FEATURED COMPANIES
- Acdelco
- Camel Group
- Coslight Technology
- First National Battery
- Jiangsu Huafu Energy
- Nipress
- MORE
Report Scope:
The scope of this market study includes the leading lead-acid battery technologies that are currently in use globally. Lead-acid battery technologies are used across a number of industries and applications, such as automotive, renewable energy and telecommunications. The lead-acid battery technologies discussed in this report are in use across the industries mentioned above and many more as well, as new sectors are driven by product innovation and end-user applications emerge.
The market analysis provided in this report is based on a variety of data sources. These include the most recent government, industry, academic and company data regarding the projected level of demand for lead-acid battery technologies. This report quantifies lead-acid battery technologies used across different applications and the different types of lead-acid battery types manufactured for these applications. Therefore, this report provides a comprehensive review of available data to provide a realistic and accurate assessment of this evolving market.
The publisher analyzes each major lead-acid battery technology, determines its current market status, examines its impact on future markets, and presents forecasts of growth over the next five years. Estimated values used are based on manufacturers’ total revenues. Projected and forecast revenue values are in constant U.S. dollars, unadjusted for inflation. Technological issues, including the latest trends, are assessed and discussed, as are the current and likely-to-appear regulatory environments in support of this industry.
The research analyzes the industry on a worldwide basis in terms of its manufacturing and use of lead-acid battery technologies. This report examines government roles in support of lead-acid battery technologies worldwide, including regulatory support and government requirements. The report provides a review of the most relevant lead-acid battery technologies, discusses recent trends and sales and provides industry overviews and market assessments for leading lead-acid battery technologies.
The Report Includes:
- 52 data tables and 15 additional tables
- Evaluation of the global lead-acid battery market and assessment of its growth potential
- A detailed description of construction of lead-acid batteries and factors influencing battery life
- Information on different types of lead batteries such as enhanced flooded batteries, flooded batteries, and VRLA batteries.
- Insight into safety and environmental consideration regarding the usage of lead acid batteries
- Company profiles of major players in the industry, including Amara Raja Batteries Ltd., Banner Batteries, Camel Group, Daramic LLC and Exide Technologies
FEATURED COMPANIES
- Acdelco
- Camel Group
- Coslight Technology
- First National Battery
- Jiangsu Huafu Energy
- Nipress
- MORE
Chapter 1 Introduction
- Study Goals and Objectives
- Reasons for Doing This Study
- Scope of Report
- Information Sources
- Methodology
- Geographic Breakdown
- Analyst's Credentials
- Custom Research
- Related Reports
Chapter 2 Summary and Highlights
Chapter 3 Market and Technology Background
- What is a Battery?
- Brief History of Lead-Acid Batteries
- Conventional Batteries
- How Rechargeable Batteries Work
- Design Overview
- Configuration of Cells in a Battery Pack
- Battery Pack Structural Design
- Cell Protection
- Battery Pack Control (Monitoring and Management)
- Battery Pack Use
- Lead-Acid Batteries
- Lead-Acid Battery Composition
- How A Lead-Acid Battery Works
- Design of Modern Lead-Acid Batteries
- Construction of Lead-Acid Batteries
- Types of Lead-Acid Batteries
- Types of Lead-Acid Battery by Construction
- Comparison of Lead-Acid vs. Lithium-Ion Batteries
Chapter 4 Market Breakdown by Construction Type
