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Lead Acid Battery Market size is set to register a CAGR of 4.27% during forecast period between 2020 and 2026. Growth in energy consumption, cost advantage of lead-acid batteries along with emerging applications of lead acid battery are identified as key factors shaping the market size through 2026.
Increased use of SLA batteries in data centers and the growing consumption of Lead-acid batteries across the automotive industry push the market growth and demand during the forecast period.
Further, expansion of renewable energy is set to promote the demand for storage battery systems to enhance power supply stability and reliability through the deployment of lead acid batteries. Accordingly, Lead acid batteries are extensively used in renewable energy-based power projects.
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The expansion of industrial and manufacturing sectors is stimulating the demand for lead acid battery technology during the forecast. In addition, cost-effective battery storage solutions as backup power in emerging end-users such as telecom sector are set to create a positive impact on the lead acid battery market growth.
Further, large consumption of SLA batteries is pushing major OEMs to adopt lead acid recycling facilities. Accordingly, government autonomies are offering incentives to companies in order to control lead wastes and to encourage the firms to enhance their involvement in the recycling process.
Key market players to invest in expanding current manufacturing capacities for lead-acid batteries in order to improve their market presence and maintain a competitive edge in the lead acid battery market growth.
However, fluctuating prices of raw materials, environment regulation protocols along with growth in alternatives such as non-lead acid and lithium-ion batteries are among the lead acid battery market challenges.
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The influx of VRLA battery type is projecting long term lead acid market growth opportunities
Factors owing to longer life cycle with excellent performance levels, negligible monitoring and resistant to vibration is set to promote long term growth opportunities for VRLA batteries. The performance of these batteries is not affected at lower temperatures. Fear of explosion is also negligible with these batteries as there is no electrolyte leakage and gasses are not released under normal operating conditions. Accordingly, the potential of VRLA batteries of low pricing and maintenance of VRLA batteries as compared to nickel-cadmium and lithium-ion batteries drives the market growth with this segment.
Lead Acid Market application continues to imprint strong market growth during the forecast period
Among key end-use industries including commercial & residential, industrial, utility, and transportation, the industrial sector is set to emerge with strong market share, in particular across automobile manufacturers.
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Lead-acid batteries dominate the automotive sector due to demand in SLI applications. The SLI system in automotive requires high initial current to start the engine. Lead-acid batteries are designed to deliver high initial energy within short time frames, depending on cranking amps (CA) or CCA ratings
Asia Pacific is set to proceed with a large market share amid key regional players during forecast term
Growing demand for grid stability, peak shaving, and reliable backup power along with renewable energy integration fuels the lead acid battery market growth across Asia Pacific. In addition, increasing energy consumption in emerging countries due to rapid industrialization and urbanization to propel the market growth.
The need for cost-effective battery storage solutions across emerging automotive and industrial manufacturing base in the region is the key factor driving the lead acid market growth.
In addition, China leads the lead acid battery market driven by strong growth in photovoltaic, e-bike, and automotive production facilities in the country. In addition, the strong presence of lead battery OEMs and recyclers in China marks market growth opportunities during the forecast period. Accordingly, in 2019, Camel, one of China’s largest lead battery makers and recyclers began building a manufacturing and recycling plant in Anhui Province.
Further, government organizations across Asia Pacific are undertaking essential steps to increase the power supply in rural areas by using battery storage systems. For instance, the Indonesian government set a goal to raise rural electrification from the current rate of 70% to 90% by 2020.
Key players participating in growth strategies is set to trigger high market value and size
Establishment of new ventures, re-launching of products are among growth strategies frequently adopted by key market players to support lead acid battery market growth. For instance, in 2019, Enersys was appointed as approved status vendor for the National PRONTO Association to provide its Absorbed Glass Mat (AGM) ODYSSEY batteries to PRONTO warehouse distributor members.
Further, major market OEMs are investing in expansion of production capabilities to serve the automotive and household sectors. For example, in 2019, GS Yuasa built a new automotive lead acid battery plant in Turkey and in 2018, GS Yuasa established its new subsidiary, Siam GS Battery Myanmar Limited for serving customers in the automotive and household power segment.
The market growth is observed to reach high market demands and is pushing key OEMs for backorders and expansion of product lineup. For instance, GS Yuasa Battery Ltd. in 2017, re-launched ECO.R ENJ series lead acid batteries to serve the demand for replacement batteries in hybrid vehicles.
Key companies contributing to the lead acid battery market growth include Clarios, Crown Battery, Chaowei Power, Enersys, Exide Industries, GS Yuasa, Hitachi Chemical, HBL Power Systems, Panasonic, and Northstar among others.
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