by Deep cycle batteries are a special category of rechargeable batteries that are designed to be deeply discharged on regular use while maintaining ability for long-term charge-discharge cycles. They have thick plates that promote slow discharge and deep cycling of the battery without damage. Deep cycle batteries find applications in motive power and stationary energy storage systems for electric vehicles, boats, golf carts, and renewable energy backup. The advantages of deep cycle batteries include long shelf life, ability to withstand deep discharge cycles, slow self-discharge, and renewable energy application suitability. The growing adoption of electric vehicles, boats, rise of off-grid and micro-grid solutions have fueled the demand for deep cycle batteries in recent years.
The Global Deep Cycle Battery Market is estimated to be valued at US$ 2.57 Bn in 2024 and is expected to exhibit a CAGR of 7.7% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the Deep Cycle Battery are CD Technologies Inc., Crown Battery Manufacturing Co., East Penn Manufacturing Co. Inc., EnerSys, EverExceed Industrial Co. Ltd., Exide Technologies, GS Yuasa Corp., HBL Power Systems Ltd., Johnson Controls, Microtex Energy Private Limited, Midac S.p.A, Navitas System LLC., Rolls Battery, S. Battery Manufacturing Company, Su-Kam Power Systems, Trojan Battery, U.S. Battery Manufacturing Company, West Marine Inc., and Yokohama Trading N.V. (Suriname).
The key opportunities in the Deep Cycle Battery Market Demand include growing application in electric vehicles, renewable energy backup solutions, and energy storage market boom. Asia Pacific region is witnessing high demand for deep cycle batteries owing to the increasing electric vehicle production and renewable energy integration initiatives by various governments.
Market Drivers
The increasing sales of electric vehicles across the world is one of the major drivers of deep cycle battery market. Electric boats and other watercrafts also contribute significantly to the demand as deep cycle batteries are most suited for their motive power needs. Further, the growing installations of off-grid and decentralized renewable energy solutions are boosting the stationary energy storage market for batteries globally.
PEST Analysis for Deep Cycle Battery Market
Political: Government regulations regarding usage of lead that is used in manufacturing of batteries can impact the market. Subsidies on usage of batteries for renewable energy applications can boost demand.
Economic: Growth in off-grid solar and wind energy applications will drive demand for deep cycle batteries as energy storage solutions. Investment in rural electrification projects in developing nations can also augment the market.
Social: Increasing migration of population to remote areas is increasing demand for power backup systems relying on deep cycle batteries. Growing importance given to sustainability is favoring adoption of renewable energy backed by battery storage.
Technological: Advances in Deep Cycle Battery Market Size And Trends chemistries are resulting in development of batteries with higher power density and longer lifecycles. Usage of lithium-ion batteries is gaining traction in stationary energy storage applications.
The market in terms of value is currently concentrated in Asia Pacific region due to presence of developing economies and large rural populations relying on off-grid power systems. North America is another major geographical region driven by demand from telecom and UPS industry in the region.
The fastest growing region for deep cycle battery market is expected to be Asia Pacific due to presence of nations like India and China witnessing strong economic growth and huge investment in rural electrification. Growing emphasis on developing domestic renewable energy industry and localized energy storage infrastructure is opening new avenues in the region.
*Note:
1. Source: Coherent Market Insights, Public Source, Desk Research
2. We have leveraged AI tools to mine information and compile it
About Author - Ravina Pandya
Ravina Pandya,a content writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals. LinkedIn Profile