- Flooded Lead-Acid Battery Market
- VRLA Lead-Acid Battery Market
Chapter 5 Market Breakdown by Distribution Channel
- Aftermarket Lead-Acid Battery Market
- OEM Lead-Acid Battery Market
Chapter 6 Market Breakdown by Product Type
- SLI Battery Market
- Motive Lead-Acid Battery Market
- Stationary Lead-Acid Battery Market
Chapter 7 Market Breakdown by Application
- Transportation Lead-Acid Battery Market
- Industrial Lead-Acid Battery Market
- Telecommunications Lead-Acid Battery Market
- UPS Lead-Acid Battery Market
- Utility and Energy Lead-Acid Battery Market
- Oil and Gas and Mining Lead-Acid Battery Market
- Other Applications of Lead-Acid Batteries
Chapter 8 Market Breakdown by Region
- Asia-Pacific Lead-Acid Battery Market
- Chinese Lead-Acid Battery Market
- Japanese Lead-Acid Battery Market
- Indian Lead-Acid Battery Market
- South Korean Lead-Acid Battery Market
- Thai Lead-Acid Battery Market
- Rest of Asia-Pacific Lead-Acid Battery Market
- North American Lead-Acid Battery Market
- U.S. Lead-Acid Battery Market
- Canadian Lead-Acid Battery Market
- Mexican Lead-Acid Battery Market
- European Lead-Acid Battery Market
- German Lead-Acid Battery Market
- Italian Lead-Acid Battery Market
- French Lead-Acid Battery Market
- U.K. Lead-Acid Battery Market
- Swedish Lead-Acid Battery Market
- Czech Lead-Acid Battery Market
- Spanish Lead-Acid Battery Market
- Rest of Europe Lead-Acid Battery Market
- Latin American Lead-Acid Battery Market
- Brazilian Lead-Acid Battery Market
- Argentine Lead-Acid Battery Market
- Chilean Lead-Acid Battery Market
- Rest of Latin America's Lead-Acid Battery Market
- Middle East and African Lead-Acid Battery Market
- Saudi Arabian Lead-Acid Battery Market
- Egyptian Lead-Acid Battery Market
- South African Lead-Acid Battery Market
- Rest of Middle East and African Lead-Acid Battery Market
Chapter 9 Patent Review and New Developments
- Trends Over Time
- Patent Review by Company
- Patent Review by Country
- Patent Review by Type
Chapter 10 Analysis of Market Opportunities
- Lead-Acid Battery Market Trends
- Lead-Acid Market Drivers
- Lead-Acid Market Constraints
- Lead-Acid Battery Competitive Landscape
- Legislative Landscape
Chapter 11 Company Profiles
- Acdelco
- Amara Raja Batteries Ltd.
- Atlasbx Co. Ltd.
- B.B. Battery Co. Ltd.
- Banner Batteries
- Bae Batterien
- C&D Technologies Inc.
- Camel Group
- CGB
- Chaowei Power
- China Ritar Power Corp.
- China Shoto Plc
- Chloride Batteries Se Asia Pte. Ltd.
- Chuanxi Storage
- Coslight Technology
- Continental Batteries
- Crown Battery Manufacturing Co.
- Csb Battery Technologies Inc.
- Daejin Battery Co. Ltd.
- Daramic Llc
- East Penn Manufacturing
- Enersys
- Exide Technologies
- Fiamm S.P.A.
- First National Battery
- Fujian Quanzhou Dahua Battery Co. Ltd.
- Furukawa Battery
- GS Yuasa International
- Hagen Batterie Ag
- Haze Battery Co. Ltd.
- HBL
- Henan Huanyu Group Co. Ltd.
- Hitachi Chemical Energy Technologyco. Ltd.
- Hoppecke Batterien Gmbh & Co. Kg
- Hyundai Sungwoo Solite Co. Ltd.
- IQ Power Ag
- Jiangsu Huafu Energy
- Johnson Controls Inc.
- Korea Special Battery Co. Ltd.
- Leclanché Gmbh
- Leoch International Technology Ltd.
- LG Chem
- Microtex Energy
- Midac S.P.A.
- Middle East Battery Co.
- Narada Power Source Co. Ltd.
- Nipress
- Northstar Battery Co. Llc
- Panasonic Corp.
- PT Century Batteries Indonesia
- Reem Batteries & Power Appliances Co. Saoc
- Robert Bosch Gmbh
- Shandong Ruiyu Storage Battery Co. Ltd.
- Sacred Sun Power Sources
- Saft Groupe S.A.
- Samsung Sdi Co. Ltd.
- Sebang Global Battery Co. Ltd.
- Shin-Kobe Electric Machinery Co. Ltd.
- Storage Battery Systems
- Tai Mao Battery Co., Ltd.
- Tianjin Lishen Battery Co. Ltd.
- Tianneng Power International Ltd.
- Thai Bellco Battery Co. Ltd.
- Trojan Battery
- Xtreme Power
- Zhejiang Narada Power Source Co. Ltd.
- Zibo Torch Energy Co. Ltd.
