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Global Lead Acid Market
Global Lead Acid Market
The Lead Acid Market research projects that the market is likely to experience a robust growth over the forecast period. This is because of the augmentation in the construction industry and the surging demand for energy storage batteries.
Lead Acid Market Dynamics
The accelerating number of commercial automotive, passenger cars, and motorcycle is the substantial force stimulating the growth of the global lead acid battery market. Also, the surging deployment of lead acid in automobiles will further strengthen the market size. In accordance with the IBEF, the Indian automobile sector is the fourth largest industry in the world and is projected to reach the USD 251.4 – 282.8 billion by 2028. Moreover, the overall production of automobile across the nation has risen by 2.36% CAGR from 2016-2020 with approximately 26.36 million vehicles manufactured in the country. Additionally, the robust demand for UPS across various industries such as chemicals, gas, healthcare, and BFSI will propel the lead acid battery market size.
Furthermore, the exacerbating demand for e-bikes will drive the market growth. The rise in European Electric vehicle has surged because of the European Union policy aiming to reduce greenhouse gas ejection from automotive. In accordance with the European Environment Agency (EEA), in 2019, the electric car registration touched 550,000 units, which were 300,000 units in 2018. Also, the inclination towards biodegradable sources of power will create huge opportunities for the market, thereby fuelling the lead acid battery market share. All European Union nations are choosing for global renewable energy action plans, which has accelerated the number of onshore and offshore installations of renewable energy in the Sweden, Germany, UK, and Italy. These energy systems require batteries, primarily lead-acid variants to store solar energy
Construction Method Drivers
Based on the construction method, the VRLA lead acid battery segment is anticipated to perceive a significant boom during the forecast period. This is primarily because of the robust demand for this battery in the automotive industry because of its high output and low maintenance needs. The VRLA batteries are highly resilient to vibration and have an enlarged life.
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