According to a market report published by Future Market Insights, titled ‘Lead Acid Battery Market – Asia Pacific, Japan, Middle East & Africa, and Latin America Industry Analysis and Opportunity Assessment 2014 –2020’. The long-term outlook of the global lead acid battery market remains a sound one, with volume sales expected to increase at a CAGR of 3.9% during the forecast period (2014–2020), with an estimated market size of lead acid battery valued around US$ 31,708.4 Mn in 2020.
Lead Acid Battery Market: Segmentation
Lead Acid Battery Market has been analysed on the basis of the application. By application, the lead acid battery is used in prominent end-use industrial sectors such as transportation, industrial motive, stationary industrial, residential, commercial, and grid storage. The lead acid battery market has been viewed as a high value, high growth type, which is expected to follow suit during the forecast period. Transportation sector has been chief end user of lead acid battery.
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Lead Acid Battery Market: Factors Influencing Revenue Growth
An increased inflow of goods and services has generated the need for efficient transportation and logistics, also increasing vehicle production that has supported a growth in the demand for lead acid battery in the transportation sector. Also, the UPS, low cost, and reliable energy storage solution have generated a significant growth of the lead acid battery segment in the industrial sector. Also, due to functional advantages of lead acid battery such as comparatively longer cycle life, low coat, and lower self-discharge, they have become one of the most preferred battery types, globally.
The main reason for the preference towards lead acid battery is the increasing production of passenger vehicles, which has significantly increased, especially in developing countries due to an increase in the disposable income of the general population, and this is anticipated to rise further in the near future. This, in turn, is creating a high demand opportunity for the lead acid battery market. Industrial sectors are also witnessing significant expansion, which is also expected to drive the demand for stationary battery for UPS system power backup. Also, the demand for deep-cycle battery for wheeled mobility, such as golf cars, wheelchairs, and scissor lifts is also expected to boost the lead acid battery market over the forecast period. The major share of the growth of Asia Pacific, Japan, Middle East & Africa and Latin America lead acid battery market is expected from Asia Pacific, owing to the presence of emerging economies such as China and India, and their continuously expanding automotive and industrial sector.
The lead acid battery market has also benefited with the implementation of new policies and regulations for emission control. Apart from the existing materials types used for the manufacturing of lead acid battery, research is being undertaken to improve the materials used to prevent emissions through lead acid battery.
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Lead Acid Battery Market: Leading Companies
Some of the market participants identified in the lead acid battery market are Exide Technologies, EnerSys, GS Yuasa Corporation, Johnson Controls Inc., and Yokohama Industries. The lead acid battery market is a highly competitive market, consisting of tier-1 global scale lead acid battery manufacturers, and a greater proportion of small-scale lead acid battery manufacturers catering to domestic demand. However, large industrial operations seek products from reputed lead acid battery manufacturers for demand procurement. Key strategies employed by tier-1 lead acid battery manufacturers include providing effective sales and services, strategic tie-ups with regional distributors/manufacturers to foray expansion in untapped markets, and undergoing restructuring business operations to optimize the use of resources. Industry players are also constantly focusing on the innovation and development of existing products that adhere to stringent environmental regulations so as to cater to the growing customer demand for lead acid battery with enhanced charging efficiency, long life, etc. The advent of absorbent glass mat (AGM) lead acid battery, which are sealed units, is one such example of innovation.