Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Lead Acid Battery market.
Trusted Business Insights presents an updated and Latest Study on Lead Acid Battery Market. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Lead Acid Battery market during the forecast period.
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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Industry Insights, Market Size, CAGR, High-Level Analysis: Lead Acid Battery Market
Global Lead acid Battery Market size was valued at USD 58.95 billion in 2019. The market is estimated to witness growth owing to the growing adoption of lead acid batteries in automobile and Uninterruptible Power Source (UPS) along with some developments in the manufacturing methods. Increasing demand for the product in off-grid power generation is expected to boost the market size.
Development in transportation industry, along with an increase in energy storage application is projected to drive industry demand in the upcoming future. Rapid growth of the commercial vehicle, motorcycle, and passenger car manufacturing industries is also projected to drive the product demand. Growing demand for UPS in various sectors, such as banking, oil and gas, healthcare, and chemicals is positively driving the demand.
One of the restraining factors for the market is the presence of lead content as the battery material, posing adverse effects on the environment. Also, the declining cost of lithium battery has stalled the demand, primarily owing to the technological advancements offered by the former. Continuous reduction in cost is likely to reinforce more on lithium ion in different energy storage markets, which is also expected to restrain the market.
However, advancements in the automotive industry in India, Brazil, Mexico, South Korea, Indonesia, Thailand, and Vietnam are anticipated to create growth opportunities for the market. Increasing demand for pollution-free electric automobiles coupled with technological advancements is projected to fuel the demand for lead acid battery over the upcoming years.
Product Insights of Lead Acid Battery Market
Starting, Lighting, and Ignition (SLI) batteries contributed to the largest revenue share of the lead acid battery market in 2019. It is projected to witness sluggish growth over the forecast period, due to higher demand for other types of products including stationary and motive. However, increasing demand in applications requiring high power including automotive is anticipated to positively influence the segment growth.
Increasing vehicle manufacturing, particularly in China, Japan, India, Brazil, Mexico, South Korea, and U.S. is expected to promote expansion over the forecast period. For instance, In October 2018, Amara Raja Batteries signed an agreement with Johnson Controls to launch a new battery technology in India which provide sophisticated consumer features and strict emission standards for the automotive industry. Such initiatives are anticipated to drive the demand for lead acid batteries during the forecast period.
Construction Method Insights
Flooded lead acid battery sector was the largest segment by construction method in 2019. It is expected to lose market share owing to high maintenance cost along with complex construction. However, increasing demand in stationary application will fuel the market growth over the forecast period.
Valve Regulated Lead Acid (VRLA) segment held 33.9% market share in 2019 and is anticipated to witness the highest growth over the forecast period. Rising demand in automotive applications owing to high output and low maintenance of the product will fuel the growth. In addition, VRLA batteries including Absorbent Glass Mat (AGM) offer high resistance to vibration, minimize the terminal corrosion, extend the shelf life, and offer low self-discharge rate. High availability of various sizes is projected to further fuel the demand over the forecast period.
Application Insights of Lead Acid Battery Market
Automotive was the largest application segment in 2019 in terms of revenue share. The extensive usage of lead acid batteries in the automotive sector is expected to witness growth as a result of rising automotive sector. The presence of big automotive players, such as TATA, Maruti Suzuki, Infinium Toyota, Mahindra, Mitsubishi, Hyundai, Honda, and Nissan have fuelled growth of the automotive sector in Asia Pacific, due to their strong distribution channels and easy product availability at economical prices.
UPS accounted for 9.41% of global market share in terms of revenue in 2019. The segment is expected to witness the highest CAGR of 6.8% from 2020 to 2027. Growing demand in various industries including hospitals, industries, educational institutes, corporate offices, research institutions, and houses is projected to fuel the growth of the segment in the forthcoming years.
Regional Insights of Lead Acid Battery Market
Asia Pacific held the leading market share in 2019. The growing construction industry in emerging countries, such as China, India, Japan, Malaysia, South Korea, Vietnam, and Indonesia is projected to drive the utilization of lead acid battery. According to Society of Indian Automobiles Manufacturers, the total automotive sales grew by 14.22% in 2017-2018 over 2016-2017. Expansion in automobile sales will lead to the growth of SLI lead acid batteries.
Asia Pacific is anticipated to be the most lucrative market in terms of CAGR during the forecast period on account of increasing demand for energy storage batteries in China and India. Furthermore, favorable government regulations designed to generate investments from public-private partnerships and Foreign Direct Investments (FDI) are estimated to fuel the regional product demand.
Market Share Insights of Lead Acid Battery Market
The market is fragmented in nature due to the presence of many manufacturers. It is characterized by the presence of a large number of market players in U.S, China, and Japan. Joint ventures and mergers and acquisitions are some of the key strategies adopted by the companies to increase their market presence. The market is highly competitive in nature with participants involved in continuous product innovation and R&D activities. Key manufacturers include East Penn Manufacturing Co.; Exide Technologies; Johnson Controls; ATLASBX Co. Ltd.; NorthStar; C&D Technologies, Inc.; Narada Power Source Co., Ltd.; Amara Raja Corporation GS Yuasa Corp;Crown Battery Manufacturing; and Leoch International Technology Ltd.
Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Lead Acid Battery Market Research Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2019 to 2030. For the purpose of this study, this market research report has segmented the global lead acid battery market report on the basis of product, construction method, application, and region:
Product Outlook (Revenue, USD Million, 2019 – 2030)
Construction Method Outlook (Revenue, USD Million, 2019 – 2030)
Application Outlook (Revenue, USD Million, 2019 – 2030)
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