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.
