Lead Acid Battery Market To Grow At A CAGR Of 5.2% By 2031

According to a new report by Future Market Insights, the global lead acid battery market is expected to grow at a CAGR of 5.2% from 2021 to 2031. The report also states that the automotive segment is expected to be the fastest-growing segment during the forecast period. Various factors such as increase in demand for electric vehicles and hybrid vehicles are contributing to the growth of the lead acid battery market. Additionally, advancement in technology and increasing awareness about environment-friendly options are also fueling the growth of this market.

The global sales of lead acid battery are set to be valued at over US$ 54.3 Bn in 2021, with a stable long-term projection, according to latest insights by Future Market Insights (FMI). The report has forecast the market to expand at over 5.2% CAGR between 2021 and 2031.

Request a Sample@ https://www.futuremarketinsights.com/reports/sample/rep-gb-54

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.

Ask an Analyst@ https://www.futuremarketinsights.com/ask-question/rep-gb-54

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.

“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

Request for Customization@https://www.futuremarketinsights.com/customization-available/rep-gb-54

Competitive Landscape

The lead acid battery market is highly competitive at regional as well as global levels, and highly consolidated in nature. These players are likely to invest in new technology developments and expansion of their networks in order to maintain their market shares.

Some of the key players in this industry include but are not limited to Furukawa Electric Co., Ltd., Narada Power Source Co. Ltd., Clarios, Leoch International Technology Ltd., Enersys, Exide Industries Ltd., GS Yuasa Corporation, East Penn Manufacturing Co., Chaowei Power Holdings Limited., and others.

Find More Valuable Insights

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 product type, power source, and region. The report provides qualitative and quantitative information on various players in this market. This report also tracks the market by both, supply side and demand factors.

Key Questions Answered in the Report

1. What is a lead acid battery market?

2. Types of lead acid batteries

3. Applications for lead acid batteries

4. How the lead acid battery market is evolving

5. Leading players in the lead acid battery market

6. Regional analysis of the lead acid battery market

About Future Market Insights (FMI) 

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers. 

Contact: 

Ankush Nikam

Future Market Insights, 

1602-6 Jumeirah Bay X2 Tower, 

Plot No: JLT-PH2-X2A, 

Jumeirah Lakes Towers, Dubai, 

United Arab Emirates 

For Sales Enquiries: sales@futuremarketinsights.com 

For Media Enquiries: press@futuremarketinsights.com 

Website: https://www.futuremarketinsights.com/ 

Report: https://www.futuremarketinsights.com/reports/global-lead-acid-battery-market

© Scoop Media