Surging Adoption of Electric Vehicles Coupled with Shift towards Renewable Energy is Anticipated to Fuel the Growth of Lead Acid Battery Market in India - 6Wresearch
Lead acid battery is traditionally used as rechargeable battery with varied applications including automotive for starting lighting as well as ignition usage across power backup devices such as inverter, UPS, and genset followed by telecommunication segment, electric vehicles, renewable energy production and storage. India lead acid battery market is driven by automotive and UPS & inverter industry; in addition, government schemes to promote electric vehicles coupled with rising installation of renewable energy projects are posing new opportunities for lead acid battery manufacturers in the country.
According to 6Wresearch, India Lead Acid Battery Market is projected to grow at a CAGR over 9.1% during 2018-24. Automotive segment contributed majority of the revenue share in 2017 followed by UPS & inverter segment. Nearly, 25.3 million automobiles were produced in the country in 2017 and growing automotive manufacturing in India would complement the rising demand for lead acid batteries over the coming years. Also, the automotive segment contributes majorly towards the huge battery replacement market in India.
According to Anuj Mehrotra, Assistant Research Manager, Research and Consulting, 6Wresearch, "Among various battery types, the SLI (starting, lighting, and ignition) battery bagged largest revenue share in 2017, attributed to growing automotive manufacturing in the country as well as deploying lead acid batteries in different vehicles."
"Further motive/traction battery, which is mainly used in traction applications especially across railways, is anticipated to exhibit higher growth over the coming years on the back of increasing adoption of electric vehicles in the country. The segment's growth is further propelled by second phase of FAME (Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles) India scheme 2018, with an investment of nearly $850 million over the next five years, providing subsidies on purchase and manufacturing of hybrid and electric vehicles," Anuj concluded.
According to Suman Gautam, Research Analyst, Research and Consulting, 6Wresearch, "Government's target to attain 175 GW installed base of renewable energy in the country by 2022 is one of the prime contributors towards the growth of lead acid battery market in India. Although, lithium ion battery segment is posing threat to lead acid battery, however, it is preferred in high end applications owing to substantially low cost of lead acid as compared to lithium ion battery."
"Moreover, rising demand for electricity and peak hour shortages are resulting in surging demand for the power back up devices such as inverters and generators. Apart from tier I cities, there exist surging power backup demand across tier II & III cities resulting in growing UPS & inverter segment, further leading to the growth of lead acid battery market," Suman added.
Some of the major companies in India Lead Acid market include- Exide Industries, Amara Raja Batteries, Luminous Power Technologies, HBL Power Systems, Okaya Power, Su-Kam Power System, Southern Batteries, Base Corporation, AMCO Saft India, and TATA Autocomp GY Batteries.
"India Lead Acid Market (2018-2024)" provides in-depth analysis with 57 figures and 10 tables covered in 120 pages. The report estimates and forecast the overall India lead acid battery market by types, construction method, applications, and regions. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to device and align their market strategies according to the current and future market dynamics.