Press release
Automotive Industry Triggers the Growth of lead acid battery Market - 2026 with key players EnerSys, Exide Industries, Crown Battery, East Penn, HOPPECKE, NorthStar
Lead Acid Battery
The global lead acid battery industry generated $39.7 billion in 2018, and is estimated to generate $59.7 billion by 2026, registering a CAGR of 5.2% from 2019 to 2026.
Cost efficient energy storage solutions and recyclable nature of lead acid batteries over lithium-ion batteries drive the global lead acid battery market. However, emerging and existing alternatives to this type of battery hinder the market growth. However, the requirement for expanding data centers create new opportunities in the industry.
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By application, the automotive segment accounted for the largest global lead-acid battery market share in 2018. Lead-acid battery is used for SLI applications in the automotive industry due to its high current surge. As per the Battery, Recycling, and Manufacturing Associations, more than 250 million units of lead-acid batteries were sold in the automotive industry in 2017 due to flourishing growth in vehicle sales.
The global lead-acid battery market is already a matured sector, in terms of growth, which is expected to grow at a single-digit growth of 5.2% during the forecast period. The global lead-acid battery market growth of this market is mainly driven by lead-acid battery as a low-cost energy source and its recyclable nature. It has more than a 90% recycling rate, which means a very little amount of lead goes into waste thereby, causing least impact on environment. This further increases the popularity of lead-acid battery, thereby fueling its demand. The global battery sector is in the middle of technology revolution and governments from various geographies are looking forward to accelerating their move toward low carbon energy sources.
Based on region, Europe is estimated to witness the highest CAGR of 5.7% from 2019 to 2026, owing to focus on renewable energy production and supportive government initiatives. However, North America would grow at a CAGR of 5.4% during the forecast period. On the other hand, Asia-Pacific held the largest market share in terms of revenue, contributing to nearly two-fifths of the global lead-acid battery market in 2018, and is estimated to maintain its leadership position in terms of revenue by 2026. This is due to rapid industrialization and demand as a cost-effective energy source.
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Leading market players
o EnerSys
o Exide Industries
o Crown Battery
o East Penn
o HOPPECKE
o NorthStar
o Hitachi Chemical
o Teledyne Technologies
o Hankook AltasBX
o C&D Technologies
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