India Lead Acid Battery Market Synopsis
India Lead Acid Battery Market witnessed significant growth in recent years owing to its cost-effectiveness and high recyclability. The main drivers for lead acid battery in India are rising urbanization and increased focus on EVs by the government. Although, the Covid-19 outbreak resulted in a significant decline in the lead acid market on the back of the falling commercial sector in India during 2020 and the decline in automobile production.
Growing advancement in technology coupled with the strengthening of the telecommunication sector is adding to the Lead Acid Battery Industry in India. Moreover, the growing energy generation and rising demand for its storage are also the key factors fostering the growth of the market.
According to 6Wresearch, the India Lead Acid Battery Market is projected to grow at a CAGR of 6.5% during 2021-2027. The primary reason for the projected growth would be rising data centres in the country, requiring uninterrupted battery backup solutions. Additionally, increased government initiatives in electrifying mobility, for instance, various tax deductions and subsidies make the India EV landscape promising, where lead-acid market is heavily used and hence it would increase market revenues during the forecast period.
Factors Stimulating the India Lead Acid Battery Industry Growth
Some key factors driving the growth of the Lead Acid Battery Market in India are the growth in the SLI applications in the automotive sector, the rise in renewable energy production, as well as the high demand for energy storage devices. The growth in the telecom sector of India is also fueling the growth of this market. The growth in the telecom sector is leading to high requirements for UPS systems as a power back up, which, in turn, is leading to greater adoption of these batteries as cost-competitive energy. These are some of the main factors making the market more efficient. The market has been propelling efficiently in the country.
Key Attractiveness of the Report
- COVID-19 Impact on the Market.
- 10 Years Market Numbers.
- Historical Data Starting from 2017 to 2020.
- Base Year: 2020
- Forecast Data until 2027.
- Key Performance Indicators Impacting the Market.
Key Highlights of the Report
- Porter’s Five Force Analysis
- Market Trends
- Market Opportunity Assessment
- Market Player’s Revenue Shares
- India Lead Acid Battery Market Forecast
- Market Drivers
- India Lead Acid Battery Market Forecast
- Market Restraints
- Historical Data and Forecast of India Lead Acid Battery Market Revenues for the Period 2017-2027F
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