U.S. Lead Acid Battery Market Is Expected To Rise At Above 4% CAGR Over The Forecast Period 2022-2032
Demand in the U.S. lead acid battery market is expected to rise at above 4% CAGR over the forecast period. The U.S. has emerged as a lucrative market for lead acid batteries in terms of both production and consumption. The U.S. is recognized as a primary market for electronic and automotive industries and it is expected to continue exhibiting high demand for lead acid batteries through the forecast period.
There also is an increasing demand from other industries for the deployment of lead-acid batteries. An increasing number of players focusing on research and development related to lead-acid batteries is anticipated to have a significant contribution to market growth in the years to come.
The call for lead-acid batteries is increasing with the rise in the volume of the car fleet in the latest years. This may be attributed to an increase in aftermarket income in normal interims for battery replacement.
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The growing requirement has led to mass production and has increased the importance of process automation in the lead-acid battery market. The market is shifting towards industry 4.0 s, leading to the universal adoption of new production technologies.
Key Takeaways from Lead Acid Battery Market Study
- The flooded battery is projected to hold over 49% of the global market share in 2021 in terms of product type, supported by superior configurations.
- Transportation is projected to hold over 56% of the overall market share as the leading segment in terms of application by 2031-end, supported by increasing investments in electric vehicle production.
- China will remain a chief market, backed by rising demand from the automotive industry. It is expected to account for over 57.3% of demand registered in East Asia in 2021.
- The market in India is set to surge at around 6% CAGR over the next ten years.
- Germany is emerging as a key market in Europe, accounting for over US$ 2,509.4 Mn in 2021, driven by the expansion of the automotive industry.
“The lead-acid battery market is growing at a strong pace, driven largely by increasing demand for energy-efficient solutions across the automotive sector. The increasing demand for electric vehicles will create extensive opportunities for manufacturers. Key industry participants have been focusing on product diversification to offer energy-efficient solutions and gain a competitive advantage,” says a Future Market Insights analyst
The lead-acid battery market is highly competitive at regional as well as global levels and highly consolidated in nature. These players are likely to invest in new technology developments and the expansion of their networks to maintain their market shares.
Some of the key players in this industry include but are not limited to Furukawa Electric Co., Ltd., Narada Power Source Co. Ltd., Clarion, Leoch International Technology Ltd., Enersys, Exide Industries Ltd., GS Yuasa Corporation, East Penn Manufacturing Co., Chaowei Power Holdings Limited., and others.
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The research report analyzes the demand for Lead Acid Batteries. The global Lead Acid Battery market has been analyzed with the COVID-19 impact, various macroeconomic factors, market trends, and market background. As per Future Market Insights, the market has been analyzed based on product type, power source, and region. The report provides qualitative and quantitative information on various players in this market. This report also tracks the market by both, supply-side and demand factors.