The lead acid battery market growth demand is growing as consumers' preferences for renewable energy sources, such solar and wind power, are increasing. These batteries also play a crucial role in renewable energy systems as a means of storing excess energy produced during high production intervals and releasing it when required.
The global lead acid battery market size reached US$ 34.3 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 48.0 Billion by 2032, exhibiting a growth rate (CAGR) of 3.7% during 2024-2032.
Lead acid battery is a type of rechargeable battery that uses lead plates and an electrolyte solution to store and release electrical energy. When charged, lead is oxidized and lead dioxide is reduced, creating a potential difference. When discharged, the reverse happens, generating electricity.
Based on the product, the global lead acid battery market can be categorized into SLI, stationary, and motive. Currently, SLI accounts for the majority of the total market share. 6. What is the breakup of the global lead acid battery market based on the construction method?
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