September 28, 2022 09:00 ET | Source: Future Market Insights Global and Consulting Pvt. Ltd. Future Market Insights Global and Consulting Pvt. Ltd.
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NEWARK, Del, Sept. 28, 2022 (GLOBE NEWSWIRE) -- In 2021, it is anticipated that the lead-acid battery market will be worth $54.3 billion. Sales of lead-acid batteries will increase at a 5.2% CAGR between 2021 and 2031, predicts Future Market Insights (FMI). The study predicts that by 2031, the market will be worth more than US$ 90.5 billion.
The demand for AGM batteries is anticipated to grow quickly, with a 6.2% CAGR by 2021, according to FMI.
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.
China electric & plug-in-hybrid vehicles sales hold lead in the region with more than 1.33 Mn units sold in 2020. Leading automotive manufacturers are planning to invest in and expand the production capacity across the country over the forecast period.
Furthermore, China remains one of the world’s largest markets for the electric industry, making it a lucrative market for lead acid battery manufacturers. Aside from this, rapid modernisation of its economy, and investments into automotive and power utilities industries will drive growth in the market.
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Lead Acid Battery Market 2016-2020 Outlook Compared to 2021-2031 Forecast
Driven by the increasing focus on research and development and investment in automotive industry for electric vehicles, the lead acid battery market will rise at 5.2% CAGR between 2021 and 2031 in comparison above 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 battery has increased consistently with the advent of the electric and hybrid vehicles over past few years.
Key Takeaways from Lead Acid Battery Market Study
Source @ https://www.futuremarketinsights.com/reports/global-lead-acid-battery-market
Lead Acid Battery Market Competitive Landscape
Companies operating in the lead acid battery market are aiming at strategic collaborations and partnerships with other manufacturers to expand their manufacturing capacity. For instance:
Some of the prominent players operating in the Land Survey Equipment Market profiled by FMI are:
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The research report analyzes demand for Lead Acid Battery. 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 on the basis of
Lead Acid Battery Market Report Also Addresses:
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Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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