Flooded automotive lead acid battery sales are set to grow at a 5% CAGR, driven by increased vehicle production and demand for enhanced batteries.
Automotive lead acid battery market is set to surpass a valuation of US$ 41.8 Bn and is poised to grow at a value CAGR of 5% during the forecast period (2019-2029). The surge in production of automobiles globally has supplemented the growth of lead acid battery market. Lead acid batteries are soaring on popularity as they provide an additional source of power to the vehicle. However, in the current scenario, the global automobile market has been stagnant in terms of profitable growth. This is anticipated to change in the coming years as the automotive sector is set to capture growth opportunities owing to the increasing vehicle production, thus aiding the demand for automotive lead acid batteries. Moreover, the heightened uptake of passenger cars globally, is expected to accelerate the growth of automotive lead acid battery market. Further, a steady rise in the use of pure electric and hybrid vehicles is fueling demand for enhanced flooded batteries which function as auxiliary batteries for starting, lighting, and ignition (SLI). The newest report by Fact.MR estimates that the enhanced flooded batteries will account for ~34% of the total global value share by the end of forecast period.
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“Research and development initiatives for sustainable technologies and high performance at low costs is expected to provide new growth prospects in the automotive lead acid battery market” says the Fact.MR analyst
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The report reveals some of the key players, including EnerSys Inc., Johnson Controls Inc., GS Yuasa Corporation, Panasonic Corporation, Leoch International Technology Limited, Exide Industries Ltd., East Penn Manufacturing Company, Exide Technologies Inc., CSB Battery Company Limited, NorthStar, FIAMM S.p.A., and others. Prominent manufacturers are focusing on building partnerships to strengthen their global presence. For instance,
Fact.MR, in its new offering, brings to fore an unbiased analysis of the global automotive lead acid battery market, presenting historical demand data (2014-2018) and forecast statistics for the period, 2019-2029. The study divulges compelling insights on the automotive lead acid battery market based on battery type (flooded, enhanced flooded, and AGM), technology (ICE, hybrid, electric), vehicle type (passenger car, LCV) and sales channel (OEM, aftermarket) across five major regions.
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The post Sales of Flooded Automotive Lead Acid Battery Is Poised to Grow at a Value CAGR of 5% : Report Fact.MR appeared first on The Cloud Tribune.
The main topic is the growth of the flooded automotive lead acid battery market, projected at a 5% CAGR.
Increased vehicle production and demand for enhanced batteries are key growth factors.
Asia-Pacific leads the market with over 45% share in the automotive lead acid battery market.
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