The growing sales of electric vehicles (EVs) and hybrid electric vehicles (HEVs) are causing a sharp surge in the demand for lead-acid batteries across the world. Due to the soaring pollution levels, the governments of many countries are implementing policies aimed at boosting the deployment of eco-friendly modes of transportation such as electric vehicles. Because of these policies, various EV manufacturing companies such as Tesla Inc. and Nissan Motor Corporation are planning to manufacture new models in the future.
As lead-acid batteries are widely used in these vehicles as the main power source, on account of their high energy density and high specific energy, the mushrooming popularity of EVs is pushing up the sales of lead-acid batteries across the globe. Many countries and regulatory authorities are enacting several initiatives for limiting greenhouse gas emissions and mitigating environmental degradation. This is bolstering the deployment of environment-friendly vehicles such as EVs all over the world.
For example, a multi-government policy forum called the Electric Vehicles Initiative (EVI) was set up by the Clean Energy Ministerial (CEM), which is a France-based organization, in 2010. The forum was established for propelling the usage of electric vehicles across the globe. Besides these factors, the ballooning sales of automobiles, on account of the increasing urbanization and the rising disposable income of people, are also pushing up the demand for lead-acid batteries all over the world.
Due to the above-mentioned factors, the global lead-acid battery market is exhibit rapid expansion. Furthermore, the value of the market is predicted to grow from $56.9 billion to $70.7 billion from 2017 to 2023. The market is also expected to progress at a CAGR of 3.7% between 2018 and 2023. Based on construction, the market is categorized into flooded and valve-regulated lead-acid (VRLA). Between these, the flooded category recorded higher growth in the market in the past years.
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