Increasing usage by transportation and automobile industry & an undue increasing demand for uninterrupted power back up to fuel global lead acid battery market through 2026.
According to TechSci Research report, “Global Lead Acid Battery Market By Product (Stationary, Motive and Start Light & Ignition (SLI)), By Construction Method (Flooded, Valve Regulated Lead Acid (VRLA)), By Sales Channel (Original Equipment Market (OEM), After Market), By Application (Transportation, Industrial Motive, Stationary industrial, Residential, Commercial & Grid Storage), By Region, Competition Forecast & Opportunities, 2016 - 2026’’, the global lead acid battery market is projected to be around USD76.85 billion by 2026, on account of growing demand for uninterrupted power supply. Growing environmental concern, use of renewable sources of energy, and demand for portable power storage, in turn will boom the lead acid battery applicability in future. Moreover, improved after sales service are expected to positively influence the Global Lead Acid Battery Market in the coming years.
Global Lead Acid Battery Market can be segmented based on product, construction method, sales-channel, application, region. In terms of product, the market can be bifurcated into stationary, motive and start light & ignition (SLI). SLI dominated the market in 2020 and is expected to maintain its market dominance during the forecast period, backed by the wide usage in automobiles.
In terms of construction method, the market is segmented into flooded & valve regulated lead acid battery (VRLA). VRLA is the most widely used battery due to high utility in uninterruptible power supplies (UPS) as it has light weight, lesser installation & operating cost, smaller footprint & is environment friendly. Based on sales channel, it is segmented into Original Equipment Market (OEM) and aftermarket out of which aftermarket occupies the major portion because of high demand in after sales service and maintenance. Market players are increasingly focusing on long-term maintenance and after sales repair contracts.
According to applications it is divided into transportation, industrial motive, stationary industrial, residential, commercial and grid storage, out of which commercial occupies a major portion due to high battery utility in the sector. Due to COVID-19 pandemic, there is a dip in the Global Lead Acid Battery Market, and because of longer lockdown periods, as the batteries were in idle mode, so their functionality & performance were affected, also the major players and suppliers were from mainland China, so the imports were completely stopped due to China being the center of pandemic.
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In the global lead acid battery market, Asia-Pacific is the largest contributor with 43.71% value share in 2020. China is the largest contributing country in the region with 43.25% share in 2020, followed by India, Japan & South Korea. Growing transportation as well as portable energy storage demand in China are contributing to the country’s leading market position. In India, the UPS and inverter battery as an alternative source of continuous power back up, are expected to strengthen the demand for Lead Acid Battery in the country over the next six years. After Asia-Pacific, Europe & North America holds the market share for Lead Acid Battery Market.
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Leoch International Technology Ltd, Panasonic Corporation, East Penn Manufacturing Co., GS Yuasa Corporation, Enersys Ltd., Exide Technologies Inc, Luminous Power Technologies Pvt. Ltd., FIAMM Energy Technology S.p.A., Trojan Battery Corporation and CSB Energy Technology Co., Ltd. are among the leading players operating in Global Lead Acid Battery Market. Companies operating in the market are using environment friendly strategies such as product development using green technologies, partnerships, mergers, and collaborations to boost their share in global lead acid battery market.
“Increasing growth of transportation and automobiles, in turn has created a huge market for SLI lead acid batteries. With the growing need for an alternate source of continuous power back up and digitalization of the world, there comes an increased demand for uninterruptible power supply (UPS). Moreover, the growing renewable energy sector across the globe is expected to drive the global lead acid battery market in the coming years.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Lead Acid Battery Market By Product, By Construction Method, By Sales Channel, By Application, By Region, Competition Forecast & Opportunities, 2016 - 2026” has evaluated the future growth potential of global lead acid battery market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyses the emerging trends along with essential drivers, challenges, and opportunities in the global lead acid battery market.
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