WASHINGTON, Jan. 31, 2022 (GLOBE NEWSWIRE) -- The Global Lead Acid Battery Market size is expected to reach over USD 63.44 Billion by 2028, exhibiting a Compound Annual Growth Rate (CAGR) of 7.3% during the forecast period.
Market Synopsis
The lead acid battery industry is rising significantly globally. Some of the determinants that are stimulating the demand for the market are increasing SLI applications in the automotive sector, expansion in the production of renewable energy, and high demand for devices for energy storage. Development of the telecom sector in nations such as Brazil, India, the U.S., and the UK is driving the need for UPS (Uninterruptible Power Supply) systems for power back up, that leads to better lead–acid batteries adoption as a cost-competitive energy source. However, rising adoption coupled with the trend of lithium-ion batteries hinders the market growth to a high extent, states Vantage Market Research, in a report, titled “Lead Acid Battery Market by Technology (Basic Lead Acid Battery, Advanced Lead Acid battery), by Type (Stationary, Motive), by Construction Method (Flooded, Valve Regulated Lead Acid (VRLA)), by End-user (Utility, Transportation, Industrial, Commercial & Residential), by Region (North America, Europe, Asia Pacific, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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(Please note that the sample of this report has been updated to include the COVID-19 impact study prior to delivery.)
List Of Prominent Players in the Lead Acid Battery Market:
- Harbin Coslight Power (China)
- Exide Industries (India)
- EnerSys (US)
- Clarios (US)
- GS Yuasa (China)
- Panasonic (Japan)
- Narada Power (China)
- Chaowei Power (China)
- HBL Power Systems (India)
- NorthStar (Sweden)
- Crown Battery (US)
- Exide Technologies (US)
- Hitachi Chemical (Japan)
- East Penn (US)
- Teledyne Technologies (US)
- HOPPECKE (Germany)
- Hankook AltasBX (Korea)
- Rolls Battery (Canada)
- C&D Technologies (US)
- Amara Raja Power System (India)
- Camel Power (Malaysia)
- Okaya Power (India)
- XUPAI Battery (China)
- Leoch International Technology (Hong Kong)
Market Dynamics:
Driver: Cost-Effective Solution for Energy Storage
The expenditure or cost, is a critical component, be it any business, defining the success of the business in the current scenario. Cost on energy storage makes a key component, particularly for industries, and that is why various companies invest huge amount on battery storage solutions.
In this competing market, even the slightest of variations in pricing becomes alarmingly important in deciding which manufacturer leads the Lead Acid Battery Market. Even though lithium-ion batteries are likely to become the next evolution in the space for battery storage, the price difference, leading to a substantial overall cost difference, makes a key factor over lithium-ion batteries for its preference. The shift so far has been that the technology for lead-acid battery is cheaper as compared with other battery storage systems types. This difference pricing plays a key role in investments. To extract highest potential of a large-ticket investment, the pricing plays a vital role as it inflates the potential of the investment overall.
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Restraint: Low-Cost Substitutes in Energy Storage Space
Until now, lead-acid batteries were the most cost-friendly technology. However, with the expansion of substitutes of battery storage technologies, particularly with the lithium-ion technology, market for lead-acid batteries is falling out on the cost-friendliness aspect. Lead-acid batteries market is witnessing a drop in the price nearly across all sectors. Simultaneously, NiMH battery is a mature and proven technology for hybrid applications. Nickel-Metal Hydride is used by OEMs, including Honda, Lexus, and Toyota. The OEMs opt for these batteries for their performance, longer lifecycle, and safety in hybrid applications. Along with NiMH (Nickel-Metal Hydrid) batteries, even nickel-cadmium batteries are a cost-efficient alternative for users of battery storage. They are more effective and cheaper as a substitute to lead-acid batteries.
Regional Trends
Asia Pacific dominated the Lead Acid Battery globally as the region comprises comparably developing nations that need cost-effective solutions for energy storage. The commercial, residential, and industrial industries, along with the transportation industry, proved to be the key consumers of these systems. Asia Pacific is likely to lead the market in the coming years. Singapore, China, Japan, India, and South Korea are considered the key hubs for industrial activities and offer vast growth opportunities for the market for lead-acid battery in this region.
Recent Developments
- Aug, 2019: EnerSys announced the expansion of its manufacturing capabilities at two factory locations, namely, Pennsylvania and Florida, to cater to the increasing demand from the aerospace and defense segments.
- Aug, 2019: Narada Power won a contract from the United Nations (UN) project affairs to supply high-temperature HTB series batteries. The company supplied its batteries for the Yemen Hospital power supply project, funded by the World Bank and under the responsibility of the UN project office.
- March, 2019: GS Yuasa opened a new automotive lead-acid battery plant in Turkey. The plant would be operated by İnci GS Yuasa Akü Sanayi ve Ticaret Anonim Şirketi (IGYA), an equity affiliate of GS Yuasa.
- Nov, 2018: Exide Industries launched a new range of online UPS called Power NXT. This range of batteries would cater to the needs of the Small Office Home Office (SOHO) and large format retailers.
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COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the Lead Acid Battery Market. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
The report on Lead Acid Battery Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Global and Regional Dynamics
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This market titled “Lead Acid Battery Market” will cover exclusive information in terms of Geographic Segmentation, Regional Analysis, Forecast, and Quantitative Date – Units, Key Market Trends, and various others as mentioned below:
| Report Attribute | Details |
| Market Size in 2021 | USD 26.07 Billion |
| Projected Market Size in 2028 | USD 63.44 Billion |
| CAGR Growth Rate | CAGR of 7.3% from 2022–2028 |
| Base Year | 2021 |
| Historic Years | 2016 – 2020 |
| Forecast Years | 2022 – 2028 |
| Segments Covered | Technology
|
| Quantitative Data - Units | Revenue in USD Million/Billion and CAGR from 2022 to 2028 |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World |
| Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
| Number of Companies Covered | 10 companies with scope for including additional 15 companies upon request |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Lead Acid Battery Market?
- How will the Lead Acid Battery Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Lead Acid Battery Market?
- What is the Lead Acid Battery market drivers and restrictions?
- What will be the CAGR and size of the Lead Acid Battery Market throughout the forecast period?
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