Advanced Lead Acid Battery Market Share

APAC Market Statistics

Asia Pacific advanced lead acid battery market is projected to dominate revenue share of over 41% by 2037. The market growth in the region is also expected on account of the rising energy demand due to the population explosion in the area. Governments in this area are campaigning to reduce the detrimental effects of burning fossil fuels and encourage options that are more sustainable and environmentally friendly. There is a surging demand for battery energy storage systems in this area for both public and residential purposes, which serves as a driver for the market in this area.

In China, the demand for advanced lead acid batteries can be substantiated by the presence of nearly 3,000 battery manufacturers to meet its huge demand. There is also a growing demand for telecommunications and making the off-grid power supply available to the population at large. There is a staunch commitment to expanding and strengthening environmentally friendly solutions, with multiple companies investing in the infrastructure to up the production of batteries in this area. It is proving to be a profitable business even in South Korea, due to the growing electrical vehicles industry.

North America Market Analysis

By 2037, North American advanced lead acid battery market is estimated to dominate over 23% revenue share, owing to the recyclability of the batteries. This region has the highest lead acid battery recyclability rate globally. There is a massive demand for these across various sectors like automotive, data centers, and manufacturing. Adoption of electric vehicles is also at an all-time high in this area, which is expected to climb only upwards.

The U.S. has witnessed an uptick in the market due to the various stringent government regulations in force to tackle greenhouse emissions, and designing and developing new solutions to reduce the carbon footprint. The CAGR of the electric vehicles market in the U.S. stands at 9.8% which proves that the advanced lead acid battery market is set to expand further in the upcoming decade. Canada too is witnessing rising awareness amongst the public about the detrimental effects of carbon emissions on the environment. This factor directs the customers towards choosing sustainable energy options.