Lead Acid Battery Market Forecasted to Attain a Size of $70.7 billion by 2023: P&S Intelligence

/EIN News/ -- NEW YORK, Nov. 14, 2019 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Intelligence, the global lead–acid battery market share reached a value of $56.9 billion in 2017 and is predicted to generate $70.7 billion by 2023, growing with a CAGR of 3.7% during the forecast period. Lead-acid battery converts chemical energy into electrical power using lead peroxide and sponge lead and is composed of lead oxide and lead plates immersed in sulfuric acid solution. Various factors driving the market are the growing demand for electric vehicles (EVs), automobiles, and uninterruptible power supply (UPS) and industrialization and urbanization in developing countries. 

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The lifestyle of people in developing countries, such as Mexico, South Korea, India, Vietnam, Thailand, and Indonesia, is changing because of urbanization, growth in healthcare, commercial, and power sectors, and infrastructure development. This is leading to the rising demand for UPS, which is further driving the lead–acid battery market. In addition to all this, the consumption of energy globally, including in emerging economies, is on a rise, and as lead-acid batteries fulfill all these requirements by providing uninterrupted supply of electricity, their demand is increasing as well. 

The lead–acid battery market is categorized into leisure, UPS, marine, telecommunication, construction, oil & gas, utilities, automotive, and others (which include mining and military) in terms of application. During the historical period, the highest revenue was generated by the automotive category, with a share of over 60.0% in 2017. This was due to low susceptibility to failure, easy affordability, high performance, and easy affordability of lead-acid batteries for applications in the automotive sector. This category is further projected to dominate the market during the forecast period.

Browse report overview with 165 tables and 26 figures spread through 169 pages and detailed TOC on "Lead–Acid Battery Market by Construction (Flooded, VRLA), by Type (Standby, Motive, SLI), by Application (Automotive [Non-Electric Vehicles, Electric Vehicles, Transport Vehicles, Forklifts], Utilities, Oil & Gas, Construction, Telecommunication, Marine, UPS, Leisure), by Geography (U.S., Canada, Germany, France, Spain, U.K., China, Japan, India, Brazil, Mexico, Saudi Arabia, South Africa) – Global Market Size, Share, Development, Growth, and Demand Forecast, 2013–2023" at: https://www.psmarketresearch.com/market-analysis/lead-acid-battery-market

A major factor leading to the growth of the lead–acid battery market is the rising demand for automobiles. The worldwide vehicle production has increased over the years due to the rising population and improving purchasing power of people in developing nations. Lead-acid batteries are utilized in automobiles for ignition, starting, and lighting purposes, along with providing electricity for vehicle accessories, such as radio, air conditioners, charging plugs, wipers, and music players. Because of all these factors, the demand for lead-acid batteries is predicted to grow significantly in the coming years.

One of the key trends in the lead–acid battery market is the shifting preference from conventional generators to stationary lead-acid batteries in the telecom industry. It has witnessed rapid growth due to the increased penetration of smartphones and mobiles. Generators were used to power telecom towers traditionally, however, these generators were replaced as they produced hazardous emissions. The industry thus faced immense pressure to lower its carbon footprints. Attributed to these factors, the telecom companies are increasingly adopting lead-acid batteries for providing uninterrupted power supply to their towers. 

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Based on construction, the lead–acid battery market is bifurcated into valve-regulated lead acid (VRLA) and flooded. Among these, the larger share of the market was held by flooded lead-acid batteries during the historical period (2013–2017), with more than 50.0% revenue contribution in 2017. The category is further predicted to dominate the market during the forecast period as these batteries provide cost-effective solutions for entry level start-stop vehicles. Furthermore, since these batteries have high effective power output, their demand in marine applications is expected to increase significantly.

Hence, the market is witnessing growth due to the surging demand for automobiles and rapid industrialization and urbanization in developing countries.

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