Market Dynamics:
The increasing demand for energy storage applications across the globe is augmenting the growth of the lead acid battery market. With an increase in concerns pertaining to environmental sustainability and fluctuations in power supply, demand for energy storage systems is rising rapidly. Lead acid batteries are used extensively for energy storage in industrial and commercial sectors owing to their relatively low cost and high reliability. Furthermore, increasing adoption of electric vehicles and renewables-based energy production is also fueling the market growth. Lead acid batteries offer a cost-effective solution for energy storage in electric vehicles as well as energy storage applications associated with renewable energy production. Another key factor boosting the market growth is the rapid industrialization across developing nations such as China, India, Brazil, and others.

Key Takeaways

The Global Lead Acid Battery Market Size is expected to witness high growth, exhibiting CAGR of 8.2% over the forecast period, due to increasing use of start-stop technology in automobiles. This technology allows the engine to shut off when the vehicle is stationary, improving fuel efficiency. As lead acid batteries are well-suited for constant deep discharge applications, their demand from the automotive industry is growing.

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