Lead Acid Battery Market:
Growth opportunities in the lead acid battery market look promising over the next six years. This is mainly due to the growing number of commercial vehicles, motorcycle, passenger car manufacturing sectors, and the increasing adoption of automobiles.
Lead Acid Battery Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The surging acquisition of automobiles is the key driver stimulating the growth of the lead acid battery market. Also, the expansion in the number of motorcycles, passenger cars, and commercial vehicle manufacturing sectors will further strengthen the lead acid battery market size. In accordance with the IBEF, the Indian automobile industry accounts to be the fourth largest in the world and is projected to touch USD 251.4 – 282.8 billion by the end of 2028. Furthermore, total domestic automobile production has increased from 2.36% CAGR between 2016-2020 to around 26.36 million vehicles being produced in FY 2020. The vigorous demand for UPS across various industries like chemicals, gas, healthcare, and BFSI will bolster the lead acid battery industry.
According to the lead acid battery market trends, the increasing demand for electric vehicles and e-bikes will be a prominent factor responsible for the market growth over the coming years. The European electric vehicle market is fuelling because of the EU’s policy, aiming to reduce the greenhouse gas emissions from vehicles. As per the European Environment Agency (EEA), the electric car registration totalled 550,000 units in 2019 from just 300,000 units in 2018. Moreover, the shift towards renewable sources of energy is paving the way for market growth. All European Union (EU) countries are choosing national renewable energy action plans, which has resulted in escalating the number of onshore and offshore renewable energy installations in the UK, Italy, Sweden, and Germany, because these systems require batteries, primarily lead-acid variants, for storage of solar energy.
Regional Drivers
Based on the regional coverage, Asia-Pacific is predicted to witness a higher CAGR during the forecast period. This is attributed to the growth of the construction sector in Japan, China, South Korea, India, and Malaysia, which intensifies the usage of lead-acid batteries. Additionally, the boost in demand for energy storage batteries in India and China further contributes to market growth.
Automotive Air Filter Market’s leading Manufacturers:
- Johnson Controls
- HBL Power Systems Limited
- Chaowei Power Holdings Limited
- Clarios
- EXIDE INDUSTRIES LTD.
- CROWN BATTERY
- Narada Power Source Co., Ltd.
- Panasonic Corporation
- GS Yuasa International Ltd.
- ENERSYS
Automotive Air Filter Market Segmentation:
Segmentation by Construction Method:
- VLRA
- Flooded
Segmentation by Type:
- Stationary
- Motive
Segmentation by End-Use:
- Automotive
- Commercial And Residential
- Telecom
- Industrial
- Others
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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