Astute Analytica’s recent report on the global Lead Acid Battery outlines various sections discussing the prospects of the market. The report contains a thorough analysis of the market, discussing trends, growth factors, challenges, innovations, and outperforming strategies. Based on primary and secondary research, this in-depth analysis includes both qualitative and quantitative studies.
The Global Lead Acid Battery Market is estimated to witness a rise in revenue from US$ 44.86 Bn in 2021 to US$ 77.88 Bn by 2030. The market is registering a CAGR of 6.53% during the forecast period 2022-2030.
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The global Lead Acid Battery is forecast to experience strong growth potential due to growing energy consumption across the world. It is majorly attributed to the rising population, increasing industrialization, and growing urbanization. Further, the growing range of data centers and other commercial buildings will also contribute to the growth of the market.
Lead-acid battery is the very first rechargeable battery ever made. They have a low energy density when compared to current rechargeable batteries. Despite this, the cells have a high power-to-weight ratio due to their capacity to supply strong surge currents. These characteristics, combined with their low cost, make them appealing for use in automobiles to supply the high current needed by starter motors. Moreover, lead acid is deployed in a wide array of industries including automotive, industrial, manufacturing, UPS, communications and utilities among others.
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COVID-19 Impact Analysis
The global Lead Acid Battery experienced a sharp decline due to the COVID-19 outbreak. According to data from BP’s Statistical Review of World Energy, Primary energy consumption dropped by nearly 4.5% in 2020, which is considered to be the largest decline since 1945. The same source estimates that the US, India, and Russia witnessed the largest declines in energy consumption. However, China recorded a significant increase of nearly 2.1% in the energy demand. This thorough study by Astute Analytica covers all the factors impacting the market directly or indirectly. The report discusses the contribution of regions and companies in the form of investments and innovative strategies.
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The global Lead Acid Battery is forecast to record the highest growth in Asia-Pacific due to the presence of highly populated countries like India and China. According to EIA’s International Energy Outlook 2017, India will record the highest consumption of building energy by 2040. Furthermore, the same source estimates that delivered energy consumption for residential and commercial buildings in India is expected to rise at a rate of 2.7 percent per year between 2015 and 2040, which is more than double the global average.
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