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Albany, New York, June 05, 2019 (GLOBE NEWSWIRE) -- The global lead acid battery market is fairly consolidated with relatively sizable shares of the market in the hands of few companies, notes Transparency Market Research (TMR). Some of the well-entrenched players are EnerSys, HBL Power Systems Limited, Exide Industries, GS Yuasa Corporation, and Johnson Controls. Numerous key manufacturers and producers of lead acid batteries are focused on expanding their production facilities and consolidating their supply base.
Several players are looking beyond established markets of the U.S. and Europe to reap revenue gains in the global lead acid battery market is. They are eyeing emerging markets, most notably in Asia Pacific, where particularly the automotive industry is offering substantial revenue streams. This helps them gain a competitive edge over their peers in the lead acid battery market.
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The global lead acid battery market is projected to clock a CAGR exceeding 4.8% during 2018 - 2026, and attain a whopping valuation of US$79 bn by the period-end.
Of the various applications of lead acid batteries, the automotive is by far the dominant one as it holds the major share in the global lead acid battery market. The sizable uptake in the automotive industry is attributed to the fact that lead acid batteries applications meet wide range of automotive functionalities.
On the regional front, Asia Pacific held the leading share in 2016 and is expected to retain its dominance in the global lead acid battery market in next few years. The growth is increasingly fueled by rising demand for lead acid battery technologies in UPS, owing to their reliability and cost-effectiveness.
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Lead Acid Battery as Technology-of-Choice of Low-Cost Renewable Power Source in Automotive Applications
For decades, lead acid battery technologies have been key to meeting the need of renewable power storage in automotive and range of industrial applications. They have met the need for reliable and inexpensive solution of electrochemical energy storage, and the application is not limited to starting-lighting-ignition function in automobiles.
The automotive industry has offered enormous potential to the expansion of the lead acid battery market. The technology has been found to meet wide diversity of energy storage characteristics in the end-use industry. Constantly increasing secondary energy storage requirements in various types of vehicles, including in new spate of electric vehicles, has kept the lead acid battery market increasingly lucrative over the past several years.
Moreover, rising demand for lead acid batteries in utility energy storage has hinged on their low-maintenance aspect and their easy deployment. Further, the massive demand for technology-effective rechargeable battery in motorcycle applications has bolstered the prospects of the lead acid battery market.
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Lead acid batteries have gone undergone substantial technology improvements to meet the intensifying need for reducing tailpipe emissions. New developments in the lead acid batteries market will be bolstered by strides being made by the automotive industry in developing regions. Manufacturing sectors in these regions are contributing towards growth in the lead acid battery market.
Sustainability Value to keep Demand Lucrative vis-à-vis Various Competing Battery Technologies
However, over the past few years, several battery technologies with higher power density has emerged, which might hurt the profitability of industry players in the lead acid battery market. Nevertheless, incessant efforts of battery manufacturers to incorporate technological advancements in lead acid batteries have considerably enhanced their cycle lives and made them economically effective. Technological advances have further lengthened the cycle lives and made them apparently maintenance-free. A case in point is the advent of absorbent glass mat technology in lead acid batteries. Focus on optimizing internal designs of lead acid battery will help create new, exciting avenues.
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Further, popularity of lead acid batteries isn’t likely to plateau any time soon in relation to several competing technologies including lithium-ion technology. This is in large part due to better recyclability among most energy storage systems. Developed markets such as the U.S. and Europe have been quick to realize the sustainability value of lead acid batteries.
The study presented here is based on a report by Transparency Market Research (TMR) titled “Lead Acid Battery Market (Product Type - Flooded, Sealed (AGM and Gel); Application - Automotive, Motor Cycle , Motive Power, Renewable Power, UPS and Telecom, and Wheelchairs) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 – 2026”.
The global lead acid battery market is segmented based on:
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