Lead Acid Batteries Market:
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Executive Summary
The global lead-acid batteries market was worth $20.56 billion in 2019. It is expected to grow at a compound annual growth rate (CAGR) of 5.09% and reach $25.07 billion by 2023.
The lead-acid batteries market has been geographically segmented into North America, Western Europe, Asia-Pacific, Eastern Europe, South America, Middle East and Africa. In 2019, Asia-Pacific was the largest region in the lead-acid batteries market.
The lead-acid batteries market consists of sales of lead-acid batteries and related services for various industries including automotive, marine, and aerospace. Lead-acid batteries are bigger and store a high amount of energy. These batteries are generally used in automobiles, uninterruptible power supply (UPS), telecommunications, and inverters attributing to their requirement for high power supply.
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The lead-acid batteries market covered in this report is segmented by type into stationary, motive. It is also segmented by end user into transportation, industrial, residential, commercial.
The declining price of lithium-ion batteries strongly challenges the lead-acid batteries market and restrains the market. Lithium-Ion batteries are cost-effective with offered characteristics such as high energy storage, depth of discharge, increased life span, and better performance and are popularly used in electric vehicles, and military and aerospace applications. According to Smart Electric Power Alliance’s article published in August 2019, the prices of lithium-ion batteries declined by 73% since 2013, from $474 to $176 in 2018. Therefore, the decrease in prices of lithium-ion batteries is challenging the demand for the lead-acid market.
The introduction of absorbent glass mat (AGM), a lead-acid battery with a lower weight, better electrical reliability, and higher performance is contributing to higher demand for lead-acid batteries. According to Battery University, AGM is a preferred battery for upscale motorbikes, owing to features such as reduced weight, lesser acid spilling, and good performance at cold temperatures. These batteries are also gaining traction in a motor home, marine, and robotic applications. Therefore, advancement in lead-acid batteries will generate higher demand for lead-acid batteries market in the forecast period.
In October 2019, EnerSys, a global leader in stored energy solutions for industrial applications such as reserve power, motive power, and aerospace & defense, announced the acquisition of NorthStar for an amount of $182.5 million. The acquisition is expected to increase the sales of NorthStar TPPL batteries. NorthStar, a USA-based company is specialized in designing, manufacturing, and deploying innovative batteries and power solutions.
Growing demand in the automobile industry contributed to the growth of the lead-acid batteries market. Rising research and development activities in the automotive lead-acid battery industry, coupled with government initiatives for electric vehicles is propelling the growth of the global automotive market, thereby increasing the demand for lead-acid batteries. According to Clean Energy Ministerial Advancing Clean Energy Together, in 2019, Electric Vehicles Initiative (EVI) launched the Pilot City Programme (PCP), at the ninth Clean Energy Ministerial in Copenhagen, Denmark. The PCP aims to build a network of 100 EV-friendly cities in order to promote electric vehicles. Moreover, according to International Energy Agency (IEA), the deployment of electric cars over the past decade has grown rapidly, with 5 million electric passenger cars in 2018, 63% higher than that of previous years. The increasing adopting of lead-acid batteries in electric vehicles along with growing government initiatives to promote electric vehicles is anticipated to drive the demand for lead-acid battery market in the forecast period.
Major players in the lead-acid batteries market are EnerSys, Exide Industries, GS Yuasa, Clarios, Panasonic, Chaowei Power, Narada Power, HBL Power Systems, Crown Battery, NorthStar.
Continuous…
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Market Overview:All gadgets and electronic items require batteries when they are not connected to some power source.
Among all batteries, the lead acid battery is one battery whose market is growing rapidly because it is considered useful and suitable for vehicles.
Application of lead-acid batteries in energy storage application is expected to drive the market due to the development of commercial vehicles, motorcycle industry, and a passenger car.
Uninterrupted Power Supply (UPS) is required in various sectors like chemical, healthcare, manufacturing and oil & gas.
The growth of Lead Acid Battery Market is also boosted by factors like the emergence of vehicle charging infrastructure, execution of smart grid projects, increase in adoption of renewable energy systems, increasing distance of telecom towers and increasing usage of hybrid and electric vehicles.
Due to low cost, even military submarines also use lead acid batteries.A report published by Market Research Future (MRFR), predicts that the Covid 19 Analysis On Lead Acid Battery Market is likely to grow at 8% CAGR for the forecast period from 2017 to 2023.
