Transportation Segment to Grow Swiftly, on Back of Heightened Demand from Electric Vehicles
Lead acid batteries are widely used in the transportation industry, as countries are adopting electric vehicles to reduce carbon emissions. The demand for lead acid batteries in the transportation industry is growing at a rapid pace, as emerging economies’ governments support clean energy and environmentally friendly modes of transport. Many automotive battery OEMs are getting subsidies to enforce production capacity.
The widespread usage of conventional vehicles in ASEAN countries coupled with a rising trend of electrification of vehicles in North America and Western Europe is anticipated to create a plethora of opportunities for lead acid battery manufacturers by 2029 end.
The transportation segment is estimated to create an absolute $ opportunity worth US$ 12 Bn during the end of the forecast period (2019-2029). However, the stationary industrial segment is foreseen to grow around 1.4X faster than the motive industrial segment.
Flooded Batteries to Account for Major Chunk of Market Share
Flooded batteries have garnered noteworthy importance in Asian and European regions due to low, upfront costs. The flooded batteries are widely adopted owing to its high backup power and its ability to operate when charged partially.
Flooded batteries are preferred in grid energy storage and utility. Furthermore, flooded batteries required maintenance, but they are economical and come in different shapes and sizes, making them ideal for various applications.
Owing to increasing commercial and residential backup batteries, the flooded battery is expected to grow at 2X times faster than the absorbent glass mat (AGM) batteries in 2029.
On the other hand, the AGM batteries are estimated to create an absolute dollar opportunity worth US$ 15 Bn by the end of 2029 and expected to grow at an impressive value CAGR of 7% during the forecast period.
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APEJ to Spur Growth of Lead Acid Battery Market
Revenue for lead acid batteries in the APEJ region mainly comes from the automotive sector, owing to the strong demand for passenger vehicles, coupled with rising awareness and adoption of electric vehicles.
Apart from this, the growth of this region is mainly driven by emerging countries like China and India which are focusing on reducing their carbon foot print. Moreover, these countries mostly prefer cost-effective battery storage, therefore lead acid batteries are preferred.
APEJ is estimated to create an absolute dollar opportunity worth nearly US$ 19.2 Bn, through the forecast duration. Furthermore, owing to the optimistic outlook of the automotive sector in this region, it is forecasted to account for 39% in the overall value opportunity created in the lead-acid battery market. Western Europe is estimated to grow 1.5X times faster as compare to 2019 and is estimated to create an absolute dollar opportunity worth US$ 6 Bn during the forecast period.
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Acquisitions and Capacity Expansions to Enhance Market Resiliency
Industry leaders are continuously focusing on acquiring several distributors to expand their global footprints. Companies are also emphasizing on opening up a new production plants to increase their production capacity. For instance,
- In 2018, EnerSys acquired Alpha Technologies Inc. to accelerate EnerSys’ competitive position and enable it to deliver an expanded product portfolio in power and energy storage
- In 2018, GS Yuasa Corporation opened its biggest production plant in China for the production of lead acid batteries
- In 2017, the Crown Battery Corporation acquired Warehouse Energy Power, with an objective of expanding its production facilities in the domestic market
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Global Lead Acid Battery Market: Segmentation
Segmentation table of the global lead acid battery market has been provided below on the basis of application, product type and region.
- OEM Transportation
- Two Wheelers
- Aftermarket Transportation
- Two Wheelers
- Motive Industrial
- OEM Motive Industrial
- Aftermarket Motive Industrial
- Stationary Industrial
- OEM Stationary Industrial
- Aftermarket Stationary Industrial
- OEM Commercial
- Aftermarket Commercial
- OEM Residential
- Aftermarket Residential
- Grid Storage
- OEM Grid Storage
- Aftermarket Grid Storage
- AGM (Absorbent Glass Mat)
- North America
- Latin America
- Western Europe
- Eastern Europe
- APEJ (Asia Pacific Excluding Japan)
Global Lead Acid Battery Market – Scope Of The Report
The lead acid battery market is anticipated to observe a significant growth during the forecast period of 2019 to 2029, according to the Fact.MR study. The study propounds key trends that are currently shaping the growth of the lead acid battery market.
This newly published and insightful report sheds light on the key dynamics, which are expected to transform the future of the lead acid battery market. This, in turn, is creating flourishing avenues for prominent companies as well as emerging players associated with the manufacturing of lead acid battery.
The lead acid battery market study is a sinuous market intelligence on the key drivers, challenges, industry trends and opportunities, which is likely to influence the growth trajectory of the lead acid battery market.
The report initially imparts an overview of the lead acid battery market, considering current and future prospects in growth, to unveil attractive facets pertaining to the adoption of lead acid battery across key regional markets.
An in-depth assessment of a few of the lead acid battery manufacturers offered in the report enables the report readers to gain detailed insights that are derived from lead acid battery manufacturers across regional markets. A list of key companies operating in the lead acid battery market provided in the report adds to the credibility of this exhaustive research study.
Global Lead Acid Battery Market: Opportunity Analysis
The report offers a detailed study of different factors influencing demand, sales, and revenue generation in the lead acid battery market around the world. The opportunity analysis included in the report is beneficial for readers to better understand opportunities in the lead acid battery industry, which in turn, is likely to trigger the adoption of lead acid battery.
An elaborated cost structure analysis provides the report with innate completeness, and analysis offered on the cost structure involves all the regional markets incorporated.
A detailed forecast on the global lead acid battery market has also been offered by experts, who have categorized market forecasts into a likely scenario, a conservative scenario, and an optimistic scenario regarding adoption and involvement of the global market during the forecast period.
Analysis and assessment of price point by region has also been included in this study. The study also exerts details on aspects impacting strategies of manufacturers within the global lead acid battery market.
Global Lead Acid Battery Market: Analysis on Market Size Evaluation
Market valuation at the global and regional scale for the global lead acid battery market is offered in terms of “US$ Bn.” A Y-o-Y growth comparison on the key lead acid battery market segments, along with the market attractiveness assessment quantifies insights delivered in the report. Metrics mentioned above are also tracked based on consumption across several regions where lead acid battery is witnessing a growing demand.
Global Lead Acid Battery Market: Scrutinized Assessment on Regional Segments
Weighted chapters have been included in the report on the global lead acid battery market, which imparts a forecast on the regional markets recognizing the regional macros (business, economic and political environment outlook), which are expected to have an impact on the growth of the global lead acid battery market in the near future.
Country-specific assessment on the demand for lead acid battery has also been provided for each regional market, along with the market size valuation, price point assessment, price index, and impact analysis of key regional and country-wise dynamics. Y-o-Y growth projections have also been offered on all regional markets that are incorporated in the report.
Global Lead Acid Battery Market: In-depth Analysis on Competitive Landscape
The report concludes with a weighted chapter on the competition landscape considering up-to-date and essential developments related to market players, who are predominantly engaging in the production and distribution of lead acid battery, along with company’s strategies, identification, and analysis. Market share comparison and analysis of these market players offered in the report enables readers to devise strategies for their businesses.
The intensity mapping of the market players operating in the global lead acid battery market provides readers with actionable intelligence, which helps in understanding the current market status and prospects determining the competition levels in the global lead acid battery market.
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