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
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Lead Acid Battery Market- Region-wise Analysis
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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