Dubai, UAE, March 19, 2020 (GLOBE NEWSWIRE) -- Driven by governments in emerging economies promoting clean energy and eco-friendly modes of transport, the lead acid battery market is witnessing a promising growth outlook. A new study by Fact.MR reveals projections that the market will grow 1.4X during the forecast period (2019 to 2029). The growth is further complemented by the rising trend of electric vehicles in North America and Western Europe, which is anticipated to create substantial revenue opportunities for lead acid battery manufacturers.
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Lead Acid Battery Market - Key Takeaways
- Flooded batteries are expected to double their share in the market owing to flourishing market prospects of commercial and residential backup batteries.
- Asia Pacific excluding Japan (APEJ) will spur the growth of the lead acid battery market, with nearly 39% share, led by China and India.
- Absorbent glass mat (AGM) lead acid battery is projected to account for more than 1/3rd of total market value by 2029 end.
- Stationary industrial lead acid battery is anticipated to triple its market share by the end of the forecast period.
- The transportation sector is expected to offer significant growth prospects for manufacturers.
Lead Acid Battery Market - Key Driving Factors
- Strong efforts of fast developing economies towards carbon footprint reduction, fueling electric vehicle sales, are significantly contributing towards market growth.
- Upsurge in production of conventional passenger vehicles and two-wheelers is propelling the demand for lead acid batteries.
Explore complete lead acid battery market report with detailed market segmentation, 80 tables, 125 figures at - https://www.factmr.com/report/4555/lead-acid-battery-market
Lead Acid Battery Market - Key Restraints
Stringent regulations on lead emissions and growing inclination towards lithium ion batteries are challenging rapid growth of the lead acid battery market.
Competition Landscape
The key players in the lead acid battery market include Furukawa Electric Co. Ltd, Hitachi Chemical Company, Narada Power Source Co. Ltd, NorthStar, Leoch International Technology Ltd, Crown Battery Corporation, Exide Industries Limited, and GS Yuasa Corporation, among others. The prominent manufacturers are focusing on acquisitions as a key strategy to widen their global footprint.
About the Report
This 170-page study offers readers a comprehensive market forecast of the lead acid battery market. With historical demand data (2014-2018) and forecast statistics for the period, 2019-2029, the study divulges compelling insights on the lead acid battery market based on application (transportation (OEM transportation, aftermarket), motive industrial (OEM motive industrial, aftermarket motive industrial), stationary industrial (OEM stationary industrial, aftermarket stationary industrial), commercial (OEM commercial, aftermarket commercial), residential (OEM residential, aftermarket residential), grid storage (OEM grid storage, aftermarket grid storage), and others (OEM others, aftermarket others), product type (flooded, AGM, gel) across seven major regions.
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About Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the veteran research team at Fact.MR helps clients from across the globe with their unique business intelligence requirements. With a repository of over a thousand reports and 1 million+ data points, the team has scrutinized the Industrial Goods sector across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Fact.MR's latest manufacturing market reports and industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition.
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