LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global sealed lead-acid (SLI) batteries market to grow at a CAGR of more than 8% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the global sealed lead-acid batteries market for 2017-2021. The report also lists stationary, automotive, and motive batteries as the three major segments based on application. In 2016, the stationary batteries segment dominated the global sealed lead-acid batteries market, with a share of 52%. This was mainly due to the increased demand for these batteries in applications, such as golf carts, UPS, motorcycles, and forklifts.
According to Thanikachalam Chandrasekaran, a lead analyst at Technavio for energy storage research, “The market is expected to grow at a moderate rate over the forecast period, owing to the expanding automotive and industrial applications worldwide. Lead-acid batteries provide a quick power boost in a short time using cold cranking amps required for SLI applications.”
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global sealed lead-acid batteries market:
- Demographic shift
- Growing use of golf carts among older population
- Change in global energy mix
The tourism industry is booming and is expected to grow significantly during the forecast period. At present, the younger generation travels more and spends on travel modes, such as cars and bikes. In many countries, such as the US, the UK, India, Australia, Germany, and New Zealand, the tourism industry is experiencing a huge inflow of international tourists. This increase in tourism is leading to an increase in travelers who commute by road.
High consumer confidence indicators typically include higher levels of consumer spending in the market. Improving consumer spending will support the sales of automotive vehicles, thus boosting the demand for lead-acid batteries. Developing economies, such as China and India, offer a lucrative market for aftermarket battery vendors.
Growing use of golf carts among older population
In developed countries, golf carts are an ideal choice for mobility of aging population. The average speed of a golf cart is 25 mph, which is safe. Other than using golf carts in golf courses, they are quite handy while doing chores, such as commuting short distances and buying groceries. In the US, many people, especially elderly people are shifting from their gas-powered vehicles to golf carts.
In India, the government introduced golf carts for the aging population in certain places. In 2013, the Northern Indian Railways announced the deployment of golf carts in all railway stations in New Delhi for senior citizens and people with disabilities. This plan aimed at minimizing the inconvenience caused to elderly passengers and aid in ferrying them smoothly through crowded stations.
Change in global energy mix
Population growth and economic development have led to an increase in power consumption and demand. Since fossil fuels were used as the primary source of power, a high amount of GHGs were released into the atmosphere. This pushed governments across the world to focus on clean and sustainable energy sources, such as solar, wind, and biomass, which have a lower impact on the environment.
“Simultaneously, the addition of renewables into the energy mix has also spurred the need for flexible power systems to manage the intermittent nature of renewable power, which will lead to an increase in the demand for sealed lead-acid batteries during the forecast period,” says Thanikachalam.
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