Market Research Future published a research report on “Lead Acid Battery Market Research Report – Global Forecast To 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
Pune, India – March 15, 2019 —
All gadgets and electronic items require batteries when they are not connected to some power source. Among all batteries, the lead acid battery is one battery whose market is growing rapidly because it is considered useful and suitable for vehicles. Application of lead-acid batteries in energy storage application is expected to drive the market due to the development of commercial vehicles, motorcycle industry, and a passenger car.
Uninterrupted Power Supply (UPS) is required in various sectors like chemical, healthcare, manufacturing and oil & gas. The growth of lead battery market is also boosted by factors like the emergence of vehicle charging infrastructure, execution of smart grid projects, increase in adoption of renewable energy systems, increasing distance of telecom towers and increasing usage of hybrid and electric vehicles. Also, the life of the lead acid battery is longer, and its cost of manufacturing is lower than the cost of batteries. Vehicles are expensive, and the high-cost batteries can make them more expensive. Therefore, lead-acid batteries are preferred over other batteries. Another plus point of lead acid batteries is that they can work in cold weather whereas many other batteries although claiming to last longer than lead-acid batteries cannot. Due to low cost, even military submarines also use lead acid batteries.
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A report published by Market Research Future (MRFR), predicts that the lead-acid battery market is likely to grow at 8% CAGR for the forecast period from 2017 to 2023.
The global lead-acid battery market is segmented by product, construction method, and end-user. Based on the product segment, the market is segmented into stationary, motive, SLI. By construction method, the market is segmented into VRLA (valve-regulated lead-acid) and flooded. By the end-user, the market is segmented into stationary industrial, residential, commercial, automotive, telecommunication, transportation, oil & gas, electronics, and others.
Some of the prominent players in the global Lead Acid Battery Market: Johnson Controls (U.S), ATLASBX Co. Ltd. (South Korea), Exide Technologies (U.S.), East Penn Manufacturing Co. (U.S.), NorthStar (Sweden), Crown Battery Manufacturing (U.S.), C&D Technologies, Inc. (U.S.), GS Yuasa Corp (Japan), Narada Power Source Co., Ltd. (China) and Leoch International Technology Ltd. (China) and others.
The global lead-acid battery market is studied in Asia Pacific, North America, Europe, and Rest of the World. It has been observed that Asia Pacific region accounts for the largest share of the lead acid battery market. Owing to promising government regulations that encourage investments from public-private partnerships, foreign direct investments and emerging economies from developing nation such as China, India, and South Korea are expected to fuel the lead acid battery market. The European region is expected to show a considerable growth on account of increasing number of offshore and onshore renewable energy industry in Germany, Italy, Sweden, and the U.K. Furthermore, growing population and increasing disposable income of people in the region are likely to boost the demand for passenger cars, thereby aiding the market growth.
Latest Industry News
• TLASBX Co. LTD, one of the leading battery manufacturers in South Korea is going to set up its first manufacturing facility in the USA. This facility will be set up in Clarksville, Tennessee. TLASBX Co. LTD will invest $75 million and create approximately 200 jobs in Montgomery County.
• East Penn Manufacturing Co. has announced the opening of a new battery manufacturing and distribution plant in Oelwein, Iowa. This business expansion is set to bring 350 new jobs to northeastern Iowa. Iowa Economic Development Authority had approved this expansion in 2015 with the aid of $3.1 million in state tax credits and $1.75 million in direct financial assistance.
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Name: Abhishek Sawant
Organization: Market Research Future
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