Press release
Lead Acid Battery Market to increase at 5.2% CAGR Between 2021-2031
The global sales of lead acid battery 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.Get | Download Sample Copy with Graphs & List of Figures:
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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.
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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 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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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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