Lead Acid Battery Market to reach US$58,552 Mn by 2020
Future Market Insights has announced the addition of the “Lead Acid Battery Market: Global Industry Analysis and Opportunity Assessment 2014-2020" report to their offering.
Lead Acid Battery Market Overview
Global lead acid battery market is projected to reach US$58.5 Bn by 2020 at an estimated CAGR of 4.6% during the forecast period. Lead acid battery is one among the oldest known commercial battery chemistries known to the industry. It utilises lead electrodes and sulphuric acid as electrolyte to store electrical energy. Unique selling propositions of lead acid battery include reliability, relatively low maintenance cost than other batteries, and durability. Automotive industry is one of the largest end users of lead acid battery across the globe. Some of the technical limitations such as low energy density and weight of the battery offer little resistance towards growth of this market.
On the basis of applications the market is segmented as transportation, stationary industrial, motive industrial, commercial, residential and grid storage. Transportation and stationary industrial segments collectively contributed to about around 77.9% of market revenues in 2014. Stationary industrial application segment is identified as one of the fastest growing market during the forecast period with CAGR of 8.6%. Although grid storage as of 2013 accounts for miniscule share in the market, it is projected to expand at healthy CAGR of 7.3% during the forecast period.
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Regional Overview of the Lead Acid Battery Market
As of 2014, Asia Pacific dominates the market and accounts for around 34.2% share, followed by North America and Europe. In 2014, Asia Pacific lead acid battery market was valued at US$ 15,297 Mn., which is projected to reach US$19,881 Mn by 2020. In 2014, North America and Western Europe were the other major contributors to the global market; the contribution from these regions was 21.6% and 18.7% respectively. Although Eastern Europe accounted for miniscule share in the global market, it is expected to register highest CAGR of 5.5% during the forecast period.
Drivers and Trends
Lead acid batteries are one of the predominantly used batteries in automobiles such as passenger cars, commercial cars and motorcycles. The rapid urbanization and industrialization trend in various developing countries across the globe is one among the chief drivers of lead acid battery market. Increasing requirement of uninterrupted power supply in industries, corporate offices, hospitals, research institutions, educational institutes and houses further add to demand of these batteries. Implementation of smart grid projects, deployment of vehicle charging infrastructure, increasing usage of hybrid and electric vehicles, increasing installation of renewable energy systems and increasing span of telecom towers are some of the underlying demand drivers for lead acid battery across the globe.
Regulations on the Lead Acid Battery Market
Lead is an essential raw material used in the manufacturing of lead acid batteries. The lead prices account for approximately 49% of the overall cost of the lead acid batteries produced. Any fluctuations in the lead prices affect the overall profitability of lead acid battery manufacturers. Environmental protection agency (EPA) has published new lead emissions standards under the National ambient air quality standards (NAAQS) in November 2008. The new standards impose restrictions on lead emissionsfrom 1.5 mg per cubic meter to 0.15 mg per cubic meter.
The report profiles the key strategies and financial outlook of Johnson Controls INC, Exide Technologies, GS Yuasa Corporation and Enersys. The market is highly fragmented with the existence of small players along with the big players. In coming years, due to high production of automotive and need of reliable power APAC is expected to continue its dominance in the global market.
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Jan 31, 2017