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Albany, New York, July 03, 2019 (GLOBE NEWSWIRE) -- The lead acid battery market features a highly fragmented vendor landscape owing to the presence of numerous players. TMR estimated that the companies including EnerSys, Johnson Controls International Plc, Exide industries ltd., and GS Yuasa Corporation would hold a significant share in the lead acid battery market. These players are trying to expand their business by expanding and establishing new production houses across emerging regions. For instance, Exide Technologies a key player and major shareholder of the U.S. and Europe is looking to establish a strong foothold in the Asia Pacific by targeting local and regional car manufacturer. The players are additionally focusing on the product advancements in order to improving battery backup and overall life. This is estimated to benefit them to retain their dominance and drive growth of the market.
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Asia Pacific to be Most Lucrative Region in Coming Years
Regionally, Asia Pacific is estimated to be a prominent region in the global lead acid battery market in coming years owing to sky touching investment in the countries such as India, China, Japan, and Malaysia. The region is estimated to exhibit a CAGR of 4.9% during the forecast period. Additionally, low cost and improved performance have boosted its demand in the region. This is a key factor fuelling growth of the global lead acid battery market. Moreover, the surge in the government support to the electric cars and vehicles is augmenting growth of the lead acid battery market. Additionally, Europe is estimated to acquire grab a key position of the global lead acid battery market owing to ongoing developments coupled with research for alternate energy generating activities in the region. The countries such as Germany, the U.K., and Italy are witnessed to adopt such activities from the past few years.
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However, lack of proper recycling systems coupled with increasing risk of pollution due to e-waste is posing as a challenge to the growth of the market. In addition to these factors, the surge in the demand for the alternative to Li-ion batteries especially in the automobile sector, which is primarily due to poor performance as well as low cycle life of the batteries, is restraining growth of the global lead acid battery market. Nonetheless, private and governmental funding for exploring novel recycling and disposable policies are estimated to offer robust opportunities for growth of the market in years to come.
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Rising Penetration of Electric Vehicles Drives the Lead acid Battery Market
85% of the lead produced globally is utilized in battery production. These batteries are employed in passenger cars, motorcycles, trucks, and to supply power. The batteries are used for storing the power to maintain the uninterruptible power supply and storing solar power. Rising demand for the continuous energy supply is boosting the leading acid battery market. Further, rising initiatives for reducing the reliance over conventional energy, electric cars and vehicles are gaining popularity. This is estimated to provide additional traction to growth of the global lead acid battery market. Thanks to these factors, the market is estimated to expand at a CAGR of 4.0% during the forecast period from 2018 to 2026 and reach a valuation of US$80 bn by 2026. According to analysts at TMR, the lead acid battery market is estimated to gain benefit from rising employment of these batteries for wheeled mobility including wheelchairs, golf cars, and scissor lifts.
This information is encompassed in the report by TMR, titled, “Lead Acid Battery Market (Product Type - Flooded, Sealed (AGM and Gel); By Application - Automotive, Motor Cycle, Motive Power, Renewable Power, UPS and Telecom, and Others (Wheelchairs, etc.) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026.”
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For the study, the lead acid battery market has been segmented as follows:
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