Inclination Towards Electric Vehicles Driving Revenue Growth of the Lead-Acid Battery Market
In the latest report by FMI on the global lead-acid battery market, the forecast has been revised till 2027. Previously the market in 2016 was estimated to be 464,208 thousand units and in the current release the estimated numbers have been revised to 594,125 thousand units for 2016 with a 10 year CAGR (2017-2027) at 3.7%. Owing to macro-economic growth factors (GDP, inflation, employment, spending) growth and update of scope (including two wheeler, marine, aerospace and others) in the target market the market size has been revised for the entire forecast period.
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Factors such as growing automotive production (especially electric vehicles) as well as stationary industrial applications are driving the demand for lead-acid batteries. As compared to other recent technologies such as Ni-MH and Li-ion, lead-acid battery is relatively cheaper. Moreover, lead-acid batteries are capable of being recycled completely and are likely to find more takers owing to their reduced cost of production, which makes these batteries affordable. Therefore, the demand for lead-acid battery is expected to rise exponentially in the global market over the forecast period. Some of the trending opportunities in the lead-acid battery market are inclination towards electric vehicles and collaborations and partnerships between international and regional players. Battery manufacturers are focussing on reducing pollution through research and development initiatives for sustainable technologies and are expected to benefit from the significant global demand for lead-acid batteries.
The lead-acid battery market is segmented on the basis of product type and application.
On the basis of product type, the flooded type lead-acid battery segment is anticipated to continue to dominate the market in terms of value over the forecast period.
On the basis of application, the stationary industrial segment is estimated to grow at a higher rate as compared to the transportation segment over the forecast period. It is expected to represent a total incremental opportunity of US$ 12,780.9 Mn between 2017 and 2027.
Regional Market Projections
APEJ is expected to be the leading region with a 39.0% market share in terms of volume in the global lead-acid battery market by the end of 2017. China is expected to hold a dominant revenue share in the APEJ lead-acid battery market through 2027. The North America market is projected to hold a significant market share in terms of value in the global lead-acid battery market over the forecast period, exhibiting a CAGR of 4.2% during the said period.
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The report highlights some of the top companies operating in the global lead-acid battery market such as Crown Battery Corporation, Furukawa Electric Co. Ltd., Narada Power Source Co. Ltd., NorthStar Battery Company LLC, Johnson Control International Plc, Leoch International Plc., Yokohama Batteries Sbn. Bhd., EnerSys, Exide Industries Ltd., GS Yuasa Corporation, Hoppecke Batterein GmbH & Co. KG., C&D Technologies, Inc., Coslight Technologies International Group Co. Ltd., East Penn Manufacturing Co. Top market players are focussing on mergers and acquisitions of small and established players to strengthen their presence in the global lead-acid battery market.
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