The global deep-cycle battery market is set to experience substantial growth in the coming years, according to a recent report by Fairfield Market Research. The market size is expected to reach US$3.8 billion by 2030, up from US$2.3 billion in 2023, representing a robust compound annual growth rate (CAGR) of 7.4% during the forecast period.
Key Trends Driving Market Expansion
The increasing demand for effective energy storage technologies and the growing adoption of renewable energy sources are the primary drivers behind the deep-cycle battery market's growth. These batteries play a crucial role in storing and supplying electricity generated by solar and wind power, making them essential components in the transition to cleaner energy.
Another significant trend propelling the market is the unique design of deep-cycle batteries, which feature thicker lead plates and a smaller total surface area compared to their thinner SLI counterparts. This design enables deep-cycle batteries to generate a steady current for extended periods, despite the reduced surface area available for chemical reactions.
Market Segmentation and Regional Analysis In 2023, the flooded lead-acid batteries (FLA) segment dominated the industry, thanks to their liquid electrolytes that facilitate maintenance and longer discharge cycles. The motive platform segment, which includes electric forklifts, golf carts, and other material-handling equipment, is expected to hold the largest market share for deep-cycle batteries globally.
Also Read:https://www.fairfieldmarketresearch.com/report/deep-cycle-battery-market
Geographically, the Asia Pacific region is poised to capture the largest share of the global deep-cycle battery market. The growing demand for automobiles, particularly electric vehicles, and the development of telecommunication networks in China, India, and South Korea are expected to drive the demand for deep-cycle batteries in the region.
North America is also expected to witness significant growth in the deep-cycle battery market, primarily due to the region's well-established maritime industry, which includes defense vessels, cruise ships, and commercial shipping.
Key Growth Determinants and Challenges The increasing use of golf carts by the aging population is a major factor driving the expansion of the deep-cycle battery market. Golf carts are becoming popular among senior citizens in affluent countries like the United States for short-distance commutes and household errands. In India, the government has introduced golf carts in the public sector to cater to the elderly population and has started using them at airports. The Saudi Railway Organisation also provides golf cart services at train stations in Dammam, Riyadh, and Hofuf for elderly and disabled passengers.
The rising demand for electric forklifts is another significant factor propelling the deep-cycle battery market. Electric forklifts are gaining popularity due to their lower costs and better environmental impact, and deep-cycle batteries power these machines, offering longer battery life and reduced maintenance and downtime.
However, the market faces challenges, such as the high initial costs of deep-cycle batteries, which can be two to three times more expensive than traditional car batteries. Additionally, strict government regulations are driving up the cost of producing and marketing conventional lead-acid batteries, making deep-cycle batteries composed of lithium-ion and other materials more competitive.
Global Deep-Cycle Platform Market is Segmented as Below:
By Type:
Flooded Lead-acid Batteries (FLA)
Valve Regulated Lead-acid Batteries (VRLA)
By Application:
Stationary
Automotive
Motive Platform
By Geographic Coverage:
North America
o U.S.
o Canada
Europe
o Germany
o U.K.
o France
o Italy
o Turkey
o Russia
o Rest of Europe
Asia Pacific
o China
o Japan
o South Korea
o India
o Southeast Asia
o Rest of Asia Pacific
Latin America
o Brazil
o Mexico
o Argentina
o Rest of Latin America
Middle East & Africa
o GCC
o South Africa
o Egypt
o Nigeria
o Rest of Middle East & Africa