Friday, December 01, 2023

India Lead-Acid Battery Market 2022 To 2029 | Growth & Forecast 

India lead-acid battery market is one of the latest growing industries and it is one of the oldest types of rechargeable battery invented in 1959 which is available at a competitive price. With a demonstrated arrangement for authentic and low-cost energy storage, lead-acid battery plays important functions in our daily lifestyle. The Indian economy rebounds its way in 2022 the auto industry is set to enter a new phase of growth, innovation, and investment in the Lead Acid Battery market.

The lead-acid battery market growth and value are led by increasing industrialization as well as urbanization sector ascent inclination towards electric vehicles merged with advanced new technology. According to 6wresearch, the India lead-acid battery market is expected to be worth at least 475 billion by 2025. Lead-acid battery industry is registering growth on the back of surging demand from various departments such as power supply in oil and gas mining, telecom industry, automotive sector, and a much more Primitive charging ecosystem continues to hold high Firmness in the two-wheeler consumer segment. Moreover, the lead-acid battery products coupled with new developments and innovation at low cost are expected to drive further growth of the market.

The starting, lighting, and ignition segments are dominant in the lead-acid battery market in India owing to the high demand for lead-acid batteries in the automobile sector.

Strong Demand in India Lead Acid Battery Market

Some of the key factors identified in the lead-acid battery market as drivers are increasing demand for electric vehicles and e-bikes with replacement costs and reduced maintenance and reliance on conventional fuel technologies. On the other hand, stricter lead emission standards and a shift towards lithium-ion batteries are two obvious restrictions that are hindering the prosperity of the lead-acid battery market.  Nevertheless, the increasing demand from the telecom sector is being seen as a fresh new opportunity in this market.

COVID-19 Impact on India Lead Acid Battery Market

However, the slight down in the lead-acid market in India due to the spread of COVID-19 that has hit almost every industry and is anticipated to have long-term impacts on the growth of the market during the forecast period. Following the emergence of the COVID-19 virus across the globe, the lockdown scenarios have prompted automotive industry experts to analyze that the industry will face at least a quarter of gaps in the automotive equipment supply chain. The electronics equipment and automotive industry are likely to boom after governments across the world continued to take various containment measures to revive the economy.

The production of electronics equipment and automotive is anticipated to gain pace from 2022, which is further foreseen to positively influence electronics equipment and automotive manufacturing, including hardware components of automotive lead-acid batteries.

India has been a profitable segment of lead-acid batteries Divided into AGM batteries, gel batteries, and flood batteries. Amidst all this, the flood-prone battery segment is expected to grow significantly soon. Due to the demand for residential and commercial battery backup, flooded batteries are expected to increase by more than 2 times compared to Absorbent Glass Mat (AGM) batteries in 2029.

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