The increasing deployment of hybrid electric vehicles (HEVs) and battery electric vehicles (BEVs) is driving the demand for lead-acid batteries across the world. The clean and energy-efficient transportation provided by these vehicles is fueling their worldwide popularity. Moreover, with the enactment of strict emission norms for conventional vehicles by the governments of several countries, many electric vehicle manufacturers such as Nissan Motor Corporation, Tesla Inc., and Ford Motor Company are launching new and technologically advanced electric vehicles.

As lead-acid batteries are used as the primarily power source in these vehicles, the surging deployment of these vehicles is propelling their demand across the globe. Besides this, the mushrooming popularity of non-conventional energy sources is also creating lucrative growth opportunities for the players operating in the lead-acid battery market. All European Union (EU) member nations have implemented countrywide renewable energy action plans, which are fueling the installation of offshore and onshore green energy plants in Italy, the U.K., Sweden, and Germany.

As lead-acid batteries are required in these installations for storing solar energy, the rapid development of these plants is driving their demand. Apart from this, the increasing urbanization and industrialization rates in several countries is also propelling the growth of the industry. As a result, the market revenue is predicted to grow from $56.9 billion in 2017 to $70.7 billion by 2023. Furthermore, the market will advance at a CAGR of 3.7% from 2018 to 2023, as per the forecast of the market research company, P&S Intelligence.

The major application areas of lead-acid batteries are oil & gas, automotive, utilities, construction, telecommunication, uninterruptible power supply (UPS), marine, and leisure. Out of these, the usage of lead-acid batteries is predicted to rise rapidly in oil and gas applications in the upcoming years, primarily because of the increasing installation of UPSs and energy storage systems during production and exploration activities. Geographically, the sales of these batteries are predicted to soar in the Asia-Pacific (APAC) region in the coming years.

This will be because of the expansion of the automobile industry and the increasing installation of 4G telecom towers in the region. Due to the increasing disposable income of people, automobile sales are shooting up in India and China. This is causing the growth of the automobile industry in the region. Additionally, the large-scale installation of these towers is pushing up the requirement for UPS, which is, in turn, amplifying the sales of lead-acid batteries in the region.

Hence, it can be said without any hesitation that the sales of lead-acid batteries will surge sharply in the coming years, mainly because of the increasing deployment of electric vehicles and the development of green energy plants all over the world.