During the forecast period, the Flooded Lead Acid Battery market is expected to achieve a valuation of US$ 41.8 billion and increase at a value CAGR of 5%. (2019-2029). The increased production of automobiles around the world has aided the expansion of the lead acid battery industry. Lead acid batteries are becoming increasingly used as a secondary source of electricity for vehicles. However, the global vehicle market has remained static in terms of profitable growth in recent years.
This is expected to change in the next years, as the automotive industry is expected to benefit from increased car production, which will boost demand for Flooded Lead Acid Battery. Furthermore, the increased global adoption of passenger automobiles is likely to fuel the growth of the Flooded Lead Acid Battery market.
Furthermore, as the use of pure electric and hybrid vehicles grows, demand for improved flooded batteries, which serve as auxiliary batteries for starting, lighting, and ignition, is growing (SLI). According to the latest analysis from Fact.MR, improved flooded batteries would account for 34% of the total global value share by the end of the prediction period.
Key Takeaways of Flooded Lead Acid Battery Market
- During the projected period, flooded batteries are expected to provide an absolute $ opportunity of US$4.9 billion, accounting for almost 39% of the entire share. The flooded battery category is expected to grow 1.4X in 2020 compared to 2019 due to the widespread adoption of cost-effective energy storage batteries in emerging countries.
- Throughout the projection period, Asia-Pacific will continue to be the most important region, accounting for more than 45 percent of the global Flooded Lead Acid Battery market.
- The Internal Combustion Engine (ICE) technology segment is expected to generate an absolute dollar opportunity of US$15.1 billion over the forecast period, owing to the continued adoption of conventional vehicles over electric vehicles in developing economies due to a lack of charging infrastructure.
- The enhanced flooded battery type category is predicted to grow 2.2X in terms of value over the forecast period.
According to the Fact.MR “research and development initiatives for sustainable technologies and excellent performance at cheap costs are likely to generate new growth chances in the Flooded Lead Acid Battery industry.”
How are Depleting Fossil Fuel Reserves Spurring Demand for Lead Acid Batteries?
The usage of hybrids and electric vehicles to improve air quality and address environmental issues such as carbon emissions is driving growth in the market for low-emission or zero-emission batteries.
Lead acid batteries are becoming more common due to the growing depletion of fossil fuels. The sale of vehicles that generate more pollutants is restricted by government rules imposed on greenhouse gas emissions from automobiles. This is the key driver of the Flooded Lead Acid Battery market.
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