Press release
Lead Acid Battery market To Generate $59.7 billion by 2026 | Johnson Controls, ATLASBX Co. Ltd, Exide Technologies
Lead Acid Battery market
The increasing demand from various industries, such as automotive sector, telecom sector, uninterrupted power supply in oil and gas mining, manufacturing, and chemical is expected to the boost the growth of the lead acid batteries market globally. Moreover, the low cost of the batteries coupled with new developments and innovation in lead acid battery products is further expected to augment the market growth. However, environmental restrains, due to lead content and threat from substitute namely lithium-ion battery are the major restraints for the growth of global lead acid battery market.
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Detailed Segmentation:
Global Lead Acid Battery Market, By Product Type:
SLI Lead Acid Battery
Stationary Lead Acid Battery
Motive Lead Acid Battery
Global Lead Acid Battery Market, By Construction Method
Flooded Lead Acid Battery
VRLA Lead Acid Battery
Global Lead Acid Battery Market, By End Use:
Industrial
Commercial
Residential
North America accounted for the second largest market globally. The developed industrial sector in this region stands to be the major factor contributing to the market growth. The presence of leading automobile companies, which include Toyota, Ford motor company, General Motors, and Fiat Chrysler Automobiles has augmented the demand for lead acid batteries. According to the International Trade Association, exports of automotive parts from the U.S has shown a steady growth from US$ 5 billion in 2012 to US$ 7.2 billion by 2015. Moreover, the developed telecom sector coupled with the increasing oil and gas related activities post the shale gas boom has propelled the need for power storage device hence, surging the demand for lead acid batteries in the region.
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Asia Pacific is the largest market with a market value of US$ 19.41 billion in 2016 and is expected to dominate the market during the forecast period. The rising disposable income coupled with the growth in the automotive and telecom sector are the major reason fuelling the market growth of lead acid batteries. According to China Association of automobile manufacturers (CAAM), China witnessed a sale of around 2,167,000 cars in July 2017.
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