Future Market Insights, in its latest report titled,“Lead Acid Battery Market: Asia Pacific, Latin America, Japan, Middle East & Africa Industry Analysis and Opportunity Assessment 2014 – 2020”, states that the target regions lead acid battery market accounted for US$ 24,210.5 Million in 2014, and is expected to reach US$ 31,708.4 Million at a CAGR of 4.6% during the forecast period. Asia Pacific, which accounted for the major chunk in the target regions lead acid battery market, is expected to expand at an estimated CAGR of 4.5% during the forecast period.
By application type, the target regions lead acid battery market is segmented as transportation, stationary industrial, motive industrial, commercial, residential, and grid storage. Transportation and stationary industrial collectively contributed to around 82.4% of market revenue in 2014. Transportation was the largest end-use application in the target regions lead acid battery market in 2014, and is anticipated to continue its dominance through 2020. Stationary industrial is the second largest contributor to the target regions lead acid battery market, and is expected to register the fastest CAGR of 8.5% during the forecast period.
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The report finds that grid storage is one of the smallest end-use application segments in the target regions lead acid battery market, but is anticipated to register the fastest CAGR of 7.2% during the forecast period.
Lead acid batteries are predominantly used in passenger cars, commercial vehicles and two wheelers. In addition to that, demand for lead acid battery has also surged due to the increasing adoption of UPS, owing to rapid urbanisation and industrialisation. Adoption of grid storage technology in developing countries such as India and China is expected to fuel the target regions lead acid battery market. In addition to that, an increase in the demand for electric vehicles is expected to further accelerate the expansion of the lead acid battery market globally.
Moreover, key challenges in the lead acid battery market are raw material price volatility and stringent emission regulations. Lead is the essential raw material used in the manufacturing of lead acid batteries. Lead prices account for approximately 49% of the overall cost of the lead acid batteries. Any fluctuations in lead prices affect the overall profitability of lead acid battery manufacturers.
Region-wise, Asia Pacific is the largest contributor in the target regions lead acid battery market, and is expected to continue its dominance till 2020. Currently, the Asia Pacific lead acid battery market is valued at US$ 15,995 Million and is expected to reach US$ 19,881 Million by 2020. Latin America and Japan are other major markets contributing 14.4% and 14.1% respectively, to the target regions lead acid battery revenue. Middle East & Africa accounted for the lowest contribution in terms of revenue in 2014, but is expected to register a significant growth at a CAGR of 4.9% over the forecast period.
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The degree of competition in the target regions lead acid battery market has been analysed in the report, which also presents the comparative view of the key strategies and financial outlook of major companies operating in target regions lead acid battery market. These include Johnson Controls INC, Exide Technologies, GS Yuasa Corporation, EnerSys and Yokohama Industries.