Market Overview
Lead acid battery remains entrenched in the high-volume automotive industry, where reliability, cost-effectiveness, and the existence of a well-established supply chain are crucial. Although lithium-ion battery promises higher energy density and performance, lead acid battery offers a high rate of recycling, i.e. over 90 percent which is far greater than lithium.
Besides, lead-acid batteries are also advancing to keep up with recent technologies incorporated into vehicles with start-stop capabilities which will typically place greater demands on their batteries. Hence, the start-stop batteries will become the new baseline for lead-acid. These factors presage the vast prominence lead acid batteries are garnering currently and the significant traction the Lead Acid Battery Market will be gaining in the years to come.
Acknowledging the increasing traction, this market is witnessing currently, Market Research Future (MRFR) in its recently published study report asserts that the already booming lead acid battery market will accrue up to USD 86 Bn. by 2023, registering 8% CAGR over the forecast period (2017-2023).
Due to their cost-competitiveness, lead-acid batteries are used in commercial vehicle, passenger car, and motorcycles. The huge uptake of these batteries in the automotive industry is a key force driving the market growth. Besides, application of lead-acid batteries in energy storage application is expected to drive the market. Augmenting demand for UPS in industrial sectors such as manufacturing, chemical, healthcare, and oil & gas is boosting the market growth.
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Owing to their higher cell voltage and lower cost lead acid batteries are widely used in the power stations and substations which define the market landscape. Additional factors such as ongoing smart grid projects along with the increase in the adoption of renewable energy systems and quadrupling telecom towers are fostering the market growth.
On the other hand, the high lead content in these batteries which can harm the environment acts as a headwind for the market growth, restricting its uptake and hence, the market growth. Also, other features of lead-acid batteries such as the low energy density are expected to pose challenges to the market growth.
Key Players
Some of the prominent players in the global lead acid battery market: Johnson Controls (U.S), ATLASBX Co. Ltd. (South Korea), Exide Technologies (U.S.), East Penn Manufacturing Co. (U.S.), NorthStar (Sweden), Crown Battery Manufacturing (U.S.), C&D Technologies, Inc. (U.S.), GS Yuasa Corp (Japan), Narada Power Source Co., Ltd. (China) and Leoch International Technology Ltd. (China) and others.
Global Lead Acid Battery Market – Segment
MRFR has segmented its analysis into four key dynamics for an easy grasp.
- By Products: Stationary, Motive, and SLI among others.
- By Construction Methods: Valve-Regulated Lead-Acid (VRLA) and Flooded among others.
- By End-Users: Stationary Industrial, Automotive, Telecommunication, Transportation, Oil & Gas, and Electronics among others.
- By Regions: North America, Europe, APAC and the Rest-of-the-World.
Global Lead Acid Battery Market -Regional Analysis
The Asia Pacific region dominates the lead acid battery market across the globe followed by the North American region, holding the largest share. The growth in the region majorly attributes to the promising government regulations that encourage investments from public-private partnerships, and foreign direct investments. Also, growing markets in developing countries such as China, South Korea, and India are expected to fuel the lead acid battery market.
The North American region accounts for the second largest market for the lead acid battery. Rising technological enhancements and increasing focus of government towards reducing greenhouse gas emission and rise in the number of power outages. Also, the well-established infrastructure the region has supports the market growth, allowing faster implementation of advanced technologies. Additionally, the growing number of manufacturers providing lead-acid batteries at comparatively lower prices is another major factor driving the growth of lead acid battery market in the region.
The European region is emerging as another lucrative market, showing a considerable growth. Countries such as the U.K., Germany, Sweden, and Italy backed by their respective increasing number of offshore and onshore renewable energy industry are contributing to the market growth in the region. The resurging economy in the region is undoubtedly supporting the market growth boosting the demand for passenger cars.
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Intended Audience
- Technology Investors
- Research/Consultancy firms
- Technology Solution Providers
- Original Equipment Manufacturers
- Automotive manufacturers
- Chemical Solution Providers
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