Lead-acid batteries find essential applications in electric vehicle (EVs). These batteries offer a cost-effective energy storage solution for various types of EVs, including mild hybrids and electric scooters. Their features encompass reliability, familiarity, and affordability. Lead-acid batteries power EVs by storing energy from regenerative braking and delivering it for propulsion. They serve as a dependable energy source, contributing to extended EV ranges and facilitating the adoption of electric mobility solutions in diverse transportation sectors.
According to Data Bridge Market Research, the Global Lead Acid EV Vehicle Market is expected to grow with a CAGR of 15.60% in the forecast period of 2022 to 2029.
“Surge in electric vehicle (EV) demand boosts the market’s growth”
The growth of the lead-acid EV vehicle market is propelled by the surge in electric vehicle (EV) demand. Lead-acid batteries play a crucial role in the EV sector due to their cost-effectiveness and reliability. As the automotive industry shifts towards electrification, the need for suitable battery solutions intensifies. Lead-acid batteries provide a viable option for certain types of EVs, contributing to market growth by catering to the rising demand for electric mobility and sustainable transportation solutions.
What restraints the growth of the global lead acid EV vehicle market?
“Apprehensions surrounding battery safety restraints the market’s growth”
The lead-acid EV vehicle market's growth is hindered by apprehensions surrounding battery safety. While lead-acid batteries are cost-effective, concerns persist regarding their safety features compared to newer battery technologies. Lithium-ion batteries, for instance, offer higher energy density and improved safety profiles. As consumer awareness of battery safety grows, the lead-acid EV market faces competition from alternative options that align better with evolving safety standards, impacting its potential for growth.
Segmentation: Global Lead Acid EV Vehicle Market
The global lead acid EV vehicle market is segmented on the basis of component, propulsion type, method, battery capacity, and vehicle type.
- On the basis of component, the lead acid EV vehicle market is segmented into positive electrode, negative electrode, electrolyte, and separator.
- On the basis of propulsion type, the lead acid EV vehicle market is segmented into battery electric vehicle, hybrid electric vehicle, and plug-in hybrid electric vehicle.
- On the basis of method, the lead acid EV vehicle market is segmented into wire bonding and laser bonding.
- On the basis of battery capacity, the lead acid EV vehicle market is segmented into <50 kWh, 50-110 kWh, 111-200 kWh, 201-300 kWh, and >300 kWh.
- On the basis of vehicle type, the lead acid EV vehicle market is segmented into passenger car, commercial vehicle, and two wheeler.
Regional Insights: Europe is expected to dominate the Global Lead Acid EV Vehicle Market
Europe is expected to dominate the lead acid EV vehicle market due to an increase in government incentives and funding initiatives. These measures stimulate market development by encouraging investments and promoting the adoption of lead-acid EV vehicles, aligning with sustainability goals and driving the transition to cleaner transportation alternatives.
Asia-Pacific is expected to witness high growth during the forecast period of 2022 to 2029 due to rise in electric vehicle deployment, particularly in countries such as China, Japan, and India, which is the driving force. These nations are witnessing substantial adoption of electric vehicles, fuelled by environmental concerns and government initiatives. This surge in electric mobility contributes to the growth of the lead-acid EV vehicle market.
To know more about the study visit, https://www.databridgemarketresearch.com/reports/global-lead-acid-ev-vehicle-market
The Prominent Key Players Operating in the Global Lead Acid EV Vehicle Market Include:
- Johnson Controls (U.S.)
- Exide Technologies (U.S.)
- GS Yuasa International Ltd. (Japan)
- Middle East Battery Company (Saudi Arabia)
- Reem Batteries & Power Appliances Co. SAOC (Oman)
- ENERSYS (U.S.)
- Saft (France)
- NorthStar (U.S.)
- C&D TECHNOLOGIES (U.S.)
- Robert Bosch GmbH (Germany)
- East Penn Manufacturing Company (U.S.)
- Panasonic Corporation (Japan)
- Trojan Battery Company (U.S.)
- SAMSUNG SDI CO., LTD (South Korea)
- Leoch Battery Corporation (China)
- EXIDE INDUSTRIES LTD (India)
- CENTURY BATTERIES INDONESIA (Indonesia)
- Tai Mao Battery Co., Ltd (Taiwan)
- Infocom Network Limited (India)
- Hitachi Chemical Energy Technology Co. Ltd. (Japan)
Above are the key players covered in the report, to know about more and exhaustive list of global lead acid EV vehicle market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Lead Acid EV Vehicle Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Europevs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
