Market Research Future published a research report on “Lead Acid Battery Market Research Report – Global Forecast till 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
The Market Research Future study opened up and mentioned that the global Lead Acid Battery market 2020 faced significant challenges from the Coronavirus pandemic and reiterated its pledge to take aggressive action to support an eventual recovery. With this, the industry bounced back with stabled sales which helped in pushing net profit at 8%. After a complete shutdown of factories and industries went down, the global Lead Acid Battery market will be gaining tremendous profit during the forecasted period (2017-2023).
Lead Acid Battery Growth & Drivers
Some of the prime factors identified as drivers of the global Lead Acid Battery market are accredited towards rising demand for e-bikes and electric vehicles, and reducing reliance on conventional fuel technologies and lower maintenance and replacement costs. Lead-acid batteries are slated to score immensely in paving ways for the electric vehicle revolution with a massive chunk of these vehicles equipped with lead-acid batteries. They will be extensively used in all lighting, ignition, and safety functions on EVs. The start-stop technology which uses lead-acid batteries is said to remove 4.5 million tons of GHG emissions in the US each year. All these factors have laid positive aspects for the market to expand considerably since years and would take down the expansion to a great extent in the forecasted period.
At the same time, the high growth of OEMs in the after market is an auxiliary set to enhance market prospects. Regular replacement of battery units, low costs and established distribution channels are some of the primal factors for towering growth of the aftermarket segment. Lead-acid batteries are witnessing high demand expansion as compared to its flooded variants as they do not mortify and are more efficient in containing spills. Within these batteries, the electrolyte is kept poised while remaining in contact with the lead. These batteries are proven to be more competent at the time of recharging and discharging, and the greater surface area proposed by the plates also thrusts the starting power of these batteries.
Furthermore, renewable energy, such as solar power systems is showcasing newer opportunities for the Lead Acid Battery Market. It is probable that in countries such as Australia and Germany, the prices are probable to remain identical for both residential solar systems and grid-supplied energy. These factors also count under the growing dynamics of the global Lead Acid Battery market.
In the last, the Lead Acid Battery market will witness excremental growth in the short term owing to the ongoing COVID-19 pandemic. Governments and regulators have implemented social distancing mandates of varying degrees to subdue the spread of disease on a global scale. Lockdown of manufacturing operations and shortage of workforce are a few crucial factors that will limit the installation of Lead Acid Battery units.
The prominent players in the global Lead Acid Battery market are ATLASBX Co. Ltd. (South Korea), Johnson Controls (U.S), East Penn Manufacturing Co. (U.S.), Exide Technologies (U.S.), Crown Battery Manufacturing (U.S.), NorthStar (Sweden), GS Yuasa Corp (Japan), C&D Technologies, Inc. (U.S.), and Leoch International Technology Ltd. (China).
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The global Lead Acid Battery market is studied among the segments of product, construction method, and end-user.
Depending on the segment of the product, the market included motive, stationary, and SLI.
Depending on the construction method segment, the market included VRLA (valve-regulated lead-acid) and flooded.
Depending on the end-user segment, the market included residential, stationary industrial, automotive, commercial, transportation, telecommunication, electronics, oil & gas, and others.
The global Lead Acid Battery market is studied for the regions such as Asia Pacific, North America, Europe, and Rest of the World.
It has been observed that the Asia Pacific region grabs the leading share of the Lead Acid Battery market. Due to hopeful government regulations that encourage investments from public-private partnerships, foreign direct investments and promising economies from developing nation such as India, China, and South Korea are likely to fuel the Lead Acid Battery market.
The European region is likely to illustrate a significant growth on account of the rising number of the offshore and onshore renewable energy industry in Italy, Germany, Sweden, and the U.K. Furthermore, rising population and escalating disposable income of people in the region are probable to boost the demand for passenger cars, thereby facilitating the market development.
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