Posted On: 2021-12-01
Transportation sector acquired the largest market revenue share among all the applications in the overall India Lead Acid Battery Market – 6Wresearch
India lead acid battery market witnessed a decent growth in recent years on account of growing consumer demand for two wheelers and passenger vehicles underpinned by rising urbanization in the country and growing residential and commercial sector. The demand for lead acid batteries witnessed an upward growth trajectory mainly attributed to rise in 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 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 home culture which required people to install backup solutions at their home for uninterrupted work.
According to 6Wresearch, India Lead Acid Battery Market size is projected to grow at a CAGR of 6.5% during 2021-2027. Increasing number of telecom towers, data centers and rising disposable income in India which allows people to invest on 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, government’s support towards electric vehicle market and the increasing involvement of automobile manufacturers in the electric vehicle market.
By applications, transportation segment garnered the majority revenues on account of huge demand generated from the automobile sector. India has the 5th largest automobile sector in the world with over 20 million automobiles produced in 2020, fostering the demand for lead acid batteries in the country.
Passenger vehicles battery dominated the lead acid battery market of India in terms of end users owing to the approximately 3 million passenger vehicles produced in the country in FY2021. Moreover, there is a huge demand for replacement batteries in the passenger vehicles battery segment in the lead acid battery market of India.
According to Rahul Dubey, Research Analyst, 6Wresearch, “India Lead Acid Battery Market is majorly dominated by starting, lighting and ignition segment owing to the high demand for lead acid batteries in the automobile sector. Moreover, the country is witnessing an increasing urban population which has led to higher automobile sales in recent years, augmenting the demand for lead acid batteries in the country.”
Some of the major players of the market include - Exide Industries Ltd., Amara raja Group, Luminous Power Technologies Pvt. Ltd., Livguard Energy Technologies Pvt Ltd, OKAYA Power Group and HBL Power Systems Ltd.x
“India Lead Acid Battery Market (2021-2027)” report provides an in-depth analysis with 23 figures and 4 tables, covered in 80 pages. The report estimates and forecasts the overall India Lead Acid Battery 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.