Increasing Demand for Automobiles Driving Lead-Acid Battery Market

In 2017, the global lead-acid battery market reached value of $56.9 billion and is predicted to generate $70.7 billion by 2023, growing at a 3.7% CAGR during the forecast period (2013–2017). The market is registering growth due to the rising demand for electric vehicles (EV), growing requirement for automobiles, increasing need for uninterrupted power supply (UPS), urbanization and industrialization in developing countries. A rechargeable cell, which utilizes lead peroxide and sponge lead in order to convert chemical energy into electricity, is called a lead-acid battery.

When construction is taken into consideration, the lead-acid battery market is categorized into valve-regulated lead acid (VRLA) and flooded. Out of these, the flooded category dominated the market during the historical period (2013–2017), holding a share of over 50.0% in 2017, in terms of value. The reason for this is the increased applications of these batteries in the marine and automotive industries, because of their high power output and low cost. The fastest growth is projected to be witnessed by the category of VRLA during the forecast period.  

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Among all the regions, namely Middle East and Africa, Asia-Pacific (APAC), North America, Latin America, and Europe, APAC accounted for the major share of the lead-acid battery market in 2017, in terms of value. The region is further projected to advance at the fastest CAGR of 4.6% during the forecast period. This is attributed to the growing applications of lead-acid batteries in various sectors including healthcare, automotive, manufacturing, and oil & gas. Furthermore, rapid industrialization and urbanization in this region is resulting in the rising demand for lead-acid batteries.

A key factor driving the growth of the lead-acid battery market is the increasing demand for automobiles. Lead-acid batteries are used in automobiles for the purpose of lighting, ignition, and starting. These batteries also provide electric supply to several vehicle accessories such as music players, radio, air conditioners, charging plugs, and wipers. The purchasing power in developing nations is on the rise, along with the population, due to which the production of vehicles has grown over the years. This is further resulting in the growing requirement for lead-acid batteries.  

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The demand for EVs is on the rise, which is also contributing considerably to the growth of the lead-acid battery market. The need for EVs, such as plug-in hybrid electric vehicles and hybrid electric vehicles, is rising because they offer efficient and clean transportation. Moreover, the regulatory norms imposed by the government in order to decrease the global temperature and greenhouse gas emissions are also driving the demand for EVs. Lead-acid batteries are utilized as a power generating source in these vehicles, due to their high energy density and specific energy.

One of the major trends in the lead-acid battery market is the rapid shift from conventional generators to stationary lead-acid battery in the telecom industry. Conventionally, generators were utilized to power telecom towers, however, as they emitted hazardous emissions, they were replaced. Now, the telecom towers make use of electrical energy from the grid for running their machineries. Due to this, the telecom companies are increasingly adopting stationary lead-acid batteries for providing uninterrupted, stable, and reliable power supply to their towers.

Thus, the market is growing significantly because of the growing demand for automobiles and the rising requirement for EVs.