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Despite Penetration from Lithium-ion, Lead-acid Battery Will Dominate Deep Cycle Application
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The well-established global motive lead acid battery market is expected to witness a CAGR of 4.2% between 2017 and 2024. Material handling equipment is the key application using lead acid batteries, globally. Increase in eCommerce models is driving the need for warehouse. These warehouses need electric forklift for indoor operation that boosts the demand for lead-acid-battery-powered vehicles. In addition to forklifts, ground vehicle equipment, AGV and cleaning machines are boosting the global demand for lead acid batteries. Electric vehicles—eBikes, three wheelers and four wheelers—largely use lead acid batteries. China holds the monopoly in lead-acid-battery-powered EVs. This trend is witnessing sharp growth in India and Southeast Asia. Golf cart/NEV powered by lead acid batteries is a steady market, with strong demand from the replacement market. Despite competition from lithium-ion battery chemistry, lead acid battery will remain in the market with strong demand and steady growth in deep cycle applications. Affordable pricing, proven performance, brand loyalty are the key factors that favor lead acid battery demand.
Market trends are analyzed for the period 2015 to 2024, with 2017 as base year. Drivers and restraints, competitive analysis, market trends, growth opportunities, battery chemistries geographical trends, and revenue forecasts for the period 2014 to 2024 are also provided. The market is analyzed holistically through two main segments: end-user application and geographical segment analyses. The major end- user applications include batteries for material handling equipment, mining, railroad, golfcart/NEVs, EVs, RVs, and other applications (marine, cleaning machines, and so on). The geographical scope of the study includes North America, Europe, Asia-Pacific, and Rest of the World.
The study includes profiles of key players in the global industrial battery market, including EnerSys, Exide Technologies, EastPenn Manufacturing, Trojan, Hoppecke, Tianneng, Chaowei, and so on. Further to market growth and trend analyses, the study also identifies and evaluates growth opportunities in this market and how companies can capitalize on these emerging opportunities.
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Global Energy Storage Market Outlook, 2018
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