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The Global Lead-Acid Battery Market Was Valued At US$ XX Mn In 2019 And It Is Anticipated To Reach To US$ 39.4 Mn By 2028, Growing At A CAGR Of 4.3% During 2020-2028.
The demand for Lead-acid Battery is anticipated to rise due to the rising demand of lead-acid batteries in automobile and Uninterruptible Power Source (UPS) applications. The rising demand of off-grid power generation is projected to stimulate the growth of the lead-acid battery market.
Advancement in the transportation industry, coupled with a rise of power storage is projected to increase the adoption of these products across the various industries in the forthcoming years. Increase in the demand for commercial vehicles, motorcycle, and passenger car manufacturing industries have a substantial contribution in stimulating the market share of the lead-acid battery market. There is an increasing demand for UPS by different industries including banking, oil and gas, healthcare, and chemicals are positively impacting the growth in the demand of these offerings.
However, there is an increase in the customer demand for the electric vehicles that have a lead-acid battery incorporated into is contributing to the demand of these products globally. All the countries across the globe are focused on reducing the pollutants caused by different sources and have vital role-playing in the lead-acid battery. There are also a lot of other contributing factors that are plunging the market demand of lead-acid batteries causing various industries to grow at a rapid rate in the industry. Growth constraints in the market share of lead-acid batteries could be also a plunge in the electric vehicles that are dipping the demand for the lead-acid battery.
The cost of adopting solar power panels is also decreasing due to the increased demand by the customers who have supported the market of lead-acid batteries. Moreover, the governments are also initiating various policies that are substantiating the market share rise of these offerings. Moreover, the implementation of off-grid solar projects is also exponentially increasing in their contribution to supplying power to a range of customers that have fueled its market demand. There is vital range of opportunities that are supporting the growth of the lead-acid battery market especially in the developing economies such as Indonesia, China, India and Brazil among others.
The most important driving factor of lead-acid batteries is its efficiency with a low-cost involvement had boosted consumer demand worldwide. Telecommunication is expanding in its growth where there is a wide application of the lead-acid battery supporting its growth globally. It has also been observed that the rise in disposable income has increased the market growth of lead-acid batteries due to a higher adoption rate of automobiles by the customers. There is a significant shift in the lifestyle of the customers mostly among the customers of the developed countries that are increasing the demand for lead-acid battery in the global market. The industrialization has played a considerable role in the high adoption rate of lead-acid batteries.
Original Equipment Manufacturers had dominated the Global Lead Acid Battery Market in 2019
Lead-acid batteries for original equipment manufacturers are employed in automobile and electronic equipment. There is a wide range of original equipment manufacturers that caters to a range of customers hence the use of lead-acid batteries is high. It was observed that most of the demand for lead-acid batteries is rising its demand among consumer durables catering in the production of finished goods.
The market of lead-acid batteries is projected to cater to a wide range of demand among the industries. The transportation industry is yet another driving force in the growth of lead acid battery offerings that provide high power source at the time of usage. These equipment does require batteries for their operation in various climatic conditions as they do have their presence in different climatic conditions due to their transportation from one place to another. The lead acid batteries are high in their demand because of their considerable low maintenance cost involvement and user friendly in nature among the original equipment manufacturers. The self-discharge rate is also low in comparison to the other kinds of batteries that shall substantiate the growth in the application of lead battery in the OEM sector.
Asia Pacific Dominated the Global Lead Acid Battery Market in 2019:
The demand for lead Acid Battery market is rising in the Asia Pacific region due to the exponential growth of the industrialization activities. It has been observed that the region has a substantial demand for these offerings, due to the establishment of the automobile industry. The organizations are flourishing in the industry of battery manufacturing due to the presence of a range of transportation vehicles manufacturing encouraging the growth of these products. The region is expanding its market share due to the liberal policies enforced by various governments of the countries. Countries such as India and Singapore have shifted their trade policies in order to improve their economy and technological developments. The Asia Pacific market is lucrative in nature causing an increase in the organizational developments that are manufacturing lead acid batteries catering to various industries.
The market of lead-acid battery is fragmented among the number of local and global players. Key players operating in the global lead acid battery market are East Penn Manufacturing Co.; Exide Technologies; Johnson Controls; ATLASBX Co. Ltd.; NorthStar; C&D Technologies, Inc.; Narada Power Source Co., Ltd.; Amara Raja Corporation GS Yuasa Corp;Crown Battery Manufacturing; and Leoch International Technology Ltd.
Key segments of Lead Acid Battery Market:
- Original Equipment Manufacturers
- Commercial & Residential
- Basic Lead Acid Battery
- Advanced Lead Acid battery
- North America
- Asia pacific
- Middle east and Africa
- Latin America