Global Lead Acid Battery Market Estimated To Grow Owing To Rising...

Global Lead Acid Battery Market Estimated To Grow Owing To Rising Demand For Automotive Vehicles

Posted 2023-12-06 13:19:37

SWOT Analysis

Strength: Lead acid batteries have high surge power and are very inexpensive compared to other battery types. They are also highly recyclable with more than 95% of the batteries being recycled globally. Lead acid batteries are reliable in high and low temperature and have relatively long shelf life if maintained properly.

Weakness: Lead acid batteries have low energy density and require regular maintenance in terms of water topping. They also have short life cycle if deeply discharged.

Opportunity: Increasing adoption of start-stop technology in automobiles is creating new opportunities for lead acid batteries. Rapid growth of telecommunication industry and data centers is augmenting demand for backup lead acid batteries.

Threats: Development of alternative battery technologies like lithium-ion batteries poses threat to lead acid batteries especially in automotive applications. Stringent environmental regulations regarding disposal of used lead acid batteries.

Key Takeaways

The Global Lead Acid Battery Market Size is expected to witness high growth, exhibiting CAGR of 8.2% over the forecast period, due to increasing demand for automotive and motive battery applications. Lead acid batteries accounts for over 60% of the rechargeable battery market driven by their use in automotive starting, lighting and ignition applications.

Regional analysis The Asia Pacific dominates the global lead acid battery market and is expected to grow with the highest CAGR during the forecast period. This is attributed to growing automotive production and presence of leading battery manufacturers in the region. China represents majority of share in global lead acid battery production supported by large automobile manufacturing base and low cost of raw materials in the country.

Key players operating in the lead acid battery market are Johnson Controls, ATLASBX Co. Ltd., Exide Technologies, East Penn Manufacturing Co, Crown Battery Manufacturing Company, C&D Technologies INC., GS Yuasa Company, Leoch International Technology Ltd, Chaowei Power Holdings Limited, and Camel Group Co. Ltd., Hoppecke Batterien GmbH & Co. KG. Key players are focusing on capacity expansion and product innovation to cater to growing demand from automotive and UPS applications.

For more insights, read- http://clevergrowthinsights.weebly.com/blog/lead-acid-battery-market-is-estimated-to-witness-high-growth-owing-to-rising-demand-for-energy-storage-systems