Lead Acid Battery Market showing Compound annual growth rate and forecast till 2025
Lead acid battery is considered to be the oldest type of rechargeable battery with its use spanning across industries. It has the advantage of supplying high surge current, as the cells have large power to weight ratio. High power to weight ratio and low cost makes lead acid batteries attractive for its use in the automotive sector. Lead acid batteries comprises of container, plates, cell, separators, and battery terminals.
The increasing demand from various industries, such as automotive sector, telecom sector, uninterrupted power supply in oil and gas mining, manufacturing, and chemical is expected to the boost the growth of the lead acid batteries market globally. Moreover, the low cost of the batteries coupled with new developments and innovation in lead acid battery products is further expected to augment the market growth. However, environmental restrains, due to lead content and threat from substitute namely lithium-ion battery are the major restraints for the growth of global lead acid battery market.
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Asia Pacific accounted for the largest market share in the global lead acid battery market, in terms of revenue in 2016 and this trend is expected to continue over the forecast period. The growing industrialization and globalization in this region is the major driver in the growth of market. Furthermore, the growth in automobile industry coupled with rise in the disposable income is further expanding the automobile sales, thereby augmenting the market growth for lead acid batteries. According to China Association of automobile manufacturers (CAAM), China witnessed a year on year of 6.2% from 2016 to 2017 in automobile sales. Moreover, the increased government expenditure in the retail sector has resulted in the growth of the various industries, such as construction, power, banking, and telecom industry, in turn fuelling the demand for lead acid batteries, owing to its efficient use as energy storage system. According to Indian Brand Equity Foundation (IBEF), Ministry of Commerce and Industry, Government of India, the retail market in India is expected to nearly double to US$ 1 trillion by 2020 from US$ 600 billion in 2015, due to income growth, urbanization, and attitudinal shifts.
North America accounted for the second largest market globally. The developed industrial sector in this region stands to be the major factor contributing to the market growth. The presence of leading automobile companies, which include Toyota, Ford motor company, General Motors, and Fiat Chrysler Automobiles has augmented the demand for lead acid batteries. According to the International Trade Association, exports of automotive parts from the U.S has shown a steady growth from US$ 5 billion in 2012 to US$ 7.2 billion by 2015. Moreover, the developed telecom sector coupled with the increasing oil and gas related activities post the shale gas boom has propelled the need for power storage device hence, surging the demand for lead acid batteries in the region.
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Based on the product, SLI lead acid battery is the largest segment in 2016 and is expected to show the same trend during the forecast period. SLI lead acid battery holds a revenue of US$ 26.80 billion and is expected to grow at a CAGR of 3.39% from 2017 – 2025. The increasing use of SLI lead acid battery in electric vehicles, owing to its excellent cold cracking abilities in engine starting coupled with durability are the major factors contributing to market growth.
Major Players in the Global Lead Acid Battery Market
The major players operating in the global lead acid battery market include Johnson Controls, ATLASBX Co. Ltd, Exide Technologies, East Penn Manufacturing Co, Crown Battery Manufacturing Company, C&D Technologies, INC, GS Yuasa Company, and Leoch International Technology Ltd.
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