NEWARK, Del, Sept. 28, 2022 (GLOBE NEWSWIRE) -- In 2021, it is anticipated that the lead-acid battery market will be worth $54.3 billion. Sales of lead-acid batteries will increase at a 5.2% CAGR between 2021 and 2031, predicts Future Market Insights (FMI). The study predicts that by 2031, the market will be worth more than US$ 90.5 billion.
The demand for AGM batteries is anticipated to grow quickly, with a 6.2% CAGR by 2021, according to FMI.
East Asia is predicted to remain one of the most attractive markets for lead acid batteries during the forecast period, according to Future Market Insights. China is expected to account for over 57% of the East Asia lead acid battery market through 2031.
China electric & plug-in-hybrid vehicles sales hold lead in the region with more than 1.33 Mn units sold in 2020. Leading automotive manufacturers are planning to invest in and expand the production capacity across the country over the forecast period.
Furthermore, China remains one of the world’s largest markets for the electric industry, making it a lucrative market for lead acid battery manufacturers. Aside from this, rapid modernisation of its economy, and investments into automotive and power utilities industries will drive growth in the market.
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Lead Acid Battery Market 2016-2020 Outlook Compared to 2021-2031 Forecast
Driven by the increasing focus on research and development and investment in automotive industry for electric vehicles, the lead acid battery market will rise at 5.2% CAGR between 2021 and 2031 in comparison above 1.2% CAGR registered during 2016-2020.
Growth can be attributed to the increase in the demand for energy-efficient solutions across the globe. The demand for lead acid battery has increased consistently with the advent of the electric and hybrid vehicles over past few years.
Key Takeaways from Lead Acid Battery Market Study
- Flooded battery is projected to hold over 49% of the global market share in 2021 in terms of product type, supported by superior configurations.
- Transportation is projected to hold over 56% of the overall market share as leading segment in terms of application by 2031-end, supported by increasing investments in electric vehicles production.
- China will remain a chief market, backed by rising demand from the automotive industry. It is expected to account for over 57.3% of demand registered in East Asia in 2021.
- The markets India is set to surge at around 6% CAGR over the next ten years.
- Germany is emerging as a key market in Europe, accounting for over US$ 2,509.4 Mn in 2021, driven by expansion of the automotive industry.
Source @ https://www.futuremarketinsights.com/reports/global-lead-acid-battery-market
Lead Acid Battery Market Competitive Landscape
Companies operating in the lead acid battery market are aiming at strategic collaborations and partnerships with other manufacturers to expand their manufacturing capacity. For instance:
- In March 2019, GS Yuasa Corporation has announced that GS Yuasa International Ltd. launched a new automotive lead-acid storage battery plant operated by equity method affiliate inci GS Yuasa Akü Sanayi ve Ticaret Anonim Sirketi (“IGYA”) in Manisa Province, Turkey.
- In February 2020, the company has announced the launch of its SNS-TN series of valve-regulated stationary lead-acid batteries.
- In July 2020, Blink Charging and Enersys collaborate To Develop High Power Inductive/Wireless and enhanced DC Fast Charging Systems with energy storage options for the automotive market.
- In January 2021, EnerSys is teaming up with TravelCenters of America (TA) to offer Odyssey Performance and NorthStar PRO Group 31 batteries for heavy-duty applications in all TA locations throughout the United States.
Some of the prominent players operating in the Land Survey Equipment Market profiled by FMI are:
- Furukawa Electric Co., Ltd.
- Hitachi Chemical Company, Ltd.
- Narada Power Source Co. Ltd.
- SiteTel Sweden AB (NorthStar)
- Clarios
- Leoch International Technology Ltd.
- Yokohama Batteries Sdn. Bhd.
- Enersys
- Exide Industries Ltd.
- GS Yuasa Corporation
- Hoppecke Batterien GmbH & Co. KG.
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Find More Valuable Insights
The research report analyzes demand for Lead Acid Battery. The global Lead Acid Battery market has been analyzed with the COVID-19 impact, various macroeconomic factors, market trends and market background. As per Future Market Insights, the market has been analyzed on the basis of
By Product Type:
- Flooded Battery
- AGM Battery
- Gel Battery
By Application:
- Transportation
- Passenger Cars
- LCV
- HCV
- Two wheelers
- Others
- Motive Industrial
- Stationary Industrial
- Commercial
- Residential
- Grid Storage
- Others
By Sales Channel:
- OEM
- Aftermarket
By Region:
- North America
- Latin America
- Europe
- South Asia & Pacific
- East Asia
- Middle East and Africa (MEA)
Lead Acid Battery Market Report Also Addresses:
- Lead acid battery market estimates and forecast 2016-2031
- Key drivers and restraints impacting market growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Brand share and Market Share Analysis
- Key Product Innovations and Regulatory Climate
- COVID-19 Impact on Lead Acid Battery Market and How to Navigate
- Recommendation on Key Winning Strategies
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