A lead acid battery is used as an energy storage system and as a power source in a variety of applications. This, in turn, has a positive impact on the global market share of lead acid batteries. These rechargeable batteries have a sulfuric acid solution electrolyte with a lead dioxide cathode and a sponge metallic lead anode. One of largest in the lead-user category is industrial batteries – such as those used for standby power supply system, electrical energy supplies for telephone exchanges, public buildings, hospitals and various industries. Various information centers report a high need for battery storage.
Based on type, the market is segmented into SLI, Stationary and Motive. The SLI segment is expected to grow at a higher CAGR during the forecasted period. The key benefit of SLI batteries is their high cycle life and reduced vehicle weight. As a result, the emergence of SLI batteries as a cost-effective energy source is fueled by an increase in car sales. Furthermore, these batteries are considered as a cost-effective source of energy by vehicle owners, who replace batteries after a specific time instead of buying expensive alternatives, such as lithium-ion battery, available in the market.
The automotive industry generates the majority of revenue for lead-acid batteries in Asia-Pacific, owing to robust demand for passenger automobiles and increased awareness and acceptance of electric vehicles. The electric vehicle section of the automobile industry is rapidly growing in order to minimize carbon emissions. The lead-acid battery is widely employed in electric cars, and its use is steadily increasing. Some of the major players operating in the market includes EnerSys, Exide Industries, Amara Raja Batteries Ltd, C&D Technologies Inc., GS Yuasa Corporation, HBL Power Systems Ltd., Panasonic Corporation, Teledyne Technologies Inc., Clarios, Narada Power etc.