March 14, 2023 04:30 ET | Source: Future Market Insights Global and Consulting Pvt. Ltd. Future Market Insights Global and Consulting Pvt. Ltd.
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NEWARK, Del, March 14, 2023 (GLOBE NEWSWIRE) -- The global lead acid battery market was worth US$ 54.3 Billion in the year 2022 and is expected to reach US$ 90.5 Billion by the year 2032 at a CAGR of 5.2% between 2022 and 2032.
Lead acid batteries are amongst the most sought-after batteries around the world with major applications across automotive (ignition, lighting, and starting) UPS, emergency power for electrical installation, and submarines standby. With electric vehicle demand at its peak, production of uninterrupted power supply has escalated. These factors are bound to take the lead acid battery market to a new ‘high’ in the forecast period.
The lead acid battery consists of two lead plates, a negative one made up of sponge lead and a positive plate covered with a paste of lead oxide with a separator (an insulating material) between them. Plates have been submerged in an electrolyte comprising sulphuric acid and water that store charge.
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Low cost and reliability are the other factors driving the lead acid battery market. With power banks, mobile phones, and other electronic gadgets being increasingly used with advanced marine propulsion technology, the lead acid battery market is slated to grow inadvertently in the forecast period.
At the same time, the fact that lead acid batteries are heavy, have a poor weight-to-energy ratio and hold low specific energy can’t be ignored. The Lithium-ion battery is closely competing with the lead acid batteries. Proper processing needs proper recycling.
Future Market Insights has entailed these facts with future prospects in its latest market study entitled ‘Lead Acid Battery Market’. The team of analysts and consultants is there to execute using a bottom-up approach across primary, secondary, and tertiary modes of research.
“With electric vehicles’ production being on the rise, the global lead acid batteries market is likely to grow on an astounding note going forward”, says an analyst from Future Market Insights.
Key Takeaways from Lead Acid Battery Market
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Some More Key Companies are Furukawa Electric Co., Ltd., Hitachi Chemical Company, Ltd., Narada Power Source Co. Ltd., SiteTel Sweden AB (NorthStar), Clarios, Leoch International Technology Ltd., Yokohama Batteries Sdn. Bhd., Enersys, Exide Industries Ltd., GS Yuasa Corporation, Hoppecke Batterien GmbH & Co. KG., Crown Battery Corporation, C&D Technologies, Inc., Coslight Technology International Group Co. Ltd., East Penn Manufacturing Co., Chaowei Power Holdings Limited., Zhangzhou Huawei Power Supply Technology Co., Ltd., B. B. Battery, Camel Group Co., Ltd., Shandong Sacred Sun Power Sources Co. Ltd.
What does the Report state?
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Key Segments Profiled in the Lead Acid Battery Industry Survey
Lead Acid Battery Market by Product Type:
Lead Acid Battery Market by Application:
Lead Acid Battery Market by Sales Channel:
Lead Acid Battery Market by Region:
Know more about this market's geographical distribution along with a detailed analysis of the top regions: https://www.futuremarketinsights.com/reports/global-lead-acid-battery-market
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Old Source: Lead Acid Battery Market 2021 - 2031: Europe Lead Acid Battery Market to exhibit a CAGR of 5.2% through 2031 – Future Market Insights, Inc.