Lead acid battery is one of the first and most popularly used batteries in cars, golf carts, wheelchairs, forklifts, and so on. Moreover, it has been in use for solar energy storage since the past few decades. Cheaper and enduring, lead acid batteries continue to drive a multibillion dollar market, with a variety of types and applications. While automobiles will continue to be the most prominent end-use industry for lead acid battery, some other industries and newly emerged application sectors are likely to fuel the market growth over the next few years.
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The global lead acid battery market is currently growing at a steady pace and PMR indicates promising growth prospects for this market, over a five-year forecast period 2015-2020. The global lead acid battery market is expected to surpass US$ 58 Bn in 2020, up from US$ 48.8 Bn observed in 2015. The market will see a moderate CAGR of 4.6% over the forecast period.
In addition to electric cars and battery banks for power grid, rising demand for battery-operated motorcycles will continue to sustain the market for lead acid battery. Burgeoning industrialization and urbanization will continue to raise a decent demand for uninterrupted power supply, eventually fueling the market for lead acid battery globally. With increasing awareness about environmentally-friendly, fuel-efficient vehicles, the adoption of battery-operated vehicles such as passenger cars and heavy transportation vehicles, is consistently on the rise since the past few years. This is a strong factor expected to foster the growth of lead acid battery market.
With increasing usage of electric and hybrid vehicles, there has been an improved deployment of vehicle battery charging infrastructure. Moreover, rising implementation of smart grid projects, increased installation rate of renewable energy systems, and enhanced telecom tower span are anticipated to remain the key factors accelerating the global lead acid battery market. A growing trend of using smart battery as a highly efficient power management system will further push the market growth. In addition, burgeoning consumption by consumer electronics manufacturers will drastically contribute to the growth of lead acid battery market.
Lower energy density and a few other technical limitations may however hamper the adoption of lead acid battery. Weight of the battery is another factor identified to be a barrier to widespread adoption. Volatile lead prices are foreseen to be another challenge to battery manufacturers. Environmental impact regulations regarding lead emission levels are also anticipated to hold a negatively influence on the market over the next few years.
Based on application, transportation and stationary industrial segments are identified to be prominent in terms of consumption of lead acid battery. In 2014, these two segments collectively accounted for nearly 78% market share. While transportation segment is likely to maintain dominance despite a slight decline over 2015-2020, stationary industrial segment is projected for the fastest CAGR of 8.6%. Grid storage segment is also estimated to see impressive growth during 2015-2020.
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Geographically, the global lead acid battery market is segmented into five key regions viz. North America, Latin America, Western Europe, Asia Pacific, and Middle East and Africa. Asia Pacific, registered a major revenue share of over US$ 19.0 Bn in 2015 with almost 34% market share. APAC is expected to surpass a value of US$ 24 Bn by 2020 end. Europe and North America will continue to be major markets; Europe is predicted to register the highest CAGR of 5.5% during the forecast period.
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Key Players Analysis
The global lead acid battery market is operated by a number of key players, including Exide Technologies, Enersys, GS Yuasa Corporation, Johnson Controls Inc., and East Penn Manufacturing. Johnson Controls Inc. operates in tandem with regional governments in order to evaluate the energy-efficient strategy.
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