Analysis of Potential Impact of COVID-19 on Lead Acid Battery Market – Encounter Paramount Growth with Myriad Advances till 2021
Transparency Market Research observes that the vendor landscape for Africa lead acid battery is foreseen to be moderately competitive and is expected to be led by a handful of market players.
Exide Technologies, DIXON Batteries, First National Battery Ltd., EnerSys, and Johnson Controls Inc. are some of the noted market players that are dominating Africa lead acid battery market.
Expansion of usage of lead acid battery to brand new application areas with promise of high growth and introduction of better, effective batteries at reasonable prices could be the key to success in the Africa lead acid battery market.
Africa lead acid battery market is expected to expand at a healthy 5.3% CAGR from 2015 to 2021. Global Africa lead acid battery market is estimated to be more than US$1.0 bn by 2021.
Low Cost Price to Generate Market Demand
There has been an improvement in the African economy; as such, the purchasing power of people has been enhanced. In addition to that, automobile segment has witnessed massive growth in the recent times as well. The demand for passenger vehicles has increased substantially and it is set to rise further in the years to come. There has been an increase in the production of vehicles following rising demand for automobiles. As such, manufacturing of lead acid battery has increased thereby stimulating growth of Africa lead acid batter market. The usage of lead acid batteries in airplanes, buses, cars, trains, and trucks is supporting its growth in Africa.
Leading manufacturers of commercial automobile are stressing on the production of electric and hybrid vehicles across various model ranges. These automobiles are set to make use of acid batteries as source of power. As such, it can be said that with the rise for demand for vehicles, the demand for lead acid batteries in the automotive sector also increases.
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The increasing requirement for inverters and UPS systems in industries and homes are also fuelling the demand for lead acid batteries. The usage of inverters and UPS systems is complementary to that of the lead acid batteries. All inverters and UPS systems need batteries to run and lead acid batteries are considered to be the most effective amongst the energy storage sources. Reliability and cost effectiveness will increase the requirement for these batteries in Africa in the years to come. However, materials that used in the process of manufacturing of lead acid batteries such as sulfuric acid and lead are dangerous substances, and need proper handling.
The absence of collection and recycling systems can lead to environmental pollution. As such, the governments of numerous countries including African nations have issued stringent regulations and norms pertaining to lead acid batteries. Such regulations have been set up for restricting lead emission in lead acid battery thereby hampering the growth of lead acid batteries in Africa, and stimulating demand for other batteries that are environment friendly.
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Low price is the competitive advantage that lead acid battery come with when compared to other substitutes. A large number of customers in Africa therefore, prefer lead acid battery. In Africa, lithium-ion batteries are competing strongly with the lead acid battery market as there are some positive traits belonging to the former. However, the Africa lead acid battery market is estimated to be driven by the low cost of the battery which is much lower than lithium-ion batteries. Most of the nations in Africa are either developing or under-developed. Therefore, the opportunity for affordable lead acid batteries in different application segments is of much importance in those countries.
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