New York, NY -- (SBWIRE) -- 08/30/2017 -- Surge in awareness regarding fuel-efficient vehicles is predicted to impact growth of the global lead acid battery market positively. A recently published report by Persistence Market Research reveals that the global lead acid battery market will register a growth of 4.6% CAGR over the forecast period, 2015 – 2020.

Surge in production of automotive including commercial carriers, heavy transportation vehicles, passenger cars, and two-wheelers is expected to rev up demand for lead acid batteries globally. Growing urbanisation and industrialization in emerging countries is predicted to boost demand for a consistent source of uninterrupted power. These sources are predicted to fuel growth of the global lead acid battery market during the predicted period.

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Increasing demand for consumer electronic products has led to a surge in growth of the consumer electronic market. Rapid demand for consumer electric products is expected to fuel growth of the global lead acid battery market during the predicted period. Growing need for extended life of battery in the consumer electronic products is projected to fuel demand for lead acid batteries in the global market throughout 2020.

In contrary to this, limited standard of lead emission, and relatively high prices of raw materials is expected to hinder growth of the global lead acid market during the projected period. Further, relatively low density of energy, and high battery weight is likely to pose significant challenges for the global lead acid battery market through 2020.

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Transportation among other applications is likely to remain dominant in the global market. This segment is projected to represent major revenue share in the global market throughout 2020. Stationary industrial segment among other applications is expected to represent the second major segment in the global market. This segment is projected to account for revenue share of more than 18% in the global lead acid battery market by the end of 2020. Grid storage among other applications is projected to register a significant growth in the global market. This segment is predicted to witness significant growth due to surge in demand for lead acid batteries for grid storage in developing countries.

APAC among other regions is projected to represent a significant revenue share in the global market. The lead acid battery market in APAC is predicted to surpass US$ 24 Bn in the global market in 2020. Europe market is projected to represent a relatively high CAGR as compared to the APAC market. Europe and North America is expected to remain major market globally throughout 2025. Europe among other regions is projected to reflect a growth of 5.5% CAGR in the global market throughout 2020.

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Major players operating in the global lead acid battery market include Enersys, Exide Technologies, Johnson Controls Inc., East Penn Manufacturing, and GS Yuasa Corporation. Johnson Controls Inc. among other market players mainly operate in coordination with various regional government to evaluate strategies for utilization of energy efficiently.