Mar 29,2022 | Energy Storage
The India Lead Acid Battery Market witnessed decent growth in recent years on account of the growing consumer demand for two wheelers and passenger vehicles underpinned by rising urbanization in the country, and the growing residential and commercial sector. The demand for lead-acid batteries witnessed an upward growth trajectory mainly attributed to the rising demand for automobiles in addition to inverters and UPS from urban consumers.
However, the spread of Covid-19 in 2020 resulted in a slight decline in the lead acid market of India owing to a decline in production of automobiles and the suspension of manufacturing plants during the lockdown period. Although, the demand for inverters and UPS saw a sudden rise during the year 2020 due to the adoption of work from a home culture, which required people to install backup solutions at their homes for uninterrupted work.
The India Lead Acid Battery Market is projected to grow at a CAGR of 6.5% during 2021-2027. An increasing number of telecom towers, data centres, and the rising disposable income in India which allows people to invest in automobiles and inverters are the major factors contributing to the growth of the lead acid battery market in the country. The projected growth in India Lead Acid Battery Market for the coming years can also be attributed to the growing electric vehicle market which is gaining traction in the country owing to rising fuel prices, the government’s support towards the electric vehicle market and the increasing involvement of automobile manufacturers in the electric vehicle market.
The latest market research analysis offered on Bharatbook comprehensively covers the market by types, construction method, applications, end users, and regions. The India Lead Acid Battery Market report provides an unbiased and detailed analysis of the on-going market trends, opportunities/ high growth areas, market drivers, which would help stakeholders to devise and align their market strategies according to the current and future market dynamics.
In terms of applications, the transportation segment has captured above 50% of the market revenues in 2020. Transportation has dominated the India lead acid battery market in terms of application owing to the large population of the country and the rising Indian automobile sector. About 22 million units of vehicles were produced in FY 2021 in the country which has augmented the lead acid battery market of India. This trend is expected to persist in the coming years as well with the production of electric vehicles in India in addition to the internal combustion engine cars produced in India.
In India Lead Acid Battery market, passenger vehicle battery has led the overall market revenues accounting for more than 30% of the market revenues in 2020. Passenger vehicles were the highest revenue-generating segment for the lead-acid battery market of India in 2020 owing to the large number of passenger vehicles produced in the country in the respective year. Moreover, the battery replacement market for passenger vehicles also pushed the lead-acid battery market of the country in 2020.
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