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“The global lead acid battery market is projected to grow at a CAGR of about 45% from 2019 to 2024”
The global lead acid battery market is projected to reach USD 52.5 billion by 2024 from an estimated USD 41.6 billion in 2019, at a CAGR of 4.7% during the forecast period. This growth can be attributed to factors such as the basic requirement of cost-effective battery storage solutions in the developing countries, the rapid expansion of the telecom sector across the globe, and the rapidly expanding data centers requiring a steady supply of back-up power from uninterrupted power supplies (UPS).
“The transportation segment is expected to be the largest market, by end-user, during the forecast period”
The transportation segment is expected to be the largest market, by end-user, during the forecast period. This segment consists of automobiles and logistics. Majority of the implementation happens in the stat, lighting, and ignition (SLI) application in this segment. Cargo handling units like cargo vehicles, trolleys, forklifts, etc.
Advanced lead acid battery segment is expected to be the fastest-growing segment of the lead acid battery market, by technology, during the forecast period
Advanced lead acid batteries contain carbon cushioning which limits the rate at which the anode plate of the lead acid battery gets used up. This control on the plate ensures a longer life of the battery and also drastically reduces the maintenance of the cell. Thus, this segment is expected to see significant growth in the forecast period as end-users from all domains value these benefits, which make advanced lead acid batteries more valuable than the basic ones.
“Asia Pacific: The largest lead acid battery market”
Asia Pacific is projected to be the largest and the fastest-growing lead acid battery market by 2024.Countries like China, Japan, and India, generally prefer cost-effective solutions to cater to their need for battery storage systems. Applications like peak shaving, integration of generated renewable energy into the national grid, consistency in the electric energy supplied, and dependable source for backup power, require the installation of lead acid battery systems.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects.
The distribution of primary interviews is as follows:
- By Company Type: Tier I–60%, Tier II–20%, and Tier III–20%
- By Designation: C-Level–55%, Director Level–30%, and Others–15%
- By Region: North America–15%, Europe–20%, Asia Pacific–25%, the Middle East& Africa–25%, and South America–10%
Note: Others includes sales managers, marketing managers, product managers, and product engineers.
The tier of the companies is defined on the basis of their total revenue as of 2017; Tier 1: USD 1 billion, Tier 2: from USD 1 billion to USD 500 million, and Tier 3: < USD 500 million.
The global lead acid battery market is dominated by a few major players that have an extensive regional presence. The leading players in the lead acid battery market are EnerSys (US), Exide Industries (India), GS Yuasa (China), Clarios (US), Panasonic (Japan), Chaowei Power (China), Narada Power (China), HBL Power Systems (India), Crown Battery (US), NorthStar (Sweden), Hitachi Chemical (Japan), Exide Technologies (US), Teledyne Technologies (US), East Penn (US), Hankook AltasBX (Korea), HOPPECKE (Germany), C&D Technologies (US), Rolls Battery (Canada), Camel Power (Malaysia), Amara Raja Power System (India), XUPAI Battery (China), Okaya Power (India), Leoch International Technology (Hong Kong), Harbin Coslight Power (China), First National Battery (South Africa)
Research Coverage:
The report defines, describes, and forecasts the global lead acid battery market, by technology, type, construction method, end-user, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include the analysis of the competitive landscape, market dynamics, market estimates, in terms of value, and future trends in the lead acid battery market.