Cost efficient energy storage solutions and recyclable nature of lead-acid batteries over lithium-ion batteries drive the global lead-acid battery market
PORTLAND, Oregon, Feb. 19, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Lead–Acid Battery Market by Product (SLI, Stationary, and Motive), Construction Method (Flooded and VRLA), and Application (Automotive, UPS, Telecom, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026." According to the report, the global lead-acid battery industry generated $39.7 billion in 2018, and is estimated to generate $59.7 billion by 2026, registering a CAGR of 5.2% from 2019 to 2026.
Prime determinants of growth
Cost efficient energy storage solutions and recyclable nature of lead-acid batteries over lithium-ion batteries drive the global lead-acid battery market. However, emerging and existing alternatives to this type of battery hinder the market growth. However, the requirement for expanding data centers create new opportunities in the industry.
The SLI segment to maintain its dominant position during the forecast period
Based on product, the SLI segment contributed to more than half of the total share of the global lead-acid battery market in 2018, and is expected to maintain its dominant position during the forecast period. This is due to offering of long cycle-life, reduced weight in vehicles, and cost-effective energy source. However, the stationary segment is estimated to maintain the largest CAGR of 5.7% from 2019 to 2026, owing to rise in applications in security systems, oil and gas explorations, renewable energy systems, emergency lighting, utilities, backup power, and railway backup systems.
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The automotive segment to maintain its lead position by 2026
On the basis of application, the automotive segment held the highest share of the global lead-acid battery market, holding nearly three-fifths of the total market in 2018, and is projected to maintain its lead position throughout the forecast period. This is attributed to application of lead-acid batteries for their robust and low-cost nature along with need for cost-effective energy solutions. However, the UPS segment is expected to grow at the highest CAGR of 5.9% from 2019 to 2026, owing to rise in demand for UPS system for its high performance, appropriate designing, and usage as an emergency power backup.
Europe to grow fastest, North America to follow
Based on region, Europe is estimated to witness the highest CAGR of 5.7% from 2019 to 2026, owing to focus on renewable energy production and supportive government initiatives. However, North America would grow at a CAGR of 5.4% during the forecast period. On the other hand, Asia-Pacific held the largest market share in terms of revenue, contributing to nearly two-fifths of the global lead-acid battery market in 2018, and is estimated to maintain its leadership position in terms of revenue by 2026. This is due to rapid industrialization and demand as a cost-effective energy source.
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Leading market players
- Exide Industries
- Crown Battery
- East Penn
- Hitachi Chemical
- Teledyne Technologies
- Hankook AltasBX
- C&D Technologies
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