Market Size – USD 61.74 Billion in 2018, Market Growth – CAGR of 5.4%, Market Trends – Rapid Industrialization in developing nations.
The Global Lead Acid Battery Market is expected to reach USD 95.32 Billion by 2026, according to a new report by Reports and Data. It is a rechargeable battery which can convert chemical energy into electrical energy. Rising demand for UPS systems and electric vehicles is fueling the market. Moreover, significant rise in demand from sectors such as automotive, healthcare, power, and telecom industries in developing nations is encouraging the growth of the market. Lead batteries have lower prices as compared to its competitors. Hence they are more commonly used and preferred.
APAC is expected to hold the largest market share, throughout the forecast period, owing to the large investments made in automotive, manufacturing, and healthcare, oil and gas, etc. Two wheelers are the major users of SLI (starting, lighting, ignition). Thus expansion of automobile sector has expanded the lead acid battery market. With low internet prices in recent years, India has the largest telecommunication market. With the rise in telecommunications and the internet, lead-acid battery is also forecasted to grow exponentially.
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Lead Acid Battery Market Top Players (Market Analysis, Opportunities, Demand, Forecasting)
- Johnson Controls,
- Exide Technologies,
- GS Yuasa Corp,
- ATLASBX Co. Ltd.,
- East Penn Manufacturing Co.,
- Crown Battery Manufacturing,
- C&D Technologies, Inc.,
- Narada Power Source Co. Ltd.,
- Amara Raja Batteries Ltd.,
- Leoch International Technology Ltd.
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Further key findings from the report suggest
- Rising concerns for the environment has led to an increase in demand for e-bikes and electric vehicles, lower dependence on fuel technologies which in turn increase lead acid battery.
- In the product type segment, Motive/Traction lead-acid batteries have the largest market share of 35% in the year 2018 and are forecasted to grow till 36% in 2026.
- These motive or traction batteries are deployed in diverse vehicles like forklifts, minivans, tourists coaches, industrial trucks, golf carts, and e-bikes.
- SLI batteries offer low compatibility with smart vehicles, are low in cost and provide reliability. They are projected to hold a market share of 33% in the forecasted period of 2026.
- Stationary lead-acid batteries provide backup power, security system, emergency lighting, railway backup concerns, renewable energy concerns, etc. They have a market share of 31% in the year 2018 and has an annual growth rate of 5.4%.
- VRLA has a market share of 51% in the year 2018 and is forecasted to hold a market share of 53% in the year 2026 with an annual growth rate of 5.9%.
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Segmentation: Global Lead Acid Battery Market
Based on Product Type:
Based on Application:
- Control & Switchgear
- Grid Storage
- Fork Lifts
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