Lead-Acid Batteries are the most frequently used type of battery in photovoltaic systems. They remain the technology of choice for automotive SLI (Starting, Lighting, and Ignition) applications because they are lenient to abuse, tried, robust, and tested. The most economically beneficial battery is the "maintenance free" or" gel cell “lead batteries. They are very widespread because they are trustworthy and inexpensive on a cost-per-watt base. Few other batteries deliver bulk power as cheaply as lead-acid, and this makes the battery economical for automobiles, electrical vehicles, marine and uninterruptible power supplies (UPS). According to NIIR PROJECT CONSULTANCY SERVICES (NPCS), the production of lead-acid battery India Lead Acid Battery market is projected to reach $ 7.6 billion by 2023.
Related Project: - Lead Acid Battery Manufacturing Industry
Key Facets of Lead-Acid Batteries: -
v They are maintenance-free and no periodic water refilling is not required.
v The capacity of the battery is extraordinary (12000 Ah).
v The life span of these batteries will be around 10 years.
v They are economical.
The Forecasted Market of Lead-Acid Batteries: -
The global lead-acid battery market is estimated to an extent USD 52.5 billion by 2024 from an estimated USD 41.6 billion in 2019, at a CAGR of 4.7% during the conjecture period. The Asia Pacific sector is anticipated to lead the lead-acid battery market during the forecast period. China, Singapore, South Korea, Japan, and India are considered the main industrial intersections and offer enormous growth opportunities for the lead-acid battery market in this region. Product-wise, the market for lead-acid batteries has been segmented into AGM batteries, flooded batteries, and gel batteries. Among these, the flooded battery segment provided for 66.1% of the total demand as of 2017. The demand share of the AGM battery is poised to increase considerably shortly, expanding at an impressive CAGR of 6.9% from 2017 to 2027.
Related Book: - Handbook on Automobile & Allied Products
Indian Market For Lead-Acid Battery Business: -
The market for lead-acid batteries in India is predicted to grow at a CAGR of 8.31% during the forecast period of 2019 – 2024. The automotive sector bestowed about 60% of the total turnover of the Indian lead-acid battery market in 2018. The Indian lead-acid battery market is highly centralized with more than 40% of the market being monopolized by unorganized players. SLI battery section bagged the highest dividend share in 2017, followed by the static battery segment. SLI battery is projected to lead the market during the forecast period owing to its elevated utilization in automobiles. Moreover, automobile sales indicated an increase of around 14% in 2017; vehicle production in India inferred a CAGR of nearly 6% during 2011-17, bestowing towards the demand for SLI lead-acid batteries in the country.
The Rising Market for Lead-Acid Batteries: -
The flourishing telecommunication sector and escalating data industry, which require an economical battery storage solution to provide for backup power are estimated to be the most significant catalyst driving the development of this market. The massive demand for battery storage is found in data centers. Any power interferences and variations in data centers may prove critical. Thus, lead-acid batteries mostly gratify the backup power needs of this particular industry. Also, the UPS used in the industry are predominantly lead-acid battery systems.
Market Strategy: -
The industry is distributed with the presence of major competitors like Johnson Controls, Exide, Enersys, EAST PENN Manufacturing, FIAMM, CD Technologies, Trojan, NorthStar Battery, ACDelco, Chaowei Power, and an increasing spectrum of local niche suppliers. The main tools for improving market pursuit are aggressive marketing strategies, brand perception, and product quality while reducing the possibility of counterfeiting.
Related Videos: - Automobile Industry
Conclusion: -
Niir Project Consultancy Services (NPCS) provides various project reports on different segments. Not only the present market scenarios but also future market overawe is also shared in the report. For the further requirement of business investment in projects like these, kindly contact Niir Project Consultancy Services (NPCS).
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