LONDON--(BUSINESS WIRE)--The global lead-acid battery market is expected to grow to USD 65 billion by 2022, according to a new market research report by Technavio.
Global lead-acid battery market segmentation by product and application
Technavio’s report on the global lead-acid battery market analyses the business dimensions and presents a comprehensive breakdown in terms of market segmentation by product which includes flooded lead-acid batteries (FLA) and valve-regulated lead-acid (VRLA) batteries. In 2017, the flooded lead-acid batteries (FLA) segment led the global lead-acid batteries market with a majority share. This was mainly due to the growing demand for FLA batteries in developing countries for use in UPS and golf carts.
Based on application, the global lead-acid battery market has been segmented into automotive, stationary, and motive power. In 2017, the automotive segment held a significant market share of around 57%. This was followed by stationary and motive power segments respectively.
“The rechargeable battery industry in North America, especially in the US and Canada, has established the Corporation for Battery Recycling (CBR) to support battery recycling for future use. Legislative support will lead to higher rates of lead-acid battery recycling, which together with the growth of end-user segments such as automotive industry, motive industry, etc., will lead to growth of the lead-acid battery market,” says a senior analyst at Technavio for energy storage research.
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Lead-acid battery market: regional landscape
In 2017, the APAC led the global lead-acid battery market owing to the growth of the automotive market and the increasing use of industrial batteries for forklifts, stackers, floor cleaners, etc. in the region. APAC was followed by the Americas and EMEA respectively. According to Technavio, APAC will maintain its dominance in the market over the forecast period.
A major portion of rural and remote areas worldwide is yet to have access to electricity. According to the IEA, in 2016, about 1.672 billion of the global population did not have access to electricity. This will lead to increasing deployment of microgrids across the globe, which in turn will lead to further growth of the lead-acid battery market during the forecast period.
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