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 by 5.2% CAGRbetween 2021 and 2031 compared to the 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.
The global lead-acid battery market has been harmed by lockdown restrictions. Amid the pandemic, limited production and transportation delays have created challenges. With successive waves of the novel coronavirus tightening their grip on the global economy, production and distribution have been pushed back.
Several end-use industries, including automobile, electronics, and construction, have suffered. Furthermore, the increased demand for electric vehicles has resulted in the greater global adoption of lead-acid batteries.
Despite the constraints, economies are expected to recover steadily in 2021. Companies have begun operations as they steadily progress on the road to recovery. Improving supply and distribution networks will also boost sales in the post-pandemic period. In light of this, the pandemic is unlikely to have a long-term impact on the market.
East Asia is predicted to remain one of the most attractive markets for lead-acid batteries during the forecast period, according to Future Market Insights. China is expected to account for over 57% of the East Asia lead-acid battery market through 2031.
Key Players:
- Furukawa Electric Co., Ltd.
- Hitachi Chemical Company, Ltd.
- Narada Power Source Co. Ltd.
- SiteTel Sweden AB (NorthStar)
- Clarion
- Leoch International Technology Ltd.
- Yokohama Batteries Sdn. Bhd.
- Enersys
- Exide Industries Ltd.
- GS Yuasa Corporation
- Hoppecke Batterien GmbH & Co. KG.
- Crown Battery Corporation
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