Global Lead Acid Battery Market Report | Projected Growth | Aarkstore
Added: (Mon Apr 26 2021)
Pressbox (Press Release) -
Global Lead Acid Battery Market is projected to grow from USD49.93 billion in 2020 to around USD76.85 billion by 2026, with a CAGR of 7.04%, owing to the growth of industrial, transportation & commercial sectors. Moreover, the ever-increasing growth in sectors like banking, oil & gas, health care & chemicals and their growing digitalization has created an enormous demand for UPS in the workplace, also the after sales services huge demand, etc., are expected to augment the Global Lead Acid Battery Market in future.
In 2020 due to COVID-19 pandemic, the market was hit temporarily due to longer lock down periods and the stored stock of lead acid batteries almost perished due to unuse. Also, the main manufacturers of it being from China and its dominance over the market, the business was stopped due to pandemic, and also supply and procurement were totally affected. However, post COVID pandemic, the market will see an upward trend, over the next 6 years.
In terms of product, the market can be segmented into stationary, motive and starting, Lighting & ignition (SLI), out of which SLI batteries dominated the market in 2020 and is expected to maintain its market dominance during the forecast period, backed by the wide usage in multiple applications like renewables, automotive, etc. By construction method, it is segmented into flooded and valve regulated lead acid (VRLA), of which VRLA occupies the major market due to its more efficient construction and user-friendly functionality. By sales channel it is categorized into Original Equipment Market (OEM) & aftermarket, of which aftermarket occupies the majority market due to high demand of after sales service. Finally, by application it is divided into transportation, industrial motive, stationary industrial, residential, commercial & grid storage. Out of which stationary industrial occupies the major market due to its varied applications in power back up, emergency lighting, railway backup systems, security systems, renewable energy systems, etc.
Browse Complete Report @ - https://www.aarkstore.com/energy-power/1857142/global-lead-acid-battery-market-competition-forecast-opportunities-2026
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