Asia Pacific Lead Acid Battery Market Driven by Strong Demand From the Resurgent Automotive Industry; Future Market Insights
Future Market Insights has announced the addition of the "Lead Acid Battery Market: Asia Pacific, Latin America, Japan, Middle East & Africa Industry Analysis and Opportunity Assessment 2014 - 2020" report to their offering.
London, United Kingdom, September 23, 2015 (Newswire.com) - Future Market Insights (FMI) provides key insights on the Asia Pacific lead acid battery market in its latest research report. According to FMI, the lead acid battery market in Asia Pacific is anticipated to reach a valuation of US$ 24 Bn by 2020.
According to the report, Asia Pacific will account for a share of over 71% of the global lead acid battery market by 2020. In terms of market volume, the Asia Pacific lead acid battery market will reach 208,347 (‘000) units by 2020, expanding at a compound annual growth rate (CAGR) of over 4%.
FMI has segmented the Asia Pacific lead acid battery market on the basis of country into India, China, Oceania, ASEAN, and Rest of Asia Pacific.
China is the largest market for lead acid battery market in Asia Pacific excluding Japan (APEJ), accounting for 58.4% market share in 2014. FMI expects the lead acid battery market in China to expand at a CAGR of 4.4% to reach a valuation of US$ 11.6 Bn by 2020.
Browse Full: "Lead Acid Battery Market: Asia Pacific, Latin America, Japan, Middle East & Africa Industry Analysis and Opportunity Assessment 2014 - 2020" Market Research Report at http://www.futuremarketinsights.com/reports/details/lead-acid-battery-market
Among all the regions in Asia Pacific, the lead acid battery market in ASEAN is expected to witness the most robust growth during the forecast period 2014-2020. FMI expects the ASEAN lead acid battery market to expand at a CAGR of 5.2% during the forecast period to reach a valuation of US$ 2,732.8 Mn. Resurgence in the automotive sector of Indonesia, Vietnam, and Thailand is fuelling the lead acid battery market in ASEAN. Growth in the region’s telecom sector and increase in use of uninterrupted power supply (UPS) are other driving factors for this market.
According to FMI, growth in the automotive sector in Asia Pacific is a key factor for increased demand for lead acid batteries. The emergence of a burgeoning middle class in Asia Pacific has led to increased demand for automotives, as a result of which the lead acid battery market has also received a boost.
The reliability of lead acid batteries is another key factor fuelling their demand in the market. Lead acid batteries are leak proof and have longer lifespan than other batteries. Owing to these functional advantages, lead acid batteries are preferred by OEMs.
According to FMI, another key factor fuelling the growth of lead acid battery market in Asia Pacific is the emphasis on grid storage technology. Governments in China and India are focusing on battery development initiatives for usage in the grid storage sector.
The Asia Pacific region is home to some of the fastest growing economies in the world. The power sector in emerging nations has failed to meet the rising demand from end-user industries, owing to which UPS have become a necessity. According to FMI, a majority of businesses have a power backup plan in place to deal with intermittent power outages. Demand for UPS in Asia Pacific is set to witness further growth during the forecast period, owing to which lead acid battery market is anticipated to gain traction.
Although FMI maintains a positive outlook on the lead acid battery market, few factors can restrain the growth of the market during the forecast period. Lead prices are highly volatile and any disturbance in the raw material prices has a massive impact on the supply chain.
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Stringent regulations concerning the use of lead is another factor that can impede the growth of the market during the forecast period. Although regulations in Asia Pacific are not as stringent as they are in Europe and America, environment advocacy groups are building pressure on the governments to curb lead pollution. FMI forecasts that these factors can impede the growth of the lead acid battery market during the forecast period.