Chapter 12 Appendix: Abbreviations
List of Tables
Summary Table: Global Market for Lead-Acid Battery Technology, by Construction, Through 2024
Table 1: Cycle Performance of Starter and Deep-Cycle Batteries
Table 2: AGM vs. Gel Lead-Acid Batteries
Table 3: Lead-Acid Battery Advantages and Limitations
Table 4: VRLA AGM Lead-Acid Batteries: Advantages and Limitations
Table 5: Lead-Acid Batteries: Pros and Cons
Table 6: AGM vs. Gel Lead-Acid Batteries
Table 7: Comparison of Different Lead-Acid Battery Types
Table 8: Technical Advantages and Disadvantages of Lead-Acid vs. Advanced Lead-Acid Batteries
Table 9: Lead-Acid Batteries: Advantages and Limitations
Table 10: Lead-Acid Battery Costs, by Application, 2003
Table 11: Lead-Acid and Advanced Lead-Acid Battery Costs, by Application, 2020
Table 12: Lead-Acid vs. Lithium-Ion Battery Technology
Table 13: Characteristics of Different Energy Storage Technologies
Table 14: Battery Technology Comparison
Table 15: Global Market for Lead-Acid Batteries, by Construction, Through 2024
Table 16: Global Market for Flooded Lead-Acid Batteries, by Construction, Through 2024
Table 17: Global Market for VRLA Lead-Acid Battery, by Construction, Through 2024
Table 18: Global Market for Lead-Acid Batteries, by Distribution Channel, Through 2024
Table 19: Global Market for Lead-Acid Batteries, by Aftermarket Distribution Channel, Through 2024
Table 20: Global Market for Lead-Acid Batteries, by OEM Distribution Channel, Through 2024
Table 21: Global Market for Lead-Acid Batteries, by Product Type, Through 2024
Table 22: Global Market for SLI Lead-Acid Batteries, by Product Type, Through 2024
Table 23: Global Market for Motive Lead-Acid Batteries, by Product Type, Through 2024
Table 24: Global Market for Stationary Lead-Acid Batteries, by Product Type, Through 2024
Table 25: Global Market for Lead-Acid Batteries, by Application, Through 2024
Table 26: Global Market for Lead-Acid Batteries in Transportation Applications, by Type, Through 2024
Table 27: Global Market for Lead-Acid Batteries in Industrial Applications, by Type, Through 2024
Table 28: Global Market for Lead-Acid Batteries in Telecommunication Applications, Through 2024
Table 29: Global Market for UPS Lead-Acid Batteries, by Application, Through 2024
Table 30: Global Market for Lead-Acid Batteries in Utility and Energy Applications, by Type, Through 2024
Table 31: Global Market for Lead-Acid Batteries in Oil and Gas and Mining Applications, Through 2024
Table 32: Global Market for Other Applications of Lead-Acid Batteries, Through 2024
Table 33: Global Market for Lead-Acid Batteries, by Region, Through 2024
Table 34: Asia-Pacific Market for Lead-Acid Batteries, by Country, Through 2024
Table 35: Chinese Lead-Acid Battery Market, Through 2024
Table 36: Japanese Lead-Acid Battery Market, Through 2024
Table 37: Indian Lead-Acid Battery Market, Through 2024
Table 38: South Korean Lead-Acid Battery Market, Through 2024
Table 39: Thai Lead-Acid Battery Market, Through 2024
Table 40: Rest of Asia-Pacific Lead-Acid Battery Market, Through 2024
Table 41: North American Lead-Acid Battery Market, by Country, Through 2024
Table 42: U.S. Lead-Acid Battery Market, Through 2024
Table 43: Canadian Lead-Acid Battery Market, Through 2024
Table 44: Mexican Lead-Acid Battery Market, Through 2024
Table 45: European Lead-Acid Battery Market, by Country, Through 2024
Table 46: German Lead-Acid Battery Market, Through 2024
Table 47: Italian Lead-Acid Battery Market, Through 2024
Table 48: French Lead-Acid Battery Market, Through 2024
Table 49: U.K. Lead-Acid Battery Market, Through 2024
Table 50: Swedish Lead-Acid Battery Market, Through 2024
Table 51: Czech Lead-Acid Battery Market, Through 2024
