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Rise in demand for automobiles have led to increase in demand for lead acid battery which is expected to drive market revenue growth
NEW YORK CITY, NEW YORK, USA, July 6, 2022 /EINPresswire.com/ -- The Lead Acid Battery Market size is expected to reach USD 65.98 Billion in 2030 and register a revenue CAGR of 4.2% over the forecast period, according to the latest report by Reports and Data. Steady market revenue growth of lead acid battery is due to various factors, such as cost-competitive energy storage solution and increase in renewable energy generation target. However, safety issues related to battery usage are certain restraints that are expected to affect the market revenue growth.
Steady demand for lead acid batteries is expected to continue due to relatively lower cost, wide availability, simple technology, and easy maintenance or topping up of electrolyte. Lead acid batteries are recyclable and refurbished in some developing economies. Lead is a commodity metal that can be most efficiently recycled. Lead batteries are the only energy storage system that is almost entirely recycled, and over 99% of lead batteries are collected and recycled in a number of developed and developing countries.
The global Lead Acid Battery market research report provides a brief overview inclusive of competitive landscape and key developments in the market. It provides an extensive study analysis of the strategic alliances such as mergers and acquisitions, joint ventures, collaborations, product launches and brand promotions, corporate deals and partnerships, among others. It also offers insights into company overview, financial standing, business expansion plans, and revenue growth of each company. It also sheds light on product advancement, technological developments, and research and development activities.
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Key Players:
Companies profiled in the global market report include Panasonic Corporation, Exide Industries Ltd., Hitachi Chemical Company Ltd., Amara Raja Batteries Ltd., HBL Power Systems Ltd., Zhejiang Narada Power Source Co., Ltd., Crown Battery Corporation, C&D Technologies Inc., GS Yuasa International Ltd., and Camel Group Co. Ltd.
Some Key Highlights from the Report:
• Among type segment, motive segment accounted for largest market revenue share in 2020 and is expected to register a faster revenue CAGR during the forecast period due to increasing demand for forklift applications. It has been observed that lead-acid batteries power almost 70% of the total forklifts manufactured. A motive type battery powers the motor that drives an electric vehicle such as a forklift truck. They also provide power for a specific purpose on an electric vehicle, such as the lift on a fork light truck. Additionally, motive type batteries power accessories such as headlights on an electric vehicle. Since lead-acid batteries aid in bringing down the total cost of ownership, their augmented implementation in forklifts is expected to fuel segment revenue growth over the forecast period.
• Among end use segment, transportation segment accounted for largest market revenue share in 2020 due to rise in demand for electric vehicles. Volatility of crude oil prices have affected countries that are dependent solely on imports. Rise in crude oil prices have led to rise in inflation. Hence, automobile sector is focusing on adopting electric vehicles as an alternative means which help in carbon reduction. Lead acid battery is used in different vehicles for different purposes, so as the automobile industry is witnessing steady demand, it would also allow lead acid battery market revenue to grow due to its cost-effective installation.
• Lead acid battery market in Asia Pacific accounted for largest revenue share in 2020 and is expected to register fastest revenue CAGR during the forecast period due to requirement of cost-effective energy storage solutions in developing counties. The industrial and commercial & residential sectors, along with the transportation sector, are major consumers of these battery systems. China, Singapore, South Korea, Japan, and India are considered the main industrial hubs and offer tremendous growth opportunities for the lead-acid battery market. High demand in the region is owing to rising investment in smart battery-operated technologies. The rise in automobile production, increase in demand for uninterrupted power supply, government support, and increase in the level of Foreign Direct Investment (FDI) are expected to drive market revenue growth.
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Key Questions Addressed in the Report:
• What is the expected revenue growth rate the global Lead Acid Battery market is expected to register during the forecast period?
• What are the key growth driving factors of Lead Acid Battery market?
• Who are the leading players in the market?
• What are the key outcomes of SWOT analysis and Porter’s Five Forces analysis?
• Which region is expected to account for the largest market share in the global Lead Acid Battery
Market Segmentation:
Regional Outlook (Revenue, USD Million; 2019–2030)
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa
Type Outlook (Revenue, USD Million; 2019–2030)
• Stationary
• Motive
End-use Outlook (Revenue, USD Million; 2019–2030)
• Utility
• Transportation
• Industrial
• Commercial & Residential
Technology Outlook (Revenue, USD Million; 2019–2030)
• Basic
• Advanced
Construction Outlook (Revenue, USD Million; 2019–2030)
• Flooded
• Vrla (valve regulated lead–acid) Battery
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Key Points Addressed in the Report:
• A detailed analysis of the global Lead Acid Battery market through assessment of key market aspects such as technology, product type, application, end-use, and overall industry dynamics.
• Qualitative and quantitative analysis of the market estimation and CAGR calculation for the forecast period.
• All-inclusive assessment of market dynamics with emphasis on drivers, restraints, opportunities, and limitations.
• Extensive profiling of key companies operating in the market including company overview, financial standing, product offerings, product portfolio, recent product and technological advancement, and business expansion plans.
Thank you for reading this article. You can also get chapter-wise sections or region-wise report coverage for North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
About Reports and Data:
Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target and analyze consumer behavior shifts across demographics, across industries and help client’s make a smarter business decision. We offer market intelligence studies ensuring relevant and fact-based research across a multiple industries including Healthcare, Technology, Chemicals, Power and Energy. We consistently update our research offerings to ensure our clients are aware about the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise.
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