Lead acid batteries are one of the foremost energy sources in multiple end-use industries such as transportation, automotive, industrial, grid storage, motive and stationary industries. Lead acid battery market is maintaining its hegemony in the transportation sector owing to a surge in the production of passenger vehicles and two-wheelers.
The extensive use of conventional vehicles in emerging economies of China, India, Brazil, and members of ASEAN are poised to strengthen the lead acid battery demand in the global market. Automobile manufacturers are opting for lead acid batteries as they deliver high power density, and are easy to produce and recycle. According to the latest report by Fact.MR, the transportation industry will account for nearly 39% of the total global value share by the end of the forecast period
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Further, the adoption of electric vehicles and e-bikes powered with lead acid batteries have tremendously increased and are expected to unlock future growth prospects in the global market. Flooded batteries are gaining significant traction compared to Absorbent Glass Mat (AGM) batteries owing to their longer life span, along with the better cost to performance ratio than its counterparts, reveals Fact.MR.
Key Takeaways of Global Lead Acid Battery Market
- Absorbent Glass Mat (AGM) lead acid battery is estimated to create an absolute $ opportunity of around US$ 15 Bn during the forecast period and is estimated to account for 38% of the overall value opportunity in the global market by the end of 2029
- The transportation sector is projected to expand 1.4X times as compared to 2019, by witnessing a value CAGR of 4%
- APEJ is foreseen to maintain its dominance throughout the assessment period, accounting for more than 39% of the share in the global market
- Stationary industrial lead acid battery is forecasted to expand 2.9X times compared to the commercial industrial battery by the end of forecast duration
“Growing demand for green energy and efficient performance at low costs is foreseen to offer new growth prospects for lead acid battery manufacturers” says the Fact.MR analyst
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Strategic Collaborations Remain Key Forte of Competitors
The report reveals some of the prominent market players, including Furukawa Electric Co. Ltd, Hitachi Chemical Company, Narada Power Source Co. Ltd, NorthStar, Leoch International Technology Ltd, Crown Battery Corporation, Exide Industries Limited, GS Yuasa Corporation, and others. Prominent manufacturers are focusing on acquisitions as a key strategy to strengthen their global presence. For instance,
- In January 2017, Furukawa Battery Co. Ltd., a subsidiary of Furukawa Electric Co., signed an agreement with I-WIND (Inter Far East Wind International Co., Ltd.) for the supply of Ultra battery, which is to be utilized in wind power generation projects
- In June 2017, Narada Power Source Co., signed a contract of cooperation in energy storage with Upside Consulting GmbH and Upside Invest GmbH & Co., KG, in order to build, operate, and sell a storage system together for the service of primary frequency regulation.
Find More Valuable Insights on Lead Acid Battery Market
Fact.MR, in its new offering, brings to fore an unbiased analysis of the global lead acid battery market, presenting historical demand data (2014-2018) and forecast statistics for the period, 2019-2029.
The study divulges compelling insights on the lead acid battery market based on application (transportation (OEM transportation, aftermarket), motive industrial (OEM motive industrial, aftermarket motive industrial), stationary industrial (OEM stationary industrial, aftermarket stationary industrial), commercial (OEM commercial, aftermarket commercial), residential (OEM residential, aftermarket residential), grid storage (OEM grid storage, aftermarket grid storage), and others (OEM others, aftermarket others), product type (flooded, AGM, gel) across seven major regions.
Interested to Procure The Data? Inquire here at – http://www.globenewswire.com/en/news-release/2020/03/19/2003442/0/en/Lead-Acid-Battery-Sales-Proliferate-in-Fast-Developing-Economies-AGM-Battery-to-Account-for-a-Third-of-Global-Demand-by-2029-Fact-MR.html
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