Increasing environmental concerns associated with fossil fuel driven cars to shift energy input requirements
ROCKVILLE, MD / ACCESSWIRE / February 3, 2021 / Fact.MR's detailed study on the global lead acid battery market forecasts the landscape to accrue significant gains through 2021, offsetting any recessionary impact sustained throughout the previous year due to the coronavirus pandemic. Growth forecast for the next decade estimates an optimistic trajectory, registering a noteworthy CAGR until 2031.
As per Fact.MR's analysis, the transportation segment is likely to account for nearly two out of five lead acid battery sales, rendering it a promising application area. The trucking industry is especially poised to benefit in the post-pandemic era, with majority of manufacturers relying on road transport to deliver their goods, stimulating an increase in the global truck fleet and subsequent uptake of lead acid batteries.
Lead acid battery manufacturers are especially banking on the growing penetration of electric vehicles. As of 2019, light EV sales amounted to more than 2 million units, representing a 9% growth compared to 2018. According to the Global EV Outlook, global EV stock is poised to reach nearly 140 million units, constituting 7% of the global vehicle fleet, with Europe and Asia emerging as key hotspots.
"As manufacturers seek out greener and cleaner energy alternatives, demand for lead acid batteries is anticipated to surge across prominent geographies, prompting players to invest in extensive research & development projects," says the Fact.MR analyst.
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Key Takeaways from Fact.MR's Lead Acid Battery Market Study
- Flooded batteries to remain preferred, experiencing over twofold growth through 2031, AGM batteries trailing behind
- By application, transportation segment is poised to reign supreme, with major growth expected in the aftermarket
- U.S to emerge as a highly lucrative market, rising on the back of surging EV popularity
- U.K to experience steady annual growth through 2021, driven by heightened investments to bolster automotive production
- Germany and France to experience credible growth, driven by rising penetration of Chinese battery manufacturers
- Asia to remain major growth hotspot: China to retain position as the global lead acid battery hegemon
Lead Acid Battery Market- Prominent Drivers
- Lead acid batteries market is receiving impetus from the global transportation industry, attributed to rising vehicle output across key regions
- Increasing storage applications, such as in the deployment of Uninterrupted Power Supply (UPS) systems to bolster growth
- Grid distribution is another green area for the proliferation of lead acid battery sales, given the rising demand for electricity consumption
Lead Acid Battery Market- Key Restraints
- Enhanced penetration of lithium-ion batteries due to their greater efficiency is shifting demand away from lead acid batteries, hindering expansion prospects
- Frequent gassing of the batteries result in safety hazards, with water losses from the electrolyte
- Rigorous handling may exhaust battery electrodes, requiring constant maintenance
Discover more about the lead acid battery market with 125 figures and 80 data tables, along with the table of contents. You will also find detailed market segmentation on https://www.factmr.com/report/4555/lead-acid-battery-market
Competitive Landscape
Key lead acid battery manufacturers profiled in Fact.MR's report include Furukawa Electric Co. Ltd., Narada Power Source Co. Ltd., Showa Denko Materials Co. Ltd., Leoch International Technology Ltd., Crown Battery Corporation, Exide Industries Limited and GS Yuasa Corporation among others. Primary expansion strategies include acquisition of key distributors, collaborations, mergers and product portfolio diversification.
Showa Denko Materials, for instance, offers a diverse range of lead acid batteries. Existing product portfolios include the Tuflong Premium, Tuflong SUPER, Tuflong Kei Truck, Tuflong HV, Tuflong LX, Tuflong HG, Tuflong EX and the Tuflong AG Hosaku-kun battery series respectively. Additionally, in 2020, the company inaugurated its largest hybrid battery energy storage system project in Poland.
In December 2020, GS Yuasa collaborated with NTT Systems to develop an AI technology capable of detecting early signs of failure in storage battery systems. The technology is highly environmentally friendly, creating a safe, secure and stable infrastructure for a carbon-neutral society. In February 2020, the company also launched its SNS-TN valve-regulated stationery lead acid batteries.
More Valuable Insights on Lead Acid Battery Market
Fact.MR, in its new offering, brings to fore an unbiased analysis of the global lead acid battery market, presenting historical demand data (2014-2018) and forecast statistics for the period, 2019-2029. The study divulges compelling insights on the lead acid battery market based on application (transportation (OEM transportation, aftermarket), motive industrial (OEM motive industrial, aftermarket motive industrial), stationary industrial (OEM stationary industrial, aftermarket stationary industrial), commercial (OEM commercial, aftermarket commercial), residential (OEM residential, aftermarket residential), grid storage (OEM grid storage, aftermarket grid storage), and others (OEM others, aftermarket others), product type (flooded, AGM, gel) across seven major regions.
Key Questions Covered in the Report
- What are key applications of Lead Acid Battery market?
- How will the global market for lead acid battery fare over the next few years?
- What factors are anticipated to drive lead acid battery market trends?
- What are the key trends in the lead acid battery market?
- Which market holds the maximum market share of the lead acid battery market?
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SOURCE: Fact.MR