Market Insights on Lead Acid Battery covering sales outlook, demand forecast & up-to-date key trendNEWARK, NEWARK, UNITED STATES OF AMERICA, May 16, 2022 /EINPresswire.com/ -- The global sales of Lead Acid Battery Market are set to be valued at over US$ 54.3 Bn 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 2021 and 2031.
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 battery. 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 the vehicle fleet in recent years. This can be attributed to an increase in aftermarket sales in regular interims for battery replacement.
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.
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There also is an increasing demand from other industries for the deployment of lead acid battery. An increasing number of players focusing on research and development related to lead acid batteries is anticipated to have a significant contribution to market growth in the years to come.
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.
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“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.
The lead-acid battery market is highly competitive at regional as well as global levels and highly consolidated in nature. These players are likely to invest in new technology developments and the expansion of their networks in order to maintain their market shares.
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Some of the key players in this industry include but are not limited to Furukawa Electric Co., Ltd., Narada Power Source Co. Ltd., Clarios, Leoch International Technology Ltd., Enersys, Exide Industries Ltd., GS Yuasa Corporation, East Penn Manufacturing Co., Chaowei Power Holdings Limited., and others.