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Press Release

Lead-Acid Battery Market Steadily Advancing Across the World

Increasing demand for electric vehicles and automobiles coupled with urbanization and industrialization in emerging economies are likely to create demand for applications of lead–acid batteries and thus expected to propel the market growth during the forecast period

This press release was orginally distributed by SBWire

New York, NY -- (SBWIRE) -- 04/29/2019 -- Valued at $56.9 billion in 2017 according to a P&S Intelligence study, the global lead-acid battery market is projected to reach $70.7 billion by 2023, registering a revenue CAGR of 3.7% during the forecast period (2018–2023). Growing use of uninterrupted power supply (UPS) systems in industrial setups, increasing demand for electric vehicles, and rapid industrialization in developing countries are some key factors aiding the growth of the domain.

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Lead-acid battery is a rechargeable cell, which converts chemical energy into electric power. It consists of plates of lead and lead oxide that are immersed in a sulfuric acid solution. Because of the presence of the oxide component, the lead plates get oxidized, generating electric current during the discharge cycle. These batteries have diverse uses, such as in domestic inverters, motorcycles, sailboats and even off-grid power systems.

Based on the construction segment, the lead-acid battery market is divided into valve regulated lead–acid (VRLA) and flooded. In the historical period 2013–2017, the flooded lead-acid battery held the larger share in the market, recording more than 51.0% unit sales. The reason for this was its cost-effectiveness for entry-level start-stop vehicles over its VRLA counterpart. Increasing application of flooded lead-acid batteries in marine applications is expected to further increase its sales volume in the coming years.

Talking about the application segment of the lead-acid battery market, it is categorized into construction, telecommunication, automotive, utilities, leisure, marine, oil and gas, uninterrupted power supply (UPS), and others which includes military and mining applications.

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The market is estimated to witness the fastest growth in the Asia-Pacific region in terms of sales volume with 4.2% CAGR during the forecast period. The increasing demand for lead-acid batteries for telecommunication networks and the automotive sector is expected to contribute to the growth. Furthermore, increased use of UPSs in industrial sectors, such as chemical, oil and gas, manufacturing, and healthcare, have opened the door of opportunities for the lead-acid battery market players in the region, including Exide Technologies, Fujian Quanzhou Dahua Battery Co. Ltd., Yokohama Industries Berhad, and Hitachi Chemical Energy Technology Co. Ltd.

For more information on this press release visit: http://www.sbwire.com/press-releases/lead-acid-battery-market-steadily-advancing-across-the-world-1206036.htm

Media Relations Contact

Prajneesh Dwivedi
Telephone: 1-347-960-6455
Email: Click to Email Prajneesh Dwivedi
Web: https://www.psmarketresearch.com/market-analysis/lead-acid-battery-market

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