Absorbent glass mat lead acid battery is estimated to account for over 38% of total share in the market.
NEW YORK, NY / ACCESSWIRE / April 23, 2021 / Fact.MR: A recent study by Fact.MR on global lead acid battery market projects a steady growth outlook through 2021 and is expected to exceed the valuation of US$ 106 Bn by 2029-end. The demand for lead acid battery in transportation industry, due to the surging sales of electric vehicles is improving the demand. Rising demand for clean energy and environmental-friendly mode of transportation is aiding the expansion of lead acid battery market.
According to the study, many automotive battery OEMs are switching to lead-acid battery from the lithium-ion to improve the efficiency. Also, widespread usage of conventional vehicles along with the rising demand for electric vehicle are creating growth opportunities for lead acid battery manufacturers. Driven by these factors, the transportation segment is estimated to reach a valuation of US$ 12 Bn by 2029-end.
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"Increasing production of passenger cars and two-wheelers and extensive use of conventional vehicles in China, India and Brazil are expected to accelerate the demand for lead acid batteries," says a Fact.MR analyst.
Key Takeaways
- Transportation segment set to expand at a CAGR of 4% due to the heavy demand for electric vehicles
- Flooded batteries expected to dominate the market owing to its high backup power
- AGM batteries expected to reach a valuation of US$ 15 Bn by 2029-end
- France and Germany to grow at an impressive pace leading the European lead acid market
- Stationary industrial lead acid battery is preferred over commercial industry battery
Prominent Drivers
- Rapid technological advancements and expansion in the transportation sector to boost the lead acid battery demand
- Easy recyclability in comparison to the Lithium-ion batteries is expected to be a key factor driving the market demand
- Rise in renewable energy generation is likely to provide wide opportunities for lead acid battery market players
Key Restraints
- Easy availability of low cost substitutes is expected to limit the growth
- Limited usage of capacity of lead acid batteries may create a challenge for the market demand
Discover more about the lead acid battery market with 125 figures and 80 data tables, along with the table of contents.
https://www.factmr.com/report/4555/lead-acid-battery-market
Competitive Landscape
Some of the key players profiled by Fact.MR operating in lead acid battery market include Furukawa Electric Co. Ltd, Hitachi Chemical Company Ltd., Narada Power Source Co. Ltd., SiteTel Sweden AB, Leoch International Technology Ltd., Yokohama Batteries Sdn Bhd., Enersys, Exide Industries Ltd., and GS Yuasa Corporation among others. Key players are adopting key strategies such as collaborations and acquisitions to increase their production capacity.
For instance, in February 2021, Tesla announced that it will replace the auxiliary lead batteries with lead acid batteries in future versions of its models S and X.
Likewise, on February 18th 2021, Batteries Plus announced partnership with RELiON Battery. The company announced the new agreement with global lithium Battery Company to cater the demand from consumers for lithium batteries. The company aims to provide customers with an alternative to conventional lead-acid batteries.
More Valuable Insights on Lead acid battery Market
Fact.MR offers an unbiased analysis on its latest study on global lead acid battery market over the forecast period of 2019-2029. The study offer detailed segmentation on the lead acid battery market trends, growth and opportunities. To gain a better perspective, the market is classified on the basis of application (transportation, OEM transportation, aftermarket transportation, motive industrial, stationary industrial, commercial, residential, grid storage, and others), product type (flooded, absorbent glass mat (AGM), and gel), and across major regions (North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan, Japan, and Middle East & Africa).
Key Questions Covered in the Report
- Which are the trends that will be seen over the next decade for lead acid battery market?
- Which segments of lead acid battery market will lead by 2029?
- What are the key challenges and opportunities for the lead acid battery market?
- Which region is likely to dominate the lead acid battery market?
- Which are the prominent players operating in the lead acid battery market?
- What is the impact of COVID-19 on the global lead acid battery market?
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Source: Fact.MR
SOURCE: Fact.MR