2021-2030 Analysis and Review Lead Acid Battery Market
Lead Acid Battery Market By Product, By Type, By End User, By Customer Segment - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2021 – 2030
Global lead-acid battery market is expected to grow at a CAGR of 4.2% during the forecast period of 2022-2030. Rising automotive vehicles production across the globe is the key driver for the global lead acid battery market. Lead-acid batteries are used in automotive for SLI (Starting, Lightening and ignition) and MLA (Motive Lead Acid batteries) in railroad, mining, heavy duty equipment and others. The global lead-acid battery market has been segmented on the basis of type, product, end user, customer segment. The sub segment of lead acid battery type market includes flooded batteries, enhanced flooded batteries, VRLA batteries.
Flooded Batteries Are Dominating in Terms of Market Revenues
Flooded batteries type is the dominating segment with a revenue share of 49.16%, in 2021. Vehicle electrification demands flooded batteries for performing immediate ignition which contributes to the growth of the global lead acid battery market. According to Society of Automotive Engineers (SAE International), Michigan, most of the conventional start-stop systems such as automotive and hybrid electric vehicles typically uses flooded batteries. Enhanced flooded battery segment is estimated to be the fastest growing segment during the forecast period with a CARG of around 4.7%. Enhanced flooded battery market deals with the advanced version of standard wet flooded technology. It delivers superior performance and reliability as compared to the standard lead acid battery for automotive, telecom, and other industries.
SLI Batteries Dominate within the Product Segment
SLI batteries are mainly designed for automobiles and it is always installed with the vehicle’s charging system so that there is a continuous cycle of discharge and charge in the battery whenever the vehicle is in use. Nominal capacity is an important specification of an SLI battery. The rising production of vehicles across the world leads to high demand of starting lightning and ignition batteries. The vehicles production comprises of light commercial vehicles, passenger cars, trucks, buses, coaches, and minibuses. Moreover, the rising investment by automobile manufacturers in the Asia Pacific is also driving the market of SLI batteries in this region for example General Motors aims to invest around US$ 1 billion in India by 2020, to increase the capacity at the Talegaon plant in Maharashtra from 130,000 units a year to 220,000 by 2025. Global lead acid battery market by SLI battery segment is anticipated to rise with a CAGR of 4.1% during the forecast period.
APAC Takes the Lion’s Share
Geographically, the global lead-acid battery market has been segmented into North America, Europe, Asia Pacific and Rest of the world (ROW). Asia-Pacific is dominating region in the global lead-acid battery market with a revenue of share of 33.21% in the year 2021. Moreover, APAC is anticipated to be the fastest growing region in the global lead acid battery market with a CAGR of 4.9 % during the forecast period. China dominated the automotive lead acid battery market in Asia-Pacific. According to Ministry of Transport, 66% of the total manufacturers, considering the manufacturing and production of electric vehicles contribute to the lead acid battery market in China. According to IEA (International energy agency), ~40% of the overall world’s electric vehicles are produced and manufactured in China which makes it the dominating country considering the manufacturing of electric vehicles on the global scenario as the market for the electric vehicles is on the constant rise along with China being the largest producer of electric vehicles across the globe.
Competitive Rivalry Expected to Increase During the Forecast Period
In automobile lead acid battery market, strategic partnerships remain as the primary marketing strategy. Acquisition remain as the secondary strategy in automobile lead acid battery market companies. The intensity of competitive rivalry in the lead acid battery market is expected to remain high over the forecast period 2022-2030. The major companies in the lead acid battery market include Johnson Controls Ltd., Exide Technologies., Ener Sys Ltd., GS Yussua and East penn manufacturing. These companies combined have a net ~40% share in the global lead acid battery market. The companies are engaged in research and development activities to develop new and advanced batteries and to make their products more cost effective for the consumers. Companies are trying to compete with each other by providing the same characteristics and similar price or by similar features at competitive prices. Lead acid battery market over the years has become oligopolistic. The lead acid battery market is capital intensive with significant investment required in manufacturing process (for advance technology) and research. There is no single manufacturer that dominates lead acid battery market entirely as a result competition is expected. With vendors trying to gain market share, and investing in emerging economies, rivalry has increased over the years. Thus, the intensity of the rivalry in lead acid battery market is expected to increase significantly in the forecast period.
Historical & Forecast Period
This research report presents the analysis of each segment from 2020 to 2030 considering 2021 as the base year for the research. Compounded annual growth rate (CAGR) for each respective segment are calculated for the forecast period from 2022 to 2030.
Report Methodology
Market revenues and CAGR were derived from primary and secondary research. Both quantitative and qualitative trends were considered for the extrapolation of market revenues. The derived market estimates were further validated from top-down, bottom strategies and primary research. The scope of the market is limited to the following segments of product categories and regions.
by Product (2020-2030; US$ Mn)
by Type (2020-2030; US$ Mn)
by End User (2020-2030; US$ Mn)
by Customer Segment (2020-2030; US$ Mn)
by Region (2020-2030; US$ Mn)
Global Impact of Covid-19 Segment (2020-2021; US$ Mn)
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