Global Gel Battery Market to Generate $2,776 9 Million and Exhibit a CAGR of 4 0% during the Forecast Period from 2021 to 2028 prnewswire.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from prnewswire.com Daily Mail and Mail on Sunday newspapers.
Gel Battery Market is Expected to Foster the Industry Growth 2021–2027
Asia-Pacific dominated the gel battery market with a share of over 39.9% in 2019, in terms of revenue
tusharJuly 8, 2021 Gel Battery Market
The gel battery market size was valued at $1.8 billion in 2019, and is projected to reach $2.6 billion by 2027, growing at a CAGR of 4.2% from 2020 to 2027. The gel battery market is driven owing to its adoption in numerous applications such as telecommunication, uninterrupted power supply (UPS), and others. This is attributed to its beneficial specifications such as less maintenance, leakage proof, high compatibility with sensitive electronic equipment, lowest cost-per-month, and others. However, high initial costs, requirement of special chargers as well as regulator are some of the factors expected to hinder the gel battery market growth.
Owing to the expansion in automobile production over the years along with the availability of lead-acid batteries, the America SLI battery market size has witnessed commendable growth in the last few years. Technological advancements made with respect to the design of the product along with the development have prompted the regional governments to introduce favorable policies related to the automotive sector.
This has invariably helped the SLI battery manufacturers in America to enhance the flooded, AGM, and EFB battery technology to achieve a competitive edge and meet the varying demands of the vehicle manufacturers. A considerably improved disposable income among the people in the region has supported the sale of vehicles in the past few decades. In the year 2018, nearly 2 million units of vehicles were sold in Canada.
Gel Battery Market Benefits, Business Opportunities and Future Scope Till 2027
North America gel battery market is expected to register a CAGR of nearly 3.4%, in terms of revenue, in the coming future.
tusharMay 5, 2021 1
The gel battery market analysis covers in-depth information of the major industry participants. The key players operating and profiled in the market include Exide Technologies (Exide), BSB Power Company Limited., Leoch International Technology Limited Inc., Power Sonic Corporation (PS Corporation), Storage Battery Systems, LLC (SBS LLC), Canbat Technologies Inc. (Canbat), C&D Technologies, Inc., (C&D), JYC Battery Manufacturing Co., Ltd., B.B. TECH (Changsha) Co., Ltd. (B.B. TECH), and Vision Group (Vision).