Lead-acid Battery Market Share, Size, Trends, Industry Analysis Report, By Application (Stationary, Motive, SLI); By Construction (Flooded, VRLA); By Sales Channel (OEM, Aftermarket) Geography (North America, Europe, Asia-Pacific, and Rest of the World) Size, Share, Outlook, and Opportunity Analysis, 2023-2030.
The global Lead Acid Battery Market is estimated to be valued at reach US$ 40,274.9 million in 2022 and is expected to exhibit a CAGR of 4.6 % over the forecast period, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The Lead-acid battery is one very old kind of rechargeable batteries. Apart from having a small energy-to-volume proportion and also very low energy-to-weight proportion, its capability to offer high surge substances discloses that the cells have comparatively huge power-to-weight ratio. Lead-acid batteries can be categorized as secondary batteries. The chemical reactions that take place in secondary cells are rescindable. The reactants that create an electric current in these batteries can be reinforced by passing a power from the battery. The chemical procedure of deriving power from a secondary battery is known as discharging. The process of regenerating active substance is known as charging.
Competitive Landscape:
Key players involved in the growth of global Lead-acid Battery Market are B. B. Battery Camel Group Co., Ltd., C&D Technologies, Inc., Shandong Sacred Sun Power Sources Co. Ltd., Narada Power Source Co. Ltd., GS Yuasa Corporation, Chaowei Power Holdings Limited., Clarios, East Penn Manufacturing Co., Crown Battery Corporation, Leoch International Technology Ltd., Enersys, Exide Industries Ltd., Furukawa Electric Co., Ltd., , and Yokohama Batteries Sdn. Bhd.
Market Key Drivers:
The rising demand of electric vehicles is expected boost the growth of global Lead-acid Battery Market. For instance, as per IEA, around 10 million EV’s were sold across the globe in 2022.
Rising technological developments, innovations and expansions to project the growth of global Lead-acid Battery Market. For instance, In April 2022, Off-grid Energy Labs launched of their deal ZincGel Battery, which would offer India's EV battery switching sector with persistent batteries. Compared to other batteries, this technique is non-flammable with a less environmental effect.
Covid-19 Impact Analysis:
The Covid-19 outbreak has adversely affected the growth of global Lead-acid Battery Market due to the rise in pandemic. The disruption in the supply chain, halt in supply of raw materials, imposition of strict lockdown, restriction on transportation and closure of production and manufacturing sites has impeded the market growth.
Key Takeaways:
The global Lead Acid Battery Market is anticipated to exhibit a CAGR of 4.6 % during the forecast period due to rising approvals and product launches. For instance, In October 2018, Amara Raja Batteries along with Johnson Controls for launching a new battery technology in India which offers sophisticated user features and stringent emission rules for the automotive sector.
Among regions, North America, Europe, and Asia Pacific are expected to witness robust growth in the global Lead-acid Battery Market due to rising mergers and acquisitions, rising sales of EV’s, increasing launches and product approvals and rising collaborations and partnerships. For instance, as per the Society of IAM, total automotive sales grew by 24.0 % in 2020-2021.
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