What is the global lead acid battery market size?

The global market is projected to grow from USD 48.32 billion in 2024 to USD 71.68 billion by 2032, exhibiting a CAGR of 5.05% during the forecast period. Lead acid battery, also known as a lead storage battery, is a rechargeable battery that uses lead and sulfuric acid materials for function.

Is the battery market a stable market?

Recent studies show confidence in a more stable battery market growth and, across time-specific studies, authors expect continuously declining battery cost regardless of raw material price developments.

How has battery quality changed over the past 30 years?

As volumes increased, battery costs plummeted and energy density — a key metric of a battery’s quality — rose steadily. Over the past 30 years, battery costs have fallen by a dramatic 99 percent; meanwhile, the density of top-tier cells has risen fivefold.

Why are lead acid battery sales growing in Asia Pacific?

Lead acid battery sales in Asia Pacific come primarily from the automotive sector driven by strong demand for passenger cars and rising awareness and acceptance of electric vehicles. The EV segment in the automotive sector is developing significantly to reduce its carbon footprint.

What is a lead acid battery?

Lead acid battery, also known as a lead storage battery, is a rechargeable battery that uses lead and sulfuric acid materials for function. Although lead acid batteries are highly reliable, they have minimal life. The battery also contains some toxic materials, which require unique removal methods at the end of their life.

Why are lead acid batteries better than other batteries?

Owing to the ease of availability, low capital cost, and large current carrying capability, they are used widely compared to other batteries. Further, lead acid batteries provide more energy per cycle at a lower cost per kilowatt-hour than any other type of battery chemistry, translating to lower operating costs over time.