APAC is expected to hold the largest market share, throughout the forecast period, owing to the large investments made in automotive, manufacturing, and healthcare, oil and gas, etc. Two wheelers are the major users of SLI (starting, lighting, ignition). Thus expansion of automobile sector has expanded the lead acid battery market. With low internet prices in recent years, India has the largest telecommunication market. With the rise in telecommunications and the internet, lead-acid battery is also forecasted to grow exponentially.
Further key findings from the report suggest
* Rising concerns for the environment has led to an increase in demand for e-bikes and electric vehicles, lower dependence on fuel technologies which in turn increase lead acid battery.* In the product type segment, Motive/Traction lead-acid batteries have the largest market share of 35% in the year 2018 and are forecasted to grow till 36% in 2026.* These motive or traction batteries are deployed in diverse vehicles like forklifts, minivans, tourists coaches, industrial trucks, golf carts, and e-bikes.* SLI batteries offer low compatibility with smart vehicles, are low in cost and provide reliability. They are projected to hold a market share of 33% in the forecasted period of 2026.* Stationary lead-acid batteries provide backup power, security system, emergency lighting, railway backup concerns, renewable energy concerns, etc. They have a market share of 31% in the year 2018 and has an annual growth rate of 5.4%.* VRLA has a market share of 51% in the year 2018 and is forecasted to hold a market share of 53% in the year 2026 with an annual growth rate of 5.9%.* Flooded lead occupy a market of 49% in the year 2018 and is forecasted to loose market due to its high maintenance. It is mainly used in industrial applications.* APAC will have the largest market share of 29% in the year 2018 and is forecasted to hold 32% of the market by 2026. It has the highest growth rate of 6.7% in the forecasted year.* North America has a market share of 23% in the forecast period of 2026 with an annual growth rate of 6.0%. The shifting trend of electric forklift across the globe, especially this region is expected to fuel the market.* Europe has the same annual growth rate as of APAC, 6.7%, owing to the stringent government regulations. It is forecasted to occupy a market of 12% in the year 2026.* Key participants include Johnson Controls, Exide Technologies, GS Yuasa Corp, ATLASBX Co. Ltd., East Penn Manufacturing Co., Crown Battery Manufacturing, C&D Technologies, Inc., Narada Power Source Co. Ltd., Amara Raja Batteries Ltd., Leoch International Technology Ltd.