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Lead Acid Battery Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2021 - 2030
Lead Acid Battery Market
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Enhanced flooded battery is expected to be the fastest growing segment. It delivers superior performance and are more reliable as compared to the standard lead acid battery for automobile and UPS. Enhanced flooded batteries are considered to be ideal for start stop vehicle technologies such as lighting, ignition, and initialization and are majorly used in commercial vehicles and passenger cars. Increasing usage of commercial vehicles and passenger cars contributes to the growth of the global lead acid battery market by enhanced flooded batteries during the forecast period.
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Passenger cars dominated in terms of market revenues within automotive end user segment and also the fastest growing market with a CAGR of 5% during the forecast period. They use lead-acid batteries to start the vehicle and its power accessories. The lead acid batteries are required to be reliable as electrical systems require more durability. SLI battery (starting-lighting-ignition) are used in the passenger cars to start the engine and lightning and ignition process. The lead acid batteries in passenger cars are majorly used in starting, lighting, and ignition process of car engine. The rising production of passenger cars across the world is driving the market of lead acid battery by passenger car. The Government of India aims to triple the growth of passenger vehicles market that is to 9.4 million units by 2026 by making automobile manufacturing the main driver of Make in India initiative. The rising passenger car production is creating positive impact on the lead acid battery market.
Micro-hybrid applications are expected to be the fastest growing product segment. This market is gaining more attention as they offer fuel economy gains for modest incremental cost. The rising concern for fuel economy has increased the demand for electric vehicles across globe. The rising demand of electric vehicles across the world is driving the lead acid battery market by micro hybrid battery. The countries which have a high demand in electric vehicles includes China, United States, Japan, Norway and Netherlands due to which sales of electric cars have increased.
APAC remains as the most dominating geographic segment in terms of market revenues. The Asia-Pacific market is mainly driven by the enhancing demand of the electric vehicles in Asia Pacific along with the dominant market share of China in the automotive and battery manufacturing sector. China is the largest automobile producing country across the globe which include the production and manufacturing of both the commercial as well as passenger vehicles. The lead acid batteries have pivotal utility in the SLI (Starting lighting and ignition) of the two-wheeler vehicles. The presence of many multinational organizations such as Honda and Toyota in Japan has also fueled the demand of the lead acid batteries as they are used in the both the traditional multi systems cars and micro hybrid cars. The lead acid battery is known as ultra-battery which is used as a system for off-grid & dual-purpose applications which is also acting as a key factor in the growth of lead acid battery market in the country. In Rest of the Asia Pacific, the organizations such as GS Yuasa Corporation has made investment in other organizations to enhance the productivity and durability of the lead acid battery by making collaborations and acquisitions.
In automobile lead acid battery market, strategic partnerships remain as the primary marketing strategy. Acquisition remain as the secondary strategy in automobile lead acid battery market companies. The intensity of competitive rivalry in the lead acid battery market is expected to remain high over the forecast period 2022-2030. The major companies in the lead acid battery market include Johnson Controls Ltd., Exide Technologies., Ener Sys Ltd., GS Yussua and East penn manufacturing. The companies are engaged in research and development activities to develop new and advanced batteries and to make their products more cost effective for the consumers. Companies are trying to compete with each other by providing the same characteristics and similar price or by similar features at competitive prices. Lead acid battery market over the years has become oligopolistic. The lead acid battery market is capital intensive with significant investment required in manufacturing process (for advance technology) and research. There is no single manufacturer that dominates lead acid battery market entirely as a result competition is expected. With vendors trying to gain market share, and investing in emerging economies, rivalry has increased over the years. Thus, the intensity of the rivalry in lead acid battery market is expected to increase significantly in the forecast period.
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KEY MARKET MOVEMENTS
Global lead-acid battery market is expected to grow at a CAGR of 4.2% during the forecast period of 2022-2030.
Enhanced flooded battery is expected to be the fastest growing segment.
Passenger cars dominated in terms of market revenues within automotive end user segment and also the fastest growing market with a CAGR of 5% during the forecast period.
Micro-hybrid applications are expected to be the fastest growing product segment
APAC remains as the most dominating geographic segment in terms of market revenues.
In automobile lead acid battery market, strategic partnerships remain as the primary marketing strategy.
Intensity of the rivalry in lead acid battery market is expected to increase significantly in the forecast period.
The major companies in the lead acid battery market include Johnson Controls Ltd., Exide Technologies., Ener Sys Ltd., GS Yussua and East penn manufacturing.
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