The Global Lead Acid Battery Market is expected to reach USD 101.97 Billion by 2028, according to a new report by Reports and Data. It is a rechargeable battery which can convert chemical energy into electrical energy. Rising demand for UPS systems and electric vehicles is fueling the market. Moreover, significant rise in demand from sectors such as automotive, healthcare, power, and telecom industries in developing nations is encouraging the growth of the market. Lead batteries have lower prices as compared to its competitors. Hence they are more commonly used and preferred.
APAC is expected to hold the largest market share, throughout the forecast period, owing to the large investments made in automotive, manufacturing, and healthcare, oil and gas, etc. Two wheelers are the major users of SLI (starting, lighting, ignition). Thus expansion of automobile sector has expanded the lead acid battery market. With low internet prices in recent years, India has the largest telecommunication market. With the rise in telecommunications and the internet, lead-acid battery is also forecasted to grow exponentially.
Key participants include Johnson Controls, Exide Technologies, GS Yuasa Corp, ATLASBX Co. Ltd., East Penn Manufacturing Co., Crown Battery Manufacturing, CD Technologies, Inc., Narada Power Source Co. Ltd., Amara Raja Batteries Ltd., Leoch International Technology Ltd.
Further key findings from the report suggest
- Rising concerns for the environment has led to an increase in demand for e-bikes and electric vehicles, lower dependence on fuel technologies which in turn increase lead acid battery.
- In the product type segment, Motive/Traction lead-acid batteries have the largest market share of 35% in the year 2019 and are forecasted to grow till 36% in 2028.
- These motive or traction batteries are deployed in diverse vehicles like forklifts, minivans, tourists coaches, industrial trucks, golf carts, and e-bikes.
- SLI batteries offer low compatibility with smart vehicles, are low in cost and provide reliability. They are projected to hold a market share of 33% in the forecasted period of 2028.
- Stationary lead-acid batteries provide backup power, security system, emergency lighting, railway backup concerns, renewable energy concerns, etc. They have a market share of 31% in the year 2019 and has an annual growth rate of 5.2%.
- VRLA has a market share of 51% in the year 2019 and is forecasted to hold a market share of 53% in the year 2028 with an annual growth rate of 5.9%.
- Flooded lead occupy a market of 49% in the year 2019 and is forecasted to loose market due to its high maintenance. It is mainly used in industrial applications.
- APAC will have the largest market share of 29% in the year 2019 and is forecasted to hold 32% of the market by 2028. It has the highest growth rate of 6.7% in the forecasted year.
- North America has a market share of 23% in the forecast period of 2028 with an annual growth rate of 6.0%. The shifting trend of electric forklift across the globe, especially this region is expected to fuel the market.
- Europe has the same annual growth rate as of APAC, 6.7%, owing to the stringent government regulations. It is forecasted to occupy a market of 12% in the year 2028.
For the purpose of this report, Reports and Data have segmented global Lead acid battery market on the basis of product type, construction method, application, end-users, sales channel, and region:
Product Type Outlook (Revenue, USD Million; 2018-2028)
Construction Method Outlook (Revenue, USD Million; 2018-2028)
Application Outlook (Revenue, USD Million; 2018-2028)
- Control Switchgear
- Grid Storage
- Fork Lifts
End-Users Outlook (Revenue, USD Million; 2018-2028)
- Oil Gas
Sales Channel Outlook (Revenue, USD Million; 2018-2028)
- Original Equipment Manufacturer
- Aftermarket Sales
To know more about the report, visit @ https://www.reportsanddata.com/report-detail/lead-acid-battery-market
Furthermore, the research study gives additional insights into the companies’ regional presence through extensive regional analysis. The regional analysis covers the key geographical regions such as North America, Latin America, Europe, Asia-Pacific, and the Middle East Africa. The regional analysis segment covers detail about the market share held by each region along with the prospective growth opportunities and revenue generation. The report also offers a projection of the growth rate for each region in the entirety of the forecast timeline. It also offers a country-wise analysis to impart a better understanding of the industry.
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