- Lead-acid battery market estimates and forecast 2016-2031
- Key drivers and restraints impacting market growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Brand share and Market Share Analysis
- Key Product Innovations and Regulatory Climate
- COVID-19 Impact on Lead Acid Battery Market and How to Navigate
- Recommendation on Key Winning Strategies
Lead Acid Battery Market 2016-2020 Outlook Compared to 2021-2031 Forecast
Driven by the increasing focus on research and development and investment in the automotive industry for electric vehicles, the lead-acid battery market will rise at 5.2% CAGR between 2021 and 2031 in the comparison above 1.2% CAGR registered during 2016-2020.
Growth can be attributed to the increase in the demand for energy-efficient solutions across the globe. The demand for lead-acid batteries has increased consistently with the advent of electric and hybrid vehicles over the past few years.
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Key factors fueling the demand for lead-acid batteries include initiatives undertaken to introduce green energy solutions in the automotive industry. Leading lead-acid battery manufacturing companies are focusing on expanding their production and distribution capacities in various countries. To improve their industrial research activities, some companies are collaborating directly with regional manufacturers.
The transportation segment is among the leading end users of lead-acid batteries. Regionally, China has emerged as a highly lucrative market for the production and export of lead-acid batteries. This can be attributed to increasing demand from the country’s automotive industry, coupled with the adoption of advanced technology and higher production capacity.
Will COVID-19 Crisis Hamper Lead Acid Battery Market Growth Outlook?
Lockdown restrictions have negatively impacted the global lead-acid battery market. Limited production and transportation delays have created obstacles amid the pandemic. With the consecutive waves of the novel coronavirus tightening its noose on the global economy, production and distribution have been delayed.
Several end-use industries such as automobile, electronics, and construction have been adversely impacted. Additionally, the increase in electric vehicles demand has resulted in higher adoption of lead-acid batteries across the globe.
Despite the constraints, economies are steadily recovering in 2021. Company s have begun operations as they step on the path of recovery at a steady pace. Improvement in supply and distribution networks also will push sales in the post-pandemic period. Against this backdrop, the pandemic is unlikely to have a long-term effect on the lead-acid battery market.
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Lead Acid Battery Market Competitive Landscape
Companies operating in the lead-acid battery market are aiming at strategic collaborations and partnerships with other manufacturers to expand their manufacturing capacity. For instance:
- In March 2019, GS Yuasa Corporation has announced that GS Yuasa International Ltd. launched a new automotive lead-acid storage battery plant operated by equity method affiliate inci GS Yuasa Akü Sanayi ve Ticaret Anonim Sirketi (“IGYA”) in Manisa Province, Turkey.
- In February 2020, the company has announced the launch of its SNS-TN series of valve-regulated stationary lead-acid batteries.
- In July 2020, Blink Charging and Enersys collaborate To Develop High Power Inductive/Wireless and enhanced DC Fast Charging Systems with energy storage options for the automotive market.
- In January 2021, EnerSys is teaming up with TravelCenters of America (TA) to offer Odyssey Performance and NorthStar PRO Group 31 batteries for heavy-duty applications in all TA locations throughout the United States.