The global lead acid battery market is expected to reach USD 76.44
billion by 2022, according to a new report by Grand View Research, Inc. Growth
of the automotive industry in Indonesia, Mexico, India, Vietnam and Thailand is
expected to propel industry. Growing preference for pollution free hybrid &
electric vehicles along with technological development is expected to drive
lead acid battery demand over the forecast period.
VRLA battery is anticipated to
witness growth at a CAGR of 6.4% from 2015 to 2022 on account of its increasing
application in UPS systems, engines, security systems, backup power, emergency
lighting systems, cell phone towers and radio communication systems. In
addition, its low maintenance cost along with easy installation will fuel
growth over the forecast period.
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This Report @ http://www.grandviewresearch.com/industry-analysis/lead-acid-battery-market
Further key findings
from the report suggest:
·
SLI was the
largest product segment and accounted for 60.3% of market share in 2014. The
segment is likely to witness lucrative growth over the next seven years in
light of its high rate cranking current delivery in automotive applications.
Moreover, growing demand for passenger cars as a result of high living standard
and improving infrastructure facilities will promote growth over the forecast
period.
·
Transport
vehicles were valued at USD 4.43 billion in 2014 and are expected to witness
immense growth in light of increasing requirement of forklifts, mainly in China
and India, due to their increasing prevalence as trading and transit hubs for
logistic transport. High investment by players including Toyota and Konecranes
will augment demand.
·
Europe was the
second largest market and accounted over 24.8% of the global share in 2014.
Increasing investment in eco-innovations including electric bikes, cranes and
forklift will aid industry expansion. Growing demand for e-bikes along with
solar power systems in UK, Germany, and Netherlands will stimulate industry
growth.
·
Asia Pacific will
witness significant gains on account of growing demand for UPS solutions owing
to the rapid development of data centers and the IT sector.China is expected to
witness high gains in light of energy storage technologies and favourable
government support to promote investments in manufacturing sectors.
·
Global lead acid
battery industry was mainly dominated by Johnson Controls, Exide Technologies,
GS YUASA, EnerSys, East Penn Manufacturing Co., and ATLASBX Co., Ltd. In March
2016, GS Yuasa Corp launched "SLR-1000" lead acid battery for solar
power generation, which can handle 5,000 charge-discharge cycles, with rated
capacity of 1,000 Ah.
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About Grand View
Research
Grand View Research, Inc. is a U.S. based market research and
consulting company, registered in the State of California and headquartered in
San Francisco. The company provides syndicated research reports, customized
research reports, and consulting services. To help clients make informed
business decisions, the company offers market intelligence studies ensuring
relevant and fact-based research across a range of industries including
technology, chemicals, materials, healthcare and energy.
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