The global lead acid battery market is expected to reach USD 76.44 billion by 2022, according to a new report by Grand View Research, Inc. Growth of the automotive industry in Indonesia, Mexico, India, Vietnam and Thailand is expected to propel industry. Growing preference for pollution free hybrid & electric vehicles along with technological development is expected to drive lead acid battery demand over the forecast period.
VRLA battery is anticipated to witness growth at a CAGR of 6.4% from 2015 to 2022 on account of its increasing application in UPS systems, engines, security systems, backup power, emergency lighting systems, cell phone towers and radio communication systems. In addition, its low maintenance cost along with easy installation will fuel growth over the forecast period.
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Further key findings from the report suggest:
· SLI was the largest product segment and accounted for 60.3% of market share in 2014. The segment is likely to witness lucrative growth over the next seven years in light of its high rate cranking current delivery in automotive applications. Moreover, growing demand for passenger cars as a result of high living standard and improving infrastructure facilities will promote growth over the forecast period.
· Transport vehicles were valued at USD 4.43 billion in 2014 and are expected to witness immense growth in light of increasing requirement of forklifts, mainly in China and India, due to their increasing prevalence as trading and transit hubs for logistic transport. High investment by players including Toyota and Konecranes will augment demand.
· Europe was the second largest market and accounted over 24.8% of the global share in 2014. Increasing investment in eco-innovations including electric bikes, cranes and forklift will aid industry expansion. Growing demand for e-bikes along with solar power systems in UK, Germany, and Netherlands will stimulate industry growth.
· Asia Pacific will witness significant gains on account of growing demand for UPS solutions owing to the rapid development of data centers and the IT sector.China is expected to witness high gains in light of energy storage technologies and favourable government support to promote investments in manufacturing sectors.
· Global lead acid battery industry was mainly dominated by Johnson Controls, Exide Technologies, GS YUASA, EnerSys, East Penn Manufacturing Co., and ATLASBX Co., Ltd. In March 2016, GS Yuasa Corp launched "SLR-1000" lead acid battery for solar power generation, which can handle 5,000 charge-discharge cycles, with rated capacity of 1,000 Ah.
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Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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