The lead-acid battery market valuation is expected to reach US$ 54.3 Bn in 2021. Future Market Insights (FMI) analysis has forecasted the lead-acid battery sales to increase at a 5.2% CAGR between 2021 and 2031. According to the study, the overall market valuation will top US$ 90.5 Bn by 2031.
As per FMI, the demand for AGM batteries is expected to increase at a high pace, exhibiting a 6.2% CAGR in 2021.
According to the market analysis by Future Market Insights, the expansion of automotive production facilities to cover rural and other remote areas has led to the increasing demand for the lead-acid battery. Rapid technological advancements in production technologies are also projected to complement market growth over the coming years.
Demand for the lead-acid battery is increasing with the rise in the volume of the vehicle fleet in recent years. This can be attributed to an increase in aftermarket sales in regular interims for battery replacement.
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The growing requirement has led to mass production and has increased the importance of process automation in the lead-acid battery market. The market is shifting towards industry 4.0 s, leading to the universal adoption of new production technologies.
There also is an increasing demand from other industries for the deployment of lead-acid battery. An increasing number of players focusing on research and development related to lead-acid battery is anticipated to have a significant contribution towards market growth in the years to come.
“The lead acid battery market is growing at a strong pace, driven largely by increasing demand for energy efficient solutions across automotive sector. The increasing demand for electric vehicles will create extensive opportunities for manufacturers. Key industry participants have been focusing product diversification to offer energy efficient solutions and gain a competitive advantage,” says a Future Market Insights analyst
Key Takeaways from Lead Acid Battery Market Study
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:
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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
By Product Type:
By Sales Channel:
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Key Questions Answered in Lead Acid Battery Market Survey
· The lead acid battery market is expected to surpass a valuation of US$ 54.3 Bn by 2021.
· At what rate did the lead acid battery market expand in the last 5 years?
The lead acid battery market exhibited steady growth at 1.5% in the last five years from 2016 to 2020.
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