Lead Acid Battery Market - Insights, Size, Share, Opportunity Analysis, and Industry Forecast till 2025
Lead acid battery is considered to be the oldest type of rechargeable battery with its use spanning across industries. It has the advantage of supplying high surge current, as the cells have large power to weight ratio. High power to weight ratio and low cost makes lead acid batteries attractive for its use in the automotive sector. Lead acid batteries comprises of container, plates, cell, separators, and battery terminals. Request For Sample Copy of this Research Report : https://www.coherentmarketinsights.com/insight/request-sample/984 The increasing demand from various industries, such as automotive sector, telecom sector, uninterrupted power supply in oil and gas mining, manufacturing, and chemical is expected to the boost the growth of the lead acid batteries market globally. Moreover, the low cost of the batteries coupled with new developments and innovation in lead acid battery products is further expected to augment the market growth. However, environmental restrains, due to lead content and threat from substitute namely lithium-ion battery are the major restraints for the growth of global lead acid battery market. In 2016, Asia Pacific was the leading region in the global lead acid battery market and is expected to remain the dominant region during the forecast period. The main factors attributed to the growth of Asia Pacific region in market is due to rapid increasing industrialization and globalization in this region. Moreover, increasing number of automobile industry along with expanding disposable income is triggering sales of automobiles, which in turn increases growth for lead acid batteries market. According to China Association of automobile manufacturers (CAAM), during the period 2016-2017, automobile sales in China rose by 6.2%. Lead acid batteries are highly efficient to use as energy storage system. The other factors such as increased government expenditure in retail sector favored in the growth of various industries such as construction, banking, and telecom industry, which in turn will fuel demand for lead acid batteries. According to Indian Brand Equity Foundation (IBEF), Ministry of Commerce and Industry, Government of India, the retail market in India is expected to nearly double to US$ 1 trillion by 2020 from US$ 600 billion in 2015, due to income growth, urbanization, and attitudinal shifts. North America accounted for the second largest market globally. The developed industrial sector in this region stands to be the major factor contributing to the market growth. The presence of leading automobile companies, which include Toyota, Ford motor company, General Motors, and Fiat Chrysler Automobiles has augmented the demand for lead acid