Increasing Demand for Automobiles Driving Lead-Acid Battery Market

In 2017, the global lead-acid battery market reached value of $56.9 billion and is predicted to generate $70.7 billion by 2023, growing at a 3.7% CAGR during the forecast period (2013-2017). The market is registering growth due to the rising demand for electric vehicles (EV), growing requirement for automobiles, increasing need for uninterrupted power supply (UPS), urbanization and industrialization in developing countries. A rechargeable cell, which utilizes lead peroxide and sponge lead in order to convert chemical energy into electricity, is called a lead-acid battery.

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When construction is taken into consideration, the lead-acid battery market is categorized into valve-regulated lead acid (VRLA) and flooded. Out of these, the flooded category dominated the market during the historical period (2013-2017), holding a share of over 50.0% in 2017, in terms of value. The reason for this is the increased applications of these batteries in the marine and automotive industries, because of their highpower output and low cost. The fastest growth is projected to be witnessed by the category of VRLA during the forecast period.

Among all the regions, namely Middle East and Africa, Asia-Pacific (APAC), North America, Latin America, and Europe, APAC accounted for the major share of thelead-acid battery market in 2017, in terms of value. The region is further projected to advance at the fastest CAGR of 4.6% during the forecast period. This is attributed to the growing applications of lead-acid batteries in various sectors including healthcare, automotive, manufacturing, and oil & gas. Furthermore, rapid industrialization and urbanization in this region is resulting in the rising demand for lead-acid batteries.

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A key factor driving the growth of the lead-acid battery market is the increasing demand for automobiles. Lead-acid batteries are used in automobiles for the purpose of lighting, ignition, and starting. These batteries also provide electric supply to several vehicle accessories such as music players, radio, air conditioners, charging plugs, and wipers. The purchasing power in developing nations is on the rise, along with the population, due to which the production of vehicles has grown over the years. This is further resulting in the growing requirement for lead-acid batteries.

The lead-acid battery market is consolidated in nature, and Johnson Controls International plc, GS Yuasa Corporation, Exide Technologies, and EnergySys Limited are some of the major players.

In October 2017, Amara Raja Batteries Ltd. launched a new battery technology, absorbed glass mat (AGM), as well as gel platform-based batteries, within the lead-acid space, while keeping the low-cost factor by considering the alternative chemistries. With this development, the company expanded its lead-acid portfolio. It also developed flat-plate-gel and tubular-gel battery variants that year.

Some other important players operating in the lead-acid battery market are B.B. Battery Co. Ltd., C&D Technologies Inc., ATLASBX Co. Ltd., and Amara Raja Batteries Ltd.

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This release was published on openPR.