The lead-acid battery market valuation is expected to reach US$ 54.3 Bn in 2021. Future Market Insights (FMI) analysis has forecasted the lead-acid battery sales to increase at 5.2% CAGR between 2021 and 2031. According to the study, the overall lead-acid battery market valuation will top US$ 90.5 Bn by 2031.
Lockdown restrictions have negatively impacted the worldwide lead-acid battery market. Confined manufacturing and transportation delays have created limitations amid the pandemic. With the consecutive waves of the novel coronavirus tightening its noose on the global economy, production and distribution have been not on time.
Several quit-use industries along with automobile, digital, and creation were adversely impacted. Moreover, the increase in electric vehicle calls has ended in higher adoption of lead-acid batteries across the globe.
Regardless of the restrictions, economies are step by step convalescing in 2021. Employers have all started operations as they step on the route of healing at a constant tempo. Development in supply and distribution networks also will push sales inside the post-pandemic length. Against this backdrop, the pandemic is not going to have a long-term impact on the lead-acid battery market.
Growth can be attributed to the growth inside the call for strength-green answers throughout the globe. The call for the lead-acid battery has elevated continually with the advent of electric and hybrid motors over the past few years.
Key factors fueling the call for lead-acid batteries encompass initiatives undertaken to introduce inexperienced power solutions within the car enterprise. Main lead-acid battery manufacturing corporations are specializing in expanding their manufacturing and distribution capacities in various nations. To improve their industrial research activities, a few groups are collaborating immediately with local manufacturers.
The transportation segment is most of the leading stop customers of lead-acid batteries. Domestically, China has emerged as a relatively profitable market for the manufacturing and export of lead-acid batteries. This can be attributed to the growing call from the USA’s car enterprise, coupled with the adoption of superior technology and higher production capacity.
- SiteTel Sweden AB (NorthStar)
- Leoch International Technology Ltd.
- Yokohama Batteries Sdn. Bhd.
- Exide Industries Ltd.
- GS Yuasa Corporation