FMI, Dubai: 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.
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. 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.
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.
“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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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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Companies operating in the lead acid battery market are aiming at strategic collaborations and partnerships with other manufacturers to expand their manufacturing capacity. For instance:
- In March 2019, GS Yuasa Corporation has announced that GS Yuasa International Ltd. launched a new automotive lead-acid storage battery plant operated by equity method affiliate inci GS Yuasa Akü Sanayi ve Ticaret Anonim Sirketi (“IGYA”) in Manisa Province, Turkey.
- In February 2020, the company has announced the launch of its SNS-TN series of valve-regulated stationary lead-acid batteries.
- In July 2020, Blink Charging and Enersys collaborate To Develop High Power Inductive/Wireless and enhanced DC Fast Charging Systems with energy storage options for the automotive market.
- In January 2021, EnerSys is teaming up with TravelCenters of America (TA) to offer Odyssey Performance and NorthStar PRO Group 31 batteries for heavy-duty applications in all TA locations throughout the United States.
Some of the prominent players operating in the Land Survey Equipment Market profiled by FMI are:
- Furukawa Electric Co., Ltd.
- Hitachi Chemical Company, Ltd.
- Narada Power Source Co. Ltd.
- SiteTel Sweden AB (NorthStar)
- Leoch International Technology Ltd.
- Yokohama Batteries Sdn. Bhd.
- Exide Industries Ltd.
- GS Yuasa Corporation
- Hoppecke Batterien GmbH & Co. KG.
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The research report analyzes demand for Lead Acid Battery. The global Lead Acid Battery market has been analyzed with the COVID-19 impact, various macroeconomic factors, market trends and market background. As per Future Market Insights, the market has been analyzed on the basis of
By Product Type:
- Flooded Battery
- AGM Battery
- Gel Battery
- Passenger Cars
- Two wheelers
- Motive Industrial
- Stationary Industrial
- Grid Storage
By Sales Channel:
- North America
- Latin America
- South Asia & Pacific
- East Asia
- Middle East and Africa (MEA)
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Key Questions Answered in Lead Acid Battery Market Survey
- What is the current valuation of lead acid battery market?
The lead acid battery market is expected to surpass a valuation of US$ 54.3 Bn by 2021.
- At what rate did the lead acid battery market expand in the last 5 years?
The lead acid battery market exhibited steady growth at 1.5% in the last five years from 2016 to 2020.
- What is the lead acid battery market demand outlook?
- What are the key trends prevailing in the lead acid battery market?
- What are the key factors driving Lead Acid Battery sales?
- What is the North America Lead Acid Battery market outlook?
- What is the cumulative share of the top companies in lead acid battery market?
- At what rate will the lead acid battery market grow in Europe?
- Which are the top 5 countries exhibiting high demand for lead acid battery?
- At what rate will the Japan lead acid battery market grow?
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