DUBAI, U.A.E, July 9, 2020 /PRNewswire/ -- The global lead acid battery market is set for positive growth through 2030, expanding at a CAGR of 5.4% and surpassing a value pool of US$ 111.6 Bn by 2030-end. These findings are the results of Future Market Insights' recently published research report on the subject.
Presently, lead acid batteries find extensive usage as the primal energy source across the transportation, industrial, residential, commercial, grid storage and automotive sectors. Ranking high on the sustainability index, adoption of lead acid batteries is acquiring traction as it consumes thrice the lesser amount of energy per kilo watt hour, making them technically superior to lithium-ion batteries.
The electronic vehicle revolution has provided fertile ground for the proliferation of lead acid batteries as these vehicles extensively utilize them to power their systems. According to an estimate, the ignition procedure in electric vehicles is expected to eliminate at least over 4 million tons of greenhouse gas emissions annually. The aftermarket prospects also appear bright for lead acid battery OEMs as frequent battery servicing and replacement need to be conducted.
Absorbed Glass Mat (AGM) lead batteries are quickly capturing significant ground in the global lead acid batteries market. Their effectiveness in containing spills and reduced degradability makes them an ideal choice amongst potential end-users. Moreover, these batteries are shock resistant, charge five times faster than their flooded counterparts and have a compact structure which reduces the need for overall maintenance.
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The COVID-19 pandemic has dented near-term growth prospects as a result of the onset of a global economic recession. Cessation of business activities across key end-use industries such as manufacturing and automotives has reduced demand for lead acid batteries as an assembly component. These business suspensions are attributed to government calls for maintaining social distancing through the imposition of nationwide lockdowns. However, with these restrictions being lifted in certain countries, growth trajectory is gradually returning to its normal pace, reinforcing the pre-determined forecasts.
"A shift towards renewable energy sources such as solar power systems are laying bare potential opportunities for the expansion of lead acid battery markets in both emerging as well as mature markets. Therefore, there is a spike in the number of collaborations between manufacturers, grid-operators and renewable energy developers, resulting in the formulation of extensive distribution channels which is providing traction to the market," infers an FMI analyst.
Key Takeaways from FMI's Lead Acid Battery Market Research Report
- Flooded lead acid batteries are gaining fast traction, giving the AGM batteries a run for their money
- Transportation OEMs and aftermarket shall extensively utilize lead acid batteries, anticipated to expand 1.4x throughout the forecast period
- Regulatory agencies' efforts to deepen EV penetration shall open up lucrative growth avenues for the lead acid battery market across prominent regions
- Energy storage solutions based on renewable sources shall find widespread adoption of lead acid batteries. Nearly complete recyclability rate and reduced production costs are the key drivers
- APEJ is expected to remain the kingpin due to rapid advancements in automotive, manufacturing and ICT sectors
Lead Acid Battery Market- Key Trends
- Reducing reliance on conventional fuel technologies in the wake of ensuring environmental sustainability is pushing up adoption of lead acid batteries in various industrial, residential and commercial businesses
- Industry 4.0 is leading to immense applications of lead acid batteries due to their cost effectiveness and greater power generation capabilities. Leading service providers are utilizing lead batteries to facilitate 5G internet penetration across emerging economies
- Incidences of unregulated emissions from lead recycling is a significant challenge inhibiting growth of the lead acid battery market in the future
Lead Acid Battery Market- Region-wise Analysis
- Asia-Pacific is a sunshine area for the lead acid battery market. The region shall account for nearly half the global market share
- Thailand, Vietnam and Indonesia are the most promising countries in the region due to high emphasis on grid storage
- China generates approximately 4/5th of its solar powered systems through lead acid batteries, accelerating usage in power storage. However, competition is resulting from the automotive sector due to the advent of electric vehicles
- Europe is the 2nd largest market, anticipated to register a 6% CAGR throughout the forecast period. High uptake of lead acid batteries in ensuring uninterrupted power supply is fueling demand
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Lead Acid Battery Market- Competitive Landscape
The global lead acid battery market is fragmented in nature. A combination of established players as well as new entrants is shaping the revenue pool of the market. In order to consolidate their position, players are concentrating on innovations to provide technologically enhanced and affordable batteries in their product portfolio.
For instance, Exide has been manufacturing its E-Ride Tubular Plus lead batteries which are specifically designed and developed for e-rickshaws. The battery's unique design results in enhancing performance and reduces operating costs to a significant extent. The battery has an enhanced rechargeable rate due to a novel negative paste formulation embedded within the battery.
Likewise, Hitachi Chemical Company produces a range of hybrid and VRLA batteries for a host of end-use applications, ranging from industrial to renewable energy production. The company has also established innovation centers to discuss potential strategies with its end-use customers.
Lead Acid Battery Market Taxonomy
- Flooded Battery
- AGM Battery
- Gel Battery
- OEM Transportation
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- Two Wheelers
- Aftermarket Transportation
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- Two Wheelers
- Motive Industrial
- OEM Motive Industrial
- Aftermarket Motive Industrial
- Stationary Industrial
- OEM Stationary Industrial
- Aftermarket Stationary Industrial
- OEM Commercial
- Aftermarket Commercial
- OEM Residential
- Aftermarket Residential
- Grid Storage
- OEM Grid Storage
- Aftermarket Grid Storage
- OEM Others
- Aftermarket Others
- Rest of Latin America
- Rest of Western Europe
- New Zealand
- Southern Africa
- Rest of MEA
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Know More About Lead Acid Battery Market:
A new market research report published by Future Market Insights (FMI) on the global lead acid battery Market report provides in-depth insights into the market demand trends and assessment of opportunities during the forecast period. The report analyses the lead acid battery market through four different segments- type, application, and region. The lead acid battery market report also offers detailed analysis of pricing analysis by different product type and demand across end-use industries.
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Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centers in the U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously track emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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SOURCE Future Market Insights