Lead Acid Battery Market is estimated to reach US$51.613 billion by 2029 at a CAGR of 3.93%

NOIDA, UTTAR PARDESH, INDIA, January 31, 2024 /EINPresswire.com/ -- According to a new study published by Knowledge Sourcing Intelligence, the lead acid battery market is projected to grow at a CAGR of 3.93% between 2022 and 2029 to reach US$51.613 billion by 2029.

One of the key growth drivers to propel the lead acid battery market during the forecasted period is the growth of the marine sector. Lead acid batteries are used for the storage of electricity in ships, which serves as an immediate-access emergency supply on many vessels in the marine sector and can also be used as a low-voltage DC supply for specific pieces of equipment. As per the Maritime Administration (MARAD) of the United States, the data used from the US Census Bureau estimated the private shipbuilding and repairing industry spending of a total of US$896.3 million on new and used capital assets, among which include new structures and equipment in 2019. The increase in growth of the marine industry through the increase in shipbuilding and repairing will provide the necessary fuel for the growth of the lead acid battery market during the forecasted period.

There are many product launches and developments that are taking place in the lead acid battery market. For instance, as of April 2022, Offgrid Energy Labs announced the launch of their battery technology known as ZincGel, which allows the growth of India’s EV battery industry. It consists of both lithium and lead acid batteries can act as a profitable and maintenance-free renewable energy source for EV vehicles, and is capable of super-fast charging. Another instance was in December 2021, when India-based Tata AutoComp GY Batteries Private Ltd. (TGY), an equity method affiliate of GS Yuasa Corporation, announced the increase in its annual production capacity to double for motorcycle lead acid batteries, in response to the increase in demand for India. They aimed to double its regular annual production capacity for motorcycle lead acid batteries, which accounts for 8.4 million units.

Access sample report or view details: https://www.knowledge-sourcing.com/report/global-lead-acid-battery-market

The lead acid battery market, based on type, is categorized into two types- flooded battery, and sealed battery, which is further categorized into absorbed glass mat battery, and gelled electrolytes battery. The flooded lead-acid battery is the most common type of battery that is used in the market when compared to the sealed lead-acid battery, which is due to the difference in their performance, their depth of discharge abilities, their cycle life, and their warranty.

The lead acid battery market, based on charging method, is categorized into two types- constant voltage charging, and constant current charging. The performance and service life are completely dependent on the type of battery charging method used. Following incorrect charging procedures leads to decreased battery life and poor battery performance, and is different for different types of lead-acid batteries.

The lead acid battery market, based on the end-user, is categorized into five types- automotive, electrical & electronics, marine, aerospace, and others. Lead-acid batteries are commonly used in emergency lightening procedures for providing power to sump pumps, electric motors, submarines, and nuclear submarines.

The Asia Pacific region is expected to witness significant growth in the lead acid battery market during the forecasted period. The factor that affects the market is the increase in the usage of electric vehicles and the production of automobiles. China, Japan, and India display significant amounts of growth in the market due to the increasing automobile production and government incentives. For instance, the Chinese government announced the reduction of subsidies for energy vehicles by 30% in 2022, which is an increase from 20% in 2021, to create a stable policy environment and promote the usage of new energy vehicles in the country. Also, as per the International Organization Of Motor Vehicle Manufacturers, the production of automobiles displayed an increase from 77,621,582 units in 2020 to 85,016,728 units in 2022, which is an approximate increase of 10%. This increase in automobile production and government support increases the potential for growth in the lead acid battery market during the forecasted period.

The research includes several key players from the lead acid battery market, such as Enersys, Exide Industries Limited, GS Yuasa International Ltd, Narada Asia Pacific Pte. Ltd, East Penn Manufacturing Company, Panasonic Corporation, US Battery Mfg Co., Leoch International Technology Limited, Clarios (Clarios International Inc.), and JYC Battery Manufacturer Co. Ltd.

The market analytics report segments the lead acid battery market using the following criteria:

• By Type:

o Flooded Battery
o Sealed Battery

• Absorbed Glass Mat Battery
• Gelled Electrolytes Battery

• By Charging Method:

o Constant Voltage Charging
o Constant Current Charging

• By End-User:

o Automotive
o Electrical & Electronics
o Marine
o Aerospace
o Others

• By Geography:

o North America

• USA
• Canada
• Mexico

o South America

• Brazil
• Argentina
• Others

o Europe

• Germany
• UK
• France
• Spain
• Others

o Middle East and Africa

• Saudi Arabia
• UAE
• Others

o Asia Pacific

• China
• Japan
• South Korea
• India
• Australia
• Others

Companies Mentioned:

• Enersys
• Exide Industries Limited
• Narada Asia Pacific Pte. Ltd
• GS Yuasa International Ltd.
• Panasonic Corporation
• East Penn Manufacturing Company
• Leoch International Technology Limited
• US Battery Mfg Co.
• Clarios (Clarios International Inc.)
• JYC Battery Manufacturer Co. Ltd

Explore More Reports:

• Battery Diagnostics And Repair Market: https://www.knowledge-sourcing.com/report/battery-diagnostics-and-repair-market

• Solar Battery Market: https://www.knowledge-sourcing.com/report/solar-battery-market

• Inverter Battery Market: https://www.knowledge-sourcing.com/report/inverter-battery-market

Ankit Mishra
Knowledge Sourcing Intelligence LLP
+1 850-250-1698
email us here
Visit us on social media:
Facebook
Twitter
LinkedIn