Table 52: Spanish Lead-Acid Battery Market, Through 2024
Table 53: Rest of Europe Lead-Acid Battery Market, Through 2024
Table 54: Latin American Lead-Acid Battery Market, by Country, Through 2024
Table 55: Brazilian Lead-Acid Battery Market, Through 2024
Table 56: Argentine Lead-Acid Battery Market, Through 2024
Table 57: Chilean Lead-Acid Battery Market, Through 2024
Table 58: Rest of Latin America's Lead-Acid Battery Market, Through 2024
Table 59: Middle East and African Market for Lead-Acid Batteries, by Country, Through 2024
Table 60: Saudi Arabian Lead-Acid Battery Market, Through 2024
Table 61: Egyptian Lead-Acid Battery Market, Through 2024
Table 62: South African Lead-Acid Battery Market, Through 2024
Table 63: Rest of Middle East and African Lead-Acid Battery Market, Through 2024
Table 64: Major Lead-Acid Battery Vendors
List of Figures
Summary Figure: Global Market for Lead-Acid Battery Technology, by Construction, 2018-2024
Figure 1: History of Battery Development
Figure 2: Cells in Parallel vs. Strings in Parallel
Figure 3: Lead-Acid Battery Types
Figure 4: Lead-Acid Battery Function and Components
Figure 5: Lead-Acid Charge States
Figure 6: Fully Charged Lead-Acid Battery Cell
Figure 7: Status of Electrolytes During the Discharge of Lead-Acid Battery Cells
Figure 8: Discharge of Lead-Acid Battery Cells
Figure 9: Status of Electrolytes During Lead-Acid Battery Charge Cycle
Figure 10: Construction of a Lead-Acid Battery
Figure 11: A 12V Lead-Acid Battery Contains Six Cells
Figure 12: Cycle Life vs. Depth of Discharge Characteristic
Figure 13: Starter Battery
Figure 14: Motive Battery
Figure 15: Flooded vs. VRLA Battery Construction
Figure 16: Flooded Lead-Acid Battery Construction
Figure 17: Anatomy of a Flooded Lead-Acid Battery Cell
Figure 18: Flooded Wet vs. EFB Lead-Acid Batteries
Figure 19: Construction of an EFB Lead-Acid Battery
Figure 20: Construction of a VRLA Lead-Acid Battery
Figure 21: Construction of an AGM Lead-Acid Battery
Figure 22: Advanced Lead-Acid Battery Chemistry
Figure 23: Bipolar Plate Lead-Acid Battery Design
Figure 24: Comparison of Cycle Life vs. Moderate Climate
Figure 25: Comparison of Cycle Life vs. Extreme Climate
Figure 26: Capacity vs. Discharge Rate for VRLA and Lithium-ion Batteries
Figure 27: Available Capacity vs. Temperature for VRLA and Lithium-Ion Batteries
Figure 28: Comparison of Voltage Chemistries
Figure 29: Comparison of Energy Densities in Battery Cells
Figure 30: Comparison of Technology Maturity and Anticipated R&D Expenditure
Figure 31: Global Market for Lead-Acid Batteries, by Construction, 2018-2024
Figure 32: Global Market Shares of Lead-Acid Batteries, by Construction, 2019
Figure 33: Global Market for Flooded Lead-Acid Batteries, by Construction, 2018-2024
Figure 34: Global Market Shares of Lead-Acid Batteries, by Construction, 2019
Figure 35: Global Market for VRLA Lead-Acid Batteries, by Construction, 2018-2024
Figure 36: Global Market Shares of VRLA Lead-Acid Batteries, by Construction, 2019
Figure 37: Global Market for Lead-Acid Batteries, by Distribution Channel, 2018-2024
Figure 38: Global Market Shares of Lead-Acid Batteries, by Distribution Channel, 2019
Figure 39: Global Market for Lead-Acid Batteries, by Aftermarket Distribution Channel, 2018-2024
Figure 40: Global Market for Lead-Acid Batteries, by OEM Distribution Channel, 2018-2024
Figure 41: Global Market for Lead-Acid Batteries, by Product Type, 2018-2024
Figure 42: Global Market Shares of Lead-Acid Batteries, by Product Type, 2019
Figure 43: Global Market for SLI Lead-Acid Batteries, by Product Type, 2018-2024
Figure 44: Global Market for Motive Lead-Acid Batteries, by Product Type, 2018-2024
Figure 45: Global Lift Truck Market Sales, 2013-2024
Figure 46: Global Market for Stationary Lead-Acid Batteries, by Product Type, 2018-2024
Figure 47: Global Market for Lead-Acid Batteries, by Application, 2018-2024
Figure 48: Global Market Shares of Lead-Acid Batteries, by Application, 2019
Figure 49: Lead-Acid Battery Uses
Figure 50: Global Market for Lead-Acid Batteries in Transportation Applications, by Type, 2018-2024
Figure 51: Global Market Shares of Lead-Acid Batteries in Transportation Applications, by Type, 2019
Figure 52: Global Vehicle Sales, 2015-2018
Figure 53: Global E-Bike Sales, 2015-2018
Figure 54: Global Market for Industrial Lead-Acid Batteries, 2018-2024
Figure 55: Global Market Shares of Industrial Lead-Acid Batteries, 2019
Figure 56: Global Market for Lead-Acid Batteries in Telecommunications Applications, 2018-2024
Figure 57: Global Installations of Telecommunications Towers, 2015-2018
Figure 58: Evolution of Telecommunication Tower Power Provision
Figure 59: Global Market for UPS Lead-Acid Batteries, by Application, 2018-2024
Figure 60: Global Market Shares of UPS Lead-Acid Batteries, by Application, 2019
Figure 61: Global Market for Lead-Acid Batteries in Utility and Energy Applications, by Type, 2018-2024
Figure 62: Global Market Shares of Lead-Acid Batteries in Utility and Energy Applications, by Type, 2019
Figure 63: Global Market for Lead-Acid Batteries in Oil and Gas and Mining Applications, 2018-2024
Figure 64: Global Market for Other Applications of Lead-Acid Batteries, 2018-2024
Figure 65: Global Market for Lead-Acid Batteries, by Region, 2018-2024
Figure 66: Global Market Shares of Lead-Acid Batteries, by Region, 2019
Figure 67: Asia-Pacific Market for Lead-Acid Batteries, by Country, 2018-2024
Figure 68: Asia-Pacific Market Shares of Lead-Acid Batteries, by Country, 2019
Figure 69: Chinese Lead-Acid Battery Market, 2018-2024
Figure 70: Japanese Lead-Acid Battery Market, 2018-2024
Figure 71: Indian Lead-Acid Battery Market, 2018-2024
Figure 72: South Korean Lead-Acid Battery Market, 2018-2024
Figure 73: Thai Lead-Acid Battery Market, 2018-2024
Figure 74: Rest of Asia-Pacific Lead-Acid Battery Market, 2018-2024
Figure 75: North American Lead-Acid Battery Market, by Country, 2018-2024
Figure 76: North American Market Shares of Lead-Acid Batteries, by Country, 2019
Figure 77: U.S. Lead-Acid Battery Market, 2018-2024
Figure 78: Canadian Lead-Acid Battery Market, 2018-2024
Figure 79: Mexican Lead-Acid Battery Market, 2018-2024
Figure 80: European Lead-Acid Battery Market, by Country, 2018-2024
Figure 81: European Market Shares of Lead-Acid Batteries, by Country, 2019
Figure 82: German Lead-Acid Battery Market, 2018-2024
Figure 83: Italian Lead-Acid Battery Market, 2018-2024
Figure 84: French Lead-Acid Battery Market, 2018-2024
Figure 85: U.K. Lead-Acid Battery Market, 2018-2024
Figure 86: Swedish Lead-Acid Battery Market, 2018-2024
Figure 87: Czech Lead-Acid Battery Market, 2018-2024
Figure 88: Spanish Lead-Acid Battery Market, 2018-2024
Figure 89: Rest of Europe Lead-Acid Battery Market, 2018-2024
Figure 90: Latin American Lead-Acid Battery Market, by Country, 2018-2024
Figure 91: Latin American Market Shares of Lead-Acid Batteries, by Country, 2019
Figure 92: Brazilian Lead-Acid Battery Market, 2018-2024
Figure 93: Argentine Lead-Acid Battery Market, 2018-2024
Figure 94: Chilean Lead-Acid Battery Market, 2018-2024
Figure 95: Rest of Latin America's Lead-Acid Battery Market, 2018-2024
Figure 96: Middle East and African Market for Lead-Acid Batteries, by Country, 2018-2024
Figure 97: Middle East and African Market Shares of Lead-Acid Batteries, by Country, 2019
Figure 98: Saudi Arabian Lead-Acid Battery Market, 2018-2024
Figure 99: Egyptian Lead-Acid Battery Market, 2018-2024
Figure 100: South African Lead-Acid Battery Market, 2018-2024
Figure 101: Rest of Middle East and African Lead-Acid Battery Market, 2018-2024
Figure 102: Global Patent Shares of Lead-Acid Batteries, by Company, 2018
Figure 103: Global Patent Shares of Lead-Acid Batteries, by Country, 2018
Figure 104: Global Patent Shares of Lead-Acid Batteries, by Type, 2018
Figure 105: Global Lead-Acid Battery Manufacturer Market Shares, 2019
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FEATURED COMPANIES
- Acdelco
- Camel Group
- Coslight Technology
- First National Battery
- Jiangsu Huafu Energy
- Nipress
- MORE
The market will experience growth as a result of multiple factors. These include increasing demand in the transport sector, as vehicle sales increase and electric vehicles become more popular; UPS systems and inverters in several applications; advancements in manufacturing processes, including rising automation, which will translate into more equipment requiring led batteries; and demand in industrial sectors, including oil and gas (O&G), manufacturing, chemical and healthcare. New emerging applications, such as in the renewable energy sector, are creating demand for stationary lead-acid batteries in large-scale storage applications, off-grid renewable energy storage, and residential storage, which are expected to boost the market growth.
Flooded lead-acid batteries are widely used in the automotive sector, from motor vehicles, trucks, motorbikes and other vehicles such as forklifts, airport baggage carts, and other industrial and commercial vehicle types. A growing inclination for pollution-free electric vehicles, coupled with technological developments, is expected to fuel product demand over the upcoming years. Flooded lead-acid batteries have the least cost per ampere-hour vis-àvis any other lead-acid battery type. The automotive sector will also be a key driver of growth as electric vehicles become more popular over the forecast period driving demand for batteries.
- Acdelco
- Amara Raja Batteries Ltd.
- Atlasbx Co. Ltd.
- B.B. Battery Co. Ltd.
- BAE Batterien
- Banner Batteries
- C&D Technologies Inc.
- Camel Group
- CGB
- Chaowei Power
- China Ritar Power Corp.
- China Shoto Plc
- Chloride Batteries Se Asia Pte. Ltd.
- Chuanxi Storage
- Continental Batteries
- Coslight Technology
- Crown Battery Manufacturing Co.
- CSB Battery Technologies Inc.
- Daejin Battery Co. Ltd.
- Daramic Llc
- East Penn Manufacturing
- Enersys
- Exide Technologies
- Fiamm S.P.A.
- First National Battery
- Fujian Quanzhou Dahua Battery Co. Ltd.
- Furukawa Battery
- GS Yuasa International
- Hagen Batterie Ag
- Haze Battery Co. Ltd.
- HBL
- Henan Huanyu Group Co. Ltd.
- Hitachi Chemical Energy Technologyco. Ltd.
- Hoppecke Batterien Gmbh & Co. Kg
- Hyundai Sungwoo Solite Co. Ltd.
- IQ Power Ag
- Jiangsu Huafu Energy
- Johnson Controls Inc.
- Korea Special Battery Co. Ltd.
- Leclanché Gmbh
- Leoch International Technology Ltd.
- LG Chem
- Microtex Energy
- Midac S.P.A.
- Middle East Battery Co.
- Narada Power Source Co. Ltd.
- Nipress
- Northstar Battery Co. Llc
- Panasonic Corp.
- PT Century Batteries Indonesia
- Reem Batteries & Power Appliances Co. Saoc
- Robert Bosch Gmbh
- Sacred Sun Power Sources
- Saft Groupe S.A.
- Samsung SDI Co. Ltd.
- Sebang Global Battery Co. Ltd.
- Shandong Ruiyu Storage Battery Co. Ltd.
- Shin-Kobe Electric Machinery Co. Ltd.
- Storage Battery Systems
- Tai Mao Battery Co., Ltd.
- Thai Bellco Battery Co. Ltd.
- Tianjin Lishen Battery Co. Ltd.
- Tianneng Power International Ltd.
- Trojan Battery
- Xtreme Power
- Zhejiang Narada Power Source Co. Ltd.
- Zibo Torch Energy Co. Ltd.
