Lead Acid Battery Market size to exceed $80bn by 2027

Lead Acid Battery Market size is expected to surpass USD 80 Billion by 2027, as reported in the latest study by Global Market Insights, Inc.
 

Lead acid battery industry is anticipated to witness a substantial growth on account of their cost efficiency, high battery capacity, product reliability and safety. These batteries have garnered significant predominance for diverse applications on account of its low maintenance requirement and operational cost. The continued reliance on electronics and reliable power quality will continue to drive the market growth of the lead acid battery units. Moreover, the ability of these batteries to offer a competitively priced and easily accessible energy storage solution for a broad array of end-use applications will sustain their supremacy in the industry and raise their market share over the coming years.

 

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However, the lead acid battery market has been witnessing a restrained growth over the last year on account of the ongoing global pandemic of COVID 19. The governments of different countries across the globe have imposed restrictions and safe distancing protocols to minimize the community spread of the virus. This has given a rise to the unavailability of raw materials and human resource across major industries, including the lead acid battery industry. However, the market trend is anticipated to recover in the second half of 2021, as the medical institutions have begun the rollout of vaccinations across the globe.
 

Ongoing expansion across commercial and industrial sector will boost lead acid battery market demand across motive applications

Lead acid battery is anticipated to see a significant growth from industrial and commercial sectors on account of growing preference of these batteries for motive applications including forklifts, industrial lifts, and heavy machinery amongst others. In the last few years, governments have introduced favorable policy regimes, which has fueled a high competition across the manufacturing business, which is beneficial for the market expansion of the lead acid batteries. Moreover, the major players are investing extensively in R&D activities for machinery & equipment to conduct seamless operations, which in turn is enhancing the battery deployment for power supply, hence augmenting its market demand.
 

Browse key industry insights spread across 465 pages with 1000 market data tables & 40 figures & charts from the report, Lead Acid Battery Market Statistics By Application (Stationary {Telecommunications, UPS, Control & Switchgear}, Motive, SLI {Automobiles, Motorcycles}), By Construction (Flooded, VRLA), By Sales Channel (OEM, Aftermarket), Industry Analysis Report, Regional Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2021 – 2027 in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/lead-acid-battery-market
 

High durability and economical operations will proliferate flooded battery technology demand

Flooded batteries utilize an electrolyte of sulphuric acid, a plate separator and lead plates, which reduces the overall cost of the battery, thus complementing its penetration in the market. Flooded batteries are widely preferred across two wheeler and automobile sectors owing to their durability, and economic advantage over VRLA batteries, boosting their adoption across the globe. However, flooded batteries are difficult to install and has complex maintenance process which may limit the penetration of such batteries in the forecast period, impacting the lead acid battery market demand negatively.
 

Rising deployment of advanced vehicle technologies will boost Europe lead acid battery industry demand

Europe has been characterized as the major automobile manufacturing & engineering hub of the world and obtains a leading market share across the production and sales of automobiles. Automobile manufacturers across the region are extensively investing in research & development activities to introduce advanced vehicle technologies to address the mobility needs in the future. Growing investment in automotive sector will propel a demand for efficient power supply unit, therefore enhancing the lead acid battery market size across the Europe.
 

Eminent players operational in lead acid battery market includes Shangdong, GS Yuasa, Middle East Battery, Koyo Battery, Enersys, Leoch, Clarios, and Zibo amongst others. The major manufacturers across the lead acid battery business are engaged in strategic mergers and acquisitions with raw material suppliers and distributors to get a competitive edge over other competitors in the battery business and thus expand their market share.

 

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