Lead acid battery is one of the most dominant battery types and is widely used in the manufacture of UPS for automobile and two-wheeler sectors. It is forecasted that increasing demand from these sectors will continue to boost the global lead acid battery market in the next five years.
Global Lead Acid Battery Market Forecast
The global lead acid battery market is projected to reach a valuation of US$ 60 Bn from its current valuation of US$ 45 Bn. It is projected that the lead acid battery market will see a steady CAGR of 4.5% through 2020.
Market Segmentation
On the basis of end-user applications, the global lead acid battery market is segmented into transportation, grid storage, residential, and stationary industrial. Transportation and stationary industrial are the most dominant segments currently and together, they control 80% of the market share. Although the market share of grid storage is the lowest, the segment is forecasted to witness high CAGR through 2020. Implementation of grid storage systems in the emerging economies of India and China will be the key drivers for this segment growth.
Cost-Effectiveness: A Key Advantage of Lead Acid Battery
The affordability and reliability of lead acid battery is one of the prime reasons for its high demand from the commercial sector. It is projected that the automobile and motorcycle market will grow steadily through 2020, and this in turn, will provide an impetus to the lead acid battery market. Moreover, the use of UPS in chemical, oil and gas, healthcare, and other sectors will boost the overall lead acid battery market.
Challenges for Lead Acid Battery Market
The Environmental Protection Agency has revised the regulations for off-site concentration of lead and this is projected to be a challenge for the lead acid battery market. Also, lead is the dominant raw material in the manufacture of lead acid batteries and any increase in its price raises the manufacturing cost as well. The variation in the prices of lead is forecasted to be another challenge for this market. Furthermore, lead acid batteries are not compatible with portable devices due to the risk of explosion. This is where other batteries, such as lithium ion and nickel-cadmium are forecasted to capture the market share.
Technological Innovation: Opportunity for Lead Acid Battery Market
There have been many changes in the automobile and two-wheeler segments owing to technological innovations. Lead acid battery manufacturers will need to adapt to the advancement in technology and create advanced storage batteries. This represents a key opportunity for the lead acid battery market.
Asia Pacific: Key Region for Lead Acid Battery Market
Globally, the Asia Pacific region is projected to be the key for the growth of the lead acid battery market. Apart from Asia Pacific, Europe and North America are forecasted to be other important regions for lead acid battery market.
Key companies of this market are Johnson Controls INC, GS Yuasa Corporation, Exide Technologies, and EnerSys.
Browse full Report of Global Lead Acid Battery Market: http://www.futuremarketinsights.com/reports/details/global-lead-acid-battery-market
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