Demand Of The Lead Acid Battery Market Is Anticipated To Nearly Double By 2031-FMI
The lead-acid battery market Demand is expected to reach US$ 54.3 Bn in 2021. Future Market Insights (FMI) analysis has forecasted that lead-acid battery sales to increase at a 5.2% CAGR between 2021 and 2031. According to the study, the overall market valuation will top US$ 90.5 Bn by 2031.
As per FMI, the demand for AGM batteries is expected to increase
at a high pace, exhibiting a 6.2% CAGR in 2021. According to the market
analysis by Future Market Insights, the expansion of automotive production
facilities to cover rural and other remote areas has led to the increasing
demand for lead-acid batteries. Rapid technological advancements in production
technologies are also projected to complement market growth over the coming
years.Demand for lead-acid batteries is increasing with the rise in the volume
of the vehicle fleet in recent years. This can be attributed to an increase in
aftermarket sales in regular interims for battery replacement.
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The growing requirement has led to mass production and has
increased the importance of process automation in the lead-acid battery market.
The market is shifting towards industry 4.0 s, leading to the universal
adoption of new production technologies.
There also is an increasing demand from other industries for
the deployment of lead-acid
batteries Market size. An increasing number of players focusing on research
and development related to the lead-acid battery is anticipated to have a
significant contribution to market growth in the years to come.
“The lead acid battery market is growing at a strong pace,
driven largely by increasing demand for energy-efficient solutions across the
automotive sector. The increasing demand for electric vehicles will create
extensive opportunities for manufacturers. Key industry participants have been
focusing on product diversification to offer energy efficient solutions and
gain a competitive advantage,” says a Future Market Insights analyst
Key Takeaways from Lead Acid Battery Market Study
- The
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 the leading
segment in terms of application by 2031-end, supported by increasing
investments in electric vehicle 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
market in 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 the expansion of the automotive industry.
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.
- Energy
- Exide
Industries Ltd.
- GS
Yuasa Corporation
- Hoppecke
Batterien GmbH & Co. KG.
Find More Valuable Insights
The research report analyzes the demand for Lead Acid
Batteries. 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 based
on
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
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