India Lead Acid Battery Market (2018-2024)
Surging Adoption of Electric Vehicles Coupled with Shift towards Renewable Energy is Anticipated to Fuel the Growth of Lead Acid Battery Market in India - 6Wresearch
Lead acid battery is traditionally used as rechargeable battery with varied applications including automotive for starting lighting as well as ignition usage across power backup devices such as inverter, UPS, and genset followed by telecommunication segment, electric vehicles, renewable energy production and storage. India lead acid battery market is driven by automotive and UPS & inverter industry; in addition, government schemes to promote electric vehicles coupled with rising installation of renewable energy projects are posing new opportunities for lead acid battery manufacturers in the country.
According to 6Wresearch, India Lead Acid Battery Market is projected to grow at a CAGR over 9.1% during 2018-24. Automotive segment contributed majority of the revenue share in 2017 followed by UPS & inverter segment. Nearly, 25.3 million automobiles were produced in the country in 2017 and growing automotive manufacturing in India would complement the rising demand for lead acid batteries over the coming years. Also, the automotive segment contributes majorly towards the huge battery replacement market in India.
Key Highlights of the Report:
India Lead Acid Battery Market
Lead Acid Battery Market Share
Lead Acid Battery Market Size
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