How Big is the Lead Acid Battery Market Report: Expansion in Market Size Owing To 2021-2031

 

Manufacturers Diversify Production to Generate Revenue Streams During COVID-19 Crisis

Since lithium-ion batteries are emerging as a threat to lead acid batteries, stakeholders in the ASEAN lead acid battery market are scrambling to generate revenue streams during the ongoing pandemic. Exide Industries Limited - an Indian multinational storage battery manufacturer, is anticipated to sell off its North American operations in order to overcome troubles with regulators and bankruptcy caused due to the COVID-19 pandemic. This is anticipated to cause ripple effects in countries such as Singapore, Thailand, and Myanmar, among others, of the ASEAN lead acid battery market.

In order to address threats from the lithium ion technology, market stakeholders are anticipated to diversify their production in lithium-ion batteries, along with lead acid batteries since the latter are still used in essential machinery and equipment.


Lead Acid Battery Recycling Leads to Significant Environmental Pollution

Lead acid batteries are associated with environmental pros and cons. Hence, companies in the ASEAN lead acid battery market are capitalizing on this opportunity to enable recycling for establishing a circular economy. However, according to environment agencies such as Pure Earth and Green Cross Switzerland, lead battery recycling leads to significant environmental pollution. Nevertheless, manufacturers are increasing their research efforts to efficiently recycle lead acid batteries and reuse materials including lead, plastic, and electrolyte for making new batteries.

Cars and industrial machinery such as forklifts, cranes, and e-bikes are fueling the demand for lead acid batteries. As such, the ASEAN lead acid battery market is expected to reach US$ 6 Bn by 2031.


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India Holds Lucrative Import-Export Opportunities for Market Stakeholders

The ASEAN lead acid battery market is slated to clock a CAGR of 6.54% during the forecast period. Since the lead acid battery technology has attained great maturity, dominance of other substitutes such as lithium-ion batteries is expected to gain pace at a gradual pace.

Stakeholders in the ASEAN lead acid battery market are unlocking export and import opportunities in India. Energy efficiency, affordability, and reliability of lead acid batteries are grabbing the attention of Indian consumers and market stakeholders alike. Lead acid batteries are being increasingly used to store and supply electricity to streetlights, electric vehicles, railways, and telecom towers.


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Researchers Help Improve Lifespan of Lead Acid Batteries Used in ESS

Companies in the ASEAN lead acid battery market are expected to collaborate with researchers to increase the lifespan of batteries. Lead acid batteries are emerging as a clean and green solution for energy storage systems (ESS). Researchers from the WMG University of Warwick and Loughborough University are gaining recognition for experimenting with lead acid batteries in order to improve their lifespan in ESS applications. Stakeholders in the ASEAN lead acid battery market are taking cues from such innovations.

Due to the growing need for energy storage in various end-use cases, manufacturers are boosting their production capabilities for meeting consumer demands. Thus, to ensure seamless generation and storage of energy for national and regional electrical grids, manufacturers are increasing the availability of high performance, low cost, and reliable lead acid batteries used in ESS.


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Lead Acid Batteries Meet Energy Storage Needs for Renewable Sector

The increasing renewable energy need is acting as a key driver of the ASEAN lead acid battery market. Stakeholders and organizations are partnering to conduct webinars that emphasize on the imperative need of growing energy requirements in the renewable energy sector. Inverters and solar energy equipment are triggering sales of lead acid batteries. Since India holds lucrative import-export opportunities for market stakeholders, companies are increasing efforts to improve the sustainability and recyclability of lead batteries.

Green energy storage is a fast growing phenomenon in the market landscape. Stakeholders are increasing efforts to establish an advanced lead acid battery ecosystem in India as well as ASEAN countries. Incentivization schemes meant for manufacturers and dealers are coming to the fore.


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