Press release
Lead Acid Battery Market Are Set To Be Valued At Over US$ 54.3 Bn in 2021
The lead acid battery market valuation is expected to reach US$ 54.3 Bn in 2021. Future Market Insights (FMI) analysis has forecast the lead acid battery sales to increase at 5.2% CAGR between 2021 and 2031. According to the study, the overall market valuation will top US$ 90.5 Bn by 2031. As per FMI, the demand for AGM battery is expected to increase at a high pace, exhibiting 6.2% CAGR in 2021.Get | Download Sample Copy with Graphs & List of Figures:
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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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Competitive Landscape
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 expansion of their networks in order to maintain their market shares.
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.
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Key factors fueling the demand for lead acid battery include initiatives undertaken to introduce green energy solutions in the automotive industry. Leading lead acid battery manufacturing companies are focusing on expanding their production and distribution capacities in various countries. To improve their industrial research activities, some companies are collaborating directly with regional manufacturers.
The transportation segment is among the leading end users of lead acid battery. Regionally, China has emerged as a highly lucrative market for the production and export of lead acid battery. This can be attributed to increasing demand from the country’s automotive industry, coupled with the adoption of the advanced technology and higher production capacity.
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Future Market Insights (FMI) is a leading market intelligence and consulting firm. We deliver syndicated research reports, custom research reports and consulting services which are personalized in nature. FMI delivers a complete packaged solution, which combines current market intelligence, statistical anecdotes, technology inputs, valuable growth insights and an aerial view of the competitive framework and future market trends.
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