NEW YORK, Nov. 22, 2021 /PRNewswire/ -- The deep cycle batteries market size is set to grow by USD 2.41 billion, progressing at a CAGR of 3.43% from 2020 to 2025. The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment.
The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Although the growing use of golf carts among older population and increased investment in green telecom will offer immense growth opportunities, to leverage the current opportunities, market vendors must strengthen their foothold in the fast-growing segments, while maintaining their positions in the slow-growing segments.
Deep Cycle Batteries Market 2021-2025: Segmentation
By type, the market witnessed high demand for VRLA batteries from end-users. VRLA batteries offer high performance, maintenance-free, are more resistant to vibrations, and have low fume emissions, which is driving the growth of the segment. Similarly, the market grew significantly in APAC in 2020. The region currently holds 53% of the global market share and is expected to dominate in terms of market growth over the forecast period. China and Japan are the key markets for deep cycle batteries in APAC.
Deep Cycle Batteries Market 2021-2025: Vendor Analysis and Scope
Some of the major vendors of the deep cycle batteries market include C&D Technologies Inc., Crown Battery Manufacturing Co., East Penn Manufacturing Co. Inc., EnerSys, EverExceed Industrial Co. Ltd., Exide Industries Ltd., Exide Technologies, GS Yuasa Corp., HBL Power Systems Ltd., and Johnson Controls International Plc. To help businesses improve their market position, Technavio's report provides a detailed analysis of around 25 vendors operating in the market.
The change in the global energy mix is likely to emerge as one of the primary trends in the market. However, the economics of fuel cell solutions for material handling equipment may threaten the growth of the market.
APAC, North America, Europe, South America, and MEA
Performing market contribution
APAC at 53%
Key consumer countries
US, China, Germany, Japan, and France
Leading companies, competitive strategies, consumer engagement scope
C&D Technologies Inc., Crown Battery Manufacturing Co., East Penn Manufacturing Co. Inc., EnerSys, EverExceed Industrial Co. Ltd., Exide Industries Ltd., Exide Technologies, GS Yuasa Corp., HBL Power Systems Ltd., and Johnson Controls International Plc
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period
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