electrolyte. Although, EFBs can operate in extreme cold conditions, their life-cycle is reduced due to freezing of water. Amid these pitfalls, EFBs tend to remain a great fit in reserve power supplies for grid energy storage, backup power, and utility.
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On the contrary, absorbent glass mat (AGM) batteries are a perfect stop for high-end vehicles with idle start-stop (ISS) feature due to superior cycling capability and operation at low state of charge. The capillary action of AGMs to hold the electrolyte, prevent potential leakages and eliminate time-to-time condition checks, which makes them ideal for remote locations, says FMI. High cold cranking amps (CCA) of AGMs enable powering in extreme cold climate, resulting in increased rate of adoption of AGMs in near future.

However, high initial investments and relatively lesser life-cycle of AGMs are limiting their applicability in automobile and industrial sectors.
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Transportation and Telecom Industries Remain Prime Consumers

According to FMI’s study, the transportation industry remains to be the major consumer of lead acid batteries mainly due to boost production of HCVs, LCVs, passenger vehicles (PV), and two-wheelers, which require ignition spark. Developing economies including, India and ASEAN countries, are utilizing conventional vehicles for their journey. Exceptional backup power of lead acid batteries is motivating the telecom sector to use lead acid batteries in supplying standby power to base transceiver station (BTS) and remote hybrid station to prevent network outages happening due to interruptions and failure in power supply.

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