Deep Cycle Battery Market Size, Share, Analysis, Trends, Growth, 2032

Deep Cycle Battery Industry Prospective:

The global deep cycle battery market size was worth around USD 2.52 billion in 2023 and is predicted to grow to around USD 4.83 billion by 2032, with a compound annual growth rate (CAGR) of roughly 7.5% between 2024 and 2032.

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Deep Cycle Battery Market: Overview

A deep cycle battery is a rechargeable battery that provides a consistent source of energy during an interval of time compared to a rapid burst of energy, such as a typical car battery. These batteries are specifically engineered to be continuously discharged and recharged without causing structural damage. They are broadly used in applications that demand a consistent, long-term power source, including renewable energy systems, electric vehicles, and marine applications.

The deep cycle battery industry is driven by several factors, such as growth in renewable energy installation, adoption of EVs, advancements in battery technology, rise in consumer electronics & portable power systems, rising demand in marine applications, and increasing government regulations.

However, the high initial cost is one of the major restraining factors for the industry expansion.

Key Insights

• As per the analysis shared by our research analyst, the global deep cycle battery market is estimated to grow annually at a CAGR of around 7.5% over the forecast period (2024-2032).
• In terms of revenue, the global deep cycle battery market size was valued at around USD 2.52 billion in 2023 and is projected to reach USD 4.83 billion by 2032.
• The rising demand from the renewable energy sector is expected to drive the deep cycle battery market over the forecast period.
• Based on type, the Flooded Lead-acid Batteries (FLA) segment is expected to dominate the deep cycle battery market over the forecast period.
• Based on application, the automotive segment is expected to dominate the market over the forecast period.
• Based on region, the Asia Pacific is expected to dominate the market during the forecast period.

Deep Cycle Battery Market: Growth Drivers

Increasing use of golf carts drives market growth

In industrialized countries like the United States, golf carts have grown popular among the elderly. Aside from their use at golf courses, these carts are very useful for activities like grocery shopping and short commutes.

In India, the government has implemented golf carts in the public sector for the elderly. In India, the government has also begun utilizing golf carts in airports.

The Saudi Railway Organization also provides golf cart service to senior citizens and passengers with disabilities at the Dammam, Riyadh, and Hofuf rail stations.

Golf carts are being used for daily transportation, and the trend is increasing. The adoption of golf carts for a variety of applications is expected to drive the deep cycle battery market.

Deep Cycle Battery Market: Restraints

Growth in the use of Li-ion batteries hinders market growth

Lithium-ion batteries are the most used technology for Internet services. Advances in communication technologies, such as 4G/LTE, necessitate a consistent and efficient power supply.

Li-ion batteries are an excellent alternative for energy storage in the telecom sector due to their long lifespan and longer replacement time.

Due to these characteristics, the use of Li-ion batteries is steadily expanding. Because of the increased adoption of Li-ion batteries in applications such as ESS and telecom towers, the global lead-acid battery industry is shrinking. This has a direct impact on the global deep cycle battery industry.

Deep Cycle Battery Market: Opportunities

Expansion in the product line of the battery offers a lucrative opportunity for market growth

The rising expansion of the battery product line by the key players is expected to flourish the deep cycle battery market over the forecast period.

For instance, in August 2023, RELiON® Battery, a global leader in lithium battery research, announced the availability of its new InSight 12V lithium battery.

The InSight 12V is a 120Ah lithium battery that delivers 160A continuously and has a greater peak discharge for RV and marine deep-cycle applications, as well as solar. With its increased continuous capabilities, consumers can run numerous appliances at the same time with only one battery.

Deep Cycle Battery Market: Challenges

Competition from alternative energy storage solutions poses a major challenge to market expansion

To increase safety, improve energy density, and extend battery life, a new technology known as solid-state batteries uses a solid electrolyte rather than the liquid or gel electrolyte used in conventional batteries.

Especially attractive for usage in electric cars (EVs) and portable devices, these batteries are more robust and less prone to overheating. Another way that flow batteries, such as vanadium redox flow batteries, store energy is by storing liquid electrolyte solutions in external tanks.

The scalability through tank size extension and long-duration energy storage of these batteries can be advantageous for grid storage and large-scale renewable energy applications. Thus, the increasing competition from alternative energy storage solutions poses a major challenge for the deep cycle battery market.

Deep Cycle Battery Market: Segmentation

The global deep-cycle battery industry is segmented based on type, application, and region.

Based on the type, the global deep cycle battery market is segmented into Flooded Lead-acid Batteries (FLA) and Valve Regulated Lead-acid Batteries (VRLA). The Flooded Lead-acid Batteries (FLA) segment is expected to dominate the market over the forecast period.

Flooded lead-acid batteries are a popular option for customers and companies in cost-sensitive sectors since they are typically less expensive than lithium-ion and other sophisticated batteries. This pricing helps FLA batteries' revenue growth in emerging markets, where financial restraints frequently favor less expensive options.

Furthermore, off-grid solar power systems, particularly in rural regions, frequently use FLA batteries. They are attractive for small to medium-sized renewable systems due to their cheaper cost and long-term, steady power delivery.

Based on the application, the global deep-cycle battery industry is bifurcated into stationary, automotive, and motive platforms. The automotive segment is expected to dominate the market over the forecast period.

Demand for deep cycle batteries, especially those that can offer long-lasting energy storage with deep discharge characteristics, has increased due to the global trend towards EVs and HEVs. Deep cycle lead-acid and AGM (Absorbent Glass Mat) batteries are frequently utilized for auxiliary power and start-stop tasks, even though lithium-ion technology is typically chosen for EV propulsion.

Furthermore, due to their advanced sensors, computing systems, and communication needs, connected and autonomous cars have substantial power requirements.

Deep cycle batteries are perfect for giving these parts a reliable auxiliary and backup power source, guaranteeing steady functioning without putting excessive strain on the main propulsion battery.

Deep Cycle Battery Market: Report Scope

Deep Cycle Battery Market: Regional Analysis

Asia Pacific dominates the market over the projected period

The Asia Pacific is expected to dominate the global deep cycle battery market during the forecast period. The market expansion in the region is attributed to the growing adoption of EVs. EV adoption is encouraged by many countries in the region, such as China, Japan, and India.

The encouragement by these countries is an initiative to lower emissions and reduce their dependence on fossil fuels. The market for deep cycle batteries for EV auxiliary systems is expanding due to government incentives and tax advantages, particularly for less expensive versions that use lead-acid and AGM batteries for secondary power requirements.

Additionally, the Asia Pacific region is seeing a rise in solar and wind energy installations, which is driving up demand for deep-cycle batteries to store generated electricity.

Off-grid systems, which employ deep cycle batteries as affordable storage options for home and small business settings, are advantageous in rural and isolated locations.

For instance, as per India Brand Equity Foundation, in the past nine years, the installed solar energy capacity has grown 26 times, reaching 73.32 GW as of December 2023.

Deep Cycle Battery Market: Competitive Analysis

The global deep cycle battery market is dominated by players like:

• Crown Battery Manufacturing Co.
• C&D Technologies Inc.
• East Penn Manufacturing Co. Inc.
• Trojan Battery
• Battery Manufacturing Company
• EnerSys
• Johnson Controls International Plc
• EverExceed Industrial Co. Ltd.
• HBL Power Systems Ltd.
• Exide Technologies
• GS Yuasa Corp.
• Rolls Battery

The global deep-cycle battery market is segmented as follows:

By Type

• Flooded Lead-acid Batteries (FLA)
• Valve Regulated Lead-acid Batteries (VRLA)

By Application

• Stationary
• Automotive
• Motive Platform

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa