The market, contributing more than 65.0% share in terms of volume in 2017
NEW YORK, Nov. 26, 2019 /PRNewswire/ --
Lead-Acid Battery Market by Construction (Flooded, VRLA), by Type (Standby, Motive, SLI), by Application (Automotive [Non-Electric Vehicles, Electric Vehicles, Transport Vehicles, Forklifts], Utilities, Oil & Gas, Construction, Telecommunication, Marine, UPS, Leisure), by Geography (U.S., Canada, Germany, France, Spain, U.K., China, Japan, India, Brazil, Mexico, Saudi Arabia, South Africa) - Global Market Size, Share, Development, Growth, and Demand Forecast, 2013-2023
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Lead-acid battery market is projected to reach $70.7 billion by 2023, increasing demand for electric vehicles and automobiles coupled with urbanization and industrialization in emerging economies are likely to create demand for applications of lead-acid batteries and thus expected to propel the market growth during the forecast period.
On the basis of construction, the lead-acid battery market is categorized into flooded and valve regulated lead-acid (VRLA). Traditionally, flooded lead-acid battery held the larger share in the market, contributing more than 51.0% in terms of volume. This is in coherence with its cost-effectiveness for entry level start-stop vehicles over its counterpart. Additionally, increasing application of flooded lead-acid battery in marine applications is further estimated to augment its demand in the future.
Based on type, the market for lead-acid battery is bifurcated into standby, motive, and starting, lighting, and ignition (SLI). In 2017, SLI category was the largest type in the market, constituting a market share of more than 55.0% in terms of volume. The wide range of advantages such as high durability, reliability, and low maintenance requirements are likely to increase its penetration in the automotive sector, which in turn, will drive its demand in the market during the forecast period.
On basis of application, the lead-acid battery market is classified into automobile, utilities, construction, telecommunication, marine, leisure, uninterrupted power supply (UPS), and others. The others category comprises military and mining applications. Automotive was the largest application area in the market, contributing more than 65.0% share in terms of volume in 2017. This is ascribed to significant battery life; low cost; and high performance, a trait characteristic of lead-acid battery.
Globally, the lead-acid battery market is expected to witness the fastest growth in APAC, in terms of volume, with 4.2% CAGR during the forecast period. This growth can be majorly attributed to growing demand of lead-acid batteries for applications in automotive sector and telecommunication networks. Furthermore, in addition to the aforementioned factor, increasing use of UPS in industrial sectors such as oil and gas, manufacturing, chemical, and healthcare are likely to open up new growth opportunities for the lead-acid battery market in the region.
Some of the major players operating in the global lead-acid battery market include Johnson Controls International plc, GS Yuasa Corporation, Exide Technologies, EnergySys Limited, Fujian Quanzhou Dahua Battery Co. Ltd., B.B. Battery Co. Ltd., Yokohama Industries Berhad, Hitachi Chemical Energy Technology Co. Ltd., C&D Technologies Inc., ATLASBX Co. Ltd., AC Delco Corporation, First National Battery Corporation, and Amara Raja Corporation.
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