Lead Acid Battery Market to expand at over 5.2% CAGR between 2022 and 2032
The global sales of lead acid battery are set to be valued at over US$ 54.3 Billion in 2021, with a stable long-term projection, according to latest insights by Future Market Insights (FMI). The report has forecast the market to expand at over 5.2% CAGR between 2022 and 2032.
According to the market analysis by Future Market Insights, expansion of
automotive production facilities to cover rural and other remote areas has led
to the increasing demand for lead acid battery Market. Rapid technological
advancements in production technologies are also projected to complement market
growth over the coming years.
Demand for lead acid battery is increasing with the rise in the volume of
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 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 deployment of lead
acid battery. Increasing number of players focusing on research and development
related to lead acid battery is anticipated to have a significant contribution
towards market growth in the years to come.
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.
“The lead acid battery market is growing at a strong pace, driven largely by
increasing demand for energy efficient solutions across automotive sector. The
increasing demand for electric vehicles will create extensive opportunities for
manufacturers. Key industry participants have been focusing product
diversification to offer energy efficient solutions and gain a competitive
advantage,” says a Future Market
Insights analyst
Asia-Pacific is a sunshine area for the lead acid battery market. The region
shall account for nearly half the global market share
Thailand, Vietnam and Indonesia are the most promising countries in the region
due to high emphasis on grid storage
China generates approximately 4/5th of its solar powered systems through lead
acid batteries, accelerating usage in power storage. However, competition is
resulting from the automotive sector due to the advent of electric vehicles
Europe is the 2nd largest market, anticipated to register a 6% CAGR throughout
the forecast period. High uptake of lead acid batteries in ensuring uninterrupted
power supply is fueling demand
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