The data analysts at Market Research Future Reports (MRFR) have revealed that the global lead-acid battery market is speculated to rise at a CAGR of 8% during the assessment period from 2017 to 2023. The low-cost manufacturing of the battery is the most substantial element affecting the global lead-acid battery market 2020. In addition, the development of passenger car, commercial vehicle, and motorcycle vertical, and the various application of lead-acid batteries are likely to propel the market further. Besides, it has longer resisting performance which is estimated to augment the market. Moreover, the increasing demand for UPS in various sectors such as healthcare, oil & gas, chemical, manufacturing, and chemical are other substantial factor leading to market growth.
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However, the lithium-ion battery acting as an alternative is estimated to be a strong factor of hindrance in the market expansion. Besides, the high lead content is likely to impede the market further. Moreover, the low energy density is likely to hinder the market growth. On the other hand, the spread of COVID-19 has resulted in a significant change in market dynamics. Precise research is being conducted on the aftermath of coronavirus on the global quantum cryptography market. We will provide an impact analysis report on COVID-19.
Some of the prominent players in the global Lead Acid Battery Market: Johnson Controls (U.S), ATLASBX Co. Ltd. (South Korea), Exide Technologies (U.S.), East Penn Manufacturing Co. (U.S.), NorthStar (Sweden), Crown Battery Manufacturing (U.S.), C&D Technologies, Inc. (U.S.), GS Yuasa Corp (Japan), Narada Power Source Co., Ltd. (China) and Leoch International Technology Ltd. (China) and others.
The worldwide lead-acid battery market can be segregated on the basis of construction method, product, end-user, and region.
- On the basis of the construction method, the worldwide lead-acid battery can be segmented into flooded and VRLA (valve-regulated lead-acid).
- On the basis of product, the worldwide lead-acid battery can be segmented into motive, stationary, and SLI.
- On the basis of end-user, the worldwide lead-acid battery can be segmented into residential, stationary industrial, commercial, telecommunication, automotive, transportation, electronics, oil & gas, and others
- On the basis of construction region, the worldwide lead-acid battery can be segmented into Asia Pacific, North America, Europe, and Rest of the World (RoW).
The data analysts at MRFR have performed an exhaustive analysis of Asia Pacific, North America, Europe, and Rest of the World (RoW). As per the research, the global market is estimated to expand significantly during the forecast period. The study reveals that the global market is estimated to be dominated by the APAC region. The study reveals that APAC is likely to acquire the largest market share. Besides, the presence of developing nations like India, China, and South Korea is likely to fuel regional market growth. Moreover, the government of various countries have been taking the initiative to encourage investments from public-private partnerships, and the FDIs as well. On the other hand, the European region is likely to show decent growth during the assessment period. The region is witnessing a surge in the number of the onshore and offshore renewable energy industry in countries like the U.K, Sweden, Italy, and Germany. In addition, the rising disposable income, along with the rise in population is likely to fuel the demand for passenger cars which is likely to expand the market considerably during the forecast period.
However, market dynamics are likely to change significantly during the review period. Several regions have been affected substantially due to the spread of COVID-19. We will provide the aftermath COVID-19 report on the impact analysis of the market.
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