NEWARK, Del., July 11, 2022 /PRNewswire/ -- The lead-acid battery market valuation is expected to reach US$ 54.3 Bn in 2021. Future Market Insights (FMI) analysis has forecasted the lead-acid battery sales to increase at 5.2% CAGR between 2021 and 2031. According to the study, the overall lead-acid battery market valuation will top US$ 90.5 Bn by 2031.
With an increased focus on research and development and large investment in the automotive industry, electric vehicles are expected to increase at a high pace, exhibiting a 6.2% CAGR in 2021. The lead-acid battery market will rise at 5.2% CAGR between 2021 and 2031 in the comparison above 1.2% CAGR registered during 2016-2020.
Growth can be attributed to the increase in the demand for energy-efficient solutions across the globe. The demand for lead-acid batteries has increased consistently with the advent of electric and hybrid vehicles over the past few years.
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A shift towards renewable energy sources such as solar power systems are laying bare potential opportunities for the expansion of lead acid battery markets in both emerging as well as mature markets. Therefore, there is a spike in the number of collaborations between manufacturers, grid-operators and renewable energy developers, resulting in the formulation of extensive distribution channels which is providing traction to the market," infers an FMI analyst.
