Growing demand in commercial & automotive sector along with interrupted power supply are the major factors driving the Global Lead Acid Battery Market in the forecast period 2024-2028.
According to TechSci Research report, Lead Acid Battery Market – Global Industry Size, Share, Trends, Opportunity, and Forecast. 2018-2028, the Global Lead Acid Battery Market is expected to register robust growth during the forecast period, 2024-2028. A battery consists of three basic components: anode, cathode, and electrolyte. Anode is the negative terminal, cathode is the positive, and electrolyte connects these two terminals to drive the electrochemical reaction and produce electricity. A battery consisting of a metal sponge lead anode, a lead dioxide cathode, and a sulfuric acid solution electrolyte is called a lead-acid battery. t contains toxic lead but is recyclable.
Some of the factors driving the demand for lead-acid batteries are increasing SLI applications in the automotive industry, growth in renewable energy generation, and high demand for energy storage devices. The expansion of the telecom industry in countries such as the United States, Brazil, India, and the United Kingdom has increased the need for UPS systems as backup power sources, resulting in the widespread adoption of lead-acid batteries as a low-cost source of energy. Electric vehicles (EVs) are the next generation of transportation driving the growth of lead-acid batteries. The changing attitude of automakers towards clean and sustainable mobility has had a major impact on the rise of the EV market, which requires battery operation. Also, increasing demand for reliable and flexible power sources, increasing vehicle density worldwide, and industrial expansion in remote areas are driving the growth of the lead-acid battery market. Lead-acid batteries have gained worldwide acceptance for most market-driving applications due to their low cost and sustainability.
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The Global Lead Acid Battery Market is segmented based on Product, Construction Method, Sales Channel, and Applications. Based on Product, the market is segmented into Stationary, Motive, and Start Light & Ignition Batteries (SLI). The Start Light & Ignition Batteries (SLI) segment is expected to dominate the market in the forecast period. SLI batteries are designed for automotive use and are always installed in the vehicle’s charging system. Growing demand from OEMs and aftermarkets is revitalizing the automotive sector. A major factor attributed to the growth of the SLI battery market is the demand for these batteries to power starter motors, lights, ignition systems, or other internal combustion engines while ensuring high performance, long life, and cost efficiency. Lead-acid batteries are used in internal combustion engine vehicles, including passenger cars, and trucks worldwide. While the traditional internal combustion engine market is expected to shrink over the next 30 to 40 years, alternative vehicle technologies continue to use SLI-type lead-acid batteries to power various electronic and safety functions within the vehicle.
Based on region, the market is segmented into APAC, North America, Europe, South America, and MEA. Asia-Pacific is expected to dominate the lead-acid battery market during the forecast period. Chinese government plans to ease restrictions on automakers importing cars into China in a bid to close the gap between supply and demand. Now the foreign automaker are facing 25% import tariff or are building a factory in China with 50% ownership. Electric car makers are expected to be the first to benefit from this change. In addition, growing automotive sector, increasing number of solar energy projects, and continued expansion of telecommunications infrastructure in India are expected to boost the demand for lead-acid batteries in the country.
The telecommunications sector is one of India’s most promising end-users for lead-acid batteries. The Indian telecommunications sector have experienced strong growth over the past decade. According to the Telecommunications Regulatory Authority of India, the total number of mobile or cellular subscribers in March 2022 reached 1,142 million. It is expected to fuel the market during the forecast period.
Key market players in the Global Lead Acid Battery Market are:
- Exide Industries Ltd.
- Panasonic Corporation
- Leoch International Technology Limited
- Enersys Ltd
- East Penn Manufacturing Co.
- GS Yuasa Corporation
- C&D Technologies, Inc.
- Johnson Controls International PLC
- Hitachi Chemical Company, Ltd.
- HBL Power Systems Ltd.
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“Increasing demand in automotive and commercial sector, especially the IT hubs are expected to play a key role in the growth of the lead acid battery market. Rising demand for data storage, management and storage is expected to increase the number of data centres globally, which is expected to play an important role in the lead acid battery market. .Increase of Electric Vehicles production in Asia-Pacific region and interruption of power supply is expected thrive the market growth during the forecast period.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Lead Acid Battery Market – Global Industry Size, Share, Trends, Opportunity, and Forecast. 2018-2028” Segmented By Product (Stationary, Motive and Start Light & Ignition Batteries (SLI)), By Construction Method (Flooded and Valve Regulated Led Acid (VRLA) Batteries), By Sales Channel (Original Equipment Market (OEM) & Aftermarket), By Applications (Transportation, Industrial Motive, Stationary Industrial, Residential and Commercial), By Region,” has evaluated the future growth potential of Global Lead Acid Battery Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Lead Acid Battery Market.
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