According to the latest report by IMARC Group, titled “Gel Battery Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” The global gel battery market size reached US$ 2.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 2.7 Billion by 2028, exhibiting a growth rate (CAGR) of 4% during 2023-2028.
A gel battery is a robust, lightweight, versatile, valve regulated, maintenance-free, lead acid battery. It relies on silica to make the electrolyte set up and strengthen the battery. It can withstand extreme temperature ranges and offers a longer lifespan as compared to a conventional lead-acid battery. It also provides improved safety due to the reduced risk of sulphuric acid burns, better resistance to shock, and a lower rate of evaporation and requires low recharge voltage as it is sensitive to over-charging.
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Gel Battery Market Trends and Drivers:
The increasing sales of smartphones on account of rapid urbanization and expanding purchasing power of consumers represent one of the major factors driving the demand for gel batteries around the world. Moreover, the rising preference for electric vehicles (EVs) on account of inflating petrol prices and the growing demand for fuel-efficient vehicles is influencing the market positively. In addition, there is an increase in the use of gel batteries in the manufacturing of electric wheelchairs. This, coupled with the rising demand for electric wheelchairs due to the surging prevalence of chronic medical conditions like orthopedic and neurological disorders, especially among the aging population, is contributing to the market growth. Apart from this, the growing utilization of gel batteries in marine equipment is creating a positive outlook for the market.
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
- B. Battery
- BSB Power Company Limited
- C&D Technologies Inc.
- Canbat Technologies Inc.
- Exide Technologies
- Exponential Power Inc
- JYC Battery Manufacturer Co. Ltd.
- Leoch International Technology Limited Inc.
- Power-Sonic Corporation
- Vision Group.
Gel Battery Market 2023-2028 Analysis and Segmentation:
The report has segmented the market on the basis on region, type, distribution channel, application.
Breakup by Type:
Breakup by Distribution Channel:
Breakup by Application:
- Electric Mobility
- Energy Storage and Distribution
Breakup by Region
- North America
- Latin America
- Middle East and Africa
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023- 2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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