Lead acid battery market over 2018-2024 to be driven by rising demand for uninterrupted electricity supply
Date: 2018-08-09   Author: Saipriya Iyer  Category: #market

Lead acid battery market over 2018-2024 to be driven by rising demand for uninterrupted electricity supply

The rapidly increasing demand for cost-efficient, reliable power supply will reportedly drive lead acid battery market over 2018-2024. The robust expansion of the automotive and telecom industries that demand these batteries on a large scale will further push the growth of this business sphere.

Five trends predominating lead acid battery market:

  • As per reliable sources, lead acid battery industry size from stationary applications will grow at an annual growth rate of more than 5% over 2018-2024. The prevalent use of lead acid batteries in myriad applications comprising emergency lightning, backup power, security systems, and utilities is poised to propel the industry growth.
  • In 2017, lead acid battery market size from SLI applications was pegged at USD 25 billion. The reliability, compatibility, and low cost of SLI batteries will further stimulate their deployment in the automotive sector, impelling the industry growth.
  • As per estimates, VRLA lead acid battery industry size will register a CAGR of more than 6% over 2018-2024. Pertaining to the product’s key properties such as high resistance to vibration, safe handling capabilities, and lower self-discharge rate, lead acid battery market will observe renewed traction from this segment.
  • Reports claim that lead acid battery market from OEMs will be predominantly driven by the demand for these batteries across stationary applications and industrial forklifts shipments. As per estimates, lead acid battery industry share from OEMs will record a CAGR of 5% over 2018-2024.
  • Regionally, China lead acid battery industry will register a CAGR of more than 5% over 2018-2024, powered by the shifting trends toward increasing dependency on electric vehicles.

The competitive spectrum of lead acid battery market is inclusive of companies such as Johnson Controls, Mutlu Battery, NorthStar Battery Company, Furukawa, East Penn Manufacturing Company, Leoch International Technology, Amara Raja, EnerSys, Hoppecke Batteries, MEBCO, and Fengfan Co., Ltd.

About Author

Saipriya Iyer

Saipriya Iyer

Saipriya Iyer currently works as a content developer for AlgosOnline. A computer engineer by profession, she ventured into the field of writing for the love of playing with words. Having had a previous experience of 3 years under her belt, she has dabbled with website...

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