Lead Acid Battery Market Size, share, Trend and Latest Global Forecast Report till 2027
The global lead acid battery market size is expected to reach USD xx billion by 2027, registering a CAGR of xx% over the forecast period, according to a new report published by Grand View Research, Inc. Lead acid batteries are expected to witness a significant rise in demand owing to their increasing usage in various industries including oil and gas, nuclear power, electricity generation, gas turbine, hospitality, transport infrastructure, manufacturing, construction, mining, and off-grid renewable. Moreover, advantages associated with these batteries, such as durability, high voltage capability, low-cost, and simple manufacturing processes are expected to increase the demand.
Lead acid batteries find wide usage in automotive applications including forklifts, golf carts, and industrial cleaners. High usage of lead acid battery in forklifts on account of low cost, reliability, and well-established supply chain of the product, is likely to positively influence the market. The lead acid battery is widely used in automobiles as it delivers high power to start the engine. The superior safety, quality, and recycling process of these batteries are anticipated to augment the market growth over the forecast period.
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Starting, Lighting and Ignition (SLI) was the largest product segment and accounted for more than half of global lead acid battery market revenue in 2019. Growing demand for SLI batteries in commercial vehicles and passenger cars is expected to strengthen the segment growth over the forecast period.
Further key findings from the report suggest:
SLI was the biggest product segment and accounted for xx% of the revenue share in 2019
The flooded lead acid battery sector was the largest segment, accounting for USD xx billion in 2019
In 2019, automotive application accounted for the largest market share in terms of revenue and is projected to register a CAGR of xx% during the forecast period
Asia Pacific held the largest market share of USD 26.43 billion in 2019 due to the growing UPS sector as a result of the rapid development of the data centers and IT sector
China is expected to be one of the promising markets in light of favorable government policies and high-end energy storage technologies adding USD xx billion in 2019
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Grand View Research has segmented the global lead acid battery market on the basis of product, application, construction method, and region