The energy efficiency and cost-effectiveness quotients of products have led to substantial interest of end-use industries in lead acid battery market. The need to integrate renewable energy in various industries is fueling growth of lead acid battery market. The need to integrate renewable energy in various industries underpin the growth of lead acid battery market. Lead acid batteries are used for uninterrupted backup power supply in industrial, automobiles, marine, and manufacturing sectors. The expansion of automobile and manufacturing sectors has propelled use of battery technology resulting in wide use of lead acid batteries.
Growth Impetus of Lead Acid Battery Market
The global lead acid battery market is expected to expand at a CAGR of more than 4.8% from 2018 to 2026. In terms of value, the lead acid battery market may stand at US$79 Bn by 2025.
Lead acid batteries have achieved competitive edge due to lower prices compared to their substitutes and reliability of the product.
The major driving factors that surge expansion of lead acid market are:
- Environmental conservation objectives
- Recycling process capacity
- Scope for innovation
- Expansion of manufacturing facility
- Durability & Cost effectiveness
SUNLIGHT Recycling was developed in association with Engitec. It is the leading lead acid battery recycling branch which was established in 2014.It has a recycling capacity of 25,000
Tons of used lead acid batteries per year. This establishment has contributed towards meeting the need of recyclable products in the market.
Asia Pacific Lucrative Region, Growth Underpinned by Massive Demand for Products in Multiple Applications
The lead acid battery market revenue has substantially grown over a period of time. The market has influenced potential investors and leading companies are shifting towards manufacturing of lead acid batteries.
Asia Pacific has acquired the maximum regional market in 2018. It is expected to rise at a CAGR of 4.9 % from 2018 to 2026.The increase in production of vehicles in Asia Pacific has boosted the demand for lead acid battery. These batteries are reliable and cost-effective. Thus, the consumer demand for them is increasing.China, Japan, India, Australia, and South Korea hold the dominant position in the market. A substantial portion of the revenue share is acquired by North America and Europe. The market share of Latin America, Africa and Middle East is also estimated to grow at moderate pace during forecast period. The key factors that drive the growth of these regions are high demand for automotive production and sales, increasing demand of UPS system by industrial sectors, and strong demand for sustainable backup technologies.
The leading lead acid battery manufacturers have expanded their recycling capacity for meeting environmental conservation objectives. This factor has fueled the growth of lead acid battery market.
These factors and trends are propelling revenue generation in lead acid battery market
- The requirement of massive amount of energy storage to avoid data loss and technical glitches in operational functioning of industries and data centers.
- Introduction of new technologies in tele-communication, loT, and automation has accelerated the need of strong data backup.
- The consumer preference for pollution free electric vehicles.
- Rapid growth of vehicle manufacturing sector
Lead acid batteries are inexpensive and robust. They are customized in different sizes and capacities as per consumer demand. These factors have boosted the growth of lead acid battery market considerably.
One of the key factors that contributes in the growth of lead acid battery market is rising demand in automotive sector. The rise in demand for the cost-effective and reliable battery technology for range of automotive applications such as in commercial vehicles, personal vehicles and cars is surging the growth of lead acid battery market. The rising demand for battery backup and UPS in several sectors like healthcare, chemical industries, and corporate sectors has boosted the lead acid battery market.
The key players in the lead acid battery market include
- EXIDE INDUSTRIES LTD.,
- JOHNSON CONTROLS INTERNATIONAL PLC,
- GS Yuasa Corporation.
Other prominent players in the market are First National Battery, North Star., Amar Raja Batteries Ltd, HOPPECKE, Exide Technologies, HBL Power Systems Limited, C&D Technologies, Inc., East Penn Manufacturing Co., FIAMM Energy Technology S.p.A., Crown Battery Manufacturing Co., and Trojan battery Company.
The production has considerably increased due to the rise in demand. The major manufacturers are focussing on the market share to achieve their position in lead acid battery market. Innovations and expansions in battery manufacturing sector are on the forefront. The global market demand for lead acid batteries market is showing steady growth due to rising demand for energy storage devices and need for energy renewable products.
The market has been segmented on basis of product type, application, and regional analysis:
Lead Acid Battery Market: By Product type
Lead Acid Battery Market: By Application
- Motor Cycles
- Motive Power
- Renewable Power
- UPS & Telecom
- Others (Wheelchairs, etc.)
Lead Acid Battery Market: Regional Analysis
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest Of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa (MEA)
- South Africa
- Rest of MEA
